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OJK suspends issuance of permits for investment firms
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Serving the public: A woman walks past the Papua office of the Financial Services Authority (OJK) in Jayapura on Oct. 27. The OJK has opened branch offices across the country to speed up its services to the public. (Antara/Indrayadi TH)
T
he Financial Services Authority (OJK) has imposed a moratorium on the establishment of investment management companies pending an assessment of the market.
The authority said it aimed to evaluate existing investment management companies' governance and prudence and to increase their capacity.
The OJK board of commissioners announced the move on Thursday but did not specify the end of the moratorium.
"With this decision, the OJK will ensure that the investment management industry remains healthy and maintains a high level of professionalism," the watchdog said in a press release.
Requests from securities companies that had applied for a permit as an investment manager before Tuesday would still be processed.
The OJK noted that as of November, 98 securities companies had a permit to offer investment management services.
Hoesen, the OJK’s chief executive of capital market supervision, said the authority had temporarily suspended around 18 investment management companies and hundreds of investment products this year.
