New Provisions on Public Offerings by Shareholders

The Financial Services Authority (“ OJK ”) has issued Regulation No. 76/POJK.04/2017 on Public Offerings by Shareholders (“ Regulation 76/2017 ”). Regulation 76/2017 sets out detailed provisions on procedures for public offerings which are undertaken by issuers or public companies, including the submission of registration statements, prospectuses and public-offering result reports.Prior to the issuance of Regulation 76/2017, these matters were regulated by the Capital Market Supervisory Agency (“ Bapepam-LK ”) through Regulation No. KEP-05/PM/2004 on Public Offerings by Shareholders (“ Regulation IX.A.12 ”). [1] Regulation 76/2017 has not made any changes to the previous legal framework, with the exception of sanctions for non-compliance with its provisions.Submission of Registration StatementsPrior to commencing any process of public offering, shareholders in issuers or public companies are required to submit two copies of the relevant registration statement to the OJK, which should consist of the following documents: [2]