Issuers Who Are Recalcitrant Are Late In Submitting Financial Statements, Will Be Fined Up To A Maximum Of IDR 500 Million

JAKARTA - The Financial Services Authority (OJK) released POJK Number 3 / POJK.04 / 2021 concerning the Implementation of Activities in the Capital Market as a renewal of POJK in lieu of PP 45/1995.

OJK Deputy Commissioner for Capital Market, Djustini Septiana, said that one of the points that received adjustment was the matter of sanctions / fines imposed on capital market players if they are found to be late in submitting regular financial reports to the public.

"For SRO (self regulatory organization) in PP 45 it is Rp. 500,000 per day with a maximum fine limit of Rp. 500 million. In the new POJK 3, fines increase to Rp1 million per day without time limit, "he said in a webinar Tuesday, March 9.

Djustini continued, issuers' fines were Rp2 million per day and small / medium issuers were Rp1 million per day without a value limit.

Then, public companies Rp. 500,000 per day from previously Rp. 100,000 per day without limitation, capital market support professionals (PM) Rp. 100,000 per day to a maximum of Rp. 100 million (unchanged), as well as PI, BAE, PE, WPE, PM Supporting Institutions to become IDR 200,000 per day.

"Any party who is late in submitting a report or announcement after the deadline specified in this regulation will be deemed not to have submitted a report or announcement," said Djustini.

For information, the Financial Services Authority has the authority to give written orders to any party involved in the financial services industry in order to comply with the provisions of laws and regulations in the capital market sector. It aims to prevent loss to society and protect the community.

"Parties that do not comply with written orders will be further processed to the investigation stage in accordance with the provisions of the Law on Financial Services Authority," concluded Djustini.