Kamis, November 25, 2021

KSEI Permits Restructuring of Medium-Term Debt Securities and/or Sukuk

In order to further elaborate upon procedures and requirements for the registration of debt securities/sukuk, specifically in relation to the issuance of KSEI Rule No. II-B dated 15 October 2020, the Board of Directors of PT Kustodian Sentral Efek Indonesia ("KSEI") recently issued Circular No. SE-0005/DIR-EKS/KSEI/1121 of 2021 on the Mechanism for the Registration of Debt Securities and/or Sukuk with PT KSEI ("Circular 1121/2021").
Under Circular 1121/2021, issuers of debt securities/sukuk are permitted to engage in restructuring in the form of the extension of the periods of any medium-term debt securities and/or sukuk which were previously issued and registered. In order to enjoy said extensions, the original periods must exceed one to five years.
All such restructuring must be conducted in congruence with the relevant debt securities/sukuk issuance documents and through the submission of restructuring documents to the KSEI. Said restructuring documents encompass the following: 1) Decision of a general meeting of securities holders; 2) Addendum to an issuance agreement; 3) Proof of reporting to the Financial Services Authorities (Otoritas Jasa Keuangan – "OJK") as regards the restructuring of medium-term debt securities and/or sukuk issued after 1 June 2020; and/or 4) Reporting letter sent to the OJK that addresses a decision of a general meeting of the participating unitholders of the relevant investment product in a form of a collective investment contract, if applicable.
Furthermore, the KSEI has now also decreed that the issuance documents requirements will be set out under the official Guidelines for the Electronic Registration System for Securities (Sistem Pendaftaran Efek Elektronik/SPEK). These guidelines will be issued on a gradual basis by the KSEI and can be accessed through: https://spek.ksei.co.id/.
Circular 1121/2021 has been in force since 5 November 2021.

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In order to further elaborate upon procedures and requirements for the registration of debt securities/sukuk, specifically in relation to the issuance of KSEI Rule No. II-B dated 15 October 2020, the Board of Directors of PT Kustodian Sentral Efek Indonesia ("KSEI") recently issued Circular No. SE-0005/DIR-EKS/KSEI/1121 of 2021 on the Mechanism for the Registration of Debt Securities and/or Sukuk with PT KSEI ("Circular 1121/2021").
Under Circular 1121/2021, issuers of debt securities/sukuk are permitted to engage in restructuring in the form of the extension of the periods of any medium-term debt securities and/or sukuk which were previously issued and registered. In order to enjoy said extensions, the original periods must exceed one to five years.
All such restructuring must be conducted in congruence with the relevant debt securities/sukuk issuance documents and through the submission of restructuring documents to the KSEI. Said restructuring documents encompass the following: 1) Decision of a general meeting of securities holders; 2) Addendum to an issuance agreement; 3) Proof of reporting to the Financial Services Authorities (Otoritas Jasa Keuangan – "OJK") as regards the restructuring of medium-term debt securities and/or sukuk issued after 1 June 2020; and/or 4) Reporting letter sent to the OJK that addresses a decision of a general meeting of the participating unitholders of the relevant investment product in a form of a collective investment contract, if applicable.
Furthermore, the KSEI has now also decreed that the issuance documents requirements will be set out under the official Guidelines for the Electronic Registration System for Securities (Sistem Pendaftaran Efek Elektronik/SPEK). These guidelines will be issued on a gradual basis by the KSEI and can be accessed through: https://spek.ksei.co.id/.
Circular 1121/2021 has been in force since 5 November 2021.

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