OJK Issues New Regulation on Crowdfunding Services Providers

By : Nata Kesuma | Saturday, September 04 2021 - 00:27 IWST

The Financial Services Authority (OJK)
The Financial Services Authority (OJK)

INDUSTRY.co.id - The Financial Services Authority (OJK) has issued Regulation Number 16/POJK.04/2021 on Amendments to Financial Services Authority Regulation Number 57/POJK.04/2020 on Securities Offerings Through Information Technology-Based Crowdfunding Services (Securities Crowdfunding).

“The Regulation is issued to adjust the fulfillment of obligations for crowdfunding services providers as private electronic system operators (PSE) to register with the Ministry that administers Government affairs in sector of communications and informatics,” Deputy Commissioner for Public Relations and Logistics of the OJK Anto Prabowo said in a written statement, Wednesday (01/09).

For the record, Ministry of Communications and Informatics had issued Regulation of Minister of Communications and Informatics Number 5 of 2020 on Private Electronic System Operators. The Regulation stipulates an obligation for private electronic system operators to register not later than six months after the Regulation comes into force on May 24, 2021.

The new OJK Regulation stipulates the obligation for crowdfunding services providers to be registered as PSE with Ministry of Communications and Informatics. Crowdfunding services providers are prohibited to provide securities offerings before submitting a registration certificate as a PSE to the OJK.

“The prohibition does not apply to operators that have obtained a business license from the OJK, as an expansion of the business activities of crowdfunding services providers through information technology-based security offerings (equity crowdfunding) and crowdfunding services in the form of share equity securities offerings,” Anto explained.

For the record, as of August 31, 2021, there have been two securities crowdfunding operators (SCF) that have obtained OJK permits, while four SCF are in the middle of the licensing process. The OJK has also issued a Circular on the Implementation of Risk Management in the Use of Information Technology by Non-Bank Financial Services Institutions.

The Circular is based on the OJK Regulation Number 4/POJK.05/2021 on the Implementation of Risk Management in the Use of Information Technology by Non-Bank Financial Services Institutions.

“The Circular provides more detailed provisions and stipulates a minimum standard format for submitting reports on certain conditions, requests for approval for the placement of data centers and/or disaster recovery centers outside the territory of Indonesia, and reports of critical events,” Anto said.


News Comment

Today's Industry

PT Autopedia Sukses Lestari Tbk (“ASLC”)

Selasa, 18 Januari 2022 - 23:55 WIB

ASLC Remains Optimistic, Continues IPO Plan

PT Autopedia Sukses Lestari Tbk (“ASLC”) a company engaged in the automotive sector, ranging from car and motorcycle auctions, online car buying and selling, and car and motorcycle price…

Genetech Biotechnology, the exclusive distributor of Citrea

Selasa, 18 Januari 2022 - 23:20 WIB

Genetech Biotechnology Launches Four Exclusive Promo Bundles For Citrea In Celebration Of Chinese New Year

Genetech Biotechnology, the exclusive distributor of Citrea, launches four exclusive promo bundles to celebrate Chinese New Year. The four bundle sets, The Prosperity Bundle, The Pampering Duo,…

The International Labour Organization (ILO)

Selasa, 18 Januari 2022 - 22:50 WIB

ILO downgrades labour market recovery forecast for 2022

he International Labour Organization (ILO) has downgraded its forecast for labour market recovery in 2022, projecting a deficit in hours worked globally equivalent to 52 million full-time jobs,…

Check Point Software Technologies (Images by Acclaim)

Selasa, 18 Januari 2022 - 22:10 WIB

New Requirements in the Wake of Omicron have led to Increased Dark Market Activity Around Fake Covid Certificates

Check Point Research has warned of a resurgence in counterfeit test and vaccination certificates amid a new wave of infections driven by the Omicron variant of COVID-19. Forged certificate vendors…

DBS Bank Ltd.

Selasa, 18 Januari 2022 - 21:37 WIB

DBS Bank tops Debtwire Asia Pacific (ex Japan) Loans League Table for Green and Sustainability-Linked Mandated Lead Arranger

DBS Bank has ranked first in Debtwire’s Asia Pacific (ex Japan) loans league table for its role as Green and Sustainability-Linked Mandated Lead Arranger (MLA) for the full year 2021. This…