Financial Condition Transparency of Rural Banks

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 48 /POJK.03/2017
CONCERNING
FINANCIAL CONDITION TRANSPARENCY OF RURAL BANKS BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that in order to create transparency of the financial condition and performance of Rural Banks, Rural Banks must announce financial reports within the time and form determined by the Financial Services Authority; b. that in order to increase transparency of the financial condition and performance of Rural Banks, further regulations are needed regarding the procedure for publishing the financial condition of Rural Banks and other information to the public periodically, accurately, and correctly;
c. that the preparation of annual financial reports and published financial reports of Rural Banks is in accordance with the accounting standards for entities without public accountability for Rural Banks and the accounting guidelines for Rural Banks;
d. that in connection with the transfer of functions, duties, and authority for the regulation and supervision of financial services in the banking sector from Bank Indonesia to the Financial Services Authority, it is necessary to re-regulate the transparency of the financial condition of Rural Banks; e. that based on the considerations as referred to in letters a through d, it is necessary to establish a Financial Services Authority Regulation concerning the Financial Condition Transparency of Rural Banks; Recalling: a. Law Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia Year 1992 Number 31, Supplement to the State Gazette of the Republic of Indonesia Number 3472) as amended by Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia Year 1998 Number 182, Supplement to the State Gazette of the Republic of Indonesia Number 3790); b. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253); DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING FINANCIAL CONDITION TRANSPARENCY OF RURAL BANKS.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Rural Bank, hereinafter abbreviated as BPR, is a bank that conducts conventional business activities and does not provide payment circulation services in its activities.
2. Annual Report is a complete report on the performance of a BPR over a period of 1 (one) year, containing annual financial reports and general information.
3. Annual Financial Report is the year-end financial report of a BPR prepared based on the applicable accounting standards for BPR and BPR accounting guidelines.
4. Published Financial Report is the BPR financial report prepared based on the applicable accounting standards for BPR and BPR accounting guidelines and published every quarter in accordance with this Financial Services Authority Regulation.
5. Fiscal Year is the calendar year or the year starting from January to December.
6. Management Letter is a letter from a public accounting firm containing written comments from the public accountant to the bank management regarding the results of the review of the internal control structure, implementation of the applicable accounting standards for BPR, or other issues encountered during the audit, along with improvement suggestions.
7. Board of Directors:
   a. for BPR in the form of a Limited Liability Company, is the Board of Directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies; b. for BPR in the form of legal entities:

1. Regional Public Enterprises or Regional State-Owned Enterprises is the Board of Directors as referred to in Law Number 23 of 2014 concerning Regional Government as amended several times, most recently by Law Number 9 of 2015 concerning the Second Amendment to Law Number 23 of 2014 concerning Regional Government;
2. Regional Enterprises is the Board of Directors in BPRs that have not yet changed their legal entity form into a Regional Public Enterprise or Regional State-Owned Enterprise in accordance with Law Number 23 of 2014 concerning Regional Government as amended several times, most recently by Law Number 9 of 2015 concerning the Second Amendment to Law Number 23 of 2014 concerning Regional Government;
   c. for BPR in the form of a Cooperative legal entity, is the management as referred to in Law Number 25 of 1992 concerning Cooperatives.

8. Board of Commissioners:
   a. for BPR in the form of a Limited Liability Company, is the Board of Commissioners as referred to in Law Number 40 of 2007 concerning Limited Liability Companies; b. for BPR in the form of legal entities:

1. Regional Public Enterprises is the Supervisory Board as referred to in Law Number 23 of 2014 concerning Regional Government as amended several times, most recently by Law Number 9 of 2015 concerning the Second Amendment to Law Number 23 of 2014 concerning Regional Government;
2. Regional State-Owned Enterprises is the Commissioner as referred to in Law Number 23 of 2014 concerning Regional Government as amended several times, most recently by Law Number 9 of 2015 concerning the Second Amendment to Law Number 23 of 2014 concerning Regional Government;
3. Regional Enterprises is the Supervisor in BPRs that have not yet changed their legal entity form into a Regional Public Enterprise or Regional State-Owned Enterprise in accordance with Law Number 23 of 2014 concerning Regional Government as amended several times, most recently by Law Number 9 of 2015 concerning the Second Amendment to Law Number 23 of 2014 concerning Regional Government;
   c. for BPR in the form of a Cooperative legal entity, is the Supervisor as referred to in Law Number 25 of 1992 concerning Cooperatives.

Article 2
(1) BPRs are required to prepare and present financial reports in the form and scope as determined in this Financial Services Authority Regulation, consisting of:
a. Annual Report; and b. Published Financial Report.
(2) The Annual Report and Published Financial Report as referred to in paragraph (1) must be prepared in the Indonesian language.

CHAPTER II
ANNUAL REPORT
Article 3
(1) The Annual Report as referred to in Article 2 paragraph (1) letter a must contain at least:
a. general information including:

1. management;
2. ownership;
3. development of BPR business;
4. management strategy and policy; and
5. management report;
   b. Annual Financial Report consisting of:
6. balance sheet;
7. income statement;
8. statement of changes in equity;
9. cash flow statement; and
10. notes to the financial statements, including information on commitments and contingencies;
    c. opinion from a public accountant on the Annual Financial Report of the BPR audited by a public accountant;
    d. all aspects of transparency and information required for the Published Financial Report as referred to in this Financial Services Authority Regulation; e. all aspects of disclosure as required in the applicable accounting standards for BPR and BPR accounting guidelines; and f. Management Letter regarding the audit of the Annual Financial Report of the BPR. (2) The Annual Financial Report as referred to in paragraph (1) letter b must be prepared for 1 (one) Fiscal Year and presented with a comparison to the previous 1 (one) Fiscal Year.

Article 4
(1) BPRs are required to submit the Annual Report as referred to in Article 2 paragraph (1) letter a to the Financial Services Authority.
(2) The Annual Report as referred to in paragraph (1) must be signed by at least 1 (one) member of the BPR Board of Directors by clearly stating the name.
(3) In the event that all members of the Board of Directors are unable, the Annual Report as referred to in paragraph (1) must be signed by a member of the Board of Commissioners or an official appointed by the general meeting of shareholders or in accordance with the articles of association, by clearly stating the name and position. (4) The Annual Report as referred to in paragraph (1) must be submitted no later than the end of April after the Fiscal Year ends.

Article 5
(1) For BPRs with total assets of at least IDR 10,000,000,000.00 (ten billion rupiah), the Annual Financial Report submitted in the Annual Report must first be audited by a public accountant registered with the Financial Services Authority. (2) For BPRs with total assets less than IDR 10,000,000,000.00 (ten billion rupiah), the Annual Financial Report submitted in the Annual Report is the Annual Financial Report that has been accounted for by the Board of Directors in the general meeting of shareholders or members' meeting. (3) In the event that the Annual Financial Report of the BPR as referred to in paragraph (2) is audited by a public accountant, the Annual Financial Report submitted in the Annual Report is the audited Annual Financial Report. (4) If the audit by a public accountant as referred to in paragraph (3) is conducted after the submission deadline for the Annual Report as referred to in Article 4 paragraph (4), in addition to submitting the Annual Report as referred to in paragraph (2), the BPR must submit the Annual Financial Report audited by the public accountant no later than 1 (one) month after receiving the audit results for the financial report. (5) The Annual Financial Report as referred to in paragraph (1) and paragraph (2) must be prepared in accordance with the applicable accounting standards for BPR and BPR accounting guidelines.

Article 6
BPRs that have submitted the Annual Report but:
a. the Annual Financial Report of the BPR is not audited by a public accountant registered with the Financial Services Authority as referred to in Article 5 paragraph (1); or b. the Annual Financial Report of the BPR has not been accounted for by the Board of Directors to the general meeting of shareholders or members' meeting as referred to in Article 5 paragraph (2), are declared to have not submitted the Annual Report.

Article 7
(1) A BPR is declared to have submitted the Annual Report late if the BPR submits the Annual Report to the Financial Services Authority after the final submission deadline as referred to in Article 4 paragraph (4), up to a maximum of 1 (one) month from the final submission deadline. (2) A BPR is declared to have not submitted the Annual Report if the BPR has not submitted the Annual Report after the late submission deadline as referred to in paragraph (1). (3) A BPR that has not submitted the Annual Report as referred to in paragraph (2) remains required to submit the Annual Report before the next Fiscal Year.

CHAPTER III
PUBLISHED FINANCIAL REPORT
Article 8
(1) BPRs are required to announce quarterly Published Financial Reports for the end of March, June, September, and December in the form and manner determined by the Financial Services Authority.
(2) The Published Financial Report for the end of December is prepared based on the Annual Financial Report as referred to in Article 5.
(3) The Published Financial Report as referred to in Article 2 paragraph (1) letter b must contain at least:
a. financial reports consisting of:

1. balance sheet;
2. income statement; and
3. commitment and contingency report;
   b. other information consisting of at least:
4. Productive Asset Quality (KAP) for:
   a) placements in other banks; and b) credits granted, both to related parties and unrelated parties;
5. financial ratios, consisting of:
   a) Minimum Capital Requirement (KPMM); b) Non-Performing Loan (NPL); c) Provision for Productive Asset Write-off (PPAP); d) Return On Asset (ROA); e) Operating Expenses against Operating Income (BOPO); f) cash ratio; and g) Loan to Deposit Ratio (LDR); and
   c. composition of Board of Directors members, Board of Commissioners members, and shareholder composition including controlling shareholders.
   (4) The quarterly Published Financial Report as referred to in paragraph (1) must be presented in comparative form with the quarterly Published Financial Report of the previous year.

Article 9
(1) BPRs with total assets of at least IDR 10,000,000,000.00 (ten billion rupiah) are required to:
a. announce the Published Financial Report for the end of March, June, and September in a local daily newspaper or by posting on an announcement board or other media easily readable by the public; and b. announce the Published Financial Report for the end of December in a local daily newspaper and by posting on an announcement board or other media easily readable by the public. (2) BPRs with total assets less than IDR 10,000,000,000.00 (ten billion rupiah) are required to announce the Published Financial Report for the end of March, June, September, and December in a local daily newspaper or by posting on an announcement board or other media easily readable by the public. (3) The announcement of the Published Financial Report as referred to in paragraph (1) and paragraph (2) must be done no later than:
a. the end of the following month after the end of the reporting month for the Published Financial Report for the end of March, June, and September; and b. the end of the fourth month after the end of the reporting month for the Published Financial Report for the end of December.

Article 10
(1) In the event that a BPR announces the Published Financial Report by posting on an announcement board or other media easily readable by the public as referred to in Article 9, the Published Financial Report must:
a. be posted in all BPR offices; and b. be posted continuously until the next reporting period.
(2) A BPR that does not announce the Published Financial Report in accordance with the provisions as referred to in paragraph (1) is declared to have not announced the Published Financial Report.

Article 11
(1) A BPR is declared to have announced the Published Financial Report late if it announces the Published Financial Report after the final announcement deadline as referred to in Article 9 paragraph (3), up to a maximum of 1 (one) month from the final announcement deadline. (2) A BPR is declared to have not announced the Published Financial Report if the BPR has not announced the Published Financial Report after the late announcement deadline as referred to in paragraph (1). (3) In the event that a BPR has announced the Published Financial Report for the end of December, but:
a. the Annual Financial Report for the Published Report as referred to in Article 5 paragraph (1) is not audited by a public accountant registered with the Financial Services Authority; or b. the Annual Financial Report for the Published Report as referred to in Article 5 paragraph (2) has not been accounted for by the Board of Directors to the general meeting of shareholders or members' meeting, the BPR is declared to have not announced the Published Financial Report for the end of December.

Article 12
(1) The Published Financial Report as referred to in Article 8 must be signed by at least 1 (one) member of the Board of Directors by clearly stating the name.
(2) In the event that all members of the Board of Directors are unable, the Published Financial Report is signed by a member of the Board of Commissioners or an official appointed by the general meeting of shareholders or in accordance with the articles of association, by clearly stating the name and position. (3) For BPRs whose financial reports are audited by a public accountant, the Published Financial Report for the end of December must:
a. meet the provisions as referred to in paragraph (1) and paragraph (2); and b. state the name of the public accountant responsible for the audit (partner in charge) and the name of the public accounting firm that audited the Annual Financial Report.

Article 13
BPRs are required to submit proof of announcement to the Financial Services Authority in the form of:
a. the newspaper page containing the Published Financial Report; and/or b. a photocopy of the Published Financial Report posted on an announcement board or other media, no later than the 14th day after the end of the announcement deadline as referred to in Article 9 paragraph (3).

Article 14
(1) BPRs are required to submit data records of the Published Financial Report online through the Financial Services Authority reporting system no later than the 14th day after the final announcement deadline as referred to in Article 9 paragraph (3). (2) In the event that submission of the report through the Financial Services Authority reporting system as referred to in paragraph (1) cannot be done, the BPR submits the report online through the periodic BPR reporting application as referred to in regulations governing monthly BPR reports. (3) BPRs may be exempted from the obligation to submit data records of the Published Financial Report online as referred to in paragraph (1) and submit the report offline, in the event that:
a. the BPR is located in an area where telecommunications network facilities are not yet available; b. the BPR has been operating for a maximum period of 2 (two) months after commencing operational activities;
c. the BPR experiences technical disturbances; and/or
d. there is damage and/or disturbance to the Financial Services Authority's database or communication network, or Bank Indonesia in the event that submission of the report through the Financial Services Authority reporting system cannot be done. (4) BPRs may submit data records of the Published Financial Report offline as referred to in paragraph (3) by first submitting a notification letter along with reasons to the Financial Services Authority, with a copy to Bank Indonesia in the event that submission of the report through the Financial Services Authority reporting system cannot be done.

Article 15
(1) A BPR is declared to have submitted proof of announcement as referred to in Article 13 and data records of the Published Financial Report as referred to in Article 14 paragraph (1) late, if the BPR submits proof of announcement or data records of the Published Financial Report after the end of the period as referred to in Article 13 and Article 14 paragraph (1), up to a maximum of 1 (one) month from the final submission deadline. (2) A BPR is declared to have not submitted proof of announcement as referred to in Article 13 or data records of the Published Financial Report as referred to in Article 14 paragraph (1), if the BPR has not submitted proof of announcement or data records of the Published Financial Report after the late submission deadline as referred to in paragraph (1). (3) In the event that a BPR has submitted data records of the Published Financial Report but the data does not match the Published Financial Report that was announced, the BPR is declared to have not submitted data records of the Published Financial Report.

CHAPTER IV
RESPONSIBILITY FOR FINANCIAL REPORTS
Article 16
The Annual Financial Report and Published Financial Report are fully the responsibility of the BPR's Board of Directors and Board of Commissioners.

CHAPTER V
FORCE MAJEURE
Article 17
(1) BPRs experiencing force majeure that impact the exceeding of deadlines for announcing and/or submitting reports are exempted from the obligation to announce and/or submit reports as referred to in Article 4 paragraph (4), Article 9 paragraph (3), Article 13, and Article 14 paragraph (1). (2) To obtain the exemption as referred to in paragraph (1), the BPR must submit a notification letter accompanied by an explanation of the cause of the force majeure experienced and accompanied by a statement from an official of the relevant local government agency to the Financial Services Authority, with a copy to Bank Indonesia in the event that submission of the report through the Financial Services Authority reporting system cannot be done. (3) BPRs obtaining the exemption as referred to in paragraph (2) are required to announce and/or submit the reports as referred to in Article 4 paragraph (4), Article 9 paragraph (3), Article 13, and Article 14 paragraph (1), after the BPR resumes normal operational activities. (4) The exemption as referred to in paragraph (1) and paragraph (2) is only granted until the force majeure or based on the Financial Services Authority's consideration has been resolved.

CHAPTER VI
SANCTIONS
Section One
Annual Report
Article 18
(1) BPRs that submit the Annual Report late as referred to in Article 7 paragraph (1) are subject to administrative sanctions in the form of a fine of IDR 50,000.00 (fifty thousand rupiah) per day of delay.
(2) BPRs that do not submit the Annual Report as referred to in Article 7 paragraph (2) are subject to administrative sanctions in the form of a fine of IDR 3,000,000.00 (three million rupiah).
(3) BPRs that do not submit the Annual Report as referred to in paragraph (2) until the next Annual Report submission period are subject to administrative sanctions, namely written reprimands and:
a. downgrade of the bank's health level; and/or b. inclusion of Board of Directors members, Board of Commissioners members, and/or controlling shareholders in the list of parties receiving a failed predicate in the BPR competency and propriety test as regulated in legislation concerning competency and propriety tests.

Article 19
(1) BPRs that submit an Annual Report whose preparation and presentation do not comply with the provisions as referred to in Article 3 and Article 4 and/or the applicable accounting standards for BPR and BPR accounting guidelines as referred to in Article 5 paragraph (5) are subject to:
a. administrative sanctions in the form of a fine of IDR 5,000,000.00 (five million rupiah) if, after being given 2 (two) warning letters by the Financial Services Authority with a grace period of 2 (two) weeks for each warning letter, the BPR does not correct and does not submit the report; and b. administrative sanctions in the form of written reprimands and:

1. downgrade of the bank's health level; and/or
2. inclusion of Board of Directors members and Board of Commissioners members in the list of parties receiving a failed predicate in the BPR competency and propriety test as referred to in legislation concerning competency and propriety tests.
   (2) BPRs that submit an Annual Report whose content is materially inconsistent with the actual condition as referred to in Article 3, in addition to being subject to administrative sanctions in the form of fines and administrative sanctions as referred to in paragraph (1), may be subject to criminal sanctions as referred to in Article 49 paragraph (1) and Article 50 of Law Number 7 of 1992 concerning Banking as amended by Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1992 concerning Banking against members of the Board of Directors, members of the Board of Commissioners, BPR employees, or other affiliated parties.

Part Two
Public Financial Report Publication
Article 20
(1) Rural Banks (BPR) declared late in announcing the Public Financial Report in a local daily newspaper and/or posting it on an announcement board or other media as referred to in Article 11 paragraph (1) shall each be subject to administrative sanctions in the form of a fine of Rp50,000.00 (fifty thousand rupiah) per day of delay. (2) Rural Banks (BPR) that do not announce the Public Financial Report in a local daily newspaper and/or do not post it on an announcement board or other media as referred to in Article 11 paragraph (2) shall each be subject to administrative sanctions in the form of a fine of Rp3,000,000.00 (three million rupiah).

Article 21
(1) Rural Banks (BPR) that are late in submitting proof of announcement and/or data recording of the Public Financial Report as referred to in Article 15 paragraph (1) shall each be subject to administrative sanctions in the form of a fine of Rp50,000.00 (fifty thousand rupiah) per day of delay. (2) Rural Banks (BPR) that do not submit proof of announcement or data recording of the Public Financial Report as referred to in Article 15 paragraph (2), or where the submission of each is subject to sanctions, shall be subject to administrative sanctions in the form of a fine of Rp3,000,000.00 (three million rupiah).

Article 22
Rural Banks (BPR) that have been subject to sanctions as referred to in Articles 18 through 21 remain obligated to fulfill the provisions as referred to in this Financial Services Authority Regulation.

CHAPTER VII
OTHERS
Article 23
If the deadline for obligations as referred to in Article 4 paragraph (4), Article 5 paragraph (4), Article 7 paragraph (1), Article 7 paragraph (2), Article 9 paragraph (3), Article 11 paragraph (1), Article 11 paragraph (2), Article 13, Article 14 paragraph (1), and Article 15 paragraph (1) and paragraph (2) falls on a holiday, the deadline for the obligation falls on the next working day.

Article 24
Further provisions regarding the Annual Report, Public Financial Report, and Sanctions as referred to in CHAPTER II, CHAPTER III, and CHAPTER VI shall be further regulated in a Circular Letter of the Financial Services Authority.

CHAPTER VIII
CLOSING
Article 25
Upon the commencement of this Financial Services Authority Regulation, Bank Indonesia Regulation Number 15/3/PBI/2013 concerning Transparency of Financial Conditions of Rural Banks (State Gazette of the Republic of Indonesia Year 2013 Number 94, Supplement to the State Gazette of the Republic of Indonesia Number 5418) is revoked and declared invalid, except for Article 17 paragraph (3) which is declared to remain in force until the implementation regulations of the Financial Services Authority Regulation regarding the use of public accountants and public accounting firms in financial service activities come into force.

This copy is in accordance with the original
Director of Law 1
Legal Department signed
Yuliana

Article 26
This Financial Services Authority Regulation comes into force on the date of its promulgation.
To ensure that everyone knows it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on 12 July 2017
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY, signed
MULIAMAN D. HADAD

Promulgated in Jakarta on 12 July 2017
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 154

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 48 /POJK.03/2017
CONCERNING
TRANSPARENCY OF FINANCIAL CONDITIONS OF RURAL BANKS

I. GENERAL
In accordance with Law Number 7 of 1992 concerning Banking as amended by Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1992 concerning Banking, Rural Banks (BPR) are required to submit to the Financial Services Authority and announce financial reports in the form of balance sheets, income statements, and their explanations, as well as other periodic reports within the time and form determined by the Financial Services Authority. To protect the interests of the public through the application of governance, one of the important aspects of which is the transparency of financial conditions to the public, the announced financial reports must be believed to be easily accessible by stakeholders to protect the interests of depositors, investors, and/or other users, so that ultimately public trust in the national banking sector can be increased. So that financial reports can provide accurate and correct information and can be compared, financial reports must be prepared in accordance with accounting standards and recording and reporting guidelines applicable to Rural Banks.

II. ARTICLE BY ARTICLE
Article 1
It is clear enough.

Article 2
It is clear enough.

Article 3
It is clear enough.

Article 4
It is clear enough.

Article 5
Paragraph (1)
It is clear enough.
Paragraph (2)
The Annual Financial Report that has been accounted for in the general meeting of shareholders or members' meeting is proven by the submission of the minutes of the general meeting of shareholders or members' meeting. Paragraph (3) It is clear enough. Paragraph (4) It is clear enough. Paragraph (5) It is clear enough.

Article 6
It is clear enough.

Article 7
Paragraph (1)
Example:
The submission of the 2018 Annual Report which must be audited by a public accountant is declared late if submitted within the period of May 1 to May 31, 2019.
Paragraph (2)
Example:
The 2018 Annual Report which must be audited by a public accountant is declared not submitted if submitted after May 31, 2019.
Paragraph (3)
It is clear enough.

Article 8
It is clear enough.

Article 9
Paragraph (1)
What is meant by "local daily newspaper" is a newspaper that has circulation in the area of the BPR's domicile.
What is meant by "other media" includes all means used by the BPR to post financial reports, for example, the front wall of the BPR office.
What is meant by "easily readable by the public" is the Public Financial Report posted on an announcement board or other media at the BPR office which can be directly seen and read by the general public.
Paragraph (2)
It is clear enough.
Paragraph (3)
It is clear enough.

Article 10
Paragraph (1)
Example:
The Public Financial Report for March 2019 is posted on an announcement board or other media until the announcement period for the Public Financial Report for June 2019 enters.
What is meant by BPR office is the head office, branch office, and cash office.
Paragraph (2)
Example:
At the time of the August 2019 inspection, if the BPR does not post the Public Financial Report on an announcement board or other media easily readable by the public at one of the BPR offices for the end-of-June 2019 position, then the BPR will be subject to sanctions for not announcing the Public Financial Report for the period of the Public Financial Report for the end-of-June 2019 position.

Article 11
Paragraph (1)
Example:
For the Public Financial Report for March 2019, the BPR is declared late in announcing the Public Financial Report if announced within the period of May 1 to May 31, 2019.
Paragraph (2)
Example:
For the Public Financial Report for March 2019, the BPR is declared not to announce the Public Financial Report if announced after May 31, 2019.
Paragraph (3)
It is clear enough.

Article 12
It is clear enough.

Article 13
Example:
The Public Financial Report for the end of March 2019 must be announced no later than April 30, 2019.
Furthermore, the BPR is required to submit newspaper clippings and/or photocopies of the Public Financial Report and data recording of the Public Report no later than May 14, 2019.

Article 14
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (3)
The submission of data recording of the Public Financial Report offline is done by means such as sending flash disks, compact discs, or other recording or data transfer media.
Letter a
What is meant by "areas where telecommunications network facilities are not available" is an area that does not have telecommunications network infrastructure in accordance with the telecommunications network infrastructure used for the Financial Services Authority reporting system. Letter b It is clear enough. Letter c What is meant by "technical disturbance" is a disturbance that causes the reporting BPR to be unable to submit the Public Financial Report online, including disturbances in telecommunications networks, fires, or power outages. Letter d It is clear enough. Paragraph (4) It is clear enough.

Article 15
Paragraph (1)
Example:
For the Public Financial Report for March 2019, the BPR is declared late in submitting the newspaper pages and/or photocopies of the Public Financial Report and data recording of the Public Financial Report if submitted within the period of May 15 to June 14, 2019. Paragraph (2) Example:
For the Public Financial Report for March 2019, the BPR is declared not to submit newspaper page clippings or photocopies of the Public Financial Report posted on an announcement board and data recording of the Public Financial Report if submitted after June 14, 2019. Paragraph (3) It is clear enough.

Article 16
It is clear enough.

Article 17
Paragraph (1)
What is meant by "force majeure" is a condition that actually causes the BPR to be unable to announce and/or submit reports, including fires, mass riots, war, sabotage, and natural disasters such as earthquakes, and/or floods, which are justified by the authorities or officials from the relevant agency in the local area. Example:
If a BPR experiences a fire in February 2019 which causes the BPR to suffer infrastructure damage and permanent loss of data and/or information, so that it cannot submit reports or announce reports for the December 2018 position until the deadline for submission of the Annual Report and announcement of the Public Financial Report, it is exempted from submission of reporting or announcement. Paragraph (2) It is clear enough. Paragraph (3) It is clear enough. Paragraph (4) It is clear enough.

Article 18
It is clear enough.

Article 19
It is clear enough.

Article 20
It is clear enough.

Article 21
It is clear enough.

Article 22
It is clear enough.

Article 23
What is meant by "holiday" is Saturday, Sunday, or a holiday determined by the Government.

Article 24
It is clear enough.

Article 25
It is clear enough.

Article 26
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6097