OJK

REPUBLIC OF INDONESIA

COPY

OJK REGULATION

REPUBLIC OF INDONESIA

NUMBER 4/POJK.04/2022

ON

AMENDMENT TO OJK REGULATION

NUMBER 7/POJK.04/2021 ON POLICIES FOR MAINTAINING

PERFORMANCE AND STABILITY OF THE CAPITAL MARKET DUE TO THE SPREAD OF CORONAVIRUS DISEASE 2019

WITH THE GRACE OF THE ONE AND ONLY GOD

BOARD OF COMMISSIONERS OF THE OJK,

Considering:

a. that the pandemic caused by the spread of coronavirus disease 2019 (COVID‑19) continues and impacts the economy, potentially putting pressure on capital market stability, including the performance of capital‑market industry participants;

b. that to reduce pressure and preserve the performance of industry participants and capital‑market stability, the policies set by the OJK based on OJK Regulation No. 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of COVID‑19 need to be continued;

c. that based on the considerations in letters a and b, it is necessary to issue an OJK Regulation on

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Amendment to OJK Regulation
Number 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of Coronavirus Disease 2019;

Recalling:

1. Law No. 8 of 1995 on Capital Markets (State Gazette of the Republic of Indonesia 1995 No. 64, Supplement to the State Gazette of the Republic of Indonesia No. 3608);
2. Law No. 21 of 2011 on the OJK (State Gazette of the Republic of Indonesia 2011 No. 111, Supplement No. 5253);
3. OJK Regulation No. 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of Coronavirus Disease 2019 (State Gazette of the Republic of Indonesia 2021 No. 81, Supplement No. 6671);

DECIDES:
To establish: OJK REGULATION ON
AMENDMENT TO OJK REGULATION NUMBER 7/POJK.04/2021 ON POLICIES FOR MAINTAINING PERFORMANCE AND STABILITY OF THE CAPITAL MARKET DUE TO THE SPREAD OF CORONAVIRUS DISEASE 2019.

Article I

Certain provisions in OJK Regulation Number 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of Coronavirus Disease 2019 (State Gazette of the Republic of Indonesia 2021 No. 81, Supplement No. 6671) are amended as follows:

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1. The provision of Article 4 is amended to read as follows:

Article 4
(1) The implementation of policies for maintaining performance and stability of the Capital Market due to the spread of COVID‑19 shall be effective until 31 March 2023.
(2) In the event that before 31 March 2023 the government has declared the termination of the non‑natural disaster status of the COVID‑19 spread as a national disaster, the implementation of the policies referred to in paragraph (1) based on this OJK Regulation and its implementing provisions shall remain in force for six (6) months counted from the date the government declares the termination of the non‑natural disaster status of the COVID‑19 spread as a national disaster.

2. Between Article 5 and Article 6, one article is inserted, namely Article 5A, which reads as follows:

Article 5A
Policies that have been established based on OJK Regulation Number 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of Coronavirus Disease 2019 shall remain in effect as long as they have not been amended or revoked.

Article II

This OJK Regulation shall become effective on the date of its promulgation.

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For the information of all persons, the promulgation of this OJK Regulation is ordered to be placed in the State Gazette of the Republic of Indonesia.

Issued in Jakarta
on 18 March 2022
CHAIRMAN OF THE BOARD OF COMMISSIONERS
OF THE OJK
REPUBLIC OF INDONESIA,

signature
WIMBOH SANTOSO

Promulgated in Jakarta
on 22 March 2022
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

signature
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2022 NUMBER 76

EXPLANATION

ON

OJK REGULATION
REPUBLIC OF INDONESIA
NUMBER 4/POJK.04/2022
ON
AMENDMENT TO OJK REGULATION
NUMBER 7/POJK.04/2021 ON POLICIES FOR MAINTAINING PERFORMANCE AND STABILITY OF THE CAPITAL MARKET DUE TO THE SPREAD OF CORONAVIRUS DISEASE 2019

I. GENERAL

In order to respond quickly to the impact of the spread of coronavirus disease 2019 (COVID‑19), the OJK has issued OJK Regulation Number 7/POJK.04/2021 on Policies for Maintaining Performance and Stability of the Capital Market Due to the Spread of Coronavirus Disease 2019.

The ongoing spread of COVID‑19 both globally and domestically affects the economy, including the performance of industry participants in the Capital Market. Several activity restrictions that remain in place also affect industry participants in conducting their business and slow the fulfillment of their obligations.

Some indicators show that the current Capital Market conditions are improving and stable compared with the early pandemic period in 2020. Nevertheless, the unpredictable pandemic situation caused by the emergence of new COVID‑19 variants creates potential pressure on Capital Market stability. Moreover, to date the government has not terminated the designation of the COVID‑19 spread as a non‑natural national disaster and a public health emergency. That indicates that there remains potential for a resurgence of COVID‑19.

As an effort to encourage optimal performance of industry participants and anticipatory steps against potential pressure on Capital Market stability, the OJK needs to continue various relaxation policies and market regulations that have been implemented based on OJK Regulation Number 7/POJK.04/2021.

In this regard, an adjustment to OJK Regulation Number 7/POJK.04/2021 is required, particularly concerning the extension of the policy period. With the extension, it is expected that the positive impact of the previous policies’ implementation and utilization can continue with gradual adjustments. The extension of the relaxation policy period and gradual adjustments are consistent with policies set in other financial services sectors, namely the banking sector and non‑bank financial industry.

II. ARTICLE BY ARTICLE

Article I
Clear enough.

Article II
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6783