Dematerialization of Equity Securities and Management of Unclaimed Assets in the Capital Market

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FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 9 OF 2025
CONCERNING
DEMATERIALIZATION OF EQUITY SECURITIES AND
MANAGEMENT OF UNCLAIMED ASSETS IN THE CAPITAL MARKET BY THE GRACE OF THE MOST HIGH GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in order to increase liquidity in the Indonesian Capital Market and the need to provide data on the recording of ownership of equity securities that is fast, accurate, and transparent, as well as the implementation of the concept of recording all issued and fully paid shares, it is necessary to follow up with the dematerialization of equity securities held by equity security holders in physical form; b. that in order to provide guidance in the framework of management and legal recognition of assets in the capital market field that are not claimed by the asset owners, it is necessary to compile a legal foundation for the management and treatment of unclaimed assets in the capital market;
c. that based on the provisions of Article 5 letter a number 5 of Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, implementation regulations are needed for the regulation of the obligation to issue and convert dematerialized securities; and
d. that based on the considerations as referred to in letters a, b, and c, it is necessary to establish a Financial Services Authority Regulation concerning the Dematerialization of Equity Securities and Management of Unclaimed Assets in the Capital Market; Recalling:

1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
   DECIDING:
   Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING DEMATERIALIZATION OF EQUITY SECURITIES AND MANAGEMENT OF UNCLAIMED ASSETS IN THE CAPITAL MARKET.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Securities are securities or investment contracts, whether in conventional and digital form or other forms in accordance with technological developments, which give the owner the right to directly or indirectly obtain economic benefits from the issuer or from a certain party based on an agreement and any derivatives of Securities, which can be transferred and/or traded in the capital market.
2. Party is an individual, legal entity, company, joint venture, association, or organized group.
3. Dematerialization of Equity Securities, hereinafter referred to as Dematerialization of EBE, is the change of ownership documents and the handover of physical equity securities in the form of physical certificates into electronic form.
4. Custodian is a Party that provides services for the safekeeping of Securities and other assets related to Securities, assets related to collective investment portfolio, and other services, including receiving dividends, interest, and other rights, settling Securities transactions, and representing account holders who are its clients.
5. Depository and Clearing Institution is a Party that:
   a. organizes Central Custodian activities for Custodian Banks, Securities Companies, and other Parties; and b. provides other services that can be applied to support inter-market activities.
6. Public Company is an issuer that has carried out a public offering of equity securities or a public company.
7. Securities Administration Bureau is a Party that, based on a contract with the issuer and/or Securities issuer, carries out the recording of Securities ownership and the distribution of rights related to Securities.
8. Securities Company is a Party that carries out activities as a Securities underwriter and/or a securities broker or investment manager.
9. Investment Manager is a Party whose business activity manages Securities portfolios, collective investment portfolios, and/or other investment portfolios for the benefit of a group of clients or individual clients, except insurance companies, Islamic insurance companies, pension funds, and banks that carry out their own business activities based on legislation.
10. Public Offering is a Securities offering activity carried out by an issuer to sell Securities to the public based on procedures regulated in Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector and its implementing regulations.
11. Collective Custody is a safekeeping service for Securities and/or funds owned jointly by more than one Party whose interests are represented by a Custodian.
12. Individual Custody Account is a type of Securities account at a Custodian intended to store Securities that are not included in Collective Custody.
13. Multi-Voting Rights Shares is a classification of shares where 1 (one) share gives more than 1 (one) voting right to shareholders who meet the requirements.

Article 2
Provisions of legislation in the capital market field related to the recording of Securities remain in force insofar as they are not contrary to and not specifically regulated in this Financial Services Authority Regulation.

CHAPTER II
ISSUANCE OF DEMATERIALIZED EQUITY SECURITIES AND IMPLEMENTATION OF DEMATERIALIZATION OF EBE First Section Obligation to Issue Dematerialized Securities
Article 3
Public Companies are obliged to issue equity securities and debt securities and/or sukuk in dematerialized form.

Second Section
Obligation to Implement Dematerialization of EBE
Article 4
Public Companies and holders of equity securities with physical certificates are obliged to implement Dematerialization of EBE.

Third Section
Timeframe for Implementation of Dematerialization of EBE
Article 5
Public Companies and holders of equity securities with physical certificates are obliged to implement Dematerialization of EBE no later than 5 (five) years after this Financial Services Authority Regulation comes into force.

Fourth Section
Mechanism for Dematerialization of EBE
Article 6
The implementation of Dematerialization of EBE for equity securities with physical certificates is carried out with the following mechanism:
a. proof of ownership of equity securities in the form of share certificates or collective share certificates held by the holder of equity securities and not currently in legal process, is first returned to the Securities Administration Bureau or the Public Company that organizes its own Securities administration; b. the Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to validate the authenticity of the proof of ownership of equity securities that has been returned as referred to in letter a.
c. In the event that the Party controlling the equity securities in physical form:

1. has a name different from the name of the owner recorded in the equity securities and the register of shareholders; and/or
2. cannot show proof of transaction or other proof showing the right to control the equity securities,
   the Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to refuse to carry out Dematerialization of EBE for the equity securities for and on behalf of the Party. d. the Securities Administration Bureau or the Public Company that organizes its own Securities administration still carries out Dematerialization of EBE controlled by the Party as referred to in letter c, by recording the equity securities in the name of the owner recorded in the equity securities and the register of shareholders; and e. Validation of the authenticity of the proof of ownership of equity securities as referred to in letter b is carried out no later than 2 (two) working days after the proof of ownership of equity securities that has been returned by the holder of equity securities to the Securities Administration Bureau or the Public Company that organizes its own Securities administration.

Fifth Section
Announcement and Report on the Progress of Implementation of Dematerialization of EBE
Article 7
(1) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to announce the implementation of Dematerialization of EBE at least 2 (two) times in 1 (one) year, carried out every 6 (six) months until the implementation period of Dematerialization of EBE ends. (2) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to report the progress of the implementation of Dematerialization of EBE to the Financial Services Authority periodically every 6 (six) months with report dates of June 30 and December 31. (3) The report on the progress of the implementation of Dematerialization of EBE must be submitted to the Financial Services Authority no later than on the 15th of the following month from the report date as referred to in paragraph (2).

Article 8
The announcement of the implementation of Dematerialization of EBE as referred to in Article 7 must at least contain:
a. the implementation period of Dematerialization of EBE; b. the procedure for implementing Dematerialization of EBE; and
c. the documents required for the implementation of Dematerialization of EBE.

Sixth Section
Recording of Equity Securities with Physical Certificates that Have Undergone Dematerialization of EBE
Article 9
(1) Equity securities with physical certificates that have undergone Dematerialization of EBE must be recorded in Collective Custody or Individual Custody Accounts.
(2) Holders of equity securities with physical certificates that have undergone Dematerialization of EBE and have been recorded in Collective Custody and Individual Custody Accounts as referred to in paragraph (1) are prohibited from withdrawing or converting the equity securities that have undergone Dematerialization of EBE back into physical form. (3) The prohibition on withdrawing or converting back into physical form as referred to in paragraph (2) is excepted for equity securities with physical certificates owned by Securities Companies that are in the process of license revocation and/or dissolution.

Article 10
(1) The Depository and Clearing Institution establishes regulations regarding the electronic recording of Securities at the Depository and Clearing Institution, including recording for:
a. Securities that are not part of Collective Custody of Securities; and b. Securities that are part of Collective Custody.
(2) The Securities records at the Depository and Clearing Institution as referred to in paragraph (1) constitute proof of ownership of the Securities.

Article 11
Regulations regarding the electronic recording of Securities as referred to in Article 10 regulate at least:
a. the mechanism for recording and storing Securities that have undergone Dematerialization of EBE; b. the obligations of the Securities Administration Bureau or the Public Company that organizes its own Securities administration electronically in relation to the implementation of Dematerialization of EBE;
c. the list of Securities ownership, at least containing:

1. details of the Party; and
2. the Securities owned; and
   d. the cost of recording Securities.

Article 12
(1) The Depository and Clearing Institution is authorized to conduct examinations regarding the correspondence of Securities records at the Depository and Clearing Institution with records at the Securities Administration Bureau or the Public Company that organizes its own Securities administration. (2) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to ensure that the records of Equity Securities that have undergone Dematerialization of EBE at the Securities Administration Bureau or the Public Company that organizes its own Securities administration are the same as the records of Equity Securities that have undergone Dematerialization of EBE at the Depository and Clearing Institution. (3) The Depository and Clearing Institution is obliged to report to the Financial Services Authority that the records of Equity Securities that have undergone Dematerialization of EBE at the Securities Administration Bureau or the Public Company that organizes its own Securities administration are the same as the records of Equity Securities that have undergone Dematerialization of EBE at the Depository and Clearing Institution. (4) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to ensure the correspondence and correctness of the data of Securities holders at least:
a. debtor information system number; b. identity number;
c. name;
d. address; e. number of ownership; and f. information on the transfer of rights over shares.
(5) In the event of a difference in Securities recording at the Depository and Clearing Institution with the Securities Administration Bureau or the Public Company that organizes its own Securities administration, the records found at the Depository and Clearing Institution are the records used. (6) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to carry out the destruction and cancellation of equity securities with physical certificates that have undergone Dematerialization of EBE. (7) The Depository and Clearing Institution, Securities Administration Bureau, and Public Company that organizes its own Securities administration are prohibited from providing information regarding ownership records of Securities to anyone, except to implement provisions of legislation.

Seventh Section
Prohibition on Trading Equity Securities with Physical Certificates
Article 13
(1) Equity securities with physical certificates are prohibited from being traded, both through the stock exchange and outside the stock exchange, after the Dematerialization of EBE period ends.
(2) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is prohibited from administering the transfer of equity securities with physical certificates that are traded, both through the stock exchange and outside the stock exchange. (3) In the event that equity securities with physical certificates are to be traded, both through the stock exchange and outside the stock exchange, the equity securities must first undergo Dematerialization of EBE.

Article 14
The provisions on the prohibition of transactions and administration of the transfer of equity securities with physical certificates, both through the stock exchange and outside the stock exchange, as referred to in Article 13 paragraph (1) and paragraph (2), are excepted for the transfer of equity securities with physical certificates for the purposes of gifts, prizes, inheritance, law enforcement, or court decisions.

Eighth Section
Obligation to Issue Multi-Voting Rights Shares in Dematerialized Form
Article 15
Multi-Voting Rights Shares must be issued in dematerialized form and deposited in Individual Custody Accounts managed by the Depository and Clearing Institution.

Ninth Section
Administrative Sanctions
Article 16
(1) Any Party that violates the provisions as referred to in Article 3, Article 4, Article 5, Article 6 letter b, letter c, Article 7, Article 8, Article 9 paragraph (1), paragraph (2), Article 12 paragraph (2), paragraph (3), paragraph (4), paragraph (6), paragraph (7), Article 13 paragraph (1), paragraph (2), and/or Article 15 is subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties that cause the occurrence of violations of the provisions as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; and/or e. revocation of business license.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, or letter e may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, or letter e. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the capital market field.

CHAPTER III
MANAGEMENT OF UNCLAIMED ASSETS IN THE CAPITAL MARKET First Section Scope
Article 17
The management of unclaimed assets in the capital market is carried out against:
a. equity securities with physical certificates at the Securities Administration Bureau and Public Companies that organize their own Securities administration that have not undergone Dematerialization of EBE after the implementation period of Dematerialization of EBE ends; b. dematerialized equity securities, funds, and assets of investment product management recorded at the Custodian; and
c. other assets in the capital market.

Second Section
Management of Unclaimed Assets in the Capital Market for Equity Securities with Physical Certificates
Article 18
(1) In the event that after the implementation period of Dematerialization of EBE ends there are still equity securities with physical certificates that have not undergone Dematerialization of EBE, the owner of the equity securities with physical certificates is given the right to file a claim for ownership of the equity securities with physical certificates through the Securities Administration Bureau or the Public Company that organizes its own Securities administration no later than 5 (five) years after the implementation period of Dematerialization of EBE ends. (2) Heirs or attorneys-in-fact of the owner of the equity securities with physical certificates as referred to in paragraph (1) may file a claim for ownership of the Securities by showing legal documents that are the basis for the legitimate transfer of rights. (3) Equity securities with physical certificates as referred to in paragraph (1) are administered by the Securities Administration Bureau or the Public Company that organizes its own Securities administration.

Article 19
(1) After the claim period for ownership of equity securities with physical certificates as referred to in Article 18 paragraph (1) ends, the Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to record the remaining equity securities with physical certificates in Individual Custody Accounts. (2) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to carry out the destruction and cancellation of equity securities with physical certificates that have been recorded in Individual Custody Accounts. (3) The Securities Administration Bureau or the Public Company that organizes its own Securities administration is obliged to submit a request to the Financial Services Authority to declare the equity securities with physical certificates as referred to in paragraph (1) to be managed as unclaimed assets in the capital market. (4) The recording of the remaining equity securities with physical certificates as referred to in paragraph (1) is carried out by registering the equity securities with physical certificates in Individual Custody Accounts in the name of the Party designated by the Financial Services Authority to administer and manage unclaimed assets in the capital market.

Third Section
Management of Unclaimed Assets in the Capital Market for Securities and/or Funds at the Custodian
Article 20
(1) Custodians are obliged to identify Securities accounts that have no Securities and/or fund transactions in a 5 (five) year period.
(2) For Securities accounts that have no transactions as referred to in paragraph (1), the Custodian is obliged to send a letter requesting confirmation of ownership of Securities and/or funds in the Securities account, to the Party whose identity is recorded as the owner of the Securities account at the Custodian. (3) In the event that there are remaining assets of investment product management whose owners cannot be contacted or whose existence is unknown due to buy-backs, settlements, dissolution, or liquidation of investment products, the Custodian is obliged to send a letter requesting confirmation of ownership of the investment product assets to the Party whose identity is recorded as the owner of the investment product assets at the Custodian. (4) The submission of the letter requesting confirmation as referred to in paragraph (2) and paragraph (3) is carried out for 5 (five) years since this Financial Services Authority Regulation was promulgated, with the provision that it is submitted at least 2 (two) times in 1 (one) year. (5) Custodians are not obliged to submit letters requesting confirmation to owners of Securities accounts that have no transactions as referred to in paragraph (1) due to legal processes against the Securities account.

Article 21
(1) Parties whose identities are listed as owners of Securities accounts may refuse to acknowledge that the Securities account together with the Securities, funds, and/or investment product assets in the Securities account are their property. (2) The refusal of ownership of the Securities account as referred to in paragraph (1) is carried out through:
a. refusal with a statement; or b. refusal without a statement.
(3) Refusal without a statement as referred to in paragraph (2) letter b is deemed to have been carried out if the time limit for the submission of the letter requesting a statement as referred to in Article 20 paragraph (4) has ended and there is no written statement from the owner of the Securities account.

Article 22
(1) In the event that there is a refusal as referred to in Article 21, the Custodian is obliged to submit a request to the Financial Services Authority to declare that the Securities, funds, and/or investment product assets in the Securities account are managed as unclaimed assets in the capital market. (2) The Custodian is obliged to transfer the Securities, funds, and/or investment product assets to the Securities account in the name of the Party designated by the Financial Services Authority to administer and manage unclaimed assets in the capital market after the Financial Services Authority declares that the assets are unclaimed assets in the capital market.

Fourth Section
Management of Other Unclaimed Assets in the Capital Market for Other Assets in the Capital Market
Article 23
(1) Any Party carrying out activities in the capital market may submit a request to the Financial Services Authority to declare certain assets as unclaimed assets in the capital market.
(2) The Party submitting the request as referred to in paragraph (1) is obliged to ensure that the assets are unclaimed and the existence of the owner is unknown.
(3) The obligation to ensure that the assets are unclaimed and the existence of the owner is unknown as referred to in paragraph (2) is carried out by:
a. ensuring that the legal entity owner of the assets has been dissolved or changed its business activities so that the legal entity no longer carries out business activities in the capital market sector; and/or b. sending a letter requesting confirmation from the Party whose identity is listed as the owner of the assets.

Article 24
(1) For the letter requesting confirmation as referred to in Article 23 paragraph (3) letter b, the owner of the assets may refuse to acknowledge that the assets are their property.

(2) Rejection of ownership over the Securities account as referred to in paragraph (1) is carried out through:
a. rejection with a statement; or b. rejection without a statement.
(3) Rejection without a statement as referred to in paragraph (2) letter b is deemed to have occurred if there is no written statement from the asset owner after 180 (one hundred eighty) days since the date the confirmation request letter was delivered.

Article 25
The Financial Services Authority may declare specific assets as unclaimed assets in the capital market based on an examination of the request from the Party as referred to in Article 23 paragraph (1).

Fifth Section
Follow-up on Unclaimed Assets in the Capital Market

Article 26
The Financial Services Authority has the authority to designate specific Parties to administer and/or manage unclaimed assets in the capital market.

Article 27
(1) The Party designated by the Financial Services Authority as referred to in Article 26 administers and/or manages unclaimed assets in the capital market for a period of 30 (thirty) years since declared as unclaimed assets in the capital market by the Financial Services Authority. (2) The administration of unclaimed assets in the capital market as referred to in paragraph (1) includes:
a. recording; b. storage in a Trust Account;
c. delivery of unclaimed assets in the capital market to the entitled Party; and
d. reporting to the Financial Services Authority.
(3) The Party administering and/or managing unclaimed assets in the capital market as referred to in paragraph (1) is prohibited from trading unclaimed assets in the capital market.

Article 28
(1) The owner, heir, or attorney-in-fact of unclaimed assets in the capital market is granted the right to submit a claim for ownership of unclaimed assets in the capital market until the administrative and/or management period of unclaimed assets in the capital market as referred to in Article 27 paragraph (1) expires. (2) The submission of a claim for ownership of unclaimed assets in the capital market as referred to in paragraph (1) is carried out by presenting at least:
a. proof of ownership of the assets as referred to in Article 17 which has been designated as unclaimed assets in the capital market; and b. legal documents serving as the basis for the legitimate transfer of rights, to the Party administering and/or managing unclaimed assets in the capital market as referred to in Article 26.

Article 29
(1) In the event of a claim for ownership of unclaimed assets in the capital market, the Party administering and/or managing unclaimed assets in the capital market must validate the authenticity of the proof of ownership and legal documents as referred to in Article 28 paragraph (2). (2) In the event that the claimant for ownership of unclaimed assets in the capital market cannot provide proof of ownership and legal documents as referred to in Article 28 paragraph (2) or there is doubt regarding the proof of ownership and legal documents, the Party administering and/or managing unclaimed assets in the capital market may reject the claimed ownership. (3) In the event that the Party administering and/or managing unclaimed assets in the capital market accepts the claimed ownership, the Party administering and/or managing unclaimed assets in the capital market must return the assets to the Securities account of the claimant for ownership of unclaimed assets in the capital market. (4) The return of unclaimed assets in the capital market as referred to in paragraph (3) may be returned in the form of funds with a value considering the fair market price of the assets on the date of the claim. (5) The return in the form of funds as referred to in paragraph (4) must be accompanied by valid transaction evidence. (6) The Party administering and/or managing unclaimed assets in the capital market must have operational standards regarding administration, management, and follow-up of ownership claims, including returns in the form of funds or assets.

Article 30
(1) In the event that the claim period as referred to in Article 27 paragraph (1) expires and there is no claim for ownership of unclaimed assets in the capital market, the Financial Services Authority has the authority to request a court order so that the unclaimed assets in the capital market can be delivered to the capital market industry development fund for the purpose of developing the capital market industry. (2) Regulations regarding the procedure for delivering unclaimed assets in the capital market as referred to in paragraph (1) to the capital market industry development fund for the purpose of developing the capital market industry are determined by the Financial Services Authority.

Sixth Section
Administrative Sanctions

Article 31
(1) Every Party that violates the provisions as referred to in Article 19 paragraph (1), paragraph (2), paragraph (3), Article 20 paragraph (1), paragraph (2), paragraph (3), Article 22, Article 23 paragraph (2), Article 27 paragraph (3), Article 29 paragraph (1), paragraph (3), and/or paragraph (6) shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties who cause the violation of the provisions as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; and/or e. revocation of business license.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, or letter e may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of a fine as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, or letter e. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the field of the capital market.

CHAPTER IV
MEDIA AND LANGUAGE OF ANNOUNCEMENT OF DEMATERIALIZATION OF EBE IMPLEMENTATION

Article 32
(1) The announcement of the implementation of Dematerialization of EBE as referred to in Article 7 by the Securities Administration Office or a Listed Company that conducts its own securities administration must be carried out through announcement media at least:
a. the stock exchange website, in the event that the Listed Company lists its shares on the stock exchange; b. the Listed Company's website; and
c. sending registered letters to the address of holders of equity Securities.
(2) The announcement as referred to in paragraph (1) may be carried out through announcement media at least on the website provided by the Financial Services Authority.
(3) The announcement of the implementation of Dematerialization of EBE carried out through announcement media as referred to in paragraph (1) must be made in Indonesian and a foreign language, with the foreign language used being at least English. (4) The announcement of the implementation of Dematerialization of EBE carried out through announcement media as referred to in paragraph (2) must be made at least in Indonesian. (5) Announcements using foreign languages as referred to in paragraph (3) must contain the same information as announcements using Indonesian. (6) In the event of differing interpretations of information announced in a foreign language compared to that announced in Indonesian, the information in Indonesian shall serve as the reference.

Article 33
(1) Every Party that violates the provisions as referred to in Article 32 paragraph (1), paragraph (3), paragraph (4), and/or paragraph (5) shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority.
(4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; and/or e. revocation of business license.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, or letter e may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of a fine as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, or letter e. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the field of the capital market.

CHAPTER V
PROTECTION OF SHAREHOLDERS' RIGHTS AND ASSET OWNERS

Article 34
In implementing Dematerialization of EBE and managing unclaimed assets in the capital market, Securities Administration Offices, Listed Companies that administer securities themselves, the Indonesia Stock Clearing and Custody Institution, Custodians, Investment Managers, and Parties designated by the Financial Services Authority to manage unclaimed assets in the capital market must apply consumer protection principles as referred to in Financial Services Authority Regulations regarding consumer and community protection in the financial services sector.

Article 35
(1) Every Party that violates the provisions as referred to in Article 34 shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority.
(4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; and/or e. revocation of business license.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, or letter e may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of a fine as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, or letter e. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the field of the capital market.

CHAPTER VI
OTHER PROVISIONS

Article 36
In addition to administrative sanctions as referred to in this Financial Services Authority Regulation, the Financial Services Authority may take specific actions against every Party that violates the provisions of this Financial Services Authority Regulation.

Article 37
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in this Financial Services Authority Regulation and specific actions as referred to in Article 36 to the public.

CHAPTER VII
CLOSING PROVISIONS

Article 38
At the time this Financial Services Authority Regulation comes into force:
a. provisions regulating proof of ownership of Securities and share certificates and collective share certificates that are damaged or lost as referred to in Number 9 and Number 10 of Regulation Number IX.J.1, Appendix of the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institution Body Number KEP-179/BL/2008 regarding Basic Articles of Association of Companies that Conduct Public Offerings of Equity Securities and Public Companies; b. provisions regulating the recording of Securities at the Securities Administration Office or issuer and/or public company that conducts its own securities administration over securities instruments as referred to in Article 11 paragraph (1) letter b of Financial Services Authority Regulation Number 22/POJK.04/2019 regarding Securities Transactions (State Gazette of the Republic of Indonesia Year 2019 Number 168, Supplement to the State Gazette of the Republic of Indonesia Number 6387);
c. provisions regulating the listing of Securities as referred to in Article 26, Article 27, and Article 28 of Financial Services Authority Regulation Number 3/POJK.04/2021 regarding the Conduct of Activities in the Field of the Capital Market (State Gazette of the Republic of Indonesia Year 2021 Number 71, Supplement to the State Gazette of the Republic of Indonesia Number 6663); and
d. provisions regulating the issuance of Shares with Multiple Voting Rights with instruments in the event that Trust Accounts are not yet available as referred to in Article 7 paragraph (4) and paragraph (5) of Financial Services Authority Regulation Number 22/POJK.04/2021 regarding the Application of Classification of Shares with Multiple Voting Rights by Issuers with Innovation and High Growth that Conduct Public Offerings of Equity Securities in the form of Shares (State Gazette of the Republic of Indonesia Year 2021 Number 261, Supplement to the State Gazette of the Republic of Indonesia Number 6740), are repealed and declared invalid.

Article 39
This Financial Services Authority Regulation comes into force on the date of enactment.

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.

Established in Jakarta on 28 April 2025
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, sd
MAHENDRA SIREGAR

Enacted in Jakarta on 6 May 2025
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, sd SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 17/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 9 YEAR 2025
REGARDING
DEMATERIALIZATION OF EQUITY SECURITIES AND MANAGEMENT OF UNCLAIMED ASSETS IN THE CAPITAL MARKET

I. GENERAL
Proof of ownership of Securities in the Capital Market currently consists of 2 (two) forms, namely Securities with instruments (script) and Securities without instruments (scripless). This condition results in the recording and storage of Securities that cannot be centralized, where the recording of Securities with instruments is conducted by the Securities Administration Office and the recording of scripless Securities is conducted by the Indonesia Stock Clearing and Custody Institution. This non-centralized recording creates potential issues regarding discrepancies in the recording of Securities at the Securities Administration Office and the records of Securities at the Indonesia Stock Clearing and Custody Institution. These issues reflect the absence of appropriate regulations and procedures to ensure integrity and risk management related to the storage and transfer of Securities.

Furthermore, one of the international standards regarding the storage and transfer of Securities as referred to in Principle 11 of CPSS-IOSCO “Principles for Financial Market Infrastructures” recommends 2 (two) things. First, Central Securities Depositories (CSD) should have adequate and appropriate regulations and procedures to ensure, minimize, and manage risks related to the storage and transfer of Securities. Second, Central Securities Depositories (CSD) should administer securities in the form of intangible or non-physical assets and transfer such Securities through electronic bookkeeping.

To ensure this and in order to increase liquidity in the Indonesian Capital Market and the need to provide fast, accurate, and transparent data on the recording of ownership of equity securities, as well as the implementation of the concept of company listing, it is necessary to follow the dematerialization of equity securities held by founding holders of equity securities in Listed Companies or holders of equity securities with instruments.

Dematerialization of EBE is the change in the form of equity securities ownership certificates into electronic management in the form of electronic ownership recording. The provisions of Article 5 letter a number 5 of Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector have regulated the authority regarding the obligation to issue Securities and convert Securities into the form of Securities without instruments. However, further regulations regarding the implementation of Dematerialization of EBE have not been established.

The process of Dematerialization of EBE, which eliminates the storage of Securities in physical form, will touch upon issues regarding unclaimed assets in the capital market for equity securities with instruments deposited at Custodians. Handling unclaimed assets becomes important considering that this has become a burden for Custodians due to the non-payment of deposit fees by customers and the existence of funds arising from dividend payments stored in Custodians.

To date, there have been no regulations governing the handling of unclaimed assets at Custodians. Regulations for handling unclaimed assets need to be created to define which assets fall into the category of unclaimed assets and how they are handled so that the implementation of Dematerialization of EBE can run effectively.

Based on the background above, to provide a legal basis for activities involving the change in the form of equity securities with instruments into equity securities without instruments, the recording of ownership, and the electronic and centralized management of equity securities, as well as the management of equity securities as unclaimed assets in the Capital Market, it is necessary to issue a Financial Services Authority Regulation concerning Dematerialization of Equity Securities and Management of Unclaimed Assets in the Capital Market.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Letter a
What is meant by “legal process” is criminal and/or civil judicial proceedings.
Letter b
Clear enough.
Letter c
Clear enough.
Letter d
Clear enough.
Letter e
Clear enough.

Article 7
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Clear enough.

Article 11
Clear enough.

Article 12
Clear enough.

Article 13
Paragraph (1)
What is meant by “transactions outside the stock exchange” is transactions outside the exchange as referred to in Financial Services Authority Regulations regarding Securities Transactions.
Paragraph (2)
Clear enough.
Paragraph (3)
Clear enough.

Article 14
Law enforcement includes, among others, the process of blocking, freezing, and seizing equity securities with instruments.

Article 15
Clear enough.

Article 16
Clear enough.

Article 17
Letter a
Clear enough.
Letter b
Clear enough.
Letter c
Other assets in the capital market include, among others, collateral assets at clearing and guarantee institutions belonging to active or inactive clearing members whose whereabouts are unknown.

Article 18
Clear enough.

Article 19
Clear enough.

Article 20
Paragraph (1)
Clear enough.
Paragraph (2)
Clear enough.
Paragraph (3)
Clear enough.
Paragraph (4)
Clear enough.
Paragraph (5)
Legal processes include, among others, the blocking of Securities accounts executed due to the existence of law enforcement processes or court decisions.

Article 21
Clear enough.

Article 22
Clear enough.

Article 23
Clear enough.

Article 24
Clear enough.

Article 25
Clear enough.

Article 26
Clear enough.

Article 27
Clear enough.

Article 28
Clear enough.

Article 29
Clear enough.

Article 30
Clear enough.

Article 31
Clear enough.

Article 32
Clear enough.

Article 33
Clear enough.

Article 34
Clear enough.

Article 35
Clear enough.

Article 36
Specific actions include, among others:

1. requesting the Securities Administration Office or a Listed Company that administers securities itself to submit additional information and/or supporting documents in relation to the implementation of Dematerialization of EBE; or
2. requesting the Party designated by the Financial Services Authority to administer and manage unclaimed assets in the capital market to resolve claims for ownership of unclaimed assets in the capital market.

Article 37
Clear enough.

Article 38
Clear enough.

Article 39
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 147/OJK