Financial Services Authority (Otoritas Jasa Keuangan/OJK), January 3, 2014: OJK issues Circular Letter Number 18/SEOJK.04/2014 Written Statement of Criteria by Otoritas Jasa Keuangan and Procedures of Loss Asset Value Determination, in the event of The Use of Investor Protection Fund and Decree of Board of Commissionaires of OJK Number KEP-70/D.04/2013 on Determination of Maximal Value of Compensation for every Investor and Custodian from Investor Protection Fund. The decree and circular letter issuance took place on Tuesday, December 31, 2014, and the goal is to support the implementation of Investor Protection Fund in furnishing investors with a compensation for the loss of Investor Asset.
The grounds of such issuance is Bapepam-LK Rule Number VI.A.4 on Investor Protection Fund provision number 18 and 20, with respect to attachment of Decree of Bapepam-LK Number: Kep-715/BL/2012 dated December 28, 2012, in reference to Article 70 of the Law on Otoritas Jasa Keuangan Number 21 of 2011.
Essentially, OJK has to issue criteria for written statement of the loss of Investor Asset, Custodian is unable to return the loss of Investor Asset. On the other hand, the decree issued by OJK Number KEP-70/D.04/2013 has a concern towards maximum limit for Investor Asset loss compensation for every Investor and every Custodian in using the Investor Protection Fund.
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