Bappebti Regulation No. 5 of 2025 on Procedures for Imposing Administrative Sanctions in Commodity Futures Trading

COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION NUMBER 5 OF 2025 CONCERNING PROCEDURES FOR IMPOSING ADMINISTRATIVE SANCTIONS IN THE FIELD OF COMMODITY FUTURES TRADING BY THE GRACE OF THE MOST HIGH GOD, HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY,

Considering: a. that in order to implement the provisions as regulated in Article 172 of Government Regulation Number 49 of 2014 concerning the Organization of Commodity Futures Trading, it is necessary to regulate further provisions concerning the procedures for imposing administrative sanctions in the field of Commodity Futures Trading; b. that based on the considerations as referred to in letter a, it is necessary to establish a Commodity Futures Trading Regulatory Agency Regulation concerning the Procedures for Imposing Administrative Sanctions in the Field of Commodity Futures Trading;

Recalling:

1. Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 1997 Number 93, Supplement to the State Gazette of the Republic of Indonesia Number 3720) as amended by Law Number 10 of 2011 (State Gazette of the Republic of Indonesia Year 2011 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 5232);
2. Government Regulation Number 10 of 1999 concerning Procedures for Inspection in the Field of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 1999 Number 17, Supplement to the State Gazette of the Republic of Indonesia Number 3806);
3. Government Regulation Number 49 of 2014 concerning the Organization of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2014 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5548);
4. Presidential Regulation Number 140 of 2024 concerning the Organization of State Ministries (State Gazette of the Republic of Indonesia Year 2024 Number 250);
5. Presidential Regulation Number 168 of 2024 concerning the Ministry of Trade (State Gazette of the Republic of Indonesia Year 2024 Number 364);
6. Minister of Trade Regulation Number 6 of 2025 concerning the Organization and Work Structure of the Ministry of Trade (State News of the Republic of Indonesia Year 2025 Number 53);

DECIDES: To Establish: COMMODITY FUTURES TRADING REGULATORY AGENCY REGULATION CONCERNING PROCEDURES FOR IMPOSING ADMINISTRATIVE SANCTIONS IN THE FIELD OF COMMODITY FUTURES TRADING.

CHAPTER I GENERAL PROVISIONS Article 1 In this Commodity Futures Trading Regulatory Agency Regulation, the following terms are defined as:

1. Commodity Futures Trading, hereinafter referred to as Futures Trading, is anything related to the buying and selling of Commodities with the withdrawal of Margin and with subsequent settlement based on Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts.
2. Physical Commodity Market at the Futures Exchange, hereinafter referred to as Physical Market, is an organized physical market implemented using electronic facilities facilitated by the Futures Exchange or electronic facilities owned by Physical Commodity Traders.
3. Commodity is all goods, services, rights, and other interests, and any derivative of Commodities, that can be traded and become the subject of Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts.
4. Commodity Futures Trading Regulatory Agency, hereinafter referred to as Bappebti, is a government agency whose main task is to conduct guidance, regulation, development, and supervision of Futures Trading.
5. Party is an individual, cooperative, other business entity, joint business entity, association, or group of individuals, and/or organized company.
6. Business Actor is an individual or business entity that conducts business and/or activities in the field of Commodity Futures Trading, including the trading of Physical Commodity Markets at the Futures Exchange, and has obtained a license from the Head of Bappebti.
7. Client is a Party that conducts transactions of Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts through an account managed by a Futures Broker.
8. Customer is a party that uses the services of a Physical Commodity Trader to buy or sell Commodities traded in the Physical Market.
9. Inspection is a series of activities to search for, collect, and process data and/or other information conducted by Inspectors to determine the existence or non-existence of violations of legislation in the field of Commodity Futures Trading.
10. Technical Inspection is a supervision activity conducted by Technical Inspectors, both in technical units having supervision tasks and functions and/or other units within Bappebti, through a process of collecting and processing data and/or other information, with the aim of providing assurance that legislation in the field of Commodity Futures Trading has been complied with by Parties who have obtained a license from Bappebti.
11. Inspector is a Civil Servant within Bappebti who conducts Inspections as referred to in Article 66 of Law Number 32 of 1997 concerning Commodity Futures Trading.
12. Technical Inspector is an employee in technical units or other units within Bappebti who carries out Technical Inspections.

CHAPTER II BASIS FOR IMPOSING ADMINISTRATIVE SANCTIONS Article 2 (1) Bappebti has the authority to impose administrative sanctions on Business Actors proven to have violated or breached the provisions regarding licensing or other provisions regulated in legislation in the field of Commodity Futures Trading. (2) The imposition of administrative sanctions as referred to in paragraph (1) is based on: a. the results of Inspections conducted by the Bappebti Inspector Team stating that a violation in the field of Commodity Futures Trading has been proven to have occurred; or b. recommendations from the results of routine off-site Technical Inspections from the supervision technical units within Bappebti. (3) Recommendations from the results of routine off-site Technical Inspections as referred to in paragraph (2) letter b must contain at least: a. the name of the Business Actor's company based on supervision results; b. the form of violation committed along with evidence of the violation found; and c. the type of administrative sanction recommended. (4) Recommendations from the results of routine Technical Inspections from the supervision technical units within Bappebti as referred to in paragraph (2) letter b do not require further Inspection.

CHAPTER III PROCEDURES FOR IMPOSING ADMINISTRATIVE SANCTIONS Article 3 (1) Administrative Sanctions as referred to in Article 2 paragraph (1) consist of: a. written warning; b. administrative fine, namely the obligation to pay a certain amount of money; c. restriction of business activities; d. suspension of business activities; e. revocation of business license; f. revocation of license; g. cancellation of approval; and/or h. cancellation of registration certificate. (2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, g, or h may be imposed with or without prior imposition of a written warning sanction as referred to in paragraph (1) letter a. (3) Administrative fine sanctions as referred to in paragraph (1) letter b may be imposed separately or together with the imposition of sanctions as referred to in paragraph (1) letters a, c, d, e, f, g, or h. (4) Bappebti may include individuals who have been proven to have committed violations based on Inspection results as referred to in Article 2 paragraph (2) letter a into: a. the monitoring list of persons; or b. the record list of persons. (5) Administrative sanctions as referred to in paragraph (1) are established and communicated by Bappebti in writing containing information at least: a. the legal basis for imposing administrative sanctions; b. the violation committed; c. the type of administrative sanction; and d. improvement steps which may include conducting or not conducting certain activities, orders not to repeat violations, or orders to replace directors, commissioners, and/or shareholders.

Article 4 The imposition of administrative sanctions as referred to in Article 3 may be carried out progressively or non-progressively.

Article 5 (1) Progressive imposition of administrative sanctions as referred to in Article 4 is imposed on Business Actors proven to have violated or breached the provisions regarding licensing or other provisions regulated in legislation in the field of Commodity Futures Trading. (2) Progressive imposition of administrative sanctions for Business Actors proven to have violated or breached provisions regarding licensing or other administrative provisions regulated in legislation in the field of Commodity Futures Trading as referred to in paragraph (1) is subject to the first stage administrative sanction in the form of a written warning. (3) The imposition of administrative sanctions in the form of written warnings as referred to in paragraph (2) can only be imposed a maximum of 3 (three) times, considering the matter, Party, and the same violation. (4) The time interval between the first, second, and third written warnings is given for a maximum of 30 (thirty) days. (5) In the event that a Business Actor subject to the third written warning sanction does not make improvements within a period of 30 (thirty) days, Bappebti may impose the second stage administrative sanction in the form of a business activity restriction sanction.

Article 6 (1) The second stage administrative sanction in the form of a business activity restriction sanction as referred to in Article 5 paragraph (5) is a restriction on business activities to not accept new Clients or Customers and/or opening new transaction positions. (2) The second stage administrative sanction in the form of a business activity restriction sanction as referred to in Article 5 paragraph (5) is imposed for a maximum period of 90 (ninety) days. (3) In the event that a Business Actor subject to the business activity restriction sanction does not make improvements within the period as referred to in paragraph (2), Bappebti may impose the third stage administrative sanction in the form of a business activity suspension sanction. (4) If within the period as referred to in paragraph (2) the Business Actor makes improvements, Bappebti may revoke the business activity restriction sanction. (5) The revocation of the business activity restriction sanction as referred to in paragraph (4) is given with reference to the Bappebti Regulation regulating business licensing in the field of Commodity Futures Trading, including Physical Commodity Markets at the Futures Exchange.

Article 7 (1) Administrative sanctions in the form of business activity suspension as referred to in Article 6 paragraph (3) are imposed for a maximum of 90 (ninety) days. (2) In the event that a Business Actor subject to the administrative sanction of business activity suspension is in the process of further Inspection, the period as referred to in paragraph (1) may be extended for a maximum of 360 (three hundred sixty) days from the end of the business activity suspension sanction period as referred to in paragraph (1), with the provision of a maximum of 90 (ninety) days for each extension period. (3) In the event that a Business Actor subject to the administrative sanction of business activity suspension is in the process of investigation, the period as referred to in paragraph (1) may be extended for a maximum of 360 (three hundred sixty) days from: a. the end of the business activity suspension sanction period as referred to in paragraph (1); or b. the end of the last extension period of the business activity suspension sanction as referred to in paragraph (2), with the provision of a maximum of 90 (ninety) days for each extension period. (4) The extension of the business activity suspension sanction period as referred to in paragraph (2) and paragraph (3) must be done with a decision letter of the Head of Bappebti. (5) In the event that a Business Actor subject to the business activity suspension sanction does not make improvements within the period as referred to in paragraph (1), paragraph (2), or paragraph (3), Bappebti may impose the fourth stage administrative sanction in the form of revocation of business license, revocation of license, cancellation of approval, or cancellation of registration certificate. (6) If within the period as referred to in paragraph (1), paragraph (2), or paragraph (3) the Business Actor subject to the business activity suspension sanction makes improvements, Bappebti may lift the business activity suspension sanction. (7) The lifting of business activity suspension as referred to in paragraph (6) is given with reference to the Bappebti Regulation regulating business licensing in the field of Commodity Futures Trading, including Physical Commodity Markets at the Futures Exchange.

Article 8 Non-progressive imposition of administrative sanctions as referred to in Article 4 may consist of business activity restriction, business activity suspension, revocation of business license, revocation of license, cancellation of approval, administrative fine, and/or cancellation of registration certificate.

Article 9 (1) Non-progressive imposition of administrative sanctions in the form of business activity restriction, business activity suspension, revocation of business license, revocation of license, cancellation of approval, and/or cancellation of registration certificate as referred to in Article 8 may be imposed on Business Actors proven to: a. be brought to court accused of violating legislation in the field of Commodity Futures Trading; b. be sentenced to prison based on a court decision that has permanent legal force; c. provide false information or statements in license applications or reports submitted to the Futures Exchange, Clearing House, or Bappebti; d. misuse Client or Customer funds and/or Customer physical Commodities; e. accept public funds not placed in separate accounts; f. use transaction systems and/or servers not approved by Bappebti; g. violate or breach capital requirements, adjusted net capital, or have reached the mandatory reporting position limit; and/or h. commit other heavy category violations based on Inspection results. (2) Non-progressive imposition of administrative sanctions on Business Actors proven to commit other heavy category violations based on Inspection results as referred to in paragraph (1) letter h is carried out by considering: a. the type of violation; b. the number of Clients or Customers or Parties harmed; and/or c. other negative impacts arising; and/or d. the accumulation of previous violations committed.

Article 10 (1) In the framework of guidance, non-progressive imposition of administrative sanctions on Business Actors proven to violate or breach capital requirements, adjusted net capital, or have reached the mandatory reporting position limit as referred to in Article 9 paragraph (1) letter g may be preceded by the imposition of sanctions in the form of written warnings. (2) In the event that the Business Actor as referred to in paragraph (1) does not make improvements within a maximum period of 30 (thirty) days after being subject to the written warning, Bappebti may increase the administrative sanction to a heavier sanction in the form of business activity restriction as referred to in Article 6 paragraph (1).

Article 11 (1) The imposition of administrative sanctions in the form of administrative fines as referred to in Article 8 is imposed on: a. Business Actors proven to be late in submitting reports to Bappebti or confirmations to Clients as regulated in legislation provisions; b. Futures Exchanges negligent in publishing information as regulated in legislation provisions; c. Futures Exchanges that do not store Compensation Funds in separate accounts at banks approved by the Head of Bappebti; or d. individuals and non-individual Parties who have obtained licenses from Bappebti, who violate legislation provisions in the field of Commodity Futures Trading. (2) The amount of administrative fines imposed on Business Actors proven to be late in submitting reports to Bappebti or confirmations to Clients as referred to in paragraph (1) letter a is as follows: a. Futures Exchanges or Clearing Houses are subject to administrative fines of Rp1,000,000.00 (one million rupiah) for each working day of delay in submitting the aforementioned reports, with the provision that the total administrative fine is at most Rp1,000,000,000.00 (one billion rupiah); b. Futures Brokers, Futures Advisors, Alternative Trading System Organizers, and Futures Fund Pool Managers are subject to administrative fines of at most Rp200,000.00 (two hundred thousand rupiah) for each working day of delay in submitting the aforementioned reports, with the provision that the total administrative fine is at most Rp200,000,000.00 (two hundred million rupiah). (3) The amount of administrative fines imposed on Futures Exchanges negligent in publishing information as referred to in paragraph (1) letter b is at most Rp200,000,000.00 (two hundred million rupiah). (4) The amount of administrative fines imposed on Futures Exchanges that do not store Compensation Funds in separate accounts at banks approved by the Head of Bappebti as referred to in paragraph (1) letter c is at most Rp500,000,000.00 (five hundred million rupiah). (5) The amount of administrative fines imposed on individuals and non-individual Parties as referred to in paragraph (1) letter d is imposed at: a. at most Rp50,000,000.00 (fifty million rupiah) to individuals who have obtained licenses from Bappebti proven to violate or breach the provisions regarding licensing or other provisions regulated in legislation in the field of Commodity Futures Trading; and b. at most Rp100,000,000.00 (one hundred million rupiah) to non-individual Parties who have obtained licenses from Bappebti proven to violate or breach the provisions regarding licensing or other provisions regulated in legislation in the field of Commodity Futures Trading.

Article 12 (1) The details of the administrative fine amounts as referred to in Article 11 paragraph (5) are based on the number of violations with the following provisions: a. Rp1,000,000.00 (one million rupiah) for each violation proven to be committed by individuals who have obtained licenses from Bappebti; or b. Rp5,000,000.00 (five million rupiah) for each violation proven to be committed by non-individual Parties who have obtained licenses from Bappebti. (2) In the event that individuals subject to administrative fines do not fulfill the administrative fines, the Business Actor employing or utilizing such individuals is obligated to fulfill the payment of such administrative fines. (3) In the event that Business Actors subject to administrative fines do not fulfill the administrative fines and/or do not fulfill the payment of administrative fines as referred to in paragraph (2), the fulfillment can be taken from funds available at the Clearing House.

Article 13 (1) Administrative fine sanctions as referred to in Article 11 are communicated in writing containing at least: a. the amount of administrative fines; and b. the violations causing the imposition of administrative fines. (2) Administrative fines as referred to in Article 11 include a type of non-tax state revenue as referred to in Government Regulations regulating the types and tariffs of Non-Tax State Revenues applicable at the Ministry of Trade.

Article 14 (1) Listing individuals in the monitoring list of persons or record list of persons as referred to in Article 3 paragraph (4) is carried out by considering the type of violation committed and the impact arising from the violation. (2) Procedures for listing individuals in the monitoring list of persons or record list of persons refer to provisions regulating the procedures and criteria for establishing the monitoring list of persons or record list of persons.

CHAPTER IV CLOSING PROVISIONS Article 15 (1) Specific conditions may be considerations for Bappebti to aggravate or mitigate the imposition of administrative sanctions on Business Actors. (2) Specific conditions as referred to in paragraph (1) are established in a decision letter of the Head of Bappebti. (3) In the event that a Business Actor who has been subject to administrative sanctions commits violations again, is involved in similar violations as before, or commits other violations with heavier sanctions, this becomes a consideration for Bappebti to directly establish the imposition of heavier administrative sanctions than the previous administrative sanctions.

Article 16 (1) Bappebti may announce the imposition of administrative sanctions in the form of business activity suspension, cancellation of registration certificates, or revocation of business licenses. (2) Announcements of sanctions as referred to in paragraph (1) are announced via the Bappebti website or other official media.

Article 17 This Agency Regulation takes effect on the date of establishment. Established in Jakarta on 28 November 2025 HEAD OF THE COMMODITY FUTURES TRADING REGULATORY AGENCY REPUBLIC OF INDONESIA, Signed, TIRTA KARMA SENJAYA

Copy matches the original COMMODITY FUTURES TRADING REGULATORY AGENCY Head of the Legal Affairs Bureau Commodity Futures Trading, Receipt Systems and Commodity Spot Markets, [Signature] Anciska Simanjuntak