Jumat, Desember 21, 2018

Regulation of the Financial Services Authority No. 25/POJK.04/2018 on Securities Funding Agencies

Authorizes licensed Securities Funding Agencies (“Agencies”) to provide funding for the settlement of margin transactions, short-selling transactions and other securities transactions upon requests being filed by the relevant securities companies.
In order to engage in such business, Agencies are required to meet the following criteria: 1) Must have paid-up capital amounting to IDR 250 billion at the minimum; 2) The majority of Agencies’ shares must be owned by the stock exchange; and 3) Agencies’ shareholders must not be affiliated with one another.
Sets out the following licensing procedure for Agencies: 1) Submission of an application to the Financial Services Authority (“OJK”) alongside the relevant documents (e.g., shareholder registration, copies of a company’s incorporation deeds, etc.); 2) Clarification process, as undertaken by the OJK (if necessary); and 3) Issuance of an Agency’s business license within 30 business days of the relevant application being duly submitted.

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Authorizes licensed Securities Funding Agencies (“Agencies”) to provide funding for the settlement of margin transactions, short-selling transactions and other securities transactions upon requests being filed by the relevant securities companies.
In order to engage in such business, Agencies are required to meet the following criteria: 1) Must have paid-up capital amounting to IDR 250 billion at the minimum; 2) The majority of Agencies’ shares must be owned by the stock exchange; and 3) Agencies’ shareholders must not be affiliated with one another.
Sets out the following licensing procedure for Agencies: 1) Submission of an application to the Financial Services Authority (“OJK”) alongside the relevant documents (e.g., shareholder registration, copies of a company’s incorporation deeds, etc.); 2) Clarification process, as undertaken by the OJK (if necessary); and 3) Issuance of an Agency’s business license within 30 business days of the relevant application being duly submitted.

......