New Classifications and Higher Capital Thresholds Unveiled for Investment Managers: Deadline of October 2026 Set for MIKU Selections

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 5 of 2026 on the Organization of Investment Management Business Activities (“Regulation 5/2026”). The enforcement of Regulation 5/2026 has resulted in the repeal and replacement of the following legal frameworks:[1]

1. 1. 1. 1. Rule No. X.E.1 as the Appendix to Decree of the Head of the Capital Market and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal Dan Lembaga Keuangan – “Bapepam-LK”) No. KEP-460/BL/2008 (“Rule X.E.1”);
         2. Rule No. V.A.3 as the Appendix to Decree of the Head of Bapepam-LK No. KEP-479/BL/2009 (“Rule V.A.3”);
         3. Rule No. X.N.1 as the Appendix to Decree of the Head of Bapepam-LK No. KEP-283/BL/2012;
         4. Provisions that address mandatory composition and independence requirements for Boards of Commissioners (“BoC”) of Investment Managers, as governed under Regulation of the OJK No. 10/POJK.04/2018 (“Regulation 10/2018”);
         5. Provisions on minimum levels of Adjusted Net Working Capital (Modal Kerja Bersih Disesuaikan – “MKBD”) for securities companies that operate as Investment Managers, as governed under Regulation of the OJK No. 52/POJK.04/2020 (“Regulation 52/2020”);
         6. Provisions on minimum levels of paid-up capital for Investment Managers, as governed under Regulation of the OJK No. 3/POJK.04/2021 (“Regulation 3/2021”);[2] and
         7. Provisions on the diversification of the business activities of Investment Managers, as governed under Regulation of the OJK No. 17/POJK.04/2022 (“Regulation 17/2022”).[3]
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