OJK Issues New Regulation on Crowdfunding Services Providers

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.