HKHPM Sets SOP for Capital Market Lawyers

 
Anne Aprina Priskila, Fathan Qorib, Tri Yuanita Indriani
 
With the Financial Services Authority (“OJK”) demanding quality standards for all registered lawyers practicing in the financial sector, the Capital Market’s Legal Consultants Association’ (Himpunan Konsultan Hukum Pasar Modal – “HKHPM”) is currently drafting standard operating procedures (SOP) to guide capital market legal consultants to raise quality standards.
 
During an event called “Tea Talk With Lawyers” last January, Indra Safitri, Chairman of HKHPM, affirmed this initiative is in progress and the SOP will be issued in the near future. In addition, the OJK plans to randomly visit legal consultant’s offices to examine whether they comply with the OJK’s standards.
 
Mr. Safitri further stated that the drafting of the SOP will be done by HKHPM’s Board of Standardization, along with its Organizing Board and involve several members. Once agreed upon, the SOP will be distributed to all HKHPM members as a guideline to check whether or not they comply with the OJK’s requirements.
 
The SOP will make law firms in Indonesia better prepared for an OJK examination. Mr. Safitri said that the examination will be conducted with respect to legal consultant as individuals, not the office itself.
 
Responding to this initiative, the OJK says it fully supports HKHPM. Retno Ici, Head of OJK’s Capital Markets Regulation Department, confirmed that cooperation between the OJK and HKHPM have been going on a long time. Previously, the OJK delivered a lecture to HKHPM members on how to drafting prospectus, the legal document describing a company's profile and annual report usually made by underwriters.
 
(hot/kc)
 
Anne Aprina Priskila, Fathan Qorib, Tri Yuanita Indriani
 
With the Financial Services Authority (“OJK”) demanding quality standards for all registered lawyers practicing in the financial sector, the Capital Market’s Legal Consultants Association’ (Himpunan Konsultan Hukum Pasar Modal – “HKHPM”) is currently drafting standard operating procedures (SOP) to guide capital market legal consultants to raise quality standards.
 
During an event called “Tea Talk With Lawyers” last January, Indra Safitri, Chairman of HKHPM, affirmed this initiative is in progress and the SOP will be issued in the near future. In addition, the OJK plans to randomly visit legal consultant’s offices to examine whether they comply with the OJK’s standards.
 
Mr. Safitri further stated that the drafting of the SOP will be done by HKHPM’s Board of Standardization, along with its Organizing Board and involve several members. Once agreed upon, the SOP will be distributed to all HKHPM members as a guideline to check whether or not they comply with the OJK’s requirements.
 
The SOP will make law firms in Indonesia better prepared for an OJK examination. Mr. Safitri said that the examination will be conducted with respect to legal consultant as individuals, not the office itself.
 
Responding to this initiative, the OJK says it fully supports HKHPM. Retno Ici, Head of OJK’s Capital Markets Regulation Department, confirmed that cooperation between the OJK and HKHPM have been going on a long time. Previously, the OJK delivered a lecture to HKHPM members on how to drafting prospectus, the legal document describing a company's profile and annual report usually made by underwriters.
 
(hot/kc)
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