According to the Bapepam`s written statement received here on Thursday, the revocation of securities firms that act as investment managers is due to the separation of business activities and has completed the transfer process of rights and obligations related to investment management activities to PT Panin Asset Management.
The regulator considered that PT Panin Securities Inc. has met the requirements and the documents related to returning the investment management`s business license application that need to revoke PT Panin Securities Limited business license as investment managers.
Revocation was based on the Bapepam-LK`s chairman`s decree No. KEP-30/BL/2012 dated February 1, 2012. Previously, PT Panin Securities Limited operated as an investment manager, according to the Chairman`s decision No. KEP-01/PM/MI/1997 dated January 31, 1997.
With the business licenses revocation, Tbk PT Panin Securities is prohibited from conducting business as investment managers and is required to complete any liability with other parties concerned.
Bapepam-LK also revoked PT Kuo Jateng Securities business license as a securities company on January 30, 2012.
The business license revocation was done after PT Kuo Jateng Securities returned its operational permit as a securities company to Bapepam-LK.
Previously, the company was operated under the Chairman Decree No. KEP-01/PM/PPE/2003 dated 23 April, 2003 on granting business licenses Securities Company as broker to PT Kuo Jateng Securities.
With the revocation of its business licenses, PT Kuo Java Securities is prohibited from conducting business as a stockbroker and was required to settle all obligations with other interested parties.(*)
Editor: Heru Purwanto
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