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2011-12-01

Bank Indonesia Regulation No. 13/24/PBI/2011 on the Second Amendment to Sharia Monetary Operation Regulations

Bank Indonesia issued Regulation No. 13/24/PBI/2011 to amend its Sharia Monetary Operation framework and strengthen monetary control compliance. The amendment introduces mandatory financial penalties for participants who cancel second-leg transactions in repo and reverse repo operations. These sanctions calculate the penalty as the price difference between the first and second legs multiplied by the nominal value of the underlying securities, taking effect on December 1, 2011.

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Sumber Data Legal Information Division, Department of Legal Affairs

12/1/2011 11:30 AM

Judul Bank Indonesia Regulation No. 13/24/PBI/2011 concerning the Second Amendment to Bank Indonesia Regulation Number 10/36/PBI/2008 concerning Sharia Monetary Operation

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Regulation :

Bank Indonesia Regulation No. 13/24/PBI/2011 concerning the Second Amendment to Bank Indonesia Regulation Number 10/36/PBI/2008 concerning Sharia Monetary Operation

Effective date :

1 December 2011

The Amendment to the Bank Indonesia Regulation (PBI) is made in the context of improving the effectiveness of monetary control implementation and compliance with sharia principles in the implementation of transactions, particularly the transactions with second leg and in the context of improving the provisions on Sharia Monetary Operation (OMS), particularly Article 18 on the imposition of sanctions against the sharia monetary operation transaction declared cancelled. In the event of a cancellation of transaction in the Sharia Monetary Operation, the OMS participant shall be subject to additional sanctions with the provisions as follows:

In the event of a cancellation of transaction in the second leg of repo transaction and in the event that the securities price in the second leg transaction is lower than the securities price in the first leg transaction, the OMS participant shall be subject to additional sanctions in the form of financial penalty in the amount of the difference between the price in the first leg transaction and the price in the second leg transaction after being multiplied by the nominal value of the securities subject to repo. In the event of a cancellation of transaction in the second leg of reverse repo transaction and in the event that the market price for Sovereign Securities (SBSN) in the second leg transaction is higher than the price in the first leg transaction, the Sharia Monetary Operation participant shall be subject to additional sanctions in the form of financial penalty in the amount of the difference between the price in the second leg transaction and the price in the first leg transaction after being multiplied by the nominal value of the Sovereign Securities (SBSN) subject to reverse repo.

This Bank Indonesia Regulation shall be effective on December 1, 2011.

Lampiran Attachments

Lampiran 1 Bank Indonesia Regulation No. 13/24/PBI/2011

Lampiran 2 FAQ Bank Indonesia Regulation No. 13/24/PBI/2011

Lampiran 3

Lampiran 4

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Lampiran 10

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Kontak Legal Information Division, Ph. : (021) 2310108 ext : 8737, 7993, 4838

Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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