Strengthening Capital Market, OJK Issues Two New Rules

OJK issued two new rules to strengthen the capital market. (Between)

JAKARTA - In order to strengthen the supervision of the capital market, the Financial Services Authority (OJK) issued two Financial Services Authority Regulations (POJK) in the Capital Market sector, namely POJK Number 29 of 2023 concerning the Purchase of Shares Issued by Open Companies and POJK Number 30 of 2023 concerning the Coordination of Main Audit Things in Public Accounting Reports on Financial Reports Audited at the Capital Market.

POJK 29/2023 is an effort by the OJK to overcome the obstacles to implementing provisions regarding the buyback of open company shares and the transfer of repurchase shares previously regulated in POJK Number 30/POJK.04/2017.

In addition, this POJK is intended to strengthen aspects of information and supervision disclosure, adjust the provisions to the best practices applied in other countries, and accommodate the mechanism for transferring shares of repurchase results which in practice can be carried out but the mechanism has not been regulated in detail in regulations.

The substance of the POJK 29/2023 arrangement, among others:

With the issuance of POJK 29/2023, POJK Number 30/POJK.04/2017 was revoked and declared invalid.

Meanwhile, the issuance of POJK 30/2023 aims to eliminate the inequality of communicating Main Audit in Public Accounting Reports for audits of financial statements from entities with public accountability other than issuers arising due to Audit Standards on Main Audit Hal Accommitation in Independent Auditor Reports (SA 701).

Adapun SA 701 mengatur mengenai pengumunikasi Hal Audit Utama dalam Laporan Accountant Publik pada audit atas set laporan keuangan lengkap dari emiten yang diterbitkan oleh Ikatan Akuntan Publik Indonesia.

The Audit standard is a follow-up to the new and revised auditor reporting standards in 2015 by the International Auditing and Assurance Standards Board.

Substances for POJK 30/2023, among others, regulate:

With the POJK 30/2023 arrangement, it is hoped that there will be the equality of all Public Accountant reports on the audit of entity reports in the Capital Market, by implementing Main Audit Hal communication.