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Thursday, March 4, 2010

Bapepam-LK opened up options to lower KPD

BI / bursa
3/3/2010
By: Irvin Avriano A.

Bapepam-LK opened up options to lower KPD

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) opened up opportunity to lowered the minimum investment in the fund management contract (KPD/discretionary fund) bilateral from Rp25 billion.

"Discourse to IDR10 billion, a IDR15 billion, or IDR20 billion, but that's just waiting for the proposal, not yet set," said Chairman of Bapepam-LK Ahmad Fuad Rahmany to the press yesterday.

He explains that discourse arises because of the objections some capital market players who complain about the minimum investment height of the proposed capital market authority in the draft rules of Bapepam-LK No.V.G.6, for IDR25 billion. Regulation is intended to change the entire existing KPD contract become clients fund management (pengelolaan dana nasabah/PDN).

The regulation draft was published in the capital market authority late last month.

Formerly, PT Recapital Asset Management President Director Bowo Witjaksono Suhardjo said minimum investment should lower.

He explained that the trust associated with the majority of institutional investors who generally invest IDR5 billion at the beginning of investment. In addition, he said, pension funds or insurance that have the ability of large investments are still in small numbers.

"Usually they [institutional investors] could only divert their investment portfolio in the amount of IDR25 billion after they try the product first, as one form of their risk management. Rarely there is a direct entry of IDR25 billion. "

He explained that risk management is also regulated by the agency each institution in Bapepam-LK to mitigate the risk of investment in capital markets. That boundary, he said, should be coordinated between the agency and investment management firms and pension insurance for a minimum investment agreement that is clear.

In addition, he said, need to be clarified again affiliates custodian bank that custody the PDN investment securities.

This week, Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto said the ratification of the KPD's rules can make freezing MI licensing authorities reopened the market for a package with the rules of permission MI.

"If the KPD rules [V.G.6] came out, it permits for new principals or changing a new shareholder can be given, so the launching of the licensing regulations have not opened a new license yet," he said. He worried about too fast implementation of the rules would be happen if there are still existing KPD is still not comply to the regulations to be enacted.

He mentions PT Goldmany Asset Management is one example of a company that intends to replace its shareholders. According to him, the company is still making a request to replace the sharehiolders and intends to change company name.

Based on the information that successfully collected by Bisnis, Goldmany Asset Management intends to change the owner of the company and changed the name to PT Fortune Asset Management. Djoko added, Goldmany was in the final stage of completion of all investment contracts with its customers so that the process is just waiting for the final decision authority.

Related to the draft regulations V.G.6, of Legislation and Legal Aid Bureau Chief of Bapepam-LK Robinson Simbolon said the capital market authority is still waiting for proposals from investment management industry to include the proposal until March 4th. He is optimistic that these rules can be launch by Bapepam-LK this month.

"Until now there has been no suggestion that came in, was given time until March 4th. From the entrance to the ratification of the proposal would usually takes time for 2 weeks. "

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