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Practice Licenses of 504 Capital-Market Legal Consultants Facing Potential Revocation

ProfessionsTrade
  • The Financial Services Authority (“OJK”) issued a warning on 19 October 2018 which was addressed to 504 members (approximately 50%) of the Association of Capital Market Legal Consultants (Himpunan Konsultan Hukum Pasar Modal - “HKHPM”). The OJK is requesting that the members in question undertake a process of re-registration with the OJK by no later than 22 December 2018 if they wish to keep practicing within the capital market sector. The re-registration obligation can be found under Articles 39-40 of Regulation of the OJK No. 66/POJK.04/2017 on Legal Consultants Practicing within the Capital Market (“Regulation 66/2017”). 
  • One issue that is discouraging legal consultants practicing within the capital market from re-registering with OJK is that said consultants are required to pay an annual fee of IDR 5 million. Moreover, payment of this fee also applies to supporting professions within the capital market sector. This provision is addressed under Article 5 (1) of Regulation of the Government No. 11 of 2014 on OJK Levies (“PP 11/2014”).
  • For more on Regulation 66/2017 and PP 11/2014, see ILB No. 3293 and No. 2348 respectively.
  • For more on this story, see Hukumonline: “Izin Praktik 504 Konsultan Hukum Pasar Modal Terancam Dicabut OJK”.
......

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  • The Financial Services Authority (“OJK”) issued a warning on 19 October 2018 which was addressed to 504 members (approximately 50%) of the Association of Capital Market Legal Consultants (Himpunan Konsultan Hukum Pasar Modal - “HKHPM”). The OJK is requesting that the members in question undertake a process of re-registration with the OJK by no later than 22 December 2018 if they wish to keep practicing within the capital market sector. The re-registration obligation can be found under Articles 39-40 of Regulation of the OJK No. 66/POJK.04/2017 on Legal Consultants Practicing within the Capital Market (“Regulation 66/2017”). 
  • One issue that is discouraging legal consultants practicing within the capital market from re-registering with OJK is that said consultants are required to pay an annual fee of IDR 5 million. Moreover, payment of this fee also applies to supporting professions within the capital market sector. This provision is addressed under Article 5 (1) of Regulation of the Government No. 11 of 2014 on OJK Levies (“PP 11/2014”).
  • For more on Regulation 66/2017 and PP 11/2014, see ILB No. 3293 and No. 2348 respectively.
  • For more on this story, see Hukumonline: “Izin Praktik 504 Konsultan Hukum Pasar Modal Terancam Dicabut OJK”.
......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda

professionalprofessionalProfessional Solutions
professionalprofessionalUniversity Solutions
Pro
Rp 5.000.000 /bulan
Jadwalkan Demo
Lihat Detail
Pro AI
Terfavorit
Rp 8.200.000 /bulan
Jadwalkan Demo
Lihat Detail
Pro Compliance
New
Rp 12.500.000 /bulan
Jadwalkan Demo
Lihat Detail
*Syarat dan ketentuan berlaku
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