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Thursday, March 11, 2010

Bapepam-LK is still waiting for official proposal KPD from APRDI

photograph of Robinson Simbolon

Bapepam-LK is still waiting for official proposal KPD from APRDI

Thursday, 11/03/2010 19:11:04
By: Irvin Avriano A.

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) is still waiting for official proposal from the Indonesia Association of Mutual Fund Manager (APRDI) associated with the minimum amount of bilateral fund management contracts (KPD).

"We're still waiting for suggestions from them, we still can accept it, we heard they were still formulate the suggestion," said Legislation and Legal Assistance Bureau Chief of Bapepam-LK Robinson Simbolon to Bisnis this afternoon.

The draft regulations are intended No.V.G.6. of customer cash management agreements bilaterally by the investment manager.

In the draft, the capital market authority proposed that the minimum investment in KPD worth IDR25 billion. In addition there are also Bapepam-LK's proposals to use notariil in the contracts and using custodian banks.

Robinson explained the authority is getting input from the proposed new regulations from the 29 parties that requested and some industry players other mutual funds. He said it happens because the suggestion is gathered not only from specified party.

Some of the proposals that had collected amounted to IDR1 billion, IDR5 billion and IDR10 billion. However, he said, he can not conclude the largest from submitted proposal from mutual fund industry and investment managers.

Earlier, APRDI Chairman Abiprayadi Riyanto said the association intended to propose a minimum investment in the KPD of IDR10 billion. The proposed amount is considered a minimum amount of investment in private banking in US for US$ 1 million.

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