The Indonesia Financial Services Authority has issued two new capital markets regulations that reset the operating framework for securities firms and investment managers. The measures introduce tiered business categories, raise paid-up capital and adjusted net working capital requirements, and strengthen governance, risk management, licensing, and professional standards to align firms’ obligations with the scale and complexity of their activities. For securities firms acting as underwriters and broker-dealers, the new regime creates three PEKU categories. PEKU 1 is limited to restricted securities marketing, PEKU 2 to limited underwriting or brokerage activity, and PEKU 3 to broader underwriting and broker-dealer business, including financing securities transactions, issuing structured products, and providing foreign securities transaction services. Minimum paid-up capital and adjusted net working capital are set at IDR 1 billion and IDR 500 million for PEKU 1, IDR 55 billion and IDR 50 billion for PEKU 2, and IDR 110 billion and IDR 100 billion for PEKU 3, alongside requirements to maintain positive equity and strengthen governance, risk management, compliance, and research functions. For investment managers, the framework creates two MIKU categories, with MIKU 1 limited to certain investment products and MIKU 2 permitted to conduct the full range of investment management business. Minimum paid-up capital and adjusted net working capital are set at IDR 25 billion and IDR 5 billion plus 0.1 percent of assets under management for MIKU 1, and IDR 50 billion and IDR 10 billion plus 0.1 percent of assets under management for MIKU 2. The rules also require minimum assets under management of IDR 500 billion for MIKU 1 and IDR 1 trillion for MIKU 2 within a specified period after licensing, and tighten licensing, governance, and human resource requirements.
OJK2026-05-20
Indonesia Financial Services Authority issues new rules for securities firms and investment managers with tiered business categories and capital thresholds up to IDR 110 billion
The Indonesia Financial Services Authority has issued two capital markets regulations that overhaul the operating framework for securities firms and investment managers through tiered business categories, higher capital thresholds, and enhanced governance and risk management requirements. The new regime introduces three PEKU categories for underwriters and broker-dealers with minimum paid-up capital ranging from IDR 1 billion to IDR 110 billion and corresponding adjusted net working capital floors, and two MIKU categories for investment managers with higher capital and adjusted net working capital linked to assets under management.