OJK Preparing Regulation on the Multiple Voting Shares Classification for Start-Up Company Public Offerings

Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) is currently in the process of drawing up the Draft Regulation on the Implementation of the Multiple Voting Shares Classification by Innovative Issuers with High Growth Rates Which Engage in Public Offerings of Equity Securities (“ Draft Regulation ”). When promulgated, the Draft Regulation will serve as the legal basis for the implementation of dual-class shares under the multiple voting shares (“ MVS ”) classification and will be able to accommodate the needs of innovative start-up companies operating at high levels of technology and growth rates in order to protect the visions and missions of their respective founders during the conducting of public offerings. [1]