The Financial Services Authority (Otoritas Jasa Keuangan or "OJK") closed 2018 by issuing the long-awaited equity crowdfunding regulation, Regulation No. 37/POJK.34/2018 ("POJK 37"), which became effective on 31 December 2018. Under POJK, OJK regulates the direct offering of shares to investors ("Equity Crowdfunding") through an open electronic system platform ("Platform"). The objective of the regulation is to boost economic growth in Indonesia by providing access to start-up companies and small medium enterprises in raising funding electronically for the development of their business.
On 26 December 2018, the Indonesia Stock Exchange ("IDX") issued a new IDX listing regulation under the Decree of the Board of Directors of PT Bursa Efek Indonesia No. Kep-00183/BEI/12-2018 (the "New Listing Regulation"), which replaced the previous Decree of the Board of Directors of PT Bursa Efek Indonesia No. Kep-00001/BEI/01-2014 regarding Securities Listing Regulation No. I-A on General Provisions for the Listing of Equity Securities at IDX.
The New Listing Regulation, which became effective on 27 December 2018, adjusted and amended certain listing provisions to be in line with the regulations of the Financial Services Authority (Otoritas Jasa Keuangan or "OJK”). Furthermore, through the New Listing Regulation, the Indonesian government also hoped to encourage more companies to list its shares on the IDX.