Regulatory Alerts2015-01-15
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The Head of the Commodity Futures Trading Regulatory Agency (Bappebti) issued Regulation No. 04/BAPPEBTI/PER-PL/01/2015 to amend previous regulations regarding the approval of Forward Commodity Auction Market organizers. This regulation modifies Article 11 to allow Bappebti to grant a one-year temporary approval extension to provincial, regency, or city trade offices that are still in the process of meeting statutory requirements. The temporary approval is subject to annual evaluation by the Bappebti Head to ensure compliance with the necessary organizational standards.
Regulation of the Head of the Commodity Futures Trading Regulatory Agency Number 04/BAPPEBTI/PER-PL/01/2015 2 5. Presidential Decree Number 121/P of 2014 concerning the Formation of Ministries and Appointment of Ministers of the Working Cabinet for the 2014-2019 Period; 6. Presidential Regulation Number 7 of 2015 concerning the Organization of State Ministries; 7. Minister of Trade Regulation Number 31/M-DAG/PER/7/2010 concerning the Organization and Work Structure of the Ministry of Trade as amended several times, most recently by Minister of Trade Regulation Number 57/M-DAG/PER/8/2012; 8. Minister of Industry and Trade of the Republic of Indonesia Decree Number 650/MPP/KEP/10/2004 concerning Provisions for the Implementation of Forward Commodity Auction Markets; 9. Head of the Commodity Futures Trading Regulatory Agency Regulation Number 03/BAPPEBTI/PER-PL/01/2014 concerning Approval of Forward Commodity Auction Market Organizers; RESOLVES: Establish: REGULATION OF THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY CONCERNING AMENDMENT TO REGULATION OF THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY NUMBER 03/BAPPEBTI/PER-PL/01/2014 CONCERNING APPROVAL OF FORWARD COMMODITY AUCTION MARKET ORGANIZERS. Article I The provisions in Article 11 paragraph (1) of the Head of the Commodity Futures Trading Regulatory Agency Regulation Number 03/BAPPEBTI/PER-PL/01/2014 concerning Approval of Forward Commodity Auction Market Organizers are amended so that Article 11 reads as follows: Article 11 (1) In the event that a Forward Commodity Auction Market Organizer in the form of a Provincial/Regency/City Office specializing in trade is still in the process of meeting the requirements referred to in Article 3 paragraph (1), the Head of Bappebti may grant a Temporary Approval Extension valid for 1 (one) year, which may be extended again if necessary. (2) The Temporary Approval referred to in paragraph (1) may be granted to a Forward Commodity Auction Market Organizer after an evaluation is conducted based on the fulfillment of requirements as a Forward Commodity Auction Market Organizer annually by the Head of Bappebti.