Recalling:

1. Law Number 8 of 1995 concerning Capital Markets (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608) as amended several times, most recently by Law Number 4 of 2026 concerning Amendment to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
2. 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) as amended several times, most recently by Law Number 4 of 2026 concerning Amendment to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
3. 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) as amended by Law Number 4 of 2026 concerning Amendment to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
4. Financial Services Authority Regulation Number 14 of 2023 concerning Carbon Trading Through Carbon Exchange (State Gazette of the Republic of Indonesia Year 2023 Number 24/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 48/OJK);

DECIDING:

Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14 OF 2023 CONCERNING CARBON TRADING THROUGH CARBON EXCHANGE.

Article I

Several provisions in the Financial Services Authority Regulation Number 14 of 2023 concerning Carbon Trading Through Carbon Exchange (State Gazette of the Republic of Indonesia Year 2023 Number 24/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 48/OJK) are amended as follows:

1. The provisions of numbers 2, 3, 4, and 5 of Article 1 are amended to read as follows:

Article 1

In this Financial Services Authority Regulation:

1. Greenhouse Gas, hereinafter abbreviated as GHG, is gas contained in the atmosphere, both natural and anthropogenic, that absorbs and emits infrared radiation.

2. Carbon Unit Registry System, hereinafter abbreviated as SRUK, is a system for providing and managing data and information related to carbon units at the level of implementation of carbon economic value instruments.

3. Carbon Unit is the result of emission reduction and/or absorption that is certified through domestic certification schemes, international certification, or GHG Emission Quotas, stated in units of carbon dioxide equivalent tons.

4. Greenhouse Gas Emission Reduction Certificate, hereinafter abbreviated as GHG Emission Reduction Certificate, is evidence of emission reduction by businesses and/or activities that have undergone measurement, reporting, and verification (MRV), and is recorded in the SRUK in the form of registration numbers and/or codes.

5. GHG Emission Quota is the amount of GHG emissions that can be released into the atmosphere by regulated installations.

6. Security is a security instrument or investment contract, whether in conventional and digital forms or other forms in accordance with technological developments, which gives the owner the right to directly or indirectly obtain economic benefits from the issuer or from certain parties based on agreements and any derivatives of Securities, which can be transferred and/or traded in the capital market.

7. Party is an individual, legal entity, company, joint venture, association, or organized group.

8. Carbon Trading is a market-based mechanism to reduce GHG emissions through the buying and selling of Carbon Units.

9. Carbon Exchange is a system that regulates Carbon Trading and/or ownership records of Carbon Units.

10. Carbon Exchange Organizer is a party that organizes and provides Carbon Exchange.

11. Board of Directors is the organ of a limited liability company that has the authority and is fully responsible for the management of the limited liability company for the interests of the limited liability company, in accordance with the purpose and objectives of the limited liability company, and represents the limited liability company, both inside and outside the court, in accordance with the provisions of the articles of association.

12. Board of Commissioners is the organ of a limited liability company tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors.

13. The provisions of Article 3 are amended to read as follows:

Article 3

(1) Carbon Units are Securities.

(2) Carbon Units traded on the Carbon Exchange must first be recorded on:
a. SRUK; and b. Carbon Exchange Organizer.

(3) The Carbon Exchange Organizer may facilitate trading:
a. Carbon Units recorded in the SRUK; and/or b. carbon units from abroad that are not recorded in the SRUK, as long as they do not conflict with applicable regulations.

(4) Carbon units from abroad that are not recorded in the SRUK as referred to in paragraph (3) letter b must meet the requirements:
a. have been registered, validated, and verified by an institution that has obtained accreditation from an international registration system organizer and/or has been recorded on a foreign Carbon Exchange; and b. other requirements established by the Financial Services Authority.

(5) In trading carbon units from abroad that are not recorded in the SRUK as referred to in paragraph (3), the Carbon Exchange Organizer must ensure the integrity, quality, and recording standards of carbon units.

(6) The Financial Services Authority establishes other requirements as referred to in paragraph (4) letter b after coordinating with the minister in charge of environmental protection and management affairs.

3. The provisions of Article 5 are amended to read as follows:

Article 5

Carbon Units traded on the Carbon Exchange Organizer consist of:
a. GHG Emission Quotas; b. GHG Emission Reduction Certificates; and
c. non-GHG Emission Reduction Certificates.

4. Between Article 12 and Article 13, 1 (one) article is inserted, namely Article 12A, so that it reads as follows:

Article 12A

Provisions regarding the procedures for the implementation of Carbon Trading on the Carbon Exchange are established by the Financial Services Authority.

5. After paragraph (2) of Article 26, 1 (one) paragraph is added, namely paragraph (3), so that it reads as follows:

Article 26

(1) The Financial Services Authority conducts supervision of Carbon Trading through the Carbon Exchange.

(2) The scope of supervision as referred to in paragraph (1) includes:
a. Carbon Exchange Organizers; b. supporting market infrastructure for Carbon Trading;
c. users of Carbon Exchange services;
d. transactions and settlement of Carbon Unit transactions; e. governance of Carbon Trading; f. risk management; g. consumer protection; and h. Parties, products, and/or activities related to Carbon Trading through the Carbon Exchange.

(3) Supervision as referred to in paragraph (2) letter c can be conducted regarding the sustainability governance of Carbon Exchange service users in conducting Carbon Trading activities through the Carbon Exchange.

6. The provisions of Article 31 are amended to read as follows:

Article 31

(1) The Carbon Exchange Organizer must submit:
a. monthly transaction recapitulation reports from service users, which must be submitted no later than the 5th (fifth) trading day of the following month; b. annual activity reports, including annual audited financial reports by accountants registered with the Financial Services Authority, which must be submitted no later than the end of the 3rd (third) month after the date of the annual financial report;
c. approval and/or rejection of Parties applying as service users and/or changes to service users, which must be submitted no later than the next trading day;
d. changes in organizational structure and/or systems, which must be submitted no later than the next trading day; e. violations and sanctions imposed on service users, which must be submitted no later than the next trading day; f. special events, which must be submitted no later than the end of the same trading day; g. resignation of members of the Board of Directors and/or members of the Board of Commissioners, which must be submitted no later than 2 (two) working days from the date the event is known; h. results of the General Meeting of Shareholders of the Carbon Exchange Organizer, no later than 2 (two) working days from the date of the holding of the General Meeting of Shareholders; and/or
i. copies of notarial deeds of the General Meeting of Shareholders of the Carbon Exchange Organizer, no later than 2 (two) working days after the copy of the notarial deed is received by the Carbon Exchange Organizer,
to the Financial Services Authority.

(2) In the context of carbon trading, the Financial Services Authority may establish specific reporting by the Carbon Exchange Organizer to the relevant Ministry.

(3) In the event that the Financial Services Authority establishes specific reporting as referred to in paragraph (2), the Carbon Exchange Organizer must submit reports to the relevant Ministry.

(4) The resignation of members of the Board of Directors or members of the Board of Commissioners based on reports as referred to in paragraph (1) letter g may be postponed by the Financial Services Authority if the resignation of members of the Board of Directors or members of the Board of Commissioners has the potential to affect the performance and operations of the Carbon Exchange Organizer.

7. The provisions of Article 33 are amended to read as follows:

Article 33

(1) Every Party that violates the provisions as referred to in Article 3 paragraph (2), paragraph (5), Article 7 paragraph (1), paragraph (2), paragraph (5), Article 8 paragraph (1), Article 9, Article 13, Article 14 paragraph (3), Article 15 paragraph (2), Article 16, Article 18, Article 19, Article 20, Article 21, Article 24, Article 29, Article 30 paragraph (3), and/or Article 31 paragraph (1) shall be subject to administrative sanctions.

(2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the occurrence of violations as referred to in paragraph (1).

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. business activity restrictions;
d. business activity suspension; e. business license revocation; f. approval cancellation; and/or g. registration cancellation.

(4) Administrative sanctions as referred to in paragraph (3) letters b through g may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a.

(5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed independently or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through g.

8. Between CHAPTER X and CHAPTER XI, 1 (one) chapter is inserted, namely CHAPTER XA, so that it reads as follows:

CHAPTER XA

OTHER PROVISIONS

9. Between Article 35 and Article 36, 2 (two) articles are inserted, namely Article 35A and 35B, so that they read as follows:

Article 35A

Relevant consumer protection principles as regulated in Financial Services Authority Regulations concerning consumer and community protection in the financial services sector apply to every Party involved in Carbon Trading through the Carbon Exchange.

Article 35B

The Financial Services Authority may provide policies that differ from this Financial Services Authority Regulation based on specific considerations.

Article II

1. At the time this Financial Services Authority Regulation comes into force, Carbon Exchange Organizers may facilitate the trading of Carbon Units recorded in the electronic system of the relevant ministry for a maximum of 3 (three) months after this Financial Services Authority Regulation is promulgated until the SRUK operates.

2. This Financial Services Authority Regulation comes into force on the date of promulgation.

In order that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on July 2, 2026

CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

FRIDERICA WIDYASARI DEWI

Promulgated in Jakarta on [Date]

MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2026 NUMBER [Number]

EXPLANATION

OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 10 OF 2026
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14 OF 2023 CONCERNING CARBON TRADING THROUGH CARBON EXCHANGE

I. GENERAL

The Government has issued Presidential Regulation Number 110 of 2025 concerning the Implementation of Carbon Economic Value Instruments and Greenhouse Gas Emission Control, which replaces several provisions previously regulated in Presidential Regulation Number 98 of 2021 concerning the Implementation of Carbon Economic Value for Achieving Nationally Determined Contributions Targets and Greenhouse Gas Emission Control in National Development.

Presidential Regulation Number 98 of 2021 was previously the reference used in drafting Financial Services Authority Regulation Number 14 of 2023 concerning Carbon Trading Through Carbon Exchange, so with the replacement of provisions in the aforementioned Presidential Regulation Number 98 of 2021, there are several provisions in Financial Services Authority Regulation Number 14 of 2023 that have become inconsistent and irrelevant to the currently applicable regulations. Therefore, it is necessary to adjust several provisions, including regarding the recording of Carbon Units on the Carbon Unit Registry System (SRUK), trading of Carbon Units from abroad, consumer protection, supervision, reporting, and refinement of provisions for the implementation of carbon trading through the Carbon Exchange.

In order to adjust the provisions in Financial Services Authority Regulation Number 14 of 2023 with Presidential Regulation Number 110 of 2025, which has replaced Presidential Regulation Number 98, it is necessary to amend several provisions in Financial Services Authority Regulation Number 14 of 2023 concerning Carbon Trading Through Carbon Exchange.

II. ARTICLE BY ARTICLE

Article I

Number 1
Article 1
Clear enough.

Number 2
Article 3
Clear enough.

Number 3
Article 5
Clear enough.

Number 4
Article 12A
Clear enough.

Number 5
Article 26
Clear enough.

Number 6
Article 31

Paragraph (1)

Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
What is meant by "special event" is an event related to trading system disruptions and trading supervision.

Letter g
Clear enough.

Letter h
Clear enough.

Paragraph (2)
Clear enough.

Paragraph (3)
Examples of specific reporting include periodic reports regarding Carbon Unit transaction data submitted by the Carbon Exchange Organizer to the Relevant Ministry. Reporting conducted by the Stock Exchange based on the determination of the Financial Services Authority is an obligation of the Stock Exchange.

Paragraph (4)
Clear enough.

Number 7
Article 33
Clear enough.

Number 8
Clear enough.

Number 9
Article 35A
Clear enough.

Article 35B
The provision of differentiated policies is intended, among others, to:
a. support national policies; b. maintain public interests;
c. maintain industry growth;
d. ensure the operational readiness of the SRUK; and/or e. maintain healthy business competition.

Conditions requiring specific considerations are extraordinary events/EOEs that can cause significant increases in illness and death, or impact the economy and society, thus requiring attention and handling by all relevant Parties and regulated in other provisions based on considerations for facing possible EOE scenarios.

Number 10
Clear enough.

Number 11
Article 35C
Clear enough.

Article II
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER [Number]