- The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued Regulation No. 2 of 2023 ("Amendment"), which amends Regulation of the OJK No. 10/POJK.04/2018 on the Implementation of Investment Management Governance ("Regulation 10/2018"), which has been in force since 21 February 2023. The Amendment has now been issued in an effort to increase levels of public trust in the capital market through the strengthening of sharia compliance supervision, as carried out by the Sharia Supervisory Board.
- While various adjustments to the duties and responsibilities of the Sharia Supervisory Board have now been introduced, the highlight of the Amendment is undoubtedly the new obligation for director-managers of sharia investments and director-managers of investments with sharia units to organize regular meetings with the Sharia Supervisory Board on a three-monthly basis at the least.
- Sharia investment managers and investment managers with sharia units must also provide remuneration for the members of the Sharia Supervisory Board, while agreements on said remuneration should be based on cooperation agreements that take the following factors into account: 1) Aspects relating to permanent income and/or variable income; 2) Applicable remuneration rate; and/or 3) The current workload of the Sharia Supervisory Board in terms of risks, amounts and complexity of investment management business.
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