Regulatory AlertsOJK Circular No. 6/SEOJK.07/2024 on Registration of Financial Sector Technology Innovation Organizers
The Financial Services Authority (OJK) issued Circular No. 6/SEOJK.07/2024 to establish the registration procedures for Financial Sector Technology Innovation Organizers (ITSK) as mandated by POJK No. 3 of 2024. The regulation defines eligible applicants, including Sandbox graduates and recommended parties, and outlines the verification, approval, and cancellation processes for their registration. This circular became effective on June 3, 2024, and applies to both prospective and existing ITSK organizers.
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Sector: ITSK
Sub-Sector: Other Regulations
Type of Regulation: OJK Circular
Regulation Number: 6/SEOJK.07/2024
Effective Date: 6/3/2024
Appendix 1 SEOJK 6-SEOJK.07-2024 Registration of Financial Sector Technology Innovation Organizers.pdf Abstract SEOJK 6-SEOJK.07-2024 Registration of Financial Sector Technology Innovation Organizers.pdf FAQ SEOJK 6-SEOJK.07-2024 Registration of Financial Sector Technology Innovation Organizers.pdf
Page Content OJK Circular Number 6/SEOJK.07/2024 concerning Registration of Financial Sector Technology Innovation Organizers
Abstract: Through OJK Regulation Number 3 of 2024 concerning the Organization of Financial Sector Technology Innovation, the Financial Services Authority (OJK) may determine Participants who have passed to register before applying for a business license based on considerations conducted by the Financial Services Authority. These considerations include the following: a. Participant readiness consisting of institutional, capital, and technology infrastructure aspects; b. readiness of the regulatory framework; and c. readiness of other supporting market infrastructure.
The legal basis for this OJK Circular is OJK Regulation Number 3 of 2024.
This OJK Circular regulates, among other things: a. the procedure for application and requirements for registration of ITSK Organizers; b. the process of document verification and analysis, as well as approval and rejection of ITSK Organizer registration; and c. application for cancellation of ITSK Organizer registration.
Note: This OJK Circular becomes effective on the date of determination, which is June 3, 2024.
This OJK Circular applies to Prospective ITSK Organizers and ITSK Organizers. Prospective ITSK Organizers who register are: a. Participants who have passed the Sandbox and are determined by the Financial Services Authority to apply for registration; b. parties given a recommended status by the Financial Services Authority to fulfill registration obligations; c. parties that have the same type of ITSK as Sandbox-passing Participants as described in letter a; or d. parties that have the same type of ITSK as parties given a recommended status as described in letter b.
Appendix I: 22 PAGES. Appendix II: 5 PAGES.