Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 on Countercyclical Policy Regarding the Impact of the 2019 Coronavirus Disease Spread for Nonbank Financial Institutions

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 58 /POJK.05/2020
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NONBANK FINANCIAL INSTITUTIONS WITH THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that in order to encourage the optimization of the performance of nonbank financial institutions, maintain financial system stability, and support economic growth, during the Coronavirus Disease 2019 (COVID-19) pandemic, the Financial Services Authority has established a countercyclical policy regarding the impact of the spread of Coronavirus Disease 2019 for nonbank financial institutions; b. that the Coronavirus Disease 2019 (COVID-19) pandemic is projected to continue to have a negative impact on debtors and nonbank financial institutions until 2022, so that Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Nonbank Financial Institutions needs to be adjusted;

c. that based on considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Nonbank Financial Institutions;
Recalling: 1. Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Supplement to the State Gazette of the Republic of Indonesia Number 3477);
2. Law Number 2 of 2009 concerning the Export Financing Institution of Indonesia (State Gazette of the Republic of Indonesia Year 2009 Number 2, Supplement to the State Gazette of the Republic of Indonesia Number 4957);
3. 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);
4. Law Number 24 of 2011 concerning the Social Security Implementing Body (State Gazette of the Republic of Indonesia Year 2011 Number 116, Supplement to the State Gazette of the Republic of Indonesia Number 5256);
5. Law Number 1 of 2013 concerning Microfinance Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 12, Supplement to the State Gazette of the Republic of Indonesia Number 5394);
6. Law Number 40 of 2014 concerning Insurance (State Gazette of the Republic of Indonesia Year 2014 Number 337, Supplement to the State Gazette of the Republic of Indonesia Number 5618);
7. Law Number 1 of 2016 concerning Guarantees (State Gazette of the Republic of Indonesia Year 2016 Number 9, Supplement to the State Gazette of the Republic of Indonesia Number 5835);

8. Financial Services Authority Regulation Number
14/POJK.05/2020 concerning Countercyclical
Policy Regarding the Impact of the Spread of
Coronavirus Disease 19 for Nonbank Financial
Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 102, Supplement to the State Gazette of the Republic of Indonesia Number 6489); DECIDING:
Establish: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NONBANK FINANCIAL INSTITUTIONS.
Article I
Several provisions in Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 102, Supplement to the State Gazette of the Republic of Indonesia Number 6489) are amended as follows:
1. Provisions of point 4 of Article 2 are added with 2 (two) letters
namely letter g and letter h, so that Article 2 reads as follows:
Article 2
NBFIs as referred to in Article 1 point 1 include:
1. insurance companies, which consist of:
a. insurance companies; b. reinsurance companies;
c. sharia insurance companies;
d. sharia reinsurance companies; e. insurance brokerage companies; f. reinsurance brokerage companies; and

g. insurance loss assessor companies, as referred to in provisions of legislation concerning insurance;
2. pension funds as referred to in
provisions of legislation concerning pension funds;
3. financing institutions, which consist of:
a. financing companies; b. sharia financing companies;
c. venture capital companies;
d. sharia venture capital companies; and e. infrastructure financing companies, as referred to in provisions of legislation concerning financing institutions;
4. other financial service institutions, which consist of:
a. pawnshop companies as referred to in provisions of legislation concerning pawnshops; b. guarantee institutions, which consist of:
1) guarantee companies;
2) sharia guarantee companies;
3) re-guarantee companies; and
4) sharia re-guarantee companies,
as referred to in provisions of legislation concerning guarantees;
c. Indonesian export financing institutions
as referred to in provisions of legislation concerning Indonesian export financing institutions; d. secondary housing financing companies as referred to in provisions of legislation concerning secondary housing financing companies; e. social security implementing bodies as referred to in provisions of

legislation concerning social security implementing bodies; f. PT Permodalan Nasional Madani (Persero) as referred to in provisions of legislation concerning PT Permodalan Nasional Madani (Persero); g. technology-based lending service providers as referred to in provisions of legislation concerning technology-based lending services; and h. microfinance institutions as referred to in provisions of legislation concerning microfinance institutions.
2. Provisions of paragraph (1) letter g of Article 3 are amended, Article 3 paragraph
(1) is added with 5 (five) letters namely h, letter i, letter j, letter k, and letter l, paragraph (2) of Article 3 remains unchanged, and the explanation of paragraph (2) of Article 3 is amended as set forth in the article-by-article explanation, so that Article 3 reads as follows:
Article 3
(1) Countercyclical policy regarding the impact of the spread of COVID-19 for NBFIs includes:
a. deadline for submission of periodic reports; b. implementation of suitability and propriety assessments;
c. determination of asset quality in the form of Financing
and restructuring of Financing; d. calculation of solvency levels for insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies;

e. calculation of pension fund funding quality for pension funds that administer defined benefit pension programs; f. implementation of asset management provisions according to participant age group (life cycle fund) for pension funds that administer defined contribution pension programs; g. communication mechanisms for insurance companies; h. training and employee development costs for financing companies and sharia financing companies;
i. working capital financing business activities with
the method of business capital facilities; j. issuance of securities by financing companies and sharia financing companies; k. equity provisions for insurance brokerage companies and reinsurance brokerage companies; and
l. other policies determined by the Financial
Services Authority through the Executive Head of Supervision of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions. (2) Implementation of countercyclical policies as referred to in paragraph (1) is carried out while still paying attention to the application of prudential principles, risk management, and good corporate governance. (3) For NBFIs that conduct all or part of their business based on sharia principles, implementation of countercyclical policies as referred to in paragraph (1) must be in accordance with sharia principles. (4) In the event that specific actions are needed regarding supervision implementation for individual

NBFIs, the Financial Services Authority may request the individual NBFIs concerned to apply policies that are stricter than the countercyclical policies as referred to in paragraph (1). (5) In the context of formulating countercyclical policies regarding the impact of the spread of COVID-19 for NBFIs, the Financial Services Authority may request additional data and information from NBFIs outside the reporting as regulated in provisions of legislation in the field of NBFIs.
3. Provisions of paragraph (1) and paragraph (2) of Article 4 are amended, so that
Article 4 reads as follows:
Article 4
(1) The deadline for submission of periodic reports submitted by NBFIs to the Financial Services Authority and/or announced or published by NBFIs to the public is extended during:
a. 5 (five) working days from the deadline for the end of the obligation for monthly, quarterly, semi-annual, and annual periodic reports; and b. 10 (ten) working days from the deadline for the end of the obligation for 4 (four) monthly financial reports. (2) The extension of the deadline for submission of periodic reports as referred to in paragraph (1) for technology-based lending service providers only applies to the submission of business plans, reports on the realization of business plans, and supervision reports on business plans. (3) Periodic reports as referred to in paragraph (1) are submitted through the Financial Services Authority's data communication network system. (4) Submission of periodic reports as referred to in paragraph (1) for publicly listed companies is carried out in accordance with provisions of legislation concerning the submission of periodic reports in the capital market sector.
4. Article 7 is deleted.
5. Provisions of paragraph (3) of Article 12 are amended and Article 12
is added with 1 (one) paragraph namely paragraph (4), so that Article 12 reads as follows:
Article 12
(1) NBFIs that determine asset quality in the form of Financing only based on the accuracy of principal and/or interest or margin/profit share/ujrah payments as referred to in Article 8 paragraph (1) and Article 10 paragraph (4) letter a submit Financing reports that are assessed based on payment accuracy. (2) NBFIs that restructure Financing as referred to in Article 9 paragraph (1) submit Financing reports that are restructured. (3) NBFIs other than microfinance institutions compile reports:
a. as referred to in paragraph (1) according to format 1 in Appendix II; and b. as referred to in paragraph (2) according to format 2 in Appendix II, which are an inseparable part of this Financial Services Authority Regulation. (4) Microfinance institutions compile reports:
a. as referred to in paragraph (1) according to the format in the 4 (four) monthly financial reports in accordance with Financial Services Authority Regulation concerning the conduct of business of microfinance institutions; and b. as referred to in paragraph (2) according to format 3 in Appendix II which is an

inseparable part of the Financial
Services Authority Regulation.
6. Provisions of paragraph (1) of Article 13 are amended, and between paragraph (1)
and paragraph (2) are inserted 2 (two) paragraphs namely paragraph (1a) and paragraph (1b), so that Article 13 reads as follows:
Article 13
(1) NBFIs submit reports as referred to in Article 12 paragraph (1) based on the end position of the reporting month through the data communication network system of the Financial Services Authority to the Financial Services Authority for positions:
a. March, June, September, and December months for NBFIs other than microfinance institutions; and b. April, August, and December months for microfinance institutions. (1a) NBFIs submit reports as referred to in Article 12 paragraph (2) monthly based on the end position of the reporting month through the data communication network system of the Financial Services Authority to the Financial Services Authority. (1b) The Financial Services Authority may request NBFIs to submit additional reports related to implementation of countercyclical policies other than reports as referred to in Article 12 paragraph (1) and paragraph (2). (2) Submission of reports through the data communication network system of the Financial Services Authority as referred to in paragraph (1) and paragraph (1a) is submitted no later than the end of the following month after the reporting month position. (3) If the deadline for submission of reports as referred to in paragraph (2) falls on Saturday, Sunday, and/or national holidays, the reports are submitted on the next working day.

7. Article 14 is deleted.

8. Article 18 is deleted.

9. Provisions of paragraph (4) of Article 19 are deleted so that Article 19
   reads as follows:
   Article 19
   (1) In the calculation of funding quality, assessment of investments for pension funds that administer defined benefit pension programs consisting of:
   a. corporate bonds listed on the stock exchange; b. sukuk or sharia bonds listed on the stock exchange;
   c. securities issued by the State
   of the Republic of Indonesia; and d. sharia securities issued by the State of the Republic of Indonesia, can be assessed based on amortized acquisition value. (2) In the event that pension funds that administer defined benefit pension programs conduct assessment of investments as referred to in paragraph (1), the assessment applies to all investments as referred to in paragraph (1) letters a to d held by the pension fund. (3) Provisions as referred to in paragraph (1) and paragraph (2) only apply to pension funds that are affected by the spread of COVID-19 and do not cause the funding quality of the pension fund to become higher than the funding quality on previous actuarial valuation. (4) Deleted.

10. Provisions of paragraph (2) of Article 20 are deleted so that Article 20
    reads as follows:
    Article 20
    (1) For pension funds that administer defined contribution pension programs, asset management according to age group of participants (life cycle fund) for participants who have reached an age of at most 5 (five) years and at least 2 (two) years before normal retirement age can be postponed for implementation for at most 1 (one) year. (2) Deleted.

11. Between CHAPTER VII and CHAPTER VIII are inserted 6 (six) CHAPTERS
    and 7 (seven) articles, namely CHAPTER VIIA with Article 20A and Article 20B, CHAPTER VIIB with Article 20C, CHAPTER VIIC with Article 20D, CHAPTER VIID with Article 20E, CHAPTER VIIE with Article 20F, and CHAPTER VIIF with Article 20G, so that they read as follows:
    CHAPTER VIIA
    INSURANCE COMPANY
    COMMUNICATION MECHANISM
    First Section
    Implementation of Board of Commissioners Meetings of Insurance Companies
    Article 20A
    (1) Implementation of board of commissioners meetings or equivalent at insurance companies is carried out through:
    a. direct physical face-to-face; or b. face-to-face with video conference media.
    (2) Board of commissioners meetings or equivalent as referred to in paragraph (1) letter b can be carried out as long as they are documented in video and audio form.

Second Section
Marketing of Insurance Products
Linked to Investment
Article 20B
(1) Technical implementation of marketing insurance products linked to investment for insurance companies and sharia insurance companies can be carried out with the following provisions:
a. if marketing of insurance products linked to investment uses long-distance communication media, follow-up of direct face-to-face meetings can be carried out through digital facilities or media electronic; and b. wet signatures on statements that prospective policyholders, insured parties, or participants have received explanations and understand the benefits, costs, and risks of the insurance products offered, can be replaced with electronic signatures as regulated in provisions of legislation concerning electronic information and transactions. (2) Implementation of technical adjustments for the implementation of marketing of insurance products linked to investment as referred to in paragraph (1), can only be carried out by insurance companies and sharia insurance companies, which have met the requirements:
a. have adequate information systems and infrastructure by meeting the principles of user data and transaction security control as referred to in provisions of legislation concerning electronic transactions;

b. have statements from:
1. providers of information technology systems
used by insurance companies and sharia insurance companies or statements can be replaced with system presentation (demo) to the Financial Services Authority if insurance companies and sharia insurance companies develop their own information technology systems; and
2. the director or equivalent who
oversees the risk management function, by stating that the information systems and infrastructure used by insurance companies and sharia insurance companies have been adequate and meet the principles as referred to in letter a to support the marketing of insurance products as referred to in paragraph (1) using long-distance communication media digitally/electronically;
c. have standards of operation and procedures that
support the implementation of marketing of insurance products as referred to in paragraph (1); d. have statements from prospective policyholders that:
1. prospective policyholders are willing that
follow-up marketing of insurance products linked to investment is carried out through digital facilities or media electronic as referred to in paragraph (1) letter a; and

2. prospective policyholders, insured parties, or
participants have received explanations and understand the benefits, costs, and risks of the insurance products offered; e. conduct documentation in the form of video and audio recordings properly regarding:
1. explanations by insurance companies and
sharia insurance companies regarding benefits, costs, and risks of insurance products offered; and
2. statements by prospective policyholders
as referred to in letter d; and f. submit policy summaries in the form of copy documents as regulated in regulations concerning insurance products and marketing of insurance products. (3) Marketing of insurance products linked to investment that uses electronic signatures as referred to in paragraph (1) letter b, in addition to meeting the requirements as referred to in paragraph (2) must also have infrastructure that supports the electronic signature authentication process in accordance with provisions of legislation concerning electronic information and transactions. (4) In addition to the requirements as referred to in paragraph (2), the entire process of marketing insurance products as referred to in paragraph (1), must also meet provisions of legislation concerning:
a. insurance; b. electronic transactions, electronic signatures, electronic information, and electronic documents;
c. consumer protection in the financial services sector;
and

d. anti-money laundering and prevention of terrorism financing.
(5) Implementation of technical adjustments for the implementation of marketing of insurance products linked to investment as referred to in paragraph (1) is carried out while still paying attention to the application of prudential principles, risk management, and principles of good consumer protection. (6) Insurance companies and sharia insurance companies cannot use the implementation of technical adjustments for the implementation of marketing of insurance products linked to investment as referred to in paragraph (1) as a reason to reject policyholder claims.
CHAPTER VIIB
TRAINING AND EMPLOYEE DEVELOPMENT COSTS
FOR FINANCING COMPANIES AND
SHARIA FINANCING COMPANIES
Article 20C
Financing companies and sharia financing companies can allocate employee development and training costs less than the minimum limit of 2.5% (two point five percent) of the human resource costs of financing companies and sharia financing companies.
CHAPTER VIIC
WORKING CAPITAL FINANCING BUSINESS ACTIVITIES
WITH BUSINESS CAPITAL FACILITIES METHOD
Article 20D
(1) Financing companies can conduct business activities of working capital financing with the method of business capital facilities by meeting the requirements:

a. the financing value for each Debtor is at most Rp10,000,000,000.00 (ten billion rupiah); b. have collateral in the form of motor vehicles, land, buildings, and/or heavy equipment;
c. conduct checks on Debtor feasibility through credit information management institutions that have obtained business licenses
from the Financial Services Authority; and d. conduct analysis of Debtor payment ability feasibility.
(2) The requirement to have collateral as referred to in paragraph (1) letter b is exempted for working capital financing business activities with the method of business capital facilities with a value of at most Rp25,000,000.00 (twenty-five million rupiah) for each Debtor. (3) The obligation to conduct risk mitigation as regulated in Financial Services Authority Regulation concerning the conduct of business of financing companies remains applicable to financing companies that conduct business activities of working capital financing with the method of business capital facilities as referred to in paragraph (2).
CHAPTER VIID
ISSUANCE OF SECURITIES
BY FINANCING COMPANIES AND
SHARIA FINANCING COMPANIES
Article 20E
(1) Financing companies and sharia financing companies that have equity greater than Rp100,000,000,000.00 (one hundred billion rupiah) can conduct issuance of debt-like securities and/or sukuk not through public offering.

(2) Financing companies and sharia financing companies as referred to in paragraph (1) can report the plan for issuance of securities and/or sukuk to the Financial Services Authority no later than 2 (two) months before issuance. (3) In the event that debt-like securities and/or sukuk issued by financing companies and sharia financing companies as referred to in paragraph (1) have a value up to Rp100,000,000,000.00 (one hundred billion rupiah), they may not meet the provisions for:
a. rating with a minimum rating result of investment grade conducted by a rating agency that has obtained a business license from the Financial Services Authority; and b. periodic rating at least once every 1 (one) year.
CHAPTER VIIE
EQUITY PROVISIONS
FOR INSURANCE BROKERAGE COMPANIES AND
REINSURANCE BROKERAGE COMPANIES
Article 20F
(1) Insurance brokerage companies and reinsurance brokerage companies whose business activities are affected by the spread of COVID-19 may not meet the minimum equity limit of:
a. Rp2,000,000,000.00 (two billion rupiah) for insurance brokerage companies; or b. Rp3,000,000,000.00 (three billion rupiah) for reinsurance brokerage companies, as long as they meet the criteria:
a. the failure to meet minimum equity obligations occurs after the COVID-19 pandemic;

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b. the COVID-19 pandemic has a direct or indirect impact on the equity of insurance brokerage companies and reinsurance brokerage companies; and

c. there are no other factors causing a decrease in the equity of insurance brokerage companies and reinsurance brokerage companies that are not related to the COVID-19 pandemic.

(2) Insurance brokerage companies or reinsurance brokerage companies that do not meet the equity limits as referred to in paragraph (1) must submit an action plan within a maximum of 1 (one) month since the Financial Services Authority declared that the insurance brokerage company or reinsurance brokerage company failed to meet the minimum equity requirements due to its business activities being affected by the spread of COVID-19.

CHAPTER VII
VALIDITY PERIOD OF THE COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF COVID-19 FOR NONBANK FINANCIAL INSTITUTIONS (LJKNB)

Article 20G

(1) The countercyclical policy regarding the impact of the spread of COVID-19 for LJKNB as regulated in Article 4, Article 5, Article 20A, and Article 20B shall remain valid for the duration of the national disaster emergency status for the disease outbreak caused by COVID-19 in Indonesia as determined by the Government.

(2) In addition to the countercyclical policy regarding the impact of the spread of COVID-19 for LJKNB as referred to in paragraph (1), it shall remain valid until April 17, 2022.

12. The provisions of Article 21 are amended to read as follows:

Article 21

At the time this Financial Services Authority Regulation comes into force:
a. Financial Services Authority Regulation Number 3/POJK.05/2013 concerning Monthly Reports of Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 150, Supplement to the State Gazette of the Republic of Indonesia Number 5443); b. Financial Services Authority Regulation Number 5/POJK.05/2013 concerning Supervision of Social Security Administration Bodies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2013 Number 258, Supplement to the State Gazette of the Republic of Indonesia Number 5487);
c. Financial Services Authority Regulation Number 10/POJK.05/2014 concerning Risk Assessment of Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2014 Number 197, Supplement to the State Gazette of the Republic of Indonesia Number 5575);
d. Financial Services Authority Regulation Number 13/POJK.05/2014 concerning the Conduct of Microfinance Institutions (State Gazette of the Republic of Indonesia Year 2014 Number 343, Supplement to the State Gazette of the Republic of Indonesia Number 5622), as amended by Financial Services Authority Regulation Number 62/POJK.05/2015 concerning Amendment to Financial Services Authority Regulation Number 13/POJK.05/2014 concerning the Conduct of Microfinance Institutions (State Gazette of the Republic of Indonesia Year 2015 Number 413,

Supplement to the State Gazette of the Republic of Indonesia Number 5831); e. Financial Services Authority Regulation Number 17/POJK.03/2014 concerning the Implementation of Integrated Risk Management for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2014 Number 348, Supplement to the State Gazette of the Republic of Indonesia Number 5626); f. Financial Services Authority Regulation Number 18/POJK.03/2014 concerning the Implementation of Integrated Governance for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2014 Number 349, Supplement to the State Gazette of the Republic of Indonesia Number 5627); g. Financial Services Authority Regulation Number 28/POJK.05/2014 concerning Business Licensing and Institutional Aspects of Financing Companies (State Gazette of the Republic of Indonesia Year 2014 Number 363, Supplement to the State Gazette of the Republic of Indonesia Number 5637); h. Financial Services Authority Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies (State Gazette of the Republic of Indonesia Year 2014 Number 365, Supplement to the State Gazette of the Republic of Indonesia Number 5639), as amended by Financial Services Authority Regulation Number 29/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 121, Supplement to the State Gazette of the Republic of Indonesia Number 6505);

i. Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2015 Number 82, Supplement to the State Gazette of the Republic of Indonesia Number 5692), as amended by Financial Services Authority Regulation Number 29/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2018 Number 245, Supplement to the State Gazette of the Republic of Indonesia Number 6276);
j. Financial Services Authority Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing of Insurance Products (State Gazette of the Republic of Indonesia Year 2015 Number 287, Supplement to the State Gazette of the Republic of Indonesia Number 5770); k. Financial Services Authority Regulation Number 26/POJK.03/2015 concerning Integrated Minimum Capital Requirements for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2015 Number 292, Supplement to the State Gazette of the Republic of Indonesia Number 5774);
l. Financial Services Authority Regulation Number 35/POJK.05/2015 concerning the Conduct of Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2015 Number 317, Supplement to the State Gazette of the Republic of Indonesia Number 5787);
m. Financial Services Authority Regulation Number 36/POJK.05/2015 concerning Good Corporate Governance for Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2015 Number 318, Supplement to the State Gazette of the Republic of Indonesia Number 5788);

n. Financial Services Authority Regulation Number 40/POJK.05/2015 concerning Guidance and Supervision of Indonesia Export Financing Institutions (State Gazette of the Republic of Indonesia Year 2015 Number 321, Supplement to the State Gazette of the Republic of Indonesia Number 5791); o. Financial Services Authority Regulation Number 27/POJK.03/2016 concerning Competency and Suitability Assessment for Key Parties of Financial Institutions (State Gazette of the Republic of Indonesia Year 2016 Number 147, Supplement to the State Gazette of the Republic of Indonesia Number 5098); p. Financial Services Authority Regulation Number 31/POJK.05/2016 concerning Pawnshop Business (State Gazette of the Republic of Indonesia Year 2016 Number 152, Supplement to the State Gazette of the Republic of Indonesia Number 5913); q. Financial Services Authority Regulation Number 70/POJK.05/2016 concerning the Conduct of Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Appraisal Companies (State Gazette of the Republic of Indonesia Year 2016 Number 303, Supplement to the State Gazette of the Republic of Indonesia Number 5993); r. Financial Services Authority Regulation Number 71/POJK.05/2016 concerning Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 304, Supplement to the State Gazette of the Republic of Indonesia Number 5994), as amended by Financial Services Authority Regulation Number 27/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 71/POJK.05/2016 concerning Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2018

Number 243, Supplement to the State Gazette of the Republic of Indonesia Number 6274); s. Financial Services Authority Regulation Number 72/POJK.05/2016 concerning Financial Health of Insurance and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2016 Number 305, Supplement to the State Gazette of the Republic of Indonesia Number 5995), as amended by Financial Services Authority Regulation Number 28/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 72/POJK.05/2016 concerning Financial Health of Insurance and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2018 Number 244, Supplement to the State Gazette of the Republic of Indonesia Number 6275); t. Financial Services Authority Regulation Number 73/POJK.05/2016 concerning Good Governance for Insurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 306, Supplement to the State Gazette of the Republic of Indonesia Number 5996); u. Financial Services Authority Regulation Number 76/POJK.07/2016 concerning the Enhancement of Financial Literacy and Inclusion in the Financial Services Sector for Consumers and/or the Public (State Gazette of the Republic of Indonesia Year 2016 Number 315, Supplement to the State Gazette of the Republic of Indonesia Number 6003);
v. Financial Services Authority Regulation Number 2/POJK.05/2017 concerning the Conduct of Guarantee Institutions (State Gazette of the Republic of Indonesia Year 2017 Number 7, Supplement to the State Gazette of the Republic of Indonesia Number 6014), as amended by Financial Services Authority Regulation Number 30/POJK.05/2018

concerning Amendment to Financial Services Authority Regulation Number 2/POJK.05/2017 concerning the Conduct of Guarantee Institutions (State Gazette of the Republic of Indonesia Year 2018 Number 246, Supplement to the State Gazette of the Republic of Indonesia Number 6277); w. Financial Services Authority Regulation Number 3/POJK.05/2017 concerning Good Corporate Governance for Guarantee Institutions (State Gazette of the Republic of Indonesia Year 2017 Number 8, Supplement to the State Gazette of the Republic of Indonesia Number 6103);
x. Financial Services Authority Regulation Number 5/POJK.05/2017 concerning Contributions, Pension Benefits, and Other Benefits Administered by Pension Funds (State Gazette of the Republic of Indonesia Year 2017 Number 38, Supplement to the State Gazette of the Republic of Indonesia Number 6026);
y. Financial Services Authority Regulation Number 12/POJK.01/2017 concerning the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Programs in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2017 Number 57, Supplement to the State Gazette of the Republic of Indonesia Number 6035), as amended by Financial Services Authority Regulation Number 23/POJK.01/2019 concerning Amendment to Financial Services Authority Regulation Number 12/POJK.01/2017 concerning the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Programs in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2019 Number 178, Supplement to the State Gazette of the Republic of Indonesia Number 6394);

z. Financial Services Authority Regulation Number 13/POJK.03/2017 concerning the Use of Public Accountants and Public Accounting Firms in Financial Services Activities (State Gazette of the Republic of Indonesia Year 2017 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 6036); aa. Financial Services Authority Regulation Number 51/POJK.03/2017 concerning the Implementation of Sustainable Finance for Financial Institutions, Issuers, and Public Companies (State Gazette of the Republic of Indonesia Year 2017 Number 169, Supplement to the State Gazette of the Republic of Indonesia Number 6036); bb. Financial Services Authority Regulation Number 55/POJK.05/2017 concerning Periodic Reports of Insurance Companies (State Gazette of the Republic of Indonesia Year 2017 Number 174, Supplement to the State Gazette of the Republic of Indonesia Number 6107);
cc. Financial Services Authority Regulation Number 1/POJK.05/2018 concerning Financial Health for Insurance Companies in the Form of Joint Business Legal Entities (State Gazette of the Republic of Indonesia Year 2018 Number 15, Supplement to the State Gazette of the Republic of Indonesia Number 6183);
dd. Financial Services Authority Regulation Number 4/POJK.05/2018 concerning Secondary Housing Financing Companies (State Gazette of the Republic of Indonesia Year 2018 Number 40, Supplement to the State Gazette of the Republic of Indonesia Number 6192); ee. Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds (State Gazette of the Republic of Indonesia Year 2018 Number 45, Supplement to the State Gazette of the Republic of Indonesia Number 6195);

ff. Financial Services Authority Regulation Number 8/POJK.05/2018 concerning Pension Fund Financing (State Gazette of the Republic of Indonesia Year 2018 Number 84, Supplement to the State Gazette of the Republic of Indonesia Number 6212); gg. Financial Services Authority Regulation Number 18/POJK.07/2018 concerning Consumer Complaint Services in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2018 Number 151, Supplement to the State Gazette of the Republic of Indonesia Number 6246); hh. Financial Services Authority Regulation Number 35/POJK.05/2018 concerning the Conduct of Financing Companies (State Gazette of the Republic of Indonesia Year 2018 Number 260, Supplement to the State Gazette of the Republic of Indonesia Number 6286);
ii. Financial Services Authority Regulation Number 10/POJK.05/2019 concerning the Conduct of Sharia Financing Companies and Sharia Business Units of Financing Companies (State Gazette of the Republic of Indonesia Year 2019 Number 40, Supplement to the State Gazette of the Republic of Indonesia Number 6320);
jj. Financial Services Authority Regulation Number 16/POJK.05/2019 concerning Supervision of PT Permodalan Nasional Madani (Persero) (State Gazette of the Republic of Indonesia Year 2019 Number 107, Supplement to the State Gazette of the Republic of Indonesia Number 6357); kk. Financial Services Authority Regulation Number 24/POJK.05/2019 concerning Business Plans of Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Supplement to the State Gazette of the Republic of Indonesia Number 6392);

ll. Financial Services Authority Regulation Number 28/POJK.05/2020 concerning Risk Assessment of Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 120, Supplement to the State Gazette of the Republic of Indonesia Number 6504);
mm. Financial Services Authority Regulation Number 44/POJK.05/2020 concerning Risk Management Implementation for Nonbank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 200, Supplement to the State Gazette of the Republic of Indonesia Number 6552); nn. Financial Services Authority Regulation Number 46/POJK.05/2020 concerning Infrastructure Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 249, Supplement to the State Gazette of the Republic of Indonesia Number 6576); and oo. Financial Services Authority Regulation Number 47/POJK.05/2020 concerning Business Licensing and Institutional Aspects of Financing Companies and Sharia Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 264, Supplement to the State Gazette of the Republic of Indonesia Number 6582), declared to remain valid as long as they do not conflict with the provisions in this Financial Services Authority Regulation.

13. Format of Appendix II is added with 1 (one) format, namely Format 3 as stated in Appendix II.

Article II
This Financial Services Authority Regulation comes into force on the date of its enactment.

This copy is consistent with the original.
Director of Law 1
Legal Department signed
Mufli Asmawidjaja

To ensure that everyone knows it, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Determined in Jakarta on the date December 10, 2020 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed WIMBOH SANTOSO

Enacted in Jakarta on the date December 16, 2020 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, signed YASONNA H. LAOLY STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2020 NUMBER 287

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 58 /POJK.05/2020
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NONBANK FINANCIAL INSTITUTIONS

I. GENERAL
In the context of a rapid response to the impact of the spread of coronavirus disease 2019 (COVID-19), the Financial Services Authority has issued Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Nonbank Financial Institutions.

To date, the spread of COVID-19 continues, so anticipatory steps are needed for the potential slowdown in domestic economic performance that continues until 2022. In line with this objective, it is necessary to refine the provisions regarding the countercyclical policy regarding the impact of the spread of COVID-19 for Nonbank Financial Institutions (LJKNB), including policies related to:
a. expansion of the scope of LJKNB affected by COVID-19; b. expansion of the types of countercyclical policies for LJKNB; and
c. extension of the validity period of the countercyclical policy regarding the impact of the spread of COVID-19 for LJKNB.

In this regard, the Financial Services Authority establishes the Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Nonbank Financial Institutions.

II. ARTICLE BY ARTICLE
Article I
Number 1
Article 2
Number 1
Letter a
Insurance companies also include Sharia units of insurance companies that conduct part of their business based on Sharia principles.

Letter b
Reinsurance companies also include Sharia units of reinsurance companies that conduct part of their business based on Sharia principles.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Number 2
Pension funds include those that conduct all or part of their business based on Sharia principles.

Number 3
Letter a
Financing companies also include Sharia business units of financing companies that conduct part of their business based on Sharia principles.

Letter b
Sufficiently clear.

Letter c
Venture capital companies also include Sharia business units of venture capital companies that conduct part of their business based on Sharia principles.

Letter d
Sufficiently clear.

Letter e
Infrastructure financing companies include those that conduct part of their business based on Sharia principles.

Number 4
Letter a
Pawnshop companies include those that conduct all or part of their business based on Sharia principles.

Letter b
Number 1)
Guarantee companies also include Sharia business units of guarantee companies that conduct part of their business based on Sharia principles.

Number 2)
Sufficiently clear.

Number 3)
Sufficiently clear.

Number 4)
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Number 2
Article 3
Paragraph (1)
Sufficiently clear.

Paragraph (2)
The term "implementation of prudence, risk management, and good corporate governance" includes the implementation of countercyclical policies by Nonbank Financial Institutions (LJKNB) responsibly and equipped with monitoring mechanisms to prevent abuse (moral hazard).

In the event that the implementation of countercyclical policies would cause the financial condition of the Nonbank Financial Institution (LJKNB) to be unhealthy, the Nonbank Financial Institution (LJKNB) should not implement countercyclical policies.

Paragraph (3)
In the implementation of countercyclical policies in accordance with Sharia principles, if needed, opinions may be requested from the Sharia supervisory board, for example, if there are new activities or actions in the implementation of this Financial Services Authority Regulation.

Paragraph (4)
Example:
For Nonbank Financial Institutions (LJKNB) undergoing rehabilitation, the Financial Services Authority may request the submission of monthly reports within a shorter timeframe than that regulated in this Financial Services Authority Regulation.

Paragraph (5)
Sufficiently clear.

Number 3
Article 4
Paragraph (1)
The term "periodic reports" refers to reports submitted by Nonbank Financial Institutions (LJKNB) to the Financial Services Authority periodically, including financial reports and non-financial reports.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The term "data communication network system" includes submission via electronic mail.

Paragraph (4)
Sufficiently clear.

Number 4
Article 7
Repealed.

Number 5
Article 12
Sufficiently clear.

Number 6
Article 13
Paragraph (1)
Sufficiently clear.

Paragraph (1a)
Sufficiently clear.

Paragraph (1b)
Example:
Additional reports include weekly reports on the realization of financing restructuring implementation.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Number 7
Article 14
Repealed.

Number 8
Article 18
Repealed.

Number 9
Article 19
Paragraph (1)
In calculating funding quality, actuaries may use the net asset value resulting from the calculation by management after adjusting the valuation of investments in corporate bonds listed on the stock exchange, sukuk or Sharia bonds listed on the stock exchange, securities issued by the Republic of Indonesia, and Sharia securities issued by the Republic of Indonesia.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The impact of the spread of COVID-19 on pension funds is evidenced, among others, by a decrease in the solvency ratio.
Example:
The application of provisions that do not cause the funding quality of pension funds to be higher than the funding quality in previous actuarial valuations, i.e., in the last actuarial valuation, for example, as of December 31, 2019, Pension Fund XYZ was at the second funding quality level, then the funding quality according to these provisions can only result in the highest funding quality at the second level.

Paragraph (4)
Repealed.

Number 10
Article 20
Paragraph (1)
Example:
Pension Fund XYZ has Participant A who will reach normal retirement age in 2 (two) years. In the Pension Fund Regulations of Pension Fund XYZ, it is stipulated that 2 (two) years before reaching normal retirement age, the Management of Pension Fund XYZ transfers the investment portfolio management for Participant A to an asset group dedicated to participants who will retire in 2 (two) years. With this policy, Pension Fund XYZ can delay transferring the investment portfolio for Participant A for a maximum of 1 (one) year, if the maturity of the participant's portfolio transfer is within the validity period of this Financial Services Authority Regulation.

Paragraph (2)
Repealed.

Number 11
Article 20A
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Documentation in video and audio form of board of commissioners meetings or equivalent meetings conducted face-to-face via video conference media originates from the system used to conduct the video conference.

Article 20B
Paragraph (1)
Letter a
Example:
Digital facilities or electronic media include video conferences, video calls, or combinations of the aforementioned media.

Letter b
Sufficiently clear.

Paragraph (2)
Letter a
The term "data security and transaction control principles" includes, among others:

1. confidentiality;
2. integrity;
3. availability;
4. authentication;
5. authorization; and
6. non-repudiation.

Letter b
The term "statement letter" refers to a letter containing a statement that the information technology system built by the service provider has met the principles as referred to in letter a.

Letter c
The term "having standard operating procedures (SOP)" includes, among others, SOPs regarding product marketing flows, SOPs regarding the use mechanism of electronic media, SOPs regarding recording and data storage, including SOPs regarding training provided to marketing personnel related to digital/electronic marketing.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 20C
Financing companies and Sharia financing companies may maximize employee training implementation through effective and efficient online learning methods as a substitute for face-to-face training and continue to report the implementation of such matters in the business plan realization report.

Article 20D
Paragraph (1)
The term "business capital facilities" refers to financing of goods and/or services distributed directly to Debtors for business or productive activities, which are consumed within one cycle of the Debtor's business activities.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 20E
Sufficiently clear.

Article 20F
Sufficiently clear.

Article 20G
Sufficiently clear.

Number 12
Article 21
Sufficiently clear.

Number 13
Sufficiently clear.

Article II
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6596

APPENDIX II
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 58 /POJK.05/2020
REGARDING
AMENDMENTS TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 ON COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF 2019 CORONAVIRUS DISEASE ON NON-BANK FINANCIAL INSTITUTIONS

FORMAT 1: FINANCING DISBURSAL REPORT TO DEBTORS AFFECTED BY THE SPREAD OF COVID-19 AND ASSESSED BASED ON PAYMENT ACCURACY Name of Non-Bank Financial Institution (LJKNB):
Report Position:
No. Debtor Name Debtor Number
Economic Sector Debtor Location
(Province)
Financing Ceiling
Outstanding Financing Asset Quality Remarks
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Filling Guidelines:
(2) The “Debtor Name” column is filled with the name of the business entity or individual receiving Financing from the LJKNB, affected by the spread of COVID-19, and the asset quality determination of Financing is based on the accuracy of principal and/or interest or margin/profit share/fee payments. If a Debtor has multiple Financing accounts, the LJKNB reports 1 (one) Debtor on 1 (one) line cumulatively. (3) The “Debtor Number” column is filled with the unique code number of each Debtor receiving Financing facilities from the reporting LJKNB. The Debtor Number may use the Debtor identification number provided in the financial information service system. (4) The “Economic Sector” column is filled with the Debtor’s economic sector referring to the standard classification of economic activities in Indonesia, namely:
a. agriculture, forestry, and fisheries; b. mining and quarrying;
c. manufacturing industry;
d. electricity, gas, steam/hot water, and air conditioning supply; e. water supply, wastewater management, waste management and recycling activities, and remediation activities; f. construction; g. wholesale and retail trade, repair and maintenance of motor vehicles and motorcycles; h. transportation and warehousing;
i. accommodation and food service activities;
j. information and communication; k. financial and insurance activities;
l. real estate;
m. professional, scientific, and technical activities; n. rental and leasing activities without option rights, employment, travel agencies, and other business support activities; o. public administration, defense, and mandatory social security; p. education; q. human health and social work activities; r. arts, entertainment, and recreation; s. other service activities; t. private households as employers; activities producing goods and services by private households for own use; u. activities of international organizations and other extra-international bodies;
v. economic sector not in the field of business;
w. households; or
x. other non-business sector.
If a Debtor has multiple types of “Economic Sector,” the most dominant “Economic Sector” is filled.
(5) The “Debtor Location (Province)” column is filled with the province location where the financed project/goods are located/used. (6) The “Financing Ceiling” column is filled with the total value of ceilings received by 1 (one) Debtor. (7) The “Outstanding Financing” column is filled with the outstanding balance of principal Financing receivables. (8) The “Asset Quality” column is filled with the Financing quality assessed according to criteria based on the reporting LJKNB’s asset quality classification rules following the Financial Services Authority Regulation governing asset quality assessment for each respective LJKNB. (9) The “Remarks” column is filled with explanations regarding the reasons the Debtor is determined to be affected by the spread of COVID-19, including micro, small, and medium enterprises, examples:
a. closure of transport routes; b. supply chains;
c. project delays; or
d. others (explain).
Reasons can be filled with more than 1 (one).

FORMAT 2: FINANCING RESTRUCTURING REPORT TO DEBTORS AFFECTED BY THE SPREAD OF COVID-19 Name of Non-Bank Financial Institution (LJKNB):
Report Position:
A. Recapitulation of Restructuring Requests from Debtors Affected by the Spread of COVID-19:

1. Number of Debtors = ........
2. Value of Outstanding Financing = Rp........
   B. Details of Financing Restructuring to Debtors Affected by the Spread of COVID-19:
   No. Debtor Name
   Debtor Number
   Date of
   Financing Restructuring Agreement
   Economic Sector
   Debtor Location
   (Province)
   Financing Ceiling
   Outstanding Financing
   Asset Quality
   Before Restructuring
   Remarks
   (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Filling Guidelines:
(2) The “Debtor Name” column is filled with the name of the business entity or individual receiving Financing from the LJKNB, affected by the spread of COVID-19, whose Financing has been restructured. If a Debtor has multiple Financing accounts, the LJKNB reports 1 (one) Debtor on 1 (one) line cumulatively. (3) The “Debtor Number” column is filled with the unique code number of each Debtor receiving Financing facilities from the reporting LJKNB. The Debtor Number may use the Debtor identification number provided in the financial information service system. (4) The “Date of Financing Restructuring Agreement” column is filled with the date of signing the Financing restructuring agreement with Debtors affected by the spread of COVID-19. (5) The “Economic Sector” column is filled with the Debtor’s economic sector referring to the standard classification of economic activities in Indonesia, namely:
a. agriculture, forestry, and fisheries; b. mining and quarrying;
c. manufacturing industry;
d. electricity, gas, steam/hot water, and air conditioning supply; e. water supply, wastewater management, waste management and recycling activities, and remediation activities; f. construction; g. wholesale and retail trade, repair and maintenance of motor vehicles and motorcycles; h. transportation and warehousing;
i. accommodation and food service activities;
j. information and communication; k. financial and insurance activities;
l. real estate;
m. professional, scientific, and technical activities; n. rental and leasing activities without option rights, employment, travel agencies, and other business support activities; o. public administration, defense, and mandatory social security; p. education; q. human health and social work activities; r. arts, entertainment, and recreation; s. other service activities; t. private households as employers; activities producing goods and services by private households for own use; u. activities of international organizations and other extra-international bodies;
v. economic sector not in the field of business;
w. households; or
x. other non-business sector.
If a Debtor has multiple types of “Economic Sector,” the most dominant “Economic Sector” is filled.
(6) The “Debtor Location (Province)” column is filled with the province location where the financed project/goods are located/used. (7) The “Financing Ceiling” column is filled with the total value of ceilings received by 1 (one) Debtor. (8) The “Outstanding Financing” column is filled with the outstanding balance of principal Financing receivables after the implementation of Financing Restructuring, i.e., at the report period. (9) The “Asset Quality Before Restructuring” column is filled with the Financing asset quality before the implementation of restructuring, assessed according to criteria based on the reporting LJKNB’s asset quality classification rules following the Financial Services Authority Regulation governing asset quality assessment for each respective LJKNB. (10) The “Remarks” column is filled with explanations regarding the reasons the Debtor is determined to be affected by the spread of COVID-19, including micro, small, and medium enterprises, examples:
a. closure of transport routes; b. supply chains;
c. project delays; or
d. others (explain).
Reasons can be filled with more than 1 (one).

FORMAT 3: FINANCING RESTRUCTURING REPORT TO DEBTORS AFFECTED BY THE SPREAD OF COVID-19 FOR MICROFINANCE INSTITUTIONS (LKM) Name of LKM:
LKM Address:
Report Position: (report period)
No. Debtor Name
National Identification Number
Ceiling
(Rp Million)
Debit Balance
(Rp Million)
Loan/Financing Quality
Before Restructuring
Form of
Restructuring Remarks
(1) (2) (3) (4) (5) (6) (7) (8)

Filling Guidelines:
The Financing Restructuring Report to Debtors Affected by the Spread of COVID-19 for Microfinance Institutions (LKM) is submitted in a separate report from routine reports. (2) The “Debtor Name” column is filled with the name of the party receiving a loan or financing from the LKM, affected by the spread of COVID-19, whose loan or financing has been restructured. (3) The “National Identification Number” column is filled with the resident identification number according to the Debtor’s valid Identity Card (KTP) in the loan or financing agreement with the LKM. (4) The “Ceiling” column is filled with the ceiling value received by 1 (one) Debtor. (5) The “Debit Balance” column is filled with the debit balance of principal loan or financing receivables after the implementation of loan or financing restructuring, i.e., at the report period. (6) The “Loan/Financing Quality Before Restructuring” column represents the quality of the loan or financing before the implementation of restructuring, assessed according to loan or financing quality measurement criteria of the LKM following the Financial Services Authority Regulation governing the measurement of loan or financing quality for LKM. (7) The “Form of Restructuring” column is filled with the form of installments postponed by the LKM during the implementation of the policy responding to COVID-19, including principal postponement, interest/margin/profit share/fee postponement, or principal and interest/margin/profit share/fee postponement. (8) The “Remarks” column is filled with explanations regarding the impact of the spread of COVID-19 and reasons the Debtor is determined to be affected by the spread of COVID-19, examples:
a. Debtor tested positive for COVID-19, unable to conduct business/work, and has no other passive income to pay obligations; b. closure of own business due to self-quarantine or directives from competent authorities, with no other business location or passive income, thereby disrupting obligation payments;

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja
c. closure of workplace due to self-quarantine or directives from competent authorities, with no other employment possible during the quarantine period, resulting in no income and disrupting obligation payments; or
d. others (explain).
Reasons can be filled with more than 1 (one).

Established in Jakarta on December 10, 2020
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO