CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY

NUMBER 7 /SEOJK.04/2019

REGARDING

IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR PROXY ISSUING UNDERWRITERS AND PROXY BROKER-TRADERS

To:

The Board of Directors of Securities Companies conducting business activities as Issuing Underwriters and/or Broker-Traders;
The Board of Associations housing Proxy Issuing Underwriters and/or Proxy Broker-Traders;
The Board of Educational Institutions in the Capital Market sector;
University Leaders; and
Proxy Issuing Underwriters and Proxy Broker-Traders;

At their respective locations.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 7 /SEOJK.04/2019

REGARDING

IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR PROXY ISSUING UNDERWRITERS AND PROXY BROKER-TRADERS

In relation to the provisions of Article 17 of the Financial Services Authority Regulation Number 20/POJK.04/2018 concerning Licensing for Proxy Issuing Underwriters and Proxy Broker-Traders (State Gazette of the Republic of Indonesia Year 2018 Number 200, Supplement to the State Gazette of the Republic of Indonesia Number 6260), it is necessary to regulate provisions regarding the Implementation of Continuing Education Programs for Proxy Issuing Underwriters and Proxy Broker-Traders in this Circular Letter of the Financial Services Authority as follows:

I. GENERAL PROVISIONS

In this Circular Letter of the Financial Services Authority, the following terms are defined:

Continuing Education Program, hereinafter referred to as PPL, is a form of program activity for the continuous enhancement of knowledge and skills for Proxy Issuing Underwriters and Proxy Broker-Traders in a systematic and measurable manner.

II. PPL IMPLEMENTERS

Parties that can become PPL implementers are:
a. Associations housing Proxy Issuing Underwriters and Proxy Broker-Traders that have received recognition from the Financial Services Authority; and b. Other parties, namely:
1) Educational institutions in the Capital Market sector that have received licensing in the field of education from the Government or Regional Government;
2) Securities Companies conducting business activities as Issuing Underwriters or Broker-Traders; and
3) Universities or Study Programs with an Accreditation Ranking of at least B,
which have received recognition from the Financial Services Authority as PPL implementers.
PPL implementers as referred to in paragraph 1 may cooperate with other parties in the implementation of PPL, provided that the responsibility for implementation remains with the PPL implementer.
PPL implementers as referred to in paragraph 1 letter b sub-paragraph 2) may only conduct PPL for their own employees.

III. IMPLEMENTATION OF PPL

PPL may be conducted in person or otherwise than in person.
PPL conducted in person may take the form of:
a. Training; b. Workshops;
c. Panel discussions;
d. Seminars; e. Conferences; or f. Symposia.
PPL conducted otherwise than in person may take the form of:
a. Writing articles, papers, or books with material determined by the PPL implementer and published; b. Professional research or study in fields determined by the PPL implementer;
c. Training via electronic media (online) determined by the PPL implementer, for example through web-based seminar (webinar) services; or
d. Serving as instructors in training, workshops, panel discussions, seminars, conferences, or symposia related to fields determined by the PPL implementer.
In the event that PPL conducted otherwise than in person takes the form of training via electronic media as referred to in paragraph 3 letter c, the PPL implementer must ensure the existence of evaluation in the training process in the form of exam questions related to the material of said training.
Holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders are deemed to have fulfilled their PPL obligations if:
a. They have attended 1 (one) PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes; or b. They have attended PPL otherwise than in person equivalent to the implementation of PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes and have received an assessment of the fulfillment of PPL obligations otherwise than in person from the PPL implementer, every 1 (one) license renewal period for Proxy Issuing Underwriters and/or Proxy Broker-Traders.
The procedures for implementing PPL in person and otherwise than in person are regulated by the PPL implementer.
The implementation of PPL must:
a. Be conducted in accordance with standard operating procedures regarding the implementation of PPL; and b. Be supported by adequate facilities and infrastructure.

IV. REQUIREMENTS AND PROCEDURES FOR APPLICATION FOR RECOGNITION OF OTHER PARTIES AS PPL IMPLEMENTERS

Applications for recognition as PPL implementers are submitted by other parties as referred to in Section II paragraph 1 letter b in printed document form to the Financial Services Authority according to the format of the Application for Recognition as Implementer of Continuing Education Programs for Proxy Issuing Underwriters and/or Proxy Broker-Traders contained in the Appendix which is an integral part of this Circular Letter of the Financial Services Authority and must be accompanied by the following complete documents:
a. Organizational structure and list of board members, for educational institutions in the Capital Market sector and Universities or Study Programs as referred to in Section II paragraph 1 letter b sub-paragraph 1) and sub-paragraph 3); b. Standard operating procedures for implementing PPL for holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders;
c. PPL plan for holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders; and
d. A statement that they have not had their rights to organize PPL and/or other education/training specifically in the Capital Market sector revoked in the last 6 (six) months.
Applications for recognition as PPL implementers submitted by educational institutions in the Capital Market sector as referred to in Section II paragraph 1 letter b sub-paragraph 1) must be accompanied by a photocopy of the document showing licensing in the field of education from the Government or Regional Government.
Applications for recognition as PPL implementers submitted by Universities or Study Programs as referred to in Section II paragraph 1 letter b sub-paragraph 3) must be accompanied by a photocopy of documents showing the accreditation ranking of the University Institution or Study Program that is still valid and issued by the National Higher Education Accreditation Board.
Recognition as a PPL implementer is granted by the Financial Services Authority no later than 30 (thirty) working days from the receipt of the complete application for recognition as a PPL implementer.
In the event that the application for recognition as a PPL implementer does not meet the requirements upon receipt, the Financial Services Authority provides a notification letter to the applicant no later than 30 (thirty) working days from the receipt of the application, stating:
a. The application does not yet meet the requirements; or b. The application is rejected because it does not meet the requirements.
In the event that the application for recognition as a PPL implementer does not meet the requirements, the applicant must complete the deficiencies required in the notification letter as referred to in paragraph 5 letter a no later than 30 (thirty) working days after the date of the notification letter.
The submission of document changes, additional information, and/or completion of missing requirements as referred to in paragraph 6 is deemed to have been received by the Financial Services Authority on the date of receipt of said document changes, additional information, and/or completion of missing requirements.
Since the receipt of document changes, additional information, and/or completion of missing requirements as referred to in paragraph 7, the application for recognition as a PPL implementer is deemed newly received by the Financial Services Authority and processed as referred to in paragraph 4.
Applicants who do not complete the deficiencies required within the time period as referred to in paragraph 6 are deemed to have cancelled the application for recognition as a PPL implementer already submitted to the Financial Services Authority.

V. OBLIGATIONS OF PPL IMPLEMENTERS

PPL implementers must create a PPL plan every year.
The annual plan for PPL implementation must be submitted to the Financial Services Authority no later than on every January 12 according to the format of the Annual Plan for PPL Implementation contained in the Appendix which is an integral part of this Circular Letter of the Financial Services Authority.
The Financial Services Authority may request PPL implementers to make adjustments to the submitted annual plan for PPL implementation, including but not limited to syllabi or PPL materials.
PPL implementers must submit reports on PPL implementation to the Financial Services Authority in the first semester no later than July 12 and in the second semester no later than January 12 of the following year according to the format of the Report on Implementation of Continuing Education Programs and the format of the Report on List of Issued Continuing Education Program Certificates contained in the Appendix which is an integral part of this Circular Letter of the Financial Services Authority, accompanied by supporting documents in the form of proof of participant attendance (in person) and other supporting documents for participants in PPL otherwise than in person.
The PPL implementation report as referred to in paragraph 4 must meet the following provisions:
a. For PPL in person, it must contain at least:
1) Name of the institution or organization implementing PPL;
2) Place and time of the activity;
3) Syllabus or PPL material;
4) Attendance list or participant register of PPL; and
5) Name, number, and date of the Decision Letter for the License of Proxy Issuing Underwriters and/or Proxy Broker-Traders who are participants in PPL; and
b. For PPL otherwise than in person, it must contain at least:
1) Name of the institution or organization implementing PPL;
2) Name, number, and date of the Decision Letter for the License of Proxy Issuing Underwriters and/or Proxy Broker-Traders who are participants in PPL; and
3) Report on PPL fulfillment.
In the event that the deadline for submitting the annual plan as referred to in paragraph 2 and the submission of PPL implementation reports as referred to in paragraph 4 falls on a holiday, the annual plan and reports are submitted on the next working day (1 one working day).
The annual plan for PPL implementation as referred to in paragraph 2 and the PPL implementation report as referred to in paragraph 4 are submitted to the Financial Services Authority in printed document form and may also be prepared in digital format using digital media such as compact disks (CD) or others.

VI. EXAMINATION OF PPL IMPLEMENTERS

The Financial Services Authority has the authority to conduct examinations regarding the implementation of PPL.

VII. REVOCATION OF RECOGNITION OF OTHER PARTIES AS PPL IMPLEMENTERS

In the event that other parties as PPL implementers are educational institutions in the Capital Market sector that have received licensing in the field of education from the Government or Regional Government, Securities Companies conducting business activities as Issuing Underwriters and/or Broker-Traders, and Private Universities, the letter of recognition of other parties as PPL implementers becomes invalid if:
a. The legal entity of said other party is dissolved; and/or b. The legal entity status of said other party is revoked by the competent authority.
In the event that other parties as PPL implementers are State Universities, the letter of recognition of other parties as PPL implementers becomes invalid if said State University is dissolved by the Government.
In the event that other parties as PPL implementers are Study Programs of a University, the letter of recognition of other parties as PPL implementers becomes invalid if said Study Program is dissolved or the University overseeing said Study Program is dissolved.
The Financial Services Authority may revoke the letter of recognition of other parties as PPL implementers if there are circumstances as follows:
a. Other parties as PPL implementers return their letter of recognition; b. The office of other parties as PPL implementers cannot be found;
c. Other parties as PPL implementers cancel or postpone the schedule of PPL implementation resulting in holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders being unable to submit continuing education documents in applications for license renewal; and/or
d. Other parties as PPL implementers have received 3 (three) warning letters but within 1 (one) month since the issuance of the third warning letter do not fulfill the provisions contained in the content of said warning letter.
The return of the letter of recognition as referred to in paragraph 4 letter a must be accompanied by documents as follows:
a. Information regarding the reasons for the return of said letter of recognition; b. The letter of recognition as other parties as PPL implementers by the Financial Services Authority; and
c. A statement of accountability from other parties as PPL implementers regarding their obligations to third parties.
In the event that the revocation of the letter of recognition of other parties as PPL implementers is caused by provisions as referred to in paragraph 4 letter b, letter c, and letter d, other parties as PPL implementers must settle their obligations to third parties.
The invalidity of the letter of recognition of other parties as PPL implementers as referred to in paragraph 1, paragraph 2, and paragraph 3 as well as the revocation of the letter of recognition of other parties as PPL implementers as referred to in paragraph 4 may be announced by the Financial Services Authority through mass media.

VIII. OTHER PROVISIONS

Associations or other parties recognized by the Financial Services Authority as PPL implementers must:
a. Record Holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders who register to follow continuing education; and b. Provide proof of registration to Holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders who register to follow continuing education, for PPL in person and otherwise than in person in the form of web-based seminar (webinar) services organized by the PPL implementer.
In the event that the Financial Services Authority has provided an electronic system for applications to obtain recognition as PPL implementers, submission of annual plans for PPL implementation, and reports on PPL implementation as referred to in Section IV paragraph 1, Section V paragraph 2, and Section V paragraph 4, applications to obtain recognition as PPL implementers, annual plans, and reports must be submitted via the electronic system.
The requirements and documents in applications to obtain recognition as PPL implementers, submission of annual plans for PPL implementation, and reports on PPL implementation as referred to in paragraph 2, in printed document form, apply mutatis mutandis in electronic form.
In the event that applications to obtain recognition as PPL implementers, submission of annual plans for PPL implementation, and reports on PPL implementation have been conducted electronically and specific circumstances occur resulting in the system not functioning properly, the submission of applications to obtain recognition as PPL implementers, submission of annual plans for PPL implementation, and reports on PPL implementation must be conducted in printed document form to the Financial Services Authority.
The obligation to submit annual plans for PPL implementation to the Financial Services Authority as referred to in Section V paragraph 2 does not apply in the event that PPL implementers are newly recognized by the Financial Services Authority after January 12.
In the event that PPL implementers obtain recognition after January 12, the obligation to submit annual plans for PPL implementation to the Financial Services Authority must be submitted no later than 3 (three) months before the start of PPL implementation.

IX. CLOSING PROVISIONS

Upon this Circular Letter of the Financial Services Authority taking effect, Circular Letter of the Financial Services Authority Number 45/SEOJK.04/2016 concerning Implementation of Continuing Education Programs for Proxy Issuing Underwriters and Proxy Broker-Traders is revoked and declared invalid.
This Circular Letter of the Financial Services Authority takes effect on the date of establishment.

Established in Jakarta
On March 20, 2019

EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR
FINANCIAL SERVICES AUTHORITY,

Signed,
HOESEN

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 7 /SEOJK.04/2019 REGARDING IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR PROXY ISSUING UNDERWRITERS AND PROXY BROKER-TRADERS

APPLICATION FOR RECOGNITION
AS IMPLEMENTER OF CONTINUING EDUCATION PROGRAMS FOR PROXY ISSUING UNDERWRITERS AND/OR PROXY BROKER-TRADERS

Number : ..................... ...., ................ 20....
Attachment : .....................
Subject : Application for Recognition as Implementer of Continuing Education Programs for Proxy Issuing Underwriters and/or Proxy Broker-Traders

The Executive Head of Capital Market Supervision Financial Services Authority in Jakarta

u.p. Director of Supervision of Financial Institutions Financial Services Authority in Jakarta

Hereby we submit an application for recognition as Implementer of Continuing Education Programs for Proxy Issuing Underwriters and/or Proxy Broker-Traders. As consideration material, hereby we submit the following data:

Institution Name : ................................................................
Full Address : ................................................................
................................................................
(Street Name and Number)
....................................... - □□□□□ (City and Postal Code)
Telephone Number : ....................................................................
Number and date of deed of establishment
including amendments to the articles of association : .......................................................
Number and date of approval/agreement/notification from the minister
conducting government affairs in the field of law and human rights (if any) : .........................................................................

Completing this application, we attach:

Organizational structure document and list of board members
Standard operating procedures document for implementation of Continuing Education Programs for holders of Licenses for Proxy Issuing Underwriters
and/or Proxy Broker-Traders;
Continuing Education Programs implementation plan document for
holders of Licenses for Proxy Issuing Underwriters and/or Proxy Broker-Traders; and
Statement document that the right to organize Continuing Education Programs and/or
other education/training specifically in the Capital Market sector has not been revoked in the last 6 (six) months.

Thus this application is submitted, we thank you for your attention.

Chairman of Association/Director/Leader of Institution, *) Stamp (Clear Name and Signature)

*) strike out what is not necessary

ANNUAL PLAN FOR IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

No.	Institution/Organization Name	Continuing Education Program	Theme/Core Material	Place, Time, Duration of Activity	Instructor/Speaker	Target Participants	Person in Charge
1.
2.
3.
4.
5.

Jakarta,…….…………..
Chairman of Association/Director/Leader of Institution *) (……………………………..)

REPORT ON IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

1. Continuing Education Programs in Person

Institution/Organization Name Implementing Continuing Education Programs : …..
Place & Time of Activity : …..
Cost : …..

No.	Syllabus/Core Material of Continuing Education Program	Instructor Name	Related Participant Information
			Name
			No. & Date of License Decision WPEE and/or WPPE
1.
2.
3.
4.

Supporting Documents:

(yes/no) schedule of implementation of Continuing Education Programs; and
(yes/no) participant attendance list of Continuing Education Programs

2. Continuing Education Programs Otherwise Than In Person

Institution/Organization Name Implementing Continuing Education Programs : …..
Cost : …..

No.	Related Participant Information	Percentage (%) of Fulfillment of Continuing Education Program	Notes
	Name	No. & Date of License Decision WPEE and/or WPPE

*) Strike out what is not necessary

Supporting Documents:

(yes/no) document proving fulfillment of Continuing Education Program has reached 100%

.........., ...................... 20.....
(place and date)

Chairman of Association/Board of Directors/Leader of Institution, (Clear Name and Signature)

This copy is in accordance with the original
Director of Legal Affairs 1
Legal Department
Signed,
Yuliana

REPORT ON LIST OF ISSUED
CONTINUING EDUCATION PROGRAM CERTIFICATES

Theme / Core Material : …………………………………………..
Place & Time of Implementation : …………………………………………..
Activity Duration : …………………………………………..
Number of Registered Participants : …………………………………………..
Participant Attendance Percentage : …………………………………………..

No.	Certificate Number	For & On Behalf of Participant	License Holder Number WPEE/WPPE
1.
2.
3.
4.
5.

Jakarta,…………….
Chairman of Association/Director/Leader of Institution *) (………………………….…..)

Established in Jakarta
On the date