Background

On December 22, 2015, the Financial Services Authority (“OJK”) issued Regulation No. 30/POJK.04/2015 on Report on Realization of the Use of Proceeds from Public Offerings (“POJK 30”) which will replace Bapepam Regulation No. X.K.4, Appendix to Chairman of the Capital Market Supervisory Agency Decision No. KEP-27/PM/2003 (“Regulation X.K.4”) which regulates the same matter.

Similar to Regulation X.K.4, POJK 30 requires issuers or public companies having conducted a public offering to submit reports on realization of the use of proceeds (“UoP Report”) to OJK.

POJK 30 however regulates more specific, clear, adjusted, and simplified provisions regarding the UoP Report requirement and the issuers responsibility to report the realization of the use of proceeds from public offerings in the Annual General Meeting of Shareholders (“Annual GMS”).

This POJK 30 will come into force on April 16, 2016 on the date of which Regulation X.K.4 shall no longer in force.

Key Changes

The key changes on the report of the use of proceeds from public offerings as regulated under POJK 30 can be viewed in a table on the original article.