Fit-and-Proper Testing for Major Parties in Non-Bank Financial-Service Institutions Regulated Further

In order to implement Article 35 of OJK Regulation No. 27/POJK.03/2016 on the same matters (“Regulation 27/2016”), [1] the Financial Services Authority (Otoritas Jasa Keuangan– “OJK”) has issued Circular Letter No. 31/SEOJK.05/2016 on Fit-and-Proper Testing for Major Parties in Non-Bank Financial-Service Institutions (“Circular Letter 31/2016”).The Circular Letter 31/2016 sets out further guidelines for non-bank financial-services institutions (“NBFI”) as regards the implementation of fit and proper testing for any parties who possess, maintain, supervise and/or who have significant influence upon the relevant NFBI (“Major Parties”), [2] and covers: