OJK Broadens Criteria for Securities Offerings Classified as Non-Public Offerings

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued an updated legal framework for offerings that are not classified as public offerings (“Non-Public Offerings”), through the issuance of Regulation No. 29/POJK.4/2021 (“Regulation 29/2021”). Previously, these matters were addressed under Regulation of the OJK No. 26/POJK.4/2020 (“Regulation 26/2020”). Regulation 29/2021 has now been introduced in an attempt to adjust the value thresholds for Non-Public Offerings of securities in order to bring them into line with business developments and best practices in other countries. As a result, Regulation 26/2020 has now been repealed and replaced.[1]