Senin, Mei 8, 2023

OJK Updates Provisions on Mutual Funds in the Form of Collective Investment Contracts

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued the Second Amendment to Regulation of the OJK No. 23/POJK.04/2016 on Mutual Funds in the Form of Collective Investment Contracts ("Regulation 23/2016") through the issuance of Regulation of the OJK No. 4 of 2023 ("Second Amendment"), which has been in force since 31 March 2023.
In essence, the Second Amendment revises various matters of substance originally set out under the framework of Regulation 23/2016 and encompasses the following general matters: 1) Policies on problem settlements for certain amounts of mutual funds through asset settlements with customers under the in-kind redemption mechanism, as well as the dissolution-liquidation of mutual funds; 2) Provisions that relate to the application of share classes of mutual funds and calculations of net-asset values for foreign securities based mutual funds; 3) Application of mutual fund redemption through IFUA accounts and other accounts; 4) Use of virtual accounts; and 5) Relaxation of investment portfolio rank reductions, the restructuring of protected mutual funds and the limited inclusion of mutual funds.

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued the Second Amendment to Regulation of the OJK No. 23/POJK.04/2016 on Mutual Funds in the Form of Collective Investment Contracts ("Regulation 23/2016") through the issuance of Regulation of the OJK No. 4 of 2023 ("Second Amendment"), which has been in force since 31 March 2023.
In essence, the Second Amendment revises various matters of substance originally set out under the framework of Regulation 23/2016 and encompasses the following general matters: 1) Policies on problem settlements for certain amounts of mutual funds through asset settlements with customers under the in-kind redemption mechanism, as well as the dissolution-liquidation of mutual funds; 2) Provisions that relate to the application of share classes of mutual funds and calculations of net-asset values for foreign securities based mutual funds; 3) Application of mutual fund redemption through IFUA accounts and other accounts; 4) Use of virtual accounts; and 5) Relaxation of investment portfolio rank reductions, the restructuring of protected mutual funds and the limited inclusion of mutual funds.

......