IDX Enacts Regulation on Free Float for Companies with Multi-Voting Shares

Late last year, both the OJK (Indonesia’s Financial Services Authority) and the Board of Directors of the IDX (Indonesia Stock Exchange) issued regulations in anticipation of the major tech IPOs that were slated to occur in 2022. These two regulations were OJK Regulation No. 22/POJK.04/2021 (“OJK Regulation 22/2021”) on multiple voting rights shares of issuers with innovation and high growth rate (click here to read our previous client alert) and Decree of the Board of Directors of the IDX No. Kep-00101/BEI/12-2021 on Regulation No. I-A on the requirements to list shares in the IDX (“New Listing Regulation”).

Now, as a follow-up and to complement the foregoing regulations, the IDX has issued another decree, namely Decree of the Board of Directors of IDX No. Kep-00014/BEI/03-2022 (“Decree”).

Back to Business as Usual as KPPU Reverts to the Original Notification Deadline and Reaffirms the Competition Compliance Program

On 6 April 2022, the Indonesian Competition Commission (“KPPU”) published two new regulations. The first Regulation revokes the relaxation introduced at the height of the pandemic, including reverting the deadline to file a post-closing notification to the KPPU from 60 business days to 30 business days from the effective date. The second Regulation specifies further details on the Competition Compliance Program (Program Kepatuhan Persaingan Usaha).