Senin, November 25, 2024

New Multi-Class Feature for the Listing of Mutual Funds KIK Set for Roll Out by November 2025

Following the merger of PT Bursa Efek Surabaya with PT Bursa Efek Jakarta (“BEJ”), which has resulted in the creation of a new unified entity named PT Bursa Efek Indonesia (“BEI”), both of the original entities agreed that the applicable mechanism for the listing of mutual fund participation units in the form of collective investment contracts (Kontrak Investasi Kolektif – “KIK”) with participation units traded through the stock exchange (“Mutual Funds KIK”) would continue to adhere to the mechanism originally outlined by BEJ, specifically under Rule No. I-C (“Previous Rule I-C”) as the Appendix to Decree of the Board of Directors of BEJ No. KEP-310/BEJ/12-2006 (“Decree 310/2006”).
However, in order to harmonize the applicable frameworks that specifically relate to the listing of the above-mentioned Mutual Funds KIK, BEI has now decided to issue Rule No. I-C (“Current Rule I-C”) as the Appendix to Decree of the Board of Directors of PT BEI No. Kep-00183/BEI/11-2024 (“Decree 183/2024”), which came into force on 15 November 2024. As a consequence of the enforcement of Current Rule I-C, the Previous Rule I-C and Decree 310/2006 have now been repealed and replaced.
At its core, Current Rule I-C addresses a wide of aspects that specifically relate to the listing of Mutual Funds KIK, including: 1) Listing requirements; 2) Listing procedures; 3) Listing fees; 4) Reporting obligations for investment managers; 5) Delisting conditions; and so forth. However, it should also be noted that the BEI has also introduced a multi-class feature for Mutual Funds KIK, the applicable provisions on which will be rolled out by 15 November 2025.
In terms of general requirements for the listing of Mutual Funds KIK through BEI, Current Rule I-C sets out the following requirements: 1) The registration statement for Mutual Funds KIK that was originally submitted to the Financial Services Authority (Otoritas Jasa Keuangan/OJK) must have become effective; and 2) The initial net asset value of the Mutual Funds KIK must amount to at least Rp. 1 billion and at most must amount to the value stated in the relevant prospectus.

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Following the merger of PT Bursa Efek Surabaya with PT Bursa Efek Jakarta (“BEJ”), which has resulted in the creation of a new unified entity named PT Bursa Efek Indonesia (“BEI”), both of the original entities agreed that the applicable mechanism for the listing of mutual fund participation units in the form of collective investment contracts (Kontrak Investasi Kolektif – “KIK”) with participation units traded through the stock exchange (“Mutual Funds KIK”) would continue to adhere to the mechanism originally outlined by BEJ, specifically under Rule No. I-C (“Previous Rule I-C”) as the Appendix to Decree of the Board of Directors of BEJ No. KEP-310/BEJ/12-2006 (“Decree 310/2006”).
However, in order to harmonize the applicable frameworks that specifically relate to the listing of the above-mentioned Mutual Funds KIK, BEI has now decided to issue Rule No. I-C (“Current Rule I-C”) as the Appendix to Decree of the Board of Directors of PT BEI No. Kep-00183/BEI/11-2024 (“Decree 183/2024”), which came into force on 15 November 2024. As a consequence of the enforcement of Current Rule I-C, the Previous Rule I-C and Decree 310/2006 have now been repealed and replaced.
At its core, Current Rule I-C addresses a wide of aspects that specifically relate to the listing of Mutual Funds KIK, including: 1) Listing requirements; 2) Listing procedures; 3) Listing fees; 4) Reporting obligations for investment managers; 5) Delisting conditions; and so forth. However, it should also be noted that the BEI has also introduced a multi-class feature for Mutual Funds KIK, the applicable provisions on which will be rolled out by 15 November 2025.
In terms of general requirements for the listing of Mutual Funds KIK through BEI, Current Rule I-C sets out the following requirements: 1) The registration statement for Mutual Funds KIK that was originally submitted to the Financial Services Authority (Otoritas Jasa Keuangan/OJK) must have become effective; and 2) The initial net asset value of the Mutual Funds KIK must amount to at least Rp. 1 billion and at most must amount to the value stated in the relevant prospectus.

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