The Financial Service Authority (?OJK?) has issued Circular Letter No. 9/SEOJK.04/2014 (?OJK Circular Letter?) to amend Capital Markets and Financial Institution Supervisory Board (?Bapepam-LK?) Circular Letter No. SE-16/BL/2012 on Elucidation to Capital Markets and Financial Institution Supervisory Board Regulation No. V.D.3 on Internal Control of Securities Companies Acting as Securities Brokers (?Bapepam Circular Letter?).

The 2014 Regulation applies to loss insurance companies, life insurance companies, reinsurance companies, insurance and reinsurance brokerage firms, insurance agents, insurance loss assessors, and actuarial consulting firms (collectively referred to as ?Insurance Companies?).

This Indonesian Legal Brief (?ILB?) edition will discuss the considerations of the Court in rendering the Decision, including comparisons between the 2012 Cooperatives Law and the 1992 Cooperatives Law.

Following efforts by its predecessor to establish a system that enables issuers and publicly traded companies to submit reports electronically, the Financial Services Authority (?OJK?) recently further progressed this initiative.

As the primary coverage of the Circular Letter is mutual funds, it is important to keep in mind the nature of a mutual fund as a pool of capital from various investors. This collection of capital is operated by an investment manager who invests the mutual fund?s capital into stocks, bonds, and other financial instruments for the primary purpose of producing capital gains and income for the mutual fund investors.

OJK 7/2014 provides guidelines for the OJK to examine whether guarantee institutions and re-guarantee institutions have complied with their obligations when providing credit guarantee services.

The Financial Services Authority (?OJK?) has issued Regulation No. 6/POJK.05/2014 on Organizing the Business of Guarantee Institutions (?OJK 6/2014?), to redefine the provisions under the Minister of Finance Regulation No. 222/PMK.010/2008 on Credit Guarantee and Re-Guarantee Institutions (?PMK 222/2014?).

The Financial Services Authority (?OJK?) recently issued Regulation No. 5/POJK.05/2014 on Business License and Organizational Structure of Guarantee Institutions (?OJK 5/2014?) which serves to redefine the provisions of Minister of Finance (?MoF?)Regulation No. 222/PMK.010/2008 on Credit Guarantee and Credit Re-Guarantee Companies (?PMK 222/2008?)

The Circular Letter sets out technical guidelines for banks (commercial, sharia, and foreign bank branch office) as well as non-bank financial institutions on how to pay OJK levies through appointed banks and record the payment on OJK?s online information system called ?SIPO? (Sistem Informasi Penerimaan OJK ? https://sipo.ojk.go.id/sipo). The Circular Letter also sets out guidelines for manually recording payment at times when SIPO is not available.

The OJK Regulation sets out guidelines for the OJK in collecting levies from financial services institutions and financial services industry support professionals and their firms (Public Accounts, Public Assessors, Legal Consultants, Notaries, Actuaries). The OJK Regulation implements Government Regulation No. 11 of 2014 on Levies by the Financial Services Authority (?Government Regulation?).