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Peraturan Otoritas Jasa Keuangan 3/2026Regulation
Full titlePeraturan Otoritas Jasa Keuangan Nomor 3 Tahun 2026 tentang Penyelenggaraan Kegiatan Usaha Perusahaan Efek yang Melakukan Kegiatan Usaha sebagai Penjamin Emisi Efek dan Perantara Pedagang Efek
CitationPOJK 3/2026
JurisdictionIndonesia
Enacted byBoard of Commissioners of the Financial Services Authority
Signed1 April 2026
Promulgated29 April 2026
ReplacesPOJK 20/POJK.04/2016

Peraturan Otoritas Jasa Keuangan 3/2026 (Peraturan Otoritas Jasa Keuangan Nomor 3 Tahun 2026 tentang Penyelenggaraan Kegiatan Usaha Perusahaan Efek yang Melakukan Kegiatan Usaha sebagai Penjamin Emisi Efek dan Perantara Pedagang Efek) is a regulation of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, OJK) on the licensing and conduct of securities companies that act as underwriters and broker-dealers. It was signed on 1 April 2026 and promulgated on 29 April 2026, and it takes effect on promulgation.[1][2] It forms part of the body of rules described at financial sector regulation in Indonesia, and was issued under the Capital Market Law, Undang-Undang 8/1995, and the OJK Law, Undang-Undang 21/2011, each as amended by the financial sector law, Undang-Undang 4/2023.[3]

The regulation sorts securities companies into three business-activity groups (Perusahaan Efek Kegiatan Usaha, PEKU), each with its own permitted activities and minimum paid-up capital and adjusted net working capital, and sets requirements on identity, organisation, directors, ownership and control.[4][5] It also regulates continuing reporting duties, revocation, dissolution and staff training, and gives licensed firms fixed periods to choose a group and meet the new capital thresholds.[6][7]

It revoked OJK Regulation 20/POJK.04/2016 on the licensing of underwriters and broker-dealers and provisions of three other OJK regulations.[8] CRPG's regulatory tracker published an analysis of the regulation in July 2026.[9]

Background

The preamble cites growth in market capitalisation, new products and services, digitalisation of business processes, interconnection between financial actors and greater exposure to risk as the reasons for strengthening securities companies through higher capital and better governance, ownership, control and management, and states that licensing rules needed adjusting to the needs of the capital-market industry.[3:1] The regulation has 104 articles in twelve chapters, with an annex of forms.[1:1][10]

Definitions and business groups

Pasal 1 defines an underwriter (Penjamin Emisi Efek, PEE) as a party that contracts with an issuer to guarantee a public offering of its securities, with or without an obligation to buy any unsold securities, and a broker-dealer (Perantara Pedagang Efek, PPE) as a party that buys and sells securities for its own account or for others. PEKU is defined as the grouping of securities companies by business activity according to their capital.[11] A company acting as an underwriter or broker-dealer must hold an OJK business licence and may not also act as an investment manager.[12]

Pasal 4 and Pasal 5 create three groups. PEKU 1 firms are broker-dealers limited to marketing securities, such as firms set up to market mutual funds or acting as marketing partners of institutional broker-dealers, and may not trade for their own account. PEKU 2 firms act, on a limited basis, either as underwriters or as broker-dealers. PEKU 3 firms may act as underwriters, as broker-dealers, or as both.[4:1][13] A PEKU 2 broker-dealer may trade all types of securities, administer client securities, act as custodian and be a clearing member for itself, while a PEKU 3 broker-dealer may in addition provide clearing for other broker-dealers, securities financing, liquidity provision, participation as a dealer, and the issuance of structured products.[13:1]

A PEKU 2 underwriter acting as lead underwriter may serve only issuers with small or medium-scale assets of up to Rp250 billion. Every lead underwriter, in PEKU 2 or PEKU 3, must have had no involvement in capital-market crimes in the preceding five years and must maintain a research function whose head holds both a securities-company representative licence and a securities-analyst certificate.[13:2] Pasal 14 forbids activity outside a firm's group, and Pasal 15 allows firms to offer sharia services if they meet sharia requirements, including a sharia supervisory board.[14]

Capital and organisation

Pasal 20 sets minimum paid-up capital of Rp1 billion for PEKU 1, Rp55 billion for PEKU 2 and Rp110 billion for PEKU 3. Pasal 21 sets minimum adjusted net working capital (Modal Kerja Bersih Disesuaikan, MKBD) of Rp500 million, Rp50 billion and Rp100 billion respectively. Equity must remain positive, and OJK may take supervisory action when a firm's MKBD approaches 110 per cent of its minimum.[5:1]

A firm's name must include the word Sekuritas (Pasal 18), and it must have an organisational structure, written operating procedures and, where it employs foreign workers, an approved plan for their use (Pasal 24). A PEKU 3 firm acting as both underwriter and broker-dealer must have at least two directors, and every PEKU 3 firm must have an additional director dedicated to compliance.[15]

Ownership and control

Pasal 54 allows a securities company to be national, wholly owned by Indonesian citizens or legal entities, or a joint venture with a foreign financial institution. A foreign securities firm licensed or supervised in its home country may hold up to 99 per cent of a joint venture's paid-up capital, and another foreign financial-services firm up to 85 per cent.[16] Shareholdings by a legal entity may not exceed its equity, and funds used to acquire shares may not come from loans or from money laundering or terrorist or proliferation financing.[16:1] Control is defined in Pasal 58 by reference, among other things, to voting rights of more than 20 per cent or the ability to appoint or dismiss directors.[17]

Continuing obligations

Pasal 69 requires a firm to report to OJK, within seven working days and through OJK's electronic system, changes to its identity, articles of association, tax number, foreign-worker documents, joint-venture agreement, organisational structure, compliance officers, operating procedures and compliance and risk-management strategy.[6:1] A change of name must first be approved by the minister responsible for law as an amendment of the articles of association (Pasal 70), and changes to the board of directors or board of commissioners require OJK approval under its fit-and-proper rules (Pasal 71).[6:2] The later chapters deal with revocation of licences, dissolution, and staff development, for which firms must budget training funds each year (Pasal 91).[18]

Sanctions and transition

Breaches of the core provisions are sanctioned under Pasal 16 with written warnings, fines, restriction or suspension of business, revocation of licences, cancellation of approvals or registrations, and revocation of individual licences; sanctions after the warning may be imposed without one, and OJK may announce them publicly.[14:1][19]

Under Pasal 93, licensed firms that administer client securities accounts had six months from promulgation to choose a group and submit an action plan, failing which they are assigned to the nearest group by capital. A firm choosing or assigned to PEKU 3 must meet an MKBD of Rp50 billion within one year; one in PEKU 2 must restrict its activities within one year; and all must meet the new paid-up capital and MKBD thresholds, and PEKU 3 firms the compliance-director requirement, within three years of promulgation. Mergers, consolidations and acquisitions may be used to reach the capital thresholds, progress is reported quarterly, and a firm that fails to comply must return its licence or have it revoked.[7:1] Applications pending at promulgation are processed under the 2016 rule, with parallel deadlines (Pasal 101).[20]

Relationship to other instruments

Pasal 103 revoked POJK 20/POJK.04/2016 and provisions of POJK 57/POJK.04/2017 on the governance of securities companies, POJK 52/POJK.04/2020 on adjusted net working capital, and POJK 3/POJK.04/2021 on capital-market activities.[8:1] The regulation was signed on the same day as POJK 4/2026 on sharia banking investment products, and both were promulgated on 29 April 2026.[2:1][21] A later OJK regulation of 2026, POJK 6/2026, set conduct rules for people outside licensed firms who market or recommend financial products, including securities.[22]

See also

Part of a series on Financial sector regulation in Indonesia
MK 201/PUU-XXIV/2026 · MK 246/PUU-XXIV/2026 · MK 266/PUU-XXIV/2026 · POJK 10/2026 · POJK 3/2026 · POJK 4/2026 · POJK 6/2026 · POJK 9/2026 · PP 11/2026
Identifiers Know ID K96 · Work URI /akn/id/act/pojk/2026/3 · RegVault POJK_3_2026
Categories Agency regulations of Indonesia · Financial regulation in Indonesia
What links here (5)

References

  1. [P] POJK 3/2026, Pasal 104 (in force on promulgation) and closing formula (Ditetapkan di Jakarta pada tanggal 1 April 2026). The promulgation date and gazette number are blank in the held text. regulation_id POJK_3_2026. ↩︎ ↩︎

  2. [P] Peraturan OJK No. 3 Tahun 2026, JDIH BPK: enacted 1 April 2026, promulgated 29 April 2026; revokes POJK 20/POJK.04/2016. The page gives 1 April 2026 as the date of entry into force, which differs from Pasal 104 of the text. https://peraturan.bpk.go.id/Details/350257/peraturan-ojk-no-3-tahun-2026 ↩︎ ↩︎

  3. [P] POJK 3/2026, preamble, Menimbang huruf a to c and Mengingat angka 1 and 2 (Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal and Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan, each as amended by Undang-Undang Nomor 4 Tahun 2023). regulation_id POJK_3_2026. ↩︎ ↩︎

  4. [P] POJK 3/2026, Pasal 4 and Pasal 5 ayat (1) to (3). regulation_id POJK_3_2026. ↩︎ ↩︎

  5. [P] POJK 3/2026, Pasal 19 to Pasal 23. regulation_id POJK_3_2026. ↩︎ ↩︎

  6. [P] POJK 3/2026, Pasal 69 ayat (1) and (2), Pasal 70 ayat (1) and Pasal 71. regulation_id POJK_3_2026. ↩︎ ↩︎ ↩︎

  7. [P] POJK 3/2026, Pasal 93 ayat (1) to (5), Pasal 94 ayat (1) to (3) and Pasal 96. regulation_id POJK_3_2026. ↩︎ ↩︎

  8. [P] POJK 3/2026, Pasal 103 huruf a to d. regulation_id POJK_3_2026. ↩︎ ↩︎

  9. [E] "Underwriter and Broker-Dealer Business Requirements: POJK 3/2026", CRPG regulatory tracker, crpg.id, 17 July 2026. https://crpg.id/underwriter-and-broker-dealer-business-requirements-pojk-3-2026/ The post carries a notice that it is AI-generated; it is cited for the record of the development, not for its legal content. ↩︎

  10. [P] POJK 3/2026, Pasal 57 ayat (2) (source-of-funds statement in Format 2 of the Lampiran). regulation_id POJK_3_2026. ↩︎

  11. [P] POJK 3/2026, Pasal 1 angka 2, 3 and 4. regulation_id POJK_3_2026. ↩︎

  12. [P] POJK 3/2026, Pasal 2 ayat (1) and (2). regulation_id POJK_3_2026. ↩︎

  13. [P] POJK 3/2026, Pasal 6 ayat (1) and (2), Pasal 7 ayat (2), Pasal 8, Pasal 10, Pasal 11 and Pasal 12. regulation_id POJK_3_2026. ↩︎ ↩︎ ↩︎

  14. [P] POJK 3/2026, Pasal 14, Pasal 15 ayat (1) and (2), and Pasal 16 ayat (1) to (5). regulation_id POJK_3_2026. ↩︎ ↩︎

  15. [P] POJK 3/2026, Pasal 18 ayat (2), Pasal 24 and Pasal 31 ayat (1) and (4). regulation_id POJK_3_2026. ↩︎

  16. [P] POJK 3/2026, Pasal 54 ayat (1) and (2), Pasal 56 ayat (1) and Pasal 57 ayat (1). regulation_id POJK_3_2026. ↩︎ ↩︎

  17. [P] POJK 3/2026, Pasal 58 huruf a to d. regulation_id POJK_3_2026. ↩︎

  18. [P] POJK 3/2026, Bab VII to Bab IX and Pasal 91 ayat (2). regulation_id POJK_3_2026. ↩︎

  19. [P] POJK 3/2026, Pasal 99 and Pasal 100. regulation_id POJK_3_2026. ↩︎

  20. [P] POJK 3/2026, Pasal 101 huruf a to f. regulation_id POJK_3_2026. ↩︎

  21. [P] Peraturan OJK No. 4 Tahun 2026, JDIH BPK: enacted 1 April 2026, promulgated 29 April 2026. https://peraturan.bpk.go.id/Details/350221/peraturan-ojk-no-4-tahun-2026 ↩︎

  22. [P] Peraturan OJK No. 6 Tahun 2026, JDIH BPK: enacted 26 May 2026, promulgated 4 June 2026. https://peraturan.bpk.go.id/Details/350502/peraturan-ojk-no-6-tahun-2026 ↩︎