Senin, November 13, 2023

Business Activities of P2P Lending Service Organizers Further Clarified: Maximum Threshold for Economic Benefits Set at 0.3%

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to clarify further various aspects that specifically relate to the organization of peer-to-peer ("P2P") lending service organizer ("Organizers") businesses that originally featured under Regulation of the OJK No. 10/POJK.05/2022 ("Regulation 10/2022") through the issuance of Circular No. 19/SEOJK.06/2023 ("Circular 19/2023"), which has been in force since 8 November 2023.
While covering a wide range of aspects related to Organizers’ businesses (e.g. permitted business activities, outsourcing, risk mitigation and so forth), Circular 19/2023 has now set a maximum threshold for the economic benefits permitted to be offered by Organizers. Said benefits include rates relating to the following areas: 1) Interest/margins/profit-sharing; 2) Administration/commission/platform fees; and 3) Other fees (excluding fees for due payment fines, stamp duty and taxes).
The above-mentioned maximum thresholds have been classified into two categories, with the first category being intended for productive funding and including the following rates and applicable dates: 1) Applicable by 1 January 2024: maximum daily rate of 0.1% of the total funding value stipulated in the relevant funding agreement ("Agreement") and will remain valid for a period of two years; and 2) Applicable by 1 January 2026: maximum daily rate of 0.067% of the total Agreement value.
Meanwhile, the other economic benefit category is intended for short-term (less than one year) consumption-related funding, which includes the following rates: 1) Applicable by 1 January 2024: maximum daily rate of 0.3% of the total Agreement value and will remain valid for a one-year period; 2) Applicable by 1 January 2025: maximum daily rate of 0.2% of the total Agreement value and will remain valid for a one-year period; and 3) Applicable by 1 January 2026: maximum daily rate of 0.1% of the total Agreement value.
It should also be noted that the above-described economic benefits and due payment fines that may be imposed upon the users of Organizers may not exceed 100% of the total Agreement value.

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to clarify further various aspects that specifically relate to the organization of peer-to-peer ("P2P") lending service organizer ("Organizers") businesses that originally featured under Regulation of the OJK No. 10/POJK.05/2022 ("Regulation 10/2022") through the issuance of Circular No. 19/SEOJK.06/2023 ("Circular 19/2023"), which has been in force since 8 November 2023.
While covering a wide range of aspects related to Organizers’ businesses (e.g. permitted business activities, outsourcing, risk mitigation and so forth), Circular 19/2023 has now set a maximum threshold for the economic benefits permitted to be offered by Organizers. Said benefits include rates relating to the following areas: 1) Interest/margins/profit-sharing; 2) Administration/commission/platform fees; and 3) Other fees (excluding fees for due payment fines, stamp duty and taxes).
The above-mentioned maximum thresholds have been classified into two categories, with the first category being intended for productive funding and including the following rates and applicable dates: 1) Applicable by 1 January 2024: maximum daily rate of 0.1% of the total funding value stipulated in the relevant funding agreement ("Agreement") and will remain valid for a period of two years; and 2) Applicable by 1 January 2026: maximum daily rate of 0.067% of the total Agreement value.
Meanwhile, the other economic benefit category is intended for short-term (less than one year) consumption-related funding, which includes the following rates: 1) Applicable by 1 January 2024: maximum daily rate of 0.3% of the total Agreement value and will remain valid for a one-year period; 2) Applicable by 1 January 2025: maximum daily rate of 0.2% of the total Agreement value and will remain valid for a one-year period; and 3) Applicable by 1 January 2026: maximum daily rate of 0.1% of the total Agreement value.
It should also be noted that the above-described economic benefits and due payment fines that may be imposed upon the users of Organizers may not exceed 100% of the total Agreement value.

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