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Covid-19 (Corona Virus Disease) Article - Relaxation…
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Covid-19 (Corona Virus Disease) Article - Relaxation of the Deadline for Reporting Obligations of Non-Bank Financial Services Institutions to the OJK (Financial Services Authority)

Due to the corona virus pandemic (COVID-19) which brings a negative impact on the current global economy, the Financial Services Authority ("OJK") has issued several policies and stimulus to mitigate the economic impacts currently faced by business actors in the Republic of Indonesia.

On March 23, 2020, OJK determined additional relaxation for business actors, in the form of relaxation of the deadline for reporting obligations of Non-Bank Financial Services Institutions (LJKNB) to OJK based on the Republic of Indonesia's Financial Services Authority Letter Number S-7/D.05/2020 Year of 2020 concerning Relaxation of the Non-Bank Financial Services Institution (LJKNB) Reporting Deadline to the Financial Services Authority ("SOJK No. S-7/2020").

The relaxation of the time limit given by OJK to LJKNB is as follows:

  1. Relaxation of the deadline for submitting periodic reports for insurance companies (including those held in accordance with sharia principles), in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for submitting reports for Monthly Reports (Period of March 2020, April 2020 and May 2020), Quarterly Reports (I Quarterly Period of 2020), and Quarterly Complaints Service Report (Period of 31 March 2020);
    2. Extension of 2 (two) months from the deadline for submission of reports for Annual Reports (as of December 31, 2019), Announcement of Annual Financial Statements Audited by Public Accountants (as of December 31, 2019), and Self Assessment Reports (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for pension funds and sharia pension funds, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for the submission of reports for Monthly Reports (Period of March 2020, April 2020, and May 2020) and Quarterly Complaints Service Report (Period of 31 March 2020);
    2. Extension of 2 (two) months from the deadline for the submission of reports for the Annual Report (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for finance companies and Islamic finance companies, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for the submission of reports for Monthly Reports (Period of March 2020, April 2020, and May 2020) and Quarterly Complaints Service Report (Period 31 March 2020);
    2. Extension of 2 (two) months from the deadline for submission of reports for Annual Financial Statements (as of December 31, 2019), Announcement of statements of financial position and comprehensive income statements in newspapers (as of December 31, 2019), and Corporate Governance Implementation Reports Good (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for venture capital companies and sharia venture capital companies, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for the submission of reports for Monthly Reports (Period of March 2020, April 2020, and May 2020) and Quarterly Complaints Service Report (Period 31 March 2020);
    2. Extension of 2 (two) months from the deadline for the submission of reports for Annual Financial Statements (as of December 31, 2019) and Good Corporate Governance Implementation Reports (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for infrastructure finance companies, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for submitting reports for Monthly Reports (Period March 2020, April 2020 and May 2020), Quarterly Reports (Quarterly 1 2020 Period), and Quarterly Complaints Service Report (31 March 2020 Period );
    2. Extension of 2 (two) months from the deadline for the submission of reports for Annual Financial Statements (as of December 31, 2019) and Announcement of statements of financial position and comprehensive income statements in newspapers (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for secutity companies, in the form of an extension of 14 (fourteen) working days from the deadline for the submission of reports for Monthly Reports (Period of March 2020, April 2020 and May 2020), Quarterly Reports (1 Quarterly Period of 2020), and Quarterly Complaints Service Report (Period of 31 March 2020);

 

  1. Relaxation of the deadline for submitting periodic reports for the guarantor institution, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for the submission of reports for Monthly Reports (Period of March 2020, April 2020, and May 2020) and Quarterly Complaints Service Report (Period of 31 March 2020);
    2. Extension of 2 (two) months from the deadline for submission of reports for Annual Financial Statements (as of December 31, 2019), Announcement of statements of financial position and comprehensive income statements in newspapers (as of December 31, 2019), and Corporate Governance Implementation Reports Good (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for Indonesian export financing institutions, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for submission of reports for Monthly Reports (Period of March 2020, April 2020 and May 2020), Quarterly Risk Profile Report (Priod of March 2020) and Annual Report (as of 31 December 2019);
    2. Extension of 2 (two) months from the deadline for submission of reports for Annual Financial Statements (as of December 31, 2019), Announcement of statements of financial position and comprehensive income statements in newspapers (as of December 31, 2019), and Corporate Good Governance Implementation Reports (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports to secondary housing finance companies, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for reporting obligations for the Monthly Report (Period of March 2020, April 2020 and May 2020);
    2. Extension of 2 (two) months from the deadline for the submission of reports for the Annual Financial Statements (as of December 31, 2019).

 

  1. Relaxation of the deadline for submitting periodic reports for March national civil capital, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for reporting obligations for the Monthly Report (Period of March 2020, April 2020 and May 2020);
    2. Extension of 2 (two) months from the deadline for the submission of reports for Annual Financial Statements (as of December 31, 2019), Report on the Implementation of Good Corporate Governance (as of December 31, 2019), Risk Rating Assessment Report (as of December 31, 2019), and Annual Anti Fraud Strategy Report (as at 31 December 2019).

 

  1. Relaxation of the deadline for submitting periodic reports to social security providers, in the form of:
    1. Extension of 14 (fourteen) working days from the deadline for reporting obligations for the Monthly Report (Period of March 2020, April 2020 and May 2020);
    2. Extension of 2 (two) months from the deadline for the submission of reports for the Annual Report (as of December 31, 2019).

The relaxation of the deadline is given by the OJK in order to support the government's efforts to minimize the spread of the COVID-19 virus in the Republic of Indonesia

 

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