Joint Press Release: OJK and SRO Maintain Continuous Stock Exchange’s Orderly, Fair, and Efficient Trading Activities and Capital Market Services to all Stakeholders

Mar 23 2020
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​SP 21/DHMS/OJK/III/2020

PR No: 033/BEI.SPR/03-2020

Joint Press Release

OJK and SRO Maintain Continuous Stock Exchange's Orderly, Fair, and Efficient Trading Activities and Capital Market Services to all Stakeholders

 

Jakarta, 23 March 2020. Financial Services Authority together with Self-Regulatory Organization (SRO) of the capital market in Indonesia, namely Indonesia Stock Exchange (IDX), Indonesia Clearing and Guarantee Corporation (KPEI), and Indonesia Central Securities Depository (KSEI) will continue monitoring the market development and proactively reviewing series of policies implemented to keep the operation of Indonesia Capital Market as usual in the midst of market volatility full of uncertainty due to the COVID-19 pandemic.

OJK and SRO will keep putting efforts in the continuous stock exchange's orderly, fair, and efficient trading activities, and capital market services to all stakeholders.

In order to achieve that, OJK together with capital market SRO have implemented Business Continuity Management (BCM) to ensure continuous operational activities in the capital market through a number of measures, as follows:

  1. Split Operation to several alternate working locations.
  2. Work from Home implementation while maintaining continuous service to stakeholders.
  3. Limit on-site events such as socializations, meetings, and other corporate events by using electronic facilities.
  4. Ensure a healthy working environment and protect employees' health.

In addition to the BCM, a number of stimulus have been issued by OJK and the SROs to capital market stakeholders to provide legal certainty in facing current circumstances, as follows:

  1. Allowing share buyback by Issuers or Public Companies without prior approval of a general shareholders meeting and increasing the maximum treasury stock resulting from the buyback from 10% to 20% from paid up capital.
  2. Extending the submission deadlines of 2019 Annual Financial Report, Annual Report of Issuers and Public Companies including Listed Companies for 2 (two) months from the submission due date.
  3. Extending the submission deadline of 2020 Interim I Financial Report of Listed Companies for 2 (two) months from the submission due date stipulated by IDX regulation. In conjunction with the extended deadline, IDX will also adjust the affixation of special notation "L" to Listed Company's code.
  4. Extending the deadline of Issuers and Public Companies' Annual General Shareholders Meeting (AGM) for 2 (two) months.
  5. Allowing AGM to be conducted by an electronic proxy mechanism through the E-RUPS system.
  6. Changing the Auto Rejection limit in IDX's Trading Regulation.
  7. Prohibiting Short Selling transactions of all Exchange Members from 2 March 2020 until at a specified date determined by OJK.
  8. Implementing a Trading Halt for 30 minutes in the event of JCI experiences a 5% decline.
  9. Adjusting shares haircut and risk charge to stimulate the market.

***

Further information:

  1. Anto Prabowo, Deputy Commissioner of Public Relations and Logistic. Phone: +62 21 2960 0000. Email: anto.prabowo@ojk.go.id
  2. Inarno Djajadi, President Director of Indonesia Stock Exchange. Phone: +62 21 5150515. Toll Free: 0800 100 9000 (domestic). Fax: +62 21 515 0330. Email: callcenter@idx.co.id

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