Holding Restrictions – Investment Funds – Indonesia
CBL has been advised that, under Indonesia law, CBL would not be recognised as a nominee acting on behalf of its customers. Thus, the credit of fund units/shares to the account opened by CBL with the respective custodian banks appointed by the fund managers as transfer agents will not confer on CBL customers, under Indonesia law, a right “in rem” of title to such securities.
Customers are advised to consult with appropriate counsel before holding fund units/shares through CBL in Indonesia. By holding such securities, CBL customers are deemed to be aware of any law, regulation, rules and policies applicable thereto.
Restrictions on customers
No general restrictions on customer residency for holdings held through CBL. However, certain funds may impose specific restrictions on investor domicile. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Restrictions on settlement
No general restrictions on settlement for Indonesian investment funds through CBL. However, certain funds may impose specific settlement/transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
The information contained in the Holding Restrictions is based on the legal opinion obtained by CBL that was issued on 16 November 2017. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Holding Restrictions do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the holding restrictions and agree to indemnify and hold harmless, CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.