OJK Sets Requirements for Share Buybacks and Public-to-Private Company Transitions Following Listing Cancellations

In order to fulfill the mandate set out under certain provisions of Regulation of the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) No. 3/POJK.04/2021 on the Organization of Activities Within the Capital Market Sector (“ Regulation 3/2021 ”), the OJK has issued Circular No. 13/SEOJK.04/2023 (“ Circular 13/2023 ”), which has been in force since 6 September 2023 and regulates the organization of public company share buybacks due to the cancellation of their listing on the stock exchange based on a significant condition or incident that is having a negative impact upon business continuity. [1]