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Selasa, Januari 23, 2024

Updated Framework on Conventional and Sharia PMV Now in Force: Two New PMV Categories Introduced

Non-Banking Financial Services

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to introduce a new framework for the organization of the businesses of venture-capital companies (Perusahaan Modal Ventura - "PMV") and Sharia PMV (PMV Syariah - "PMVS") through the issuance of Regulation No. 25 of 2023 ("Regulation 25/2023"), which has been in force since 22 December 2023. Previously, matters relating to PMV were specifically addressed under Regulation of the OJK No. 35/POJK.05/2015 ("Regulation 35/2015"), which has now been repealed and replaced.
Broadly speaking, Regulation 25/2023 states that PMV, PMVS and Sharia Business Units (Unit Usaha Syariah - "UUS") that engage in sharia venture capital business are permitted to engage in the following types of business activities: 1) Capital participation; 2) Participation through the purchase of convertible bonds (or sukuk for PMVS/UUS); 3) Financing through the purchase of debt securities (or sukuk for PMVS/UUS), as issued by relevant business partners during the initial start-up stage and/or business development; and/or 4) Financing (or profit-sharing financing for PMVS/UUS). In this regard, PMV and PMVS (collectively referred to as "Companies") are permitted to manage venture funds that operate through their businesses.
Regulation 25/2023 has now classified the above types of Companies into the following categories: 1) Companies that focus on capital participation and/or venture fund management activities (Venture Capital Corporations); or 2) Companies that focus on the purchasing of debt securities or sukuk issued by relevant business partners (Venture Debt Corporations). In addition, the above types of Companies are also permitted to organize contribution-based activities and/or other activities, as approved by the OJK.
Regulation 25/2023 also features a number of obligations that have to be met by the above Companies, which include the following: 1) Relevant business activities are required to be outlined in the respective Company’s articles of association; 2) Business activities must be in accordance with various predetermined categories; 3) Analyses of the feasibility, business schemes and business prospects of relevant business partners during capital participation in business partners should be carried out through the use of OJK-registered appraisers.

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to introduce a new framework for the organization of the businesses of venture-capital companies (Perusahaan Modal Ventura - "PMV") and Sharia PMV (PMV Syariah - "PMVS") through the issuance of Regulation No. 25 of 2023 ("Regulation 25/2023"), which has been in force since 22 December 2023. Previously, matters relating to PMV were specifically addressed under Regulation of the OJK No. 35/POJK.05/2015 ("Regulation 35/2015"), which has now been repealed and replaced.
Broadly speaking, Regulation 25/2023 states that PMV, PMVS and Sharia Business Units (Unit Usaha Syariah - "UUS") that engage in sharia venture capital business are permitted to engage in the following types of business activities: 1) Capital participation; 2) Participation through the purchase of convertible bonds (or sukuk for PMVS/UUS); 3) Financing through the purchase of debt securities (or sukuk for PMVS/UUS), as issued by relevant business partners during the initial start-up stage and/or business development; and/or 4) Financing (or profit-sharing financing for PMVS/UUS). In this regard, PMV and PMVS (collectively referred to as "Companies") are permitted to manage venture funds that operate through their businesses.
Regulation 25/2023 has now classified the above types of Companies into the following categories: 1) Companies that focus on capital participation and/or venture fund management activities (Venture Capital Corporations); or 2) Companies that focus on the purchasing of debt securities or sukuk issued by relevant business partners (Venture Debt Corporations). In addition, the above types of Companies are also permitted to organize contribution-based activities and/or other activities, as approved by the OJK.
Regulation 25/2023 also features a number of obligations that have to be met by the above Companies, which include the following: 1) Relevant business activities are required to be outlined in the respective Company’s articles of association; 2) Business activities must be in accordance with various predetermined categories; 3) Analyses of the feasibility, business schemes and business prospects of relevant business partners during capital participation in business partners should be carried out through the use of OJK-registered appraisers.

......

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Precedent Hukumonline
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Semua Fitur Paket Standard
Terjemahan Peraturan
Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

STANDARD

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Indonesian Legal Brief (ILB)
Daily Updates
Bantuan Layanan Pencarian Peraturan
Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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