POJK No. 40 of 2025 Set to Take Effect: What It Means for Issuers

On 19 December 2025, the Indonesia Financial Services Authority (Otoritas Jasa Keuangan or OJK) issued the OJK Regulation No. 40 of 2025 on the Use of Proceeds from Public Offerings (“POJK No. 40/2025”). This regulation promulgated on 22 December 2025, and will come into force on 22 June 2026, six (6) months after.

Issuers that have obtained permission from the OJK for an initial offering (bookbuilding stage) prior 22 June 2026 are not required to comply with the disclosure requirements under POJK No. 40/2025.

POJK No. 40/2025 introduces enhanced requirements on the use, reporting, and control of proceeds raised through public offerings. It also revokes OJK Regulation No. 30/POJK.04/2015 on Reports on the Realisation of the Use of Proceeds from Public Offerings (“POJK No. 30/2015”).

Key Takeaway

POJK No. 40/2025 introduces significant changes, and issuers should begin preparing now to meet the expanded governance and disclosure requirements. Issuers should review and update their internal frameworks to ensure compliance, with a particular focus on strengthening controls over the use, monitoring, and reporting of proceeds. This includes establishing dedicated accounts and maintaining clear, robust documentation for any changes in the use of proceeds. Issuers must also ensure timely and transparent public disclosures, as transparency is fundamental to the new regulatory framework. Non‑compliance may result in stricter administrative sanctions, making early and decisive action critical.