Sustainable Education Programs for BoDs and BoCs of Securities Companies Further Regulated

Following up the sustainable-education program provisions originally set out under Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) Regulation No. 20/POJK.04/2016 of 2016 on Licensing Procedures for Securities Companies Acting as Underwriters and Brokers (“Regulation 20/2016”),[1] the OJK has now issued Circular No. 20/SEOJK.04/2017 of 2017 on the Organization of Sustainable Education Programs for Members of Boards of Directors and Boards of Commissioners of Securities Companies Which Are Undertaking Business Activities as Securities Underwriters and/or Broker-Dealers (“Circular 20/2017”).
 
Circular 20/2017 sets out a number of technical provisions which relate to the organization of sustainable education programs (“SEP”) for members of Boards of Directors (“BoD”) and Boards of Commissioners (“BoC”) of securities companies (which are from here onwards referred to as “Participants”).[2] These Provisions address the following matters: