- In a bid to implement certain provisions set out under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") No. 7/POJK.04/2021 on Policies for Maintaining Capital-Market Performance and Stability During the Spread of Corona Virus Disease 2019, the OJK recently issued Circular No. 20/SEOJK.04/2021 on Stimulus Policy and the Relaxation of Provisions Relating to Issuers and Public Companies ("Stimulus Policies") in Order to Maintain Capital-Market Performance and Stability During the Spread of Corona Virus Disease 2019 ("Circular 20/2021").
- At their core, the new Stimulus Policies comprise the following elements: 1) Extension of the validity period for financial statements; 2) Extension of the validity period for appraiser’s reports; 3) Extension of the initial-offering period; 4) Postponement of the public-offering period or cancellation of public offerings; 5) Extension of the deadline for the submission of periodic reports; 6) Extension of the deadline for the holding general meetings of shareholders; 7) Certain conditions under which public companies can increase their capital without pre-emptive rights (Hak Memesan Efek Terlebih Dahulu/HMETD); 8) Submission of reports and disclosures of information through an electronic reporting system; 9) Use of an electronic public-offering system; 10) Extension of the fulfillment period in relation to the obligation to transfer shares resulting from repurchases.
- Circular 20/2021 has been in force since 10 August 2021.
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