OJK Extends Reporting Periods for Non-Bank Financial Services Institutions

The Corona Virus Disease 2019 (COVID-19) pandemic is continuing to increase pressure upon businesses operating within the LJKNB sector, meaning that many players are now having to operate their businesses from home, which is undoubtedly a potential obstacle in terms of LJKNB businesses being able to fulfill their mandatory OJK reporting requirements in a punctual fashion.[1] As a result, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has decided to extend the reporting period deadlines for Non-Bank Financial Services Institutions (Lembaga Jasa Keuangan Non-Bank – “LJKNB”) through the issuance of Letter of the OJK No. S-7/D.05/2020 on the Relaxation of the Deadline for Mandatory Reporting by Non-Bank Financial Service Institutions (LJKNB) to the Financial Services Authority (OJK) (“Letter 7/2020”).

In essence, Letter 7/2020 sets out a number of provisions that address the granting of leeway to LJKN as regards the submission of their reports. LJKNB operate within the following sectors:

1. Insurance;
2. Pension funds;
3. Financing companies;
4. Venture-capital companies;
5. Infrastructure financing;
6. Pawnshops;
7. Guarantee institutions;
8. Export financing;
9. Secondary housing financing;
10. Permodalan Nasional Madani......