- The Financial Services Authority (“OJK”) has finally issued the highly anticipated Regulation No. 37/POJK.04/2018 on Information-Technology-Based Crowdfunding Services via Public Offerings (Equity Crowdfunding) (“Regulation 37/2018”).
- Although ultimately quite similar in nature, equity crowdfunding differs from public offerings undertaken through the capital market, namely public offerings via equity crowdfunding: 1) Do not require prior approval by the OJK; and 2) Are subject to certain limitations, specifically in terms of the allowed time period (up to a maximum of 12 months) and the total subscribed funds (up to a maximum IDR 10 billion).
- Three parties are relevant to equity crowdfunding services, specifically: 1) Organizers, who are required to secure licenses from the OJK, as well as to be in possession of paid-up capital amounting to a minimum of IDR 2.5 billion; 2) Issuers (penerbit), who undertake public offerings and who must not take the form of public companies; and 3) Investors, who are subject to certain share ownership limitations relating to their annual incomes.
- The bottom line in terms of Regulation 37/2018is that it has been predicted that equity crowdfunding will ultimately accelerate economic growth relating to start-up companies.
- For more on this story, see: “Poin-Poin Penting Aturan Baru Equity Crowdfunding”.
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