OJK Regulation No. 3 of 2026 on the Conduct of Securities Company Business Activities as Underwriters and Securities Trading Intermediaries

Regulation of the Financial Services Authority Number 3 of 2026 concerning the Conduct of Securities Company Business Activities as Underwriters of Securities Issues and Securities Trading Intermediaries

Abstract: This Financial Services Authority Regulation is established considering the development of the capital market industry, as reflected in the increase in market capitalization, the development of products or services, the use of digital technology in business processes, and interconnection among financial service actors, as well as increased risk exposure. Therefore, the strengthening of Securities Companies (PE) is required through increased capital, governance, ownership, control, and management. The currently applicable regulations, namely OJK Regulation Number 20/POJK.04/2016 concerning Securities Company Licensing, need to be adjusted to the needs of the capital market industry.

The legal basis for this Financial Services Authority Regulation is: Law Number 8 of 1995 as amended by Law Number 4 of 2023; and Law Number 21 of 2011 as amended by Law Number 4 of 2023.

This Financial Services Authority Regulation regulates the conduct of business activities by Securities Companies acting as Underwriters of Securities Issues (PEE) and Securities Trading Intermediaries (PPE), including regulations on the business activity groups of Securities Companies, which consist of PEKU 1, PEKU 2, and PEKU 3. These include provisions on capital, mandatory functions, main activities and other activities that can be conducted, as well as requirements, obligations, and prohibitions for members of the Board of Directors and the Board of Commissioners. The term PEKU (Securities Company for Business Activities) refers to the classification of Securities Companies based on business activities adjusted to the company's capital.

Furthermore, this regulation also covers securities company licensing and approval of ownership and control of Securities Companies (single presence policy), reporting obligations and follow-up obligations, revocation of business licenses and cancellation of approvals for other activities, dissolution of Securities Companies, provision of education and training funds for human resource competency enhancement, mechanisms for PEKU grouping for Securities Companies that already have business licenses, compliance requirements for existing Securities Companies based on PEKU, and transitional provisions.

Note: This Financial Services Authority Regulation takes effect on the date of its promulgation. This Financial Services Authority Regulation was promulgated on April 29, 2026, and established on April 1, 2026.

Upon the effective date of this Financial Services Authority Regulation, provisions regarding other activities for Securities Companies conducting business as PEE and PPE, as regulated in the implementation provisions of OJK Regulation Number 20/POJK.04/2016 concerning Licensing of Securities Companies Conducting Business as PEE and PPE, shall remain applicable insofar as they do not conflict with the provisions in this Financial Services Authority Regulation.

Upon the effective date of this Financial Services Authority Regulation: a. Financial Services Authority Regulation Number 20/POJK.04/2016 concerning Licensing of Securities Companies Conducting Business as Underwriters of Securities Issues and Securities Trading Intermediaries; b. Article 18 paragraph (2) and Article 19 of Financial Services Authority Regulation Number 57/POJK.04/2017 concerning the Application of Corporate Governance for Securities Companies Conducting Business as Underwriters of Securities Issues and Securities Trading Intermediaries; c. Article 2 paragraph (1), Article 2 paragraph (2), Article 2 paragraph (3), and Article 2 paragraph (5) of Financial Services Authority Regulation Number 52/POJK.04/2020 concerning Maintenance and Reporting of Net Working Capital; d. Article 14, Article 41 paragraph (1), Article 41 paragraph (2), Article 41 paragraph (3), Article 42, and Article 46 of Financial Services Authority Regulation Number 3/POJK.04/2021 concerning the Conduct of Activities in the Capital Market Field, are revoked and declared invalid.