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Otoritas Jasa Keuangan has issued a new Regulation on Share Buybacks in a significantly fluctuating market condition

04 September 2013

The Financial Services Authority (Otoritas Jasa Keuangan or OJK) has issued a new regulation and directive in relation to a buyback of shares in significantly fluctuating market conditions. Subject to the fulfilment of certain disclosure requirements, the regulation allows a public company to buy back its shares for a maximum 20% of the paid-up capital without the need to obtain prior approval from the general meeting of shareholders. The article identifies the key provisions under the regulation.

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