JAKARTA: At least 31 investment managers are not eligible in meeting obligatory function requirements set by Capital Market and Financial Institution Watchdog (Bapepam-LK).Out of 32 investment managers, there is only one investment manager meeting those 10 obligatory function requirements, said Head of Investment Management Bureau at Bapepam-LK, Djoko Hendratto.Supposes those remaining companies fail to meet the 10 obligatory functions within the next three months, the capital market authority will suspend or freeze their operating license.I cannot tell you which companies to have fulfilled those requirements. One thing for sure, if one investment manager fails to meeting the 10 obligatory functions, we will suspend them, he said yesterday.In the meantime, Bapepam-LK has completed the evaluation on 32 investment managers out of 82 investment managers.The evaluation report has been given to each of investment manager so that they can make certain follow-up.For those still fail to meet many functions, we give at the fastest one month tolerance while those cannot meet few functions, we provide them three months tolerance, he said.After evaluating 32 investment managers, Djoko said that Bapepam-LK will again investigate other similar company.This evaluation is related to the issuance of Bapepam LK regulation No. V.D on Implementation Guidance of Investment Manager Function.Based on this regulation, investment managers must fulfill 10 functions, including the implementation of investment function, risk management, compliance, marketing and trading as well as the completion on securities transaction, handling investors complaint, research and information technology, human resource development, accounting and finance. (t02/msw)

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