OJK Regulates Information Disclosure for Issuers and Public Companies Required to Declare Bankruptcy

Further cementing in place the Financial Services Authority (Otoritas Jasa Keuangan– “OJK”) mandate to replace the Capital Market and Financial Institutions Supervisory Board (Badan Pengawas Pasar Modal dan Lembaga Keuangan– “BAPEPAM-LK”), [1] the OJK has now issued Regulation No. 26/POJK.04/2017 of 2017 on Bankruptcy Information Disclosure for Issuers and Public Companies (“Regulation 26/2017”), which replaces BAPEPAM-LK Regulation No. Kep-46/PM/1998 on the same matters (“Regulation X.K.5”).In essence, Regulation 26/2017 makes no significant alteration to any of the provisions which were originally set out under Regulation X.K.5, however Regulation 26/2017 does set out various new provisions which relate to the issue of administrative sanctions. Therefore, our discussion of Regulation 26/2017 will revolve around the following matters: