Rabu, Februari 9, 2022

OJK Regulates Submission Procedure for the Authorization of e-RUPS Providers

The Financial Services Authority (Otoritas Jasa Keuangan– "OJK") recently issued Circular No.1/SEOJK.04/2022 ("Circular 1/2022") on the Submission Procedure for the Authorization of System Providers for the Organization of Electronic General Meetings of Shareholders (Rapat Umum Pemegang Saham Secara Elektronik - "e-RUPS").
In order for parties other than depository and settlement institutions to qualify as e-RUPS providers, business actors must satisfy various requirements, including: 1) Must be legal entities operating within Indonesia; 2) Must have been licensed by the OJK to organize business activities within the capital-market sector; 3) Must have a minimum capital of Rp. 5 billion; 4) Must be domiciled in Indonesia; 5) Must have procedures and guidelines in place for the utilization of e-RUPS; etc.
In order to apply for authorization as an e-RUPS provider, business actors should submit their applications to the Chief Executive of the Capital Market Supervisor using the format provided under the Appendix to Circular 1/2022. Applications must also enclose various required documents, including: 1) A copy of an OJK business license; 2) Procedure and guidelines for the utilization of e-RUPS; 3) Proof of electronic system preparedness using the format set out under the Appendix to Circular 1/2022; 4) Mechanism or standard operating procedure for the implementation of e-RUPS; 5) List of Board of Directors and Board of Commissioners members, along with relevant supporting documents, etc.
Upon submission of an application, the OJK will then conduct an examination. If granted authorization by the OJK, the relevant e-RUPS provider will be informed within 20 business days. It is also worth noting that e-RUPS providers who have secured authorization from the OJK must also be registered as electronic system providers on the Ministry of Communication and Information Technology prior to being able to conduct any activities that relate to the organization of e-RUPS.
Circular 1/2022 has been in force since 24 January 2022.

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The Financial Services Authority (Otoritas Jasa Keuangan– "OJK") recently issued Circular No.1/SEOJK.04/2022 ("Circular 1/2022") on the Submission Procedure for the Authorization of System Providers for the Organization of Electronic General Meetings of Shareholders (Rapat Umum Pemegang Saham Secara Elektronik - "e-RUPS").
In order for parties other than depository and settlement institutions to qualify as e-RUPS providers, business actors must satisfy various requirements, including: 1) Must be legal entities operating within Indonesia; 2) Must have been licensed by the OJK to organize business activities within the capital-market sector; 3) Must have a minimum capital of Rp. 5 billion; 4) Must be domiciled in Indonesia; 5) Must have procedures and guidelines in place for the utilization of e-RUPS; etc.
In order to apply for authorization as an e-RUPS provider, business actors should submit their applications to the Chief Executive of the Capital Market Supervisor using the format provided under the Appendix to Circular 1/2022. Applications must also enclose various required documents, including: 1) A copy of an OJK business license; 2) Procedure and guidelines for the utilization of e-RUPS; 3) Proof of electronic system preparedness using the format set out under the Appendix to Circular 1/2022; 4) Mechanism or standard operating procedure for the implementation of e-RUPS; 5) List of Board of Directors and Board of Commissioners members, along with relevant supporting documents, etc.
Upon submission of an application, the OJK will then conduct an examination. If granted authorization by the OJK, the relevant e-RUPS provider will be informed within 20 business days. It is also worth noting that e-RUPS providers who have secured authorization from the OJK must also be registered as electronic system providers on the Ministry of Communication and Information Technology prior to being able to conduct any activities that relate to the organization of e-RUPS.
Circular 1/2022 has been in force since 24 January 2022.

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