Regulation of the Commodity Futures Trading Regulatory Agency Number 4 of 2024 on the Implementation of Professional Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives

REGULATION OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA NUMBER 4 OF 2024 CONCERNING THE IMPLEMENTATION OF PROFESSIONAL EXAMINATIONS FOR CANDIDATES FOR FUTURES BROKER REPRESENTATIVES, FUTURES ADVISOR REPRESENTATIVES, AND FUTURES FUND CENTER MANAGER REPRESENTATIVES

BY THE GRACE OF GOD THE ALMIGHTY

HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA,

Considering: a. that in order to implement the provisions of Article 6 letter a of Law Number 32 of 1997 concerning Commodity Futures Trading as amended several times, most recently by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845); b. that in order to further regulate the organization of professional examinations as referred to in Article 57, Article 60, and Article 102 of Government Regulation Number 49 of 2014 concerning the Organization of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2014 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5548); c. that in order to realize human resources in the field of Commodity Futures Trading that are professional and competent, provisions regarding the implementation of professional examinations for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives need to be adjusted; c. that based on considerations as referred to in letters a and b, it is necessary to establish a Regulation of the Commodity Futures Trading Regulatory Agency concerning the Implementation of Professional Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives;

Recalling:

1. Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 1997 Number 93, Supplement to the State Gazette of the Republic of Indonesia Number 3720) as amended by Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2011 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 5232);
2. Government Regulation Number 49 of 2014 concerning the Organization of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2014 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5548);
3. Presidential Regulation Number 68 of 2019 concerning the Organization of State Ministries (State Gazette of the Republic of Indonesia Year 2019 Number 203) as amended by Presidential Regulation Number 32 of 2021 concerning Amendments to Presidential Regulation Number 68 of 2019 Concerning the Organization of State Ministries (State Gazette of the Republic of Indonesia Year 2021 Number 106);
4. Presidential Regulation Number 11 of 2022 concerning the Ministry of Trade (State Gazette of the Republic of Indonesia Year 2022 Number 19);
5. Minister of Trade Regulation Number 29 of 2022 concerning the Organization and Work Procedure of the Ministry of Trade (State Gazette of the Republic of Indonesia Year 2022 Number 492);

DECIDES:

To Establish: A REGULATION OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY CONCERNING THE IMPLEMENTATION OF PROFESSIONAL EXAMINATIONS FOR CANDIDATES FOR FUTURES BROKER REPRESENTATIVES, FUTURES ADVISOR REPRESENTATIVES, AND FUTURES FUND CENTER MANAGER REPRESENTATIVES.

Article 1 In this Regulation of the Agency, the following terms are defined:

1. Professional Examination, hereinafter referred to as the Examination, is a professional qualification process implemented by Bappebti.
2. Professional Examination Participant, hereinafter referred to as the Participant, is an individual who meets the requirements to take the Examination.
3. Professional Examination Commission, hereinafter referred to as KUP, is the Commission that implements and is responsible for the organization of the Examination.

Article 2 (1) The Professional Examination is conducted for the professions: a. Futures Broker Representative; b. Futures Advisor Representative; and c. Futures Fund Center Manager Representative.

(2) Participants taking the Professional Examination for Futures Broker Representative as referred to in paragraph (1) letter a must meet the following requirements: a. Indonesian Citizens, proven by an Identity Card (Kartu Tanda Penduduk); b. possessing a formal education diploma at the lowest level of:

1. Diploma III (D3) or its equivalent; or
2. High School Diploma (SMA) or its equivalent. c. possessing a simulation transaction certificate for Futures Contracts issued by Bappebti and/or the Futures Exchange; and d. possessing a work competency certificate for Futures Broker Representative stating competence, still valid, and issued by a Professional Certification Body in the field of Commodity Futures Trading that has obtained a registration mark from Bappebti.

(3) For candidates possessing a lowest diploma of Diploma III (D3) or its equivalent as referred to in paragraph (2) letter b number 1), this must be supplemented with a document stating experience working in the field of Commodity Futures Trading for at least 6 (six) months or a certificate of training and/or education results organized by a training institution that has received approval from the Ministry of Manpower.

(4) For candidates possessing a High School Diploma (SMA) or its equivalent as referred to in paragraph (2) letter b number 2), this must be supplemented with the following documents: a. a certificate of training and/or education results organized by a training institution that has received approval from the Ministry of Manpower, the content of which covers a curriculum and practical facilities that are traceable to competency standards; and b. a letter of statement having work experience in the field of Commodity Futures Trading for at least 24 (twenty-four) months.

(5) Training and/or education as referred to in paragraph (3) and paragraph (4) letter a must contain learning aspects that at least fulfill competency units from the specific work competency standard or the Indonesian National Work Competency Standard that has received approval from the Directorate General of Vocational Training and Productivity Development, Ministry of Manpower.

(6) The letter of statement of work experience as referred to in paragraph (3) and paragraph (4) letter b must be proven by: a. a work experience letter signed by the President Director, and the Head of Office employing the Participant if the Professional Examination Participant is not placed at the Head Office; and b. a work contract with the company employing the respective Participant.

(7) Competency training in the field of Commodity Futures Trading as referred to in paragraph (3) and paragraph (4) letter a is organized by a Training Institution or Educational Institution and must first coordinate with Bappebti.

(8) Participants taking the Professional Examination for Futures Advisor Representative and Futures Fund Center Manager Representative must meet the following requirements: a. Indonesian Citizens, proven by an Identity Card (Kartu Tanda Penduduk); b. possessing a formal education diploma at the lowest level of Bachelor (S1) or its equivalent; c. possessing a simulation transaction certificate for Futures Contracts issued by Bappebti and/or the Futures Exchange; and d. possessing a work competency certificate for Futures Advisor Representative or Futures Fund Center Manager Representative stating competence, still valid, and issued by a Professional Certification Body in the field of Commodity Futures Trading that has obtained a registration mark from Bappebti.

(9) Competency certificates as referred to in paragraph (2) letter d and paragraph (8) letter d that can be used for Examination registration are those not older than 2 (two) years from the date of determination of the competency certificate.

(10) In the event that the Participant's formal education diploma is issued by an educational institution located outside the country, it must be accompanied by a diploma equivalence document issued by the competent Ministry/Agency in accordance with applicable legislation.

(11) All Participants are required to fill out the registration form as determined by the KUP.

Article 3 (1) Work experience possessed by candidates as referred to in Article 2 paragraph (3) and paragraph (4) letter b only applies to jobs whose job descriptions correlate with the main function of the company operating in the field of Commodity Futures Trading.

(2) Work experience conducted by candidates as referred to in paragraph (1) is limited to activities: a. collecting prospective Client data; b. arranging meeting appointments between prospective Clients and Futures Broker Representatives; c. distributing educational and/or marketing materials that have received approval from Bappebti to prospective Clients, either in hardcopy directly or in softcopy via electronic media; d. accompanying Futures Broker Representatives in direct meetings with prospective Clients; e. distributing written, audio, and/or video presentations of Futures Broker Representatives; and/or f. inviting prospective Clients to meetings, seminars, and/or learning classes organized by Futures Brokers, whether conducted face-to-face or via electronic media.

(3) Candidates as referred to in Article 2 paragraph (3) and (4) must first be registered by the respective Futures Broker to the Futures Exchange before working at the Futures Broker.

(4) Futures Brokers are required to conduct strict monitoring and create supervision procedures regarding the implementation of duties by workers undergoing work experience as referred to in paragraph (2).

(5) The Futures Exchange, involving the Commodity Futures Trading Association, must record and further regulate the procedures, including administrative registration requirements, as referred to in paragraph (3).

Article 4 (1) Examinations for professions as referred to in Article 2 paragraph (1) are conducted by Bappebti using the fit and proper test interview method.

(2) Criteria that are elements of assessment in the implementation of the fit and proper test interview include: a. the Participant's vision and mission in undertaking the profession of Futures Broker Representative, Futures Advisor Representative, or Futures Fund Center Manager Representative; b. the Participant's attitude, behavior, and personality; and c. the Participant's track record, considering databases owned by Bappebti.

Article 5 (1) Bappebti announces the examination period through the Bappebti website and/or mass media.

(2) Candidates taking the Examination are required to register, upload, and fulfill all requirements.

(3) Bappebti verifies the completeness of administrative requirements for each candidate, considering provisions as referred to in Article 2.

(4) Bappebti announces Participants who pass the administrative check and are entitled to take the Examination at the latest 3 (three) days before the Examination date.

(5) The announcement of Participants as referred to in paragraph (4) is announced through the Bappebti website and/or mass media.

(6) Participants who do not pass the administrative check and do not pass the Examination may re-apply to take the Examination by fulfilling all established requirements.

Article 6 (1) In the organization of the Examination, the Head of Bappebti forms the Professional Examination Commission.

(2) The Professional Examination Commission as referred to in paragraph (1) consists of a Chairperson assisted by a Secretary and Members.

(3) The Professional Examination Commission has the task of organizing the Examination and establishing Standard Operating Procedures (SOP) regarding: a. the mechanism of Examination organization; and b. value parameters for each criterion as referred to in Article 4 paragraph (2).

(4) The Professional Examination Commission as referred to in paragraph (1) is responsible to the Head of Bappebti.

Article 7 (1) Bappebti announces the Examination results at the latest 10 (ten) days after the date of the fit and proper test interview.

(2) Participants who pass the Examination are entitled to obtain a certificate of professional examination pass from Bappebti.

(3) The certificate of professional examination pass as referred to in paragraph (2) is one of the administrative requirements that must be fulfilled in the process of applying for a license for Futures Broker Representative, Futures Advisor Representative, or Futures Fund Center Manager Representative.

(4) The validity period of the certificate of professional examination pass as referred to in paragraph (3) is: a. 1 (one) year calculated from the date of determination of the certificate of professional examination pass; or b. 1 (one) year calculated from the date of revocation of the Futures Broker Representative license.

Article 8 (1) Parties who already possess a certificate of professional examination pass before this Agency Regulation comes into effect must possess a work competency certificate issued by a Professional Certification Body in the field of Commodity Futures Trading that has obtained a registration mark from Bappebti.

(2) Parties as referred to in paragraph (1) are given a time limit of at most 2 (two) years from the establishment of this Agency Regulation to possess a work competency certificate.

(3) Parties as referred to in paragraph (1) who cannot possess a work competency certificate within the time period as referred to in paragraph (2) will be subject to administrative sanctions.

Article 9 Upon the commencement of this Regulation:

1. Regulation of the Commodity Futures Trading Regulatory Agency Number 7 of 2019 concerning the Implementation of Professional Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives; and
2. Regulation of the Commodity Futures Trading Regulatory Agency Number 10 of 2022 concerning Amendments to Regulation of the Commodity Futures Trading Regulatory Agency Number 7 of 2019 concerning the Implementation of Professional Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives;
3. Circular Letter of the Head of Bappebti Number 209/BAPPEBTI/SE/08/2022 concerning Follow-up Implementation of Provisions that Only Futures Broker Representatives are Entitled to Have Direct Contact with Clients and Prospective Clients; and
4. Circular Letter of the Head of Bappebti Number 04/BAPPEBTI/SE/01/2023 concerning Explanation of Requirements for Participants of the Professional Examination for Futures Broker Representatives; are revoked and declared invalid.

This Agency Regulation comes into effect on the date it is established.

Established in Jakarta on 28 March 2024

ACTING HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA,

Signed, KASAN

A copy in accordance with the original COMMODITY FUTURES TRADING REGULATORY AGENCY Head of the Legal and Legislation Bureau

APPENDIX REGULATION OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA NUMBER 4 OF 2024 CONCERNING THE IMPLEMENTATION OF PROFESSIONAL EXAMINATIONS FOR CANDIDATES FOR FUTURES BROKER REPRESENTATIVES, FUTURES ADVISOR REPRESENTATIVES, AND FUTURES FUND CENTER MANAGER REPRESENTATIVES

GUIDELINES FOR DRAFTING STANDARD OPERATING PROCEDURES (SOP) FOR THE IMPLEMENTATION OF PROFESSIONAL EXAMINATIONS FOR CANDIDATES FOR FUTURES BROKER REPRESENTATIVES, FUTURES ADVISOR REPRESENTATIVES, AND FUTURES FUND CENTER MANAGER REPRESENTATIVES

CHAPTER I INTRODUCTION A. Background In order to provide sufficient knowledge and expertise regarding Commodity Futures Trading for candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives, a Professional Examination must be conducted. Therefore, it is necessary to draft an Examination standard which serves as a guideline in the implementation of Examinations for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives.

B. Objectives To provide clear implementation guidelines to all persons in charge/implementers of the Professional Examination so that they can carry out their duties according to their authority contained in the Standard Operating Procedures (SOP) so that they can be known widely (transparent) and accounted for (accountable).

C. Targets The smooth and proper implementation of Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives.

D. Scope The mechanism for the implementation of Examinations for Candidates for Futures Broker Representatives, Futures Advisor Representatives, and Futures Fund Center Manager Representatives within the Commodity Futures Trading Regulatory Agency.

CHAPTER II GENERAL DEFINITIONS

1. Professional Examination, hereinafter referred to as Examination, is a professional qualification process implemented by Bappebti.
2. Professional Examination Participant, hereinafter referred to as Participant, is an individual who meets the requirements to take the examination.
3. Chairperson of the Professional Examination Commission, hereinafter referred to as Chairperson KUP, is the Official responsible for the organization of the Examination;
4. Secretary of the Professional Examination Commission, hereinafter referred to as Secretary KUP, is the Official responsible for the administration of the Examination.
5. Document Receiving and Checking Officer, hereinafter referred to as Officer P2D, is the officer responsible for receiving and checking documents for selection, study, and assessment of validity. (Team B)
6. Examination Preparation and Implementation Officer, hereinafter referred to as Officer P2UP, is the officer responsible for preparing and organizing the examination. (Team D)
7. Examination Implementation Supervisor Officer, hereinafter referred to as Supervisor Officer UP, is the officer responsible for supervising the implementation of the Examination. (Team E)
8. Professional Examination Interview Officer, hereinafter referred to as Interview Officer UP, is the officer responsible for organizing Examination interviews for Participants who meet the assessment criteria. (Team F)
9. Professional Examination Assessment Officer, hereinafter referred to as Assessment Officer UP, is the officer responsible for the assessment of the Examination. (Team G)
10. Document Receiving and Non-Tax State Revenue Receiving Officer, hereinafter referred to as Officer PD PNBP, is the treasurer appointed to receive, store, deposit, account for, and be accountable for documents and professional examination fee funds in the context of implementing Non-Tax State Revenue. (Team A)
11. Question Bank Manager, hereinafter referred to as PBS, is the officer responsible for storing and accounting for question materials used during the Examination. (Team C)

CHAPTER III STRUCTURE, TASKS, AND RESPONSIBILITIES OF THE PROFESSIONAL EXAMINATION COMMISSION A. Organizational Structure of the Professional Examination Commission B. Tasks and Responsibilities of the Professional Examination Commission

1. The Head of the Commodity Futures Trading Regulatory Agency (Head of Bappebti) is the direct superior Official of the Professional Examination Commission (KUP) who is responsible for: a. making general policies and operational directions for the Commission; [Organizational Chart Description: Head of Bappebti (Director) -> Chief Expert of PBK Examiner (Technical Advisor) / Head of Bureau in the Environment of Bappebti (Substance Advisor) / Head of Bureau for Development of PBK (Chairperson KUP) -> Secretary KUP -> Question Bank Manager (PBS) / Officer PD PNBP (Team A) / Officer P2D (Team B) / Officer P2UP (Team D) / Supervisor Officer UP (Team E) / Interview Officer UP (Team F) / Assessment Officer UP (Team G)] b. appointing and dismissing the Chairperson, Secretary, and Members of KUP; c. providing final decisions on the results of the Examination implementation; d. handing over the certification of Examination pass to the Chairperson KUP.

2. The Head of the Bureau for Development of Commodity Futures Trading (Karonabang PBK Bappebti) is the KUP Advisor Official in technical matters of Examination implementation who has the task of giving approval to accept or reject the tentative or definitive schedule and Examination questions established by the Chairperson KUP.

3. Heads of Bureaus in the Environment of the Commodity Futures Trading Regulatory Agency are officials at the II echelon level in the Bappebti environment who have the task of providing considerations and determining questions to be examined in specific periods.

4. The Chairperson KUP has the task of: a. submitting the establishment of the Examination implementation schedule; b. making and announcing the Examination implementation schedule; c. drafting and establishing the rules of conduct for Examination implementation; d. receiving Participant Registration and Non-Tax State Revenue; e. checking and studying the validity of Examination registration documents; f. studying and assigning Professional Examination Participant Numbers (PUP); g. making, compiling, discussing, selecting, and establishing Examination questions; h. determining the weight and formula for assessing Examination results; i. organizing preparation, supervision of implementation, and Examination interviews; j. checking and assessing Examination results; k. signing the pass certificates for Participants; l. managing Examination administration and documentation; m. evaluating Examination preparation and implementation.

CHAPTER IV In the context of implementing the Examination, the officials and officers appointed or entrusted with tasks to implement the Examination are to carry out their duties as best as possible in an orderly manner and in accordance with regulations, while always paying attention to the following: a. Every Official/Officer is required to be orderly, comply with legislation, efficient, effective, and responsible, while paying attention to propriety and upholding honesty; b. Officials/Officers who sign and/or approve documents are responsible for the material truth and consequences arising from the use of the aforementioned proof documents; and c. Every Official/Officer who violates the law and neglects duties, directly or indirectly, causing harm and/or damaging the reputation of Bappebti, will be subject to sanctions in accordance with applicable legislation.

Established in Jakarta on 28 March 2024

ACTING HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA,

Signed, KASAN

A copy in accordance with the original COMMODITY FUTURES TRADING REGULATORY AGENCY Head of the Legal and Legislation Bureau

CLOSING