Senin, Februari 27, 2023

BEI Set to Adjust Provisions on Collective Investment Contract Mutual Fund Participation Unit Listings

PT Bursa Efek Indonesia ("BEI") is currently preparing a Draft Regulation which will adjust the provisions that apply to listings of mutual funds that take the form of Collective Investment Contract (Kontrak Investasi Kolektif – "KIK") participation units ("Units") on the BEI ("Listings"), as currently addressed under Rule No. I-C, which can be found under the Appendix to Decree of the Board of Directors of PT Bursa Efek Jakarta No. KEP-310/BEJ/12-2006 ("Rule I-C").
At its core, the Units that are addressed under the Draft Regulation refer to Units that are traded through the BEI and which adhere to Regulation of the Financial Services Authority (Otoritas Jasa Keuangan - "OJK") No. 49/POJK.04/2015. While the majority of the sections that feature under Rule I-C will not be altered, the Draft Regulation is set to introduce a number of new sections containing provisions that apply to Listings when it ultimately enters into force, including: 1) General provisions; 2) Suspensions; and 3) Profit distribution schedule.
In terms of the applicable Listings procedures, the Draft Regulation is set to oblige investment managers ("Managers") to first submit a preliminary Listings agreement application to the BEI, which should then be followed up by the settlement of a registration fee of Rp. 10 million. This fee will subsequently be deducted from the initial Listings fee once a Listings application has been approved. Moreover, as an additional document that is required during Listings applications, the Draft Regulation will also state that managers should submit KIK that have been drafted as notarial deeds by notaries that have been recognized by the OJK.

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PT Bursa Efek Indonesia ("BEI") is currently preparing a Draft Regulation which will adjust the provisions that apply to listings of mutual funds that take the form of Collective Investment Contract (Kontrak Investasi Kolektif – "KIK") participation units ("Units") on the BEI ("Listings"), as currently addressed under Rule No. I-C, which can be found under the Appendix to Decree of the Board of Directors of PT Bursa Efek Jakarta No. KEP-310/BEJ/12-2006 ("Rule I-C").
At its core, the Units that are addressed under the Draft Regulation refer to Units that are traded through the BEI and which adhere to Regulation of the Financial Services Authority (Otoritas Jasa Keuangan - "OJK") No. 49/POJK.04/2015. While the majority of the sections that feature under Rule I-C will not be altered, the Draft Regulation is set to introduce a number of new sections containing provisions that apply to Listings when it ultimately enters into force, including: 1) General provisions; 2) Suspensions; and 3) Profit distribution schedule.
In terms of the applicable Listings procedures, the Draft Regulation is set to oblige investment managers ("Managers") to first submit a preliminary Listings agreement application to the BEI, which should then be followed up by the settlement of a registration fee of Rp. 10 million. This fee will subsequently be deducted from the initial Listings fee once a Listings application has been approved. Moreover, as an additional document that is required during Listings applications, the Draft Regulation will also state that managers should submit KIK that have been drafted as notarial deeds by notaries that have been recognized by the OJK.

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