Selasa, Juli 12, 2022

OJK Press Conference: Marketing of Offshore Securities Products Prohibited

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has prohibited Financial Services Business Actors (Pelaku Usaha Jasa Keuangan – "PUJK") operating within the capital-market sector from engaging in any marketing, promotional or advertising activities in relation to financial products and/or services, aside from those that have been licensed by the OJK, including securities which are issued abroad ("Offshore Products").
This prohibition has been introduced in response to OJK findings that confirm that Offshore Products tend to utilize integrated application platforms or so-called “super apps” which are not under the direct supervision of the OJK and which may thus pose significant risks to the general public.
The Executive Head of Capital-Market Supervision at the OJK, Hoesen, has issued a statement affirming that the only investment products currently under OJK supervision comprise securities issued by legal entities operating within Indonesia that have been declared effective by the OJK and which can thus be offered to the general public. Furthermore, Hoesen has also stated that other securities, including those that are issued abroad, as well as crypto assets and gold, are not products that are permitted and supervised by the OJK.
In order to address the above issues, the OJK has provided guidance to and has taken firm steps regarding said PUJK, as follows: 1) Implementing immediate seizures of any services or products that are not licensed or supervised by the OJK through super apps; and 2) Separating applications and platforms for products and services that both are and are not licensed and supervised by the OJK.
In terms of consumer protection, the OJK previously issued Regulation No. 6/POJK.07/2022 on Consumer and Public Protections Within the Financial Service Sector, which asserts that PUJK are required to provide truthful, clear and easily understandable information concerning the various products or services that they offer.
The OJK, working in cooperation with the Indonesian Association of Advertising Agencies, is currently socializing and disseminating information regarding the obligation of PUJK to provide clear information and advertisements in relation to their various products and services. _(OJK)

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has prohibited Financial Services Business Actors (Pelaku Usaha Jasa Keuangan – "PUJK") operating within the capital-market sector from engaging in any marketing, promotional or advertising activities in relation to financial products and/or services, aside from those that have been licensed by the OJK, including securities which are issued abroad ("Offshore Products").
This prohibition has been introduced in response to OJK findings that confirm that Offshore Products tend to utilize integrated application platforms or so-called “super apps” which are not under the direct supervision of the OJK and which may thus pose significant risks to the general public.
The Executive Head of Capital-Market Supervision at the OJK, Hoesen, has issued a statement affirming that the only investment products currently under OJK supervision comprise securities issued by legal entities operating within Indonesia that have been declared effective by the OJK and which can thus be offered to the general public. Furthermore, Hoesen has also stated that other securities, including those that are issued abroad, as well as crypto assets and gold, are not products that are permitted and supervised by the OJK.
In order to address the above issues, the OJK has provided guidance to and has taken firm steps regarding said PUJK, as follows: 1) Implementing immediate seizures of any services or products that are not licensed or supervised by the OJK through super apps; and 2) Separating applications and platforms for products and services that both are and are not licensed and supervised by the OJK.
In terms of consumer protection, the OJK previously issued Regulation No. 6/POJK.07/2022 on Consumer and Public Protections Within the Financial Service Sector, which asserts that PUJK are required to provide truthful, clear and easily understandable information concerning the various products or services that they offer.
The OJK, working in cooperation with the Indonesian Association of Advertising Agencies, is currently socializing and disseminating information regarding the obligation of PUJK to provide clear information and advertisements in relation to their various products and services. _(OJK)

......