The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan or “OJK”) has prepared a new regulation draft addressing the obligations and requirements for transition of physical (warkat) to electronic (scripless) equity securities and management of unclaimed assets to enhance the efficiency, security, and integrity of the capital market.
The key points of the draft include Dematerialization Requirement for Equity Securities, Management of Unclaimed Asset, Media and Language of Announcements for Dematerialization, Protection for Shareholders and Unclaimed Asset Owners, and Administrative Sanctions.
When issued, the draft will align with international standards in Principle 11 of the CPSS-IOSCO “Principles for Financial Market Infrastructures.” It will also enhance transparency, liquidity, transaction processes, and management of unclaimed securities assets for stakeholders.