- In an effort to implement provisions originally set out under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") No. 7/POJK.04/2021 on Policies to Maintain Capital-Market Performance and Stability During the Spread of Corona Virus Disease 2019, the OJK has issued Circular No. 19/SEOJK.04/2021 on Stimulus Policy and the Relaxation of Provisions on Investment Management to Maintain Capital-Market Performance and Stability During the Spread of Corona Virus Disease 2019 ("Circular 19/2021").
- Under Circular 19/2021, the obligation to adjust the compositions of mutual-fund securities portfolios that take the form of collective-investment contracts but not in relation to any transaction activities that are undertaken by investment managers has now been adjusted to a maximum of 40 trading days. Meanwhile, the obligation to adjust the composition of mutual-fund securities portfolios that take the form of collective-investment contracts in relation to any transaction activities that are undertaken by investment managers has now been adjusted to a maximum of 20 trading days.
- Provisions that address the specific terms of mutual-fund obligations in the form of collective-investment contracts for which the relevant registration statements have become effective in relation to managed funds that amount to at least Rp. 10 billion have now been adjusted as follows: 1) A maximum of 130 trading days after the mutual-fund registration statement becomes effective; or 2) A maximum of 160 trading days after the mutual-fund registration statement becomes effective for protected mutual funds, mutual funds with guarantees and index mutual funds that carry out limited public offerings.
- Furthermore, provisions that address the period of the obligation to disband mutual funds that take the form of collective-investment contracts with total net asset values of less than IDR 10 billion have now been adjusted to 160 consecutive trading days.
- Ultimately, in terms of investment managers and mutual-fund selling agents who sell mutual fund securities through electronic systems, in order to facilitate the purchase of mutual funds by investors who conduct mutual-fund transactions electronically, mutual-fund purchases are permitted to be completed through electronic-payment systems that take the following forms: 1) Virtual accounts offered by providers of payment gateway services; 2) Fund transfer services that have obtained permission from Bank Indonesia; and 3) Other innovative payment mechanisms for mutual-fund transactions, provided that investment managers and mutual-fund selling agents who conduct sales activities through said electronic systems meet a number of requirements, as determined by the OJK.
- Circular 19/2021 has been in force since 5 August 2021.
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