|
Investment Fund Rules |
|
Substantially, the amendment of 4 rules that are concerned with
Investment Fund is intended for regulating same subject matter.
These rules are improved in order to enhance flexibility in
Investment Fund management by giving a wide variety of investment
thereby it would be able to develop a strong industry of Investment
Fund.
Principal points of this amendment are as follows:
|
|
1.
|
Investment fund is allowed to purchase or sale: securities that are
traded at overseas Exchange, Asset Backed Securities, Obligations
that are guaranteed by The Republic of Indonesia Government,
securities that are issued by parties affiliate with Investment
Manager or Unit holder only if it do not over limit certain
percentage, and commercial papers whose maturity is less than 3
(three) years; |
|
2.
|
A clause
concerns with prohibition for purchasing securities that are issued
by a corporation more than 10% of Net Asset Value of Investment Fund
“at the time of a purchase” is revised to “at any times”;
|
|
3.
|
A number
of prohibitions are also added for managing Investment Fund such as
prohibition to purchase Asset Backed Securities whose Investment
Manager is also an Investment Manager of the Investment Fund or its
Investment Manager is affiliated with initial creditor of
Asset Backed Securities or a purchase of Asset Backed Securities
that are not listed in an Exchange; and |
|
4.
|
The
revocation of a requirement for Investment Manager to submit its
semi annual Financial Statement to Bapepam or to Unit holder; |
|
Bapepam
Rule No X.K.2 concerning Obligation to Submit Periodic Financial
Statement. |
|
The
provision of a requirement to submit the financial statement is
amended in order to provide faster financial information services
for investors to take their investment decision and to correspond to
recent development in international capital market. The principal
points of the amendment are as follows: |
|
1. |
The
clause concerning time span of submitting annual financial statement
is amended from 120 days at the latest to at the end the third month
after the date of annual financial statement.
|
|
2. |
The
clauses concerning time span of submitting semi annual financial
statement are also amended as follows: |
|
|
- |
If
enclosed with an accountant report, the latest day to submit the
report is amended from at day 60th to at the end of first
month after the date of semi annual financial statement; |
|
|
- |
If
enclosed with an accountant report with regard to partial review,
the latest day to submit the report is amended from at day 90th
to at the end of second month after the date of semi annual
financial statement; and |
|
|
- |
If
enclosed with an accountant report that provides an opinion on whole
financial statement contents, the latest day to submit the report is
amended from at day 120th to at the end of third month
after the semi annual financial statement date. |
|
|
Those
new time span are to correspond to the prevailing international
standards. |
|
3. |
For
Issuers or Securities Companies that already have submitted their
annual report before the time limit of annual financial statement,
they are not required to submit annual financial statement
separately. Issuer and Public Companies that have already submitted
their annual report are considered to have already submitted their
annual financial statement because annual report also contains
annual financial statement. |
|
4. |
For the
latest day to submit periodic financial statement is happened to be
a holiday, then the latest day should be the day before the holiday.
|
|
|
|
