Omnibus POJK on Public Issuer Offerings Under Discussion

The Financial Services Authority (OJK) continues to strengthen the governance of issuers and capital market participants through an omnibus (integrated regulation) approach, aiming to enhance transparency of Ultimate Beneficial Ownership (UBO), disclosure of affiliations, and overall market credibility. This initiative is intended to facilitate prospective issuers seeking to conduct public offerings.

“All existing OJK Regulations (“ POJK ”) on issuers, which have so far been scattered, will be consolidated into a single omnibus POJK,” said Kunwidiarto, Director of Issuer and Publicly-Traded Company Assessment at OJK, in an interview with Hukumonline.

The timeline for the public offering process has undergone changes. It was previously governed by Rule No. IX.A.2 – Decree of Chairman of Bapepam-LK  No. KEP-122/BL/2009 on Procedures for Registration in the Context of a Public Offering (“ Decree 122/2009 ”), and has since been amended byPOJK 41/2022 [RL1] and POJK No. 45 of 2024 on the Development and Strengthening of Issuers and Publicly-Traded Companies (“ POJK 45/2024 ”).

Thus, consolidating several regulations related to Public Offerings into a single regulation will make it easier for prospective issuers to study and comply with the requirements from one POJK.

“The process is underway and could be completed as early as the end of this year,” he added.