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2021-11-01

Bappebti Regulation No. 7 of 2021 on Amendments to Regulation No. 05/BAPPEBTI/PER-SRG/7/2007 on Requirements and Procedures for Obtaining Approval as a Registration Center

The Head of the Commodity Futures Trading Regulatory Agency (Bappebti) issued Regulation No. 7 of 2021 to amend previous regulations governing the approval process for Warehouse Receipt System Registration Centers. The regulation mandates that Registration Centers must be state-owned limited liability companies located in Jakarta, possess a minimum paid-up capital of IDR 250 billion, and maintain integrated online accounting systems verified by independent third parties. Additionally, it introduces strict prohibitions against individuals with recent bankruptcies, serious economic criminal convictions, or insufficient moral and technical competence from controlling these centers.

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REGULATION OF THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY OF THE REPUBLIC OF INDONESIA NUMBER 7 OF 2021 CONCERNING AMENDMENTS TO THE REGULATION OF THE HEAD OF BAPPEBTI NUMBER 05/BAPPEBTI/PER-SRG/7/2007 CONCERNING REQUIREMENTS AND PROCEDURES FOR OBTAINING APPROVAL AS A REGISTRATION CENTER WITH THE GRACE OF GOD THE ALMIGHTY

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

Considering: a. that in view of the strategic direction and objectives of regulating the Warehouse Receipt System to realize the Warehouse Receipt System as one of the national priority programs and to synergize the utilization of subsidy schemes with the implementation of Warehouse Receipt System activities in accordance with government programs, it is deemed necessary to have a specific policy regarding Registration Centers by amending and adjusting regulations concerning requirements and procedures for obtaining approval as a Registration Center; b. that based on the considerations as referred to in letter a, it is necessary to establish a Regulation of the Head of the Commodity Futures Trading Regulatory Agency regarding requirements and procedures for obtaining approval as a Registration Center;

Recalling:

  1. Law Number 32 of 1997 on Commodity Futures Trading (State Gazette of the Republic of Indonesia of 1997 Number 93, Supplement to the State Gazette of the Republic of Indonesia Number 3720) as amended by Law Number 10 of 2011 on Amendments to Law Number 32 of 1997 on Commodity Futures Trading (State Gazette of the Republic of Indonesia of 2011 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 5232);
  2. Law Number 9 of 2006 on the Warehouse Receipt System (State Gazette of the Republic of Indonesia of 2006 Number 59, Supplement to the State Gazette of the Republic of Indonesia Number 4630) as amended by Law Number 9 of 2011 on Amendments to Law Number 9 of 2006 on the Warehouse Receipt System (State Gazette of the Republic of Indonesia of 2011 Number 78, Supplement to the State Gazette of the Republic of Indonesia Number 5231);
  3. Government Regulation Number 36 of 2007 on the Implementation of Law Number 9 of 2006 on the Warehouse Receipt System (State Gazette of the Republic of Indonesia of 2007 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 4735) as amended by Government Regulation Number 70 of 2013 on Amendments to Government Regulation Number 36 of 2007 on the Implementation of Law Number 9 of 2006 on the Warehouse Receipt System (State Gazette of the Republic of Indonesia of 2013 Number 172, Supplement to the State Gazette of the Republic of Indonesia Number 5459);
  4. Government Regulation Number 24 of 2018 on Integrated Electronic Business Licensing Services (State Gazette of the Republic of Indonesia of 2018 Number 90);
  5. Presidential Regulation Number 48 of 2015 on the Ministry of Trade (State Gazette of the Republic of Indonesia of 2015 Number 90);
  6. Presidential Regulation Number 32 of 2021 on Amendments to Presidential Regulation Number 68 of 2019 on the Organization of State Ministries (State Gazette of the Republic of Indonesia of 2021 Number 106);
  7. Minister of Trade Regulation Number 80 of 2020 on the Organization and Work Structure of the Ministry of Trade (State News of the Republic of Indonesia of 2020 Number 1190);

DECIDES: To establish: REGULATION OF THE HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY CONCERNING AMENDMENTS TO THE REGULATION OF THE HEAD OF BAPPEBTI NUMBER 05/BAPPEBTI/PER-SRG/7/2007 CONCERNING REQUIREMENTS AND PROCEDURES FOR OBTAINING APPROVAL AS A REGISTRATION CENTER.

Article I Several provisions in the Regulation of the Head of the Commodity Futures Trading Regulatory Agency Number 05/BAPPEBTI/PER-SRG/7/2007 concerning Requirements and Procedures for Obtaining Approval as a Registration Center are amended as follows:

  1. The provision of Article 2 is amended, so that Article 2 reads as follows: Article 2 (1) Business activities of a Registration Center may only be conducted by a legal entity that has obtained approval as a Registration Center in the Warehouse Receipt System from the Head of Bappebti. (2) The legal entity as referred to in paragraph (1) shall be in the form of a Limited Liability Company whose shares are owned by a State-Owned Enterprise or a subsidiary of a State-Owned Enterprise. (3) The Registration Center shall be located in the Capital City of the Republic of Indonesia.

  2. The provision of Article 3 is amended, so that Article 3 reads as follows: Article 3 Applications to obtain approval as a Registration Center as referred to in Article 2 paragraph (1) must meet the following requirements: a. having paid-up capital of at least IDR 250,000,000,000.00 (two hundred fifty billion rupiah) from the total paid-up capital of the company; b. having an online and real-time warehouse receipt accounting system that is accurate, current, secure, trustworthy, reliable, and integrated with Bappebti's supervision system, proven by the results of an examination from a competent and independent third party appointed by Bappebti at the applicant's expense; c. having and applying standard operational guidelines supporting activities as a Registration Center; d. having an adequate number of workers who possess knowledge, skills, and competence to carry out warehouse receipt accounting activities; and e. having at least 3 (three) years of experience in recording commodity futures contract transactions and clearing activities.

  3. One Article is inserted between Article 3 and Article 4, namely Article 3A, which reads as follows: Article 3A Registration Centers are prohibited from being controlled, directly or indirectly, by individuals who: a. have been declared bankrupt or have served as directors or commissioners declared guilty of causing a company to be declared bankrupt within the last 5 (five) years; b. have been sentenced based on a final and binding court decision for committing criminal acts in the economic or financial sector with a penalty threat above 5 (five) years; c. are proven to have violated regulations in the Warehouse Receipt System sector; d. do not have good ethics and morality; and/or e. do not have knowledge in the Warehouse Receipt System sector.

  4. The provision of Article 8 is deleted.

Article II This Regulation shall come into force on the date of its establishment.

Established in Jakarta on 29 October 2021

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

signed, INDRASARI WISNU WARDHANA

A copy in accordance with the original COMMODITY FUTURES TRADING REGULATORY AGENCY Acting Head of the Legal and Enforcement Bureau, M. Syist

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