Financial Services Authority, Jakarta, June 7, 2016: The Financial Services Authority (OJK) has issued Circular Letter No. 17/SEOJK.04/2016 on Recognition to Associations of Underwriter Representatives (WPEEs) and Broker-Dealer Representatives (WPPEs).

The OJK Circular Letter (SEOJK) was issued as implementation of article 19, paragraph (3) of Financial Services Authority Regulation (POJK) No. 27/POJK.04/2014 on Licensing of Underwriter Representatives and Broker-Dealer Representatives.

The key points regulated by SEOJK No. 17/SEOJK.04/2016 on Recognition to WPEE and WPPE Associations include as follows:

Parts of the duties and authorities of the associations recognized by the OJK are conducting ongoing educational programs for WPEE and WPPE license holders, and conducting other educational programs and/or training in order to develop the competence of WPEEs and WPPEs.

Associations are also authorized to set down membership rules, enforce their code of conduct to members, as well as supervise members in practicing their professions as WPEEs and WPPEs. Such authorities are granted to the associations in order to have them play bigger roles and reinforce their positions, which in turn would build the competence of WPEEs and WPPEs so they can compete at regional and international levels.

In addition, the OJK Circular Letter also regulates about an exception from submitting a copy of membership card of the WPEE and WPPE association, as referred to in article 10, paragraph (3), point g of OJK Regulation on Licensing of WPEEs and WPPEs, in the event that the WPEE and/or WPPE license will expire in less than 3 (three) months following the recognition that the concerned association has received from the OJK.

The objective of this exception is simply to make it easier for WPEE and WPPE license holders when they want to extend their licenses. For a complete version of the OJK Circular Letter, it is available from OJK website at the following link: http://www.ojk.go.id/id/kanal/pasar-modal/regulasi/surat-edaran-ojk/Pages/SEOJK-tentang-Pengakuan-Terhadap-Asosiasi-Wakil-Penjamin-Emisi-Efek-dan-Wakil-Perantara-Pedagang-Efek.aspx