Selasa, Juli 25, 2023

New Regulatory Framework for Sharia Unit Spin-Offs from Guarantee Companies Introduced

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to update the applicable provisions for spin-offs of Sharia Business Units (Unit Usaha Syariah - "UUS") from guarantee companies ("Companies") through the issuance of Regulation No. 10 of 2023 ("Regulation 10/2023"), which has been in force since 11 July 2023.
Spin-offs, as described under Regulation 10/2023 may be carried out in line with one of the following conditions: 1) The relevant UUS has fulfilled certain requirements set by the OJK; 2) A spin-off request has been submitted by the relevant Company; or 3) A spin-off is carried out by the OJK as the agency authorized regarding said consolidation-related matters.
After one of the above-mentioned conditions has been met, a spin-off should be carried out through the following method: 1) Establishment of a new sharia-based Company followed by the transfer of a guarantee portfolio; or 2) Transfer of all UUS guarantee portfolios to an existing Company that has secured the required business license.
The requirements that must be fulfilled by UUS in order to conduct spin-offs break down as follows: 1) The assets of the UUS must have reached a minimum of 50% of the relevant holding Company’s total asset value; and 2) The equity of the UUS must have reached a minimum of Rp. 25 billion (at the regency/city level), Rp. 50 billion (at the provincial level) and Rp. 100 billion (at the national level)

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to update the applicable provisions for spin-offs of Sharia Business Units (Unit Usaha Syariah - "UUS") from guarantee companies ("Companies") through the issuance of Regulation No. 10 of 2023 ("Regulation 10/2023"), which has been in force since 11 July 2023.
Spin-offs, as described under Regulation 10/2023 may be carried out in line with one of the following conditions: 1) The relevant UUS has fulfilled certain requirements set by the OJK; 2) A spin-off request has been submitted by the relevant Company; or 3) A spin-off is carried out by the OJK as the agency authorized regarding said consolidation-related matters.
After one of the above-mentioned conditions has been met, a spin-off should be carried out through the following method: 1) Establishment of a new sharia-based Company followed by the transfer of a guarantee portfolio; or 2) Transfer of all UUS guarantee portfolios to an existing Company that has secured the required business license.
The requirements that must be fulfilled by UUS in order to conduct spin-offs break down as follows: 1) The assets of the UUS must have reached a minimum of 50% of the relevant holding Company’s total asset value; and 2) The equity of the UUS must have reached a minimum of Rp. 25 billion (at the regency/city level), Rp. 50 billion (at the provincial level) and Rp. 100 billion (at the national level)

......