Submission of Information by Issuers and Public Companies in the Framework of Preparing the Sharia Compliant Securities List

The Financial Services Authority (OJK) issued Circular Letter No. 8/SEOJK.04/2023 to mandate issuers and public companies to submit financial information via the Electronic Reporting System (SPE) for the preparation of the Sharia Compliant Securities List (DES). This regulation aims to enhance the effectiveness and efficiency of the DES selection process by establishing issuers as the primary data source for screening Sharia-compliant shares. It further defines submission deadlines, director responsibilities for data accuracy, and exceptions for force majeure events.

Indonesia

Otoritas Jasa Keuangan (Financial Services Authority)

Regulation / Regulation Search / Submission of Information by Issuers and Public Companies in the Framework of Preparing the Sharia Compliant Securities List

Sector: Capital Market

Sub-Sector: Sharia Capital Market; Issuers and Public Companies

Regulation Type: OJK Circular Letter

Regulation Number: 8/SEOJK.04/2023

Effective Date: 3/2/2023

Attachment 1 SEOJK Number 8 SEOJK.04 2023.pdf Summary of SEOJK Number 8 SEOJK.04 2023.pdf

Page Content

SUMMARY CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REGARDING SUBMISSION OF INFORMATION BY ISSUERS OR PUBLIC COMPANIES IN THE FRAMEWORK OF PREPARING THE SHARIA COMPLIANT SECURITIES LIST

The Circular Letter of the Financial Services Authority (SEOJK) regarding the Submission of Information by Issuers or Public Companies in the Framework of Preparing the Sharia Compliant Securities List is issued in order to:

implement the provisions of Financial Services Authority Regulation Number 35/POJK.04/2017 concerning Criteria and Issuance of the Sharia Compliant Securities List, which mandates the Financial Services Authority to establish the Sharia Compliant Securities List (DES) for Securities issued by Issuers or Public Companies in Indonesia; and
improve the effectiveness and efficiency of preparing the Sharia Compliant Securities List through the submission of information by Issuers or Public Companies via the financial report information form contained in the Electronic Reporting System (SPE) as a data source in the process of selecting Sharia Compliant Securities in the form of shares to be included in the DES.

The content of the SEOJK regulates, among others:

Submission of information by Issuers or Public Companies in the framework of preparing the DES to the Financial Services Authority via the SPE;
Time limits for the submission of information by Issuers or Public Companies;
The responsibility of the Board of Directors of Issuers or Public Companies for the truthfulness and accuracy of information in the framework of preparing the DES;
Exemption from the submission of information in the framework of preparing the DES via the SPE if force majeure conditions occur; and
Provisions regarding the implementation of the information submission regulations in the framework of preparing the DES established by the Financial Services Authority.