Regulatory AlertsAssessment of Competence and Propriety for Principal Parties of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions
The Financial Services Authority (OJK) issued Circular Letter No. 22/SEOJK.06/2024 to adjust the scope of the Competence and Propriety Assessment (PKK) for principal parties of PVML entities following the OJK's reorganization under the Financial Sector Development and Strengthening Law. The regulation mandates specific integrity, financial reputation, and competency requirements for key personnel, introduces online video conference procedures for assessments, and establishes new administrative sanction mechanisms. It simultaneously revokes the previous Circular Letter No. 31/SEOJK.05/2016 and sets transitional provisions for pending applications and document submissions.
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