OJK Introduces Other Significantly Fluctuating Market Conditions and Relaxes Share Buyback Procedure Amidst Coronavirus Outbreak

Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) No. 2/POJK.04/2013 on Share Buybacks of Issuers and Publicly Listed Companies under Significantly Fluctuating Market Conditions (“Regulation 2/2013”)[1] states that issuers and public companies may buy back their shares without violating any of the provisions on insider trading which are set out under Articles 91, 92, 95 and 96 of Law No.8 of 1995 on the Capital Market if significantly fluctuating market conditions are currently prevailing. Significantly fluctuating market conditions encompass the following:[2]