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2009-08-25

Bank Indonesia Circular Letter 11/23/DPM Amending Scripless Securities Settlement System Regulations

Bank Indonesia issued Circular Letter 11/23/DPM to amend the regulations governing the Scripless Securities Settlement System (BI-SSSS). The amendment introduces stricter membership requirements, incorporates Sharia banking facilities, and reclassifies Intraday Liquidity Facilities as Repurchase Agreement transactions. It also updates procedures for Short-term Financing Facility pledges, state securities settlements, and operational testing protocols effective August 25, 2009.

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Sumber Data Legal Information Team, Directorate of Legal Affairs

8/25/2009 5:29 AM

Judul Bank Indonesia Circular Letter Number 11/23/DPM - Amendment to Bank Indonesia Circular Letter Number 10/21/DPM dated May 23, 2008 concerning the Organization of Bank Indonesia - Scripless Securities Settlement System

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Regulation :

Bank Indonesia Circular Letter Number 11/23/DPM - Amendment to Bank Indonesia Circular Letter Number 10/21/DPM dated May 23, 2008 concerning the Organization of Bank Indonesia – Scripless Securities Settlement System

Effective date :

August 25, 2009

The amendment to this circular letter shall include among other things:

improvement of the requirements and procedures for becoming a Member, namely:

having facilities and infrastructure in accordance with the technical requirements determined;

fulfilling the requirements in accordance with types of Members;

a Member which is not a member of BI-RTGS System must appoint a Paying Bank;

Bank Indonesia may determine different requirements for other agencies approved by Bank Indonesia to be Members.

accommodation of arrangements related to Bank Indonesia Deposit Facilities for Sharia banking (FASBIS);

improvement of provisions related to the outstanding Intraday Liquidity Facility (FLI)/Intraday Liquidity Facility for Sharia Banking (FLIS) to be a Repurchase Agreement transaction;

changes to the arrangements related to Short-term Financing Facility (FPJP) :

removal of procedures for submission of FPJP transactions through BI-SSSS;

addition to pledge procedures in the context of FPJP; The Members shall conduct pledge transaction in the context of Short-term Financing Facility (FPJP) by submitting an application for pledge of the Securities to Bank Indonesia and conduct the following procedures:

making an entry of data on the settlement of pledge transaction in the ST of the respective Members;

the Member shall undertake a process of approval;

in the event that the data on the settlement of pledge transaction have matched and the balance of the Securities Account of pledgor is sufficient, the system shall settle the pledge transaction in the amount of nominal value of the Securities being pledged;

in the event that the balance of the Securities Account of the pledgor is insufficient for the Securities Settlement up to the deadline of the Queue System, the system shall cancel the settlement of pledge of the Securities concerned.

addition to procedures of the settlement of transactions of State Securities sale by auction through BI-SSSS, the settlement of Retail State Sharia Securities transactions, as well as the settlement of direct transactions of the State Notes and transactions of Private Placement by the Government.

addition to obligations for the Members to include the reference number of the transaction reporting obtained from Beneficiary of Securities Transaction Report in field agreement code in the instruction of the Securities Settlement with other Members through SSTS.

addition to obligations of log on testing at BI-SSSS Terminal (ST) of the Members after updating the Authenticator Text;

improvement of the arrangement related to the cancellation of the second leg settlement by the Organizer by adding information that in the case of repurchase agreement transaction of collateralized borrowing and pledge transaction, the cancellation of the second leg settlement by the Organizer shall be followed by a transfer of Securities from the account of the pledgor or the seller to the account of the pledgee or the buyer.

improvement of the arrangement related to operational implementation of the delivery of delivery of data report on the settlement of Securities transactions of clients of the Sub-Registry (in-house transaction) through the SSTS menu.

Addition to the sample of application for pledge as Attachment I.

Amendment to the Circular Letter concerned shall be effective as from August 25, 2009.

Lampiran Attachments

Lampiran 1 Bank Indonesia Circular Letter Number 11/23/DPM

Lampiran 2 Attachment

Lampiran 3 FAQ - Bank Indonesia Circular Letter Number 11/23/DPM

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

Kontak Legal Information Team, Ph. : (021) 2310108 ext : 8737, 7890, 7993, 4838

Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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