OJK to Ease Capital Market Investment Procedures

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  • TEMPO.CO, Jakarta - The Financial Services Authority (OJK) will issue regulations to facilitate the people in capital market investments. The regulation is to revise the rule by the Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) on the principles of knowing the customers (know-your-customers).

    Nurhaida, OJK chief executive for capital market supervision, said the rules would simplify the procedure of investing. "For example, the obligation for customers to sign documents when they open an account opening will be revised," she said in Jakarta yesterday.

    According to Nurhaida, the revision will allow customers to have their due diligence process at a later day after they open an account. However, the OJK will still limit the number of nominal accounts. For customers opening an account with a large value, the due diligence process will still be required, but the process is simplified.  

    Fahri Ilmi, OJK head for Capital Markets Department IIA, said there will be three stratifications for the initial amount to open an account: simple, standard, and advanced.

    The revision will also allow banks to help customers set up capital market accounts. When a customer opens a savings account in respective banks, the account can be used to open an account in the stock market.

    Currently, the revised regulations are still being finalized. The OJK is targeting to complete all discussions related to the matter by the end of this year.