Guidelines for Securities Offerings Classified as Non-Public Offerings Exceeding Rp. 5 Billion Introduced

Pursuant to Regulation of the Financial Services Authority (Otoritas Jasa Keuangan- “ OJK ”) No. 29/POJK.04/2021 (“ Regulation 29/2021 ”) on Securities Offerings Classified as Non-Public Offerings (collectively referred to as “ Non-Public Offerings ”), [1] the OJK may determine thresholds that are higher than Rp. 5 billion for Non-Public Offerings that meet certain criteria. [2] In order to provide a set of guidelines for Non-Public Offerings of over Rp. 5 billion, the OJK has issued Circular No.  33/SEOJK.04/2022 (“ Circular 33/2022 ”), which has been in force since 30 December 2022. [3]