Regulation of the Financial Services Authority Number 17 of 2025 on the Offer of Securities Through Information Technology-Based Crowdfunding Services

EXTRACT
REGULATION OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 17 OF 2025 ON THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES BY THE GRACE OF GOD THE ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to develop the financial industry that provides alternative financing from the capital market sector for the public and business actors through the issuance of securities by utilizing crowdfunding services organized by crowdfunding service providers, it is necessary to develop financial products and services by utilizing information technology; b. that the utilization of information technology through information technology-based crowdfunding services is expected to broaden access to financing for small and medium enterprises and novice business actors to obtain funding through the capital market, as well as improve the quality of the crowdfunding service industry and increase protection for business actors and investors;
c. that the Financial Services Authority Regulation Number 57/POJK.04/2020 on the Offer of Securities Through Information Technology-Based Crowdfunding Services as amended by the Financial Services Authority Regulation Number 16/POJK.04/2021 on Amendments to the Financial Services Authority Regulation Number 57/POJK.04/2020 on the Offer of Securities Through Information Technology-Based Crowdfunding Services requires adjustment and refinement to accommodate the legal needs of the public and industry needs, so it needs to be replaced;
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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 on the Offer of Securities Through Information Technology-Based Crowdfunding Services;

Considering:

Law Number 8 of 1995 on 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 on 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);
Law Number 21 of 2011 on 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 on 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:
Establish: FINANCIAL SERVICES AUTHORITY REGULATION ON THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES.

CHAPTER I
GENERAL PROVISIONS

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

Offer of Securities Through Information Technology-Based Crowdfunding Services, hereinafter referred to as Crowdfunding Services, is the provision of securities offer services conducted by issuers to sell securities directly to investors through an open electronic system network.
Securities are negotiable instruments or investment contracts, whether in conventional and digital forms or other forms in accordance with technological developments, which give rights to their owners to directly or indirectly obtain economic benefits from the issuer or from certain parties based on agreements and any derivatives of Securities, which can be transferred and/or traded in the capital market.
Electronic System of Financial Services, hereinafter referred to as Electronic System, is a series of electronic devices and procedures that function to prepare, collect, process, analyze, store, display, announce, send, and/or disseminate electronic information in the field of financial services.
Information Technology of Financial Services, hereinafter referred to as Information Technology, is a technique to collect, prepare, store, process, announce, analyze, and/or disseminate information in the field of financial services.
Crowdfunding Service Provider, hereinafter referred to as Provider, is an Indonesian legal entity that provides, manages, and operates Crowdfunding Services.
Crowdfunding Service User, hereinafter referred to as User, is the issuer and investor.
Issuer is an Indonesian business entity, whether in the form of a legal entity or other business entities, that issues Securities through Crowdfunding Services.
Investor is a party that purchases Issuer Securities through Crowdfunding Services.
Project is an activity or work that produces goods, services, and/or other benefits, whether existing or to be created, including determined investment activities that will become the basis for the issuance of debt-type Securities or Sukuk.
Sukuk are Shariah-compliant Securities in the form of certificates or proof of ownership that have equal value and represent indivisible or undivided shares (syuyu') over the underlying assets.
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.
Custodian is a party that provides services for the safekeeping of Securities and other assets related to Securities, assets related to collective investment portfolios, and other services, including receiving dividends, interest, and other rights, settling Securities transactions, and representing account holders who are its clients.
Party is an individual, legal entity, company, joint venture, association, or organized group.
Principal Party is a Party that owns, manages, supervises, and/or has significant influence over the Provider.
Electronic Document is any electronic information created, forwarded, sent, received, or stored in analog, digital, electromagnetic, optical, or similar forms, which can be seen, displayed, and/or heard through a computer or Electronic System, including but not limited to writing, sound, images, design maps, photos or similar, letters, signs, numbers, access codes, symbols, or perforations that have meaning or can be understood by someone capable of understanding them.
Custodian Bank is a general bank that has obtained approval from the Financial Services Authority to conduct business activities as a Custodian.
Association is an association of Providers recognized by the Financial Services Authority.
Controlling Shareholder, hereinafter abbreviated as CSP, is a legal entity, individual, and/or business group that directly or indirectly owns shares or shares equivalent to shares in the Provider and has the ability to exercise control over the Provider in question.
Board of Directors is the organ of the Provider authorized and fully responsible for the management of the Provider for the interests of the Provider, in accordance with the purpose and objectives of the Provider and representing the Provider, both inside and outside the court, in accordance with the articles of association for Providers in the form of limited liability companies or equivalent to the Board of Directors for Providers in the form of cooperative legal entities.
Board of Commissioners is the organ of the Provider tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors for Providers in the form of limited liability companies or equivalent to the Board of Commissioners for Providers in the form of cooperative legal entities.
Shariah Supervisory Board is a board responsible for providing advice and suggestions and supervising the fulfillment of Shariah principles in the capital market towards Parties conducting Shariah activities in the capital market.

Article 2
(1) Crowdfunding Service activities are part of financial service activities in the capital market sector.
(2) Parties conducting Crowdfunding Service activities as referred to in paragraph (1) are declared as Parties conducting financial service activities in the capital market sector.

Article 3
(1) The offer of Securities by each Issuer through Crowdfunding Services is not considered a public offering as referred to in the Capital Market Law if:
a. the Securities offer is conducted through a Provider that has obtained a license from the Financial Services Authority; b. the Securities offer is conducted within a period of at most 12 (twelve) months; and
c. the total funds raised through the Securities offer are at most IDR 10,000,000,000.00 (ten billion rupiah).
(2) In certain conditions, the Financial Services Authority may determine total fund-raising values other than the value referred to in paragraph (1) letter c.

Article 4
An Issuer is considered a public company as referred to in the Capital Market Law if:
a. the number of Issuer shareholders is more than 300 (three hundred) Parties; and b. the Issuer's paid-up capital is more than IDR 30,000,000,000.00 (thirty billion rupiah).

CHAPTER II
BUSINESS ACTIVITIES AND INSTITUTIONAL STRUCTURE OF THE PROVIDER

First Section
Business Activities

Article 5
(1) Providers are prohibited from conducting business activities other than Crowdfunding Service activities, except:
a. as a provider of information technology-based financial services that has obtained a license from the Financial Services Authority, in accordance with applicable legislation; b. business activities in the capital market sector in accordance with applicable capital market legislation that can be conducted by the Provider; and
c. other activities approved by the Financial Services Authority.
(2) Regulations regarding the procedures and mechanisms for applying for business activities other than Crowdfunding Service activities are determined by the Financial Services Authority.

Article 6
In carrying out activities as a Provider, the Provider may cooperate with:
a. providers of information technology-based financial services; and/or b. other Parties related to the use of funds and proceeds from the issuance of equity-type Securities in the form of shares and/or Sukuk based on social and charitable funds in accordance with applicable legislation.

Second Section
Legal Entity

Article 7
(1) The Provider's legal entity is an Indonesian legal entity in the form of:
a. a limited liability company; or b. a cooperative.
(2) Cooperatives as referred to in paragraph (1) letter b are limited to cooperatives that conduct activities in the financial services sector.

Article 8
(1) Providers in the form of limited liability legal entities as referred to in Article 7 letter a may be established and owned by:
a. Indonesian citizens and/or Indonesian legal entities; and/or b. foreign citizens and/or foreign legal entities.
(2) Share ownership of the Provider by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b, whether directly or indirectly, is at most 49% (forty-nine percent).

Third Section
Capital

Article 9
(1) Providers as referred to in Article 7 paragraph (1) letter a must have paid-up capital of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) at the time of applying for business licensing. (2) Providers as referred to in Article 7 paragraph (1) letter b must have own capital of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) at the time of applying for a business license.

Article 10
(1) The source of paid-up capital funds for establishing a Provider as referred to in Article 9 is prohibited from originating from the proceeds of criminal acts and for the purpose of money laundering, terrorism financing, proliferation financing of weapons of mass destruction, and other financial crimes. (2) The source of the Provider's capital deposits can be in the form of cash, fully deposited and placed, and/or other assets that can be utilized as supporting infrastructure for the Provider.

Article 11
(1) Providers must have equity of at least IDR 5,000,000,000.00 (five billion rupiah).
(2) Providers that have obtained a business license before this Financial Services Authority Regulation takes effect or prospective Providers who are still in the process of applying for a license as a Provider to the Financial Services Authority before this Financial Services Authority Regulation takes effect must have equity of at least IDR 5,000,000,000.00 (five billion rupiah) in stages with the following provisions:
a. at least IDR 1,000,000,000.00 (one billion rupiah) for a period of 1 (one) year; b. at least IDR 2,500,000,000.00 (two point five billion rupiah) for a period of 3 (three) years; and
c. at least IDR 5,000,000,000.00 (five billion rupiah) for a period of 5 (five) years,
since this Financial Services Authority Regulation is promulgated.

Article 12
(1) Providers that increase paid-up capital must submit a report to the Financial Services Authority.
(2) The report as referred to in paragraph (1) must be submitted at the latest 10 (ten) working days after the date of the approval letter or receipt of notification of articles of association amendments by the minister. (3) The report as referred to in paragraph (1) is submitted to the Financial Services Authority by attaching documents at least:
a. proof of receipt of notification of articles of association amendments by the relevant minister regarding the increase in paid-up capital; b. a statement letter from shareholders stating that capital deposits do not originate from terrorism financing, proliferation financing of weapons of mass destruction, and other financial crimes;
c. tax notification documents for the last 2 (two) years and/or other documents showing financial capacity and sources of capital deposit funds, if the CSP is an individual;
d. the latest audited financial statements of shareholders, if the CSP is a legal entity; e. bank statements for the last 6 (six) months during the capital deposit period, if the CSP is an individual; f. a report on the realization of the increase in paid-up capital; and g. the deed of amendment of the articles of association. (4) The increase in paid-up capital as referred to in paragraph (1) is carried out while still paying attention to the fulfillment of the CSP's financial capacity requirements. (5) The increase in paid-up capital is prohibited from being carried out other than in the form of:
a. cash deposits; b. capitalization of retained earnings; and/or
c. stock dividends.

Fourth Section
Human Resources

Article 13
(1) Board of Directors members:
a. are prohibited from holding concurrent positions in other Providers; and b. must reside in Indonesia.
(2) In the event that the Board of Directors as referred to in paragraph (1) are foreign citizens, the Board of Directors must have:
a. limited stay permits or permanent stay permits; and b. work permits from the competent authority.
(3) Board of Commissioners members are prohibited from holding concurrent positions in other Providers.
(4) In the event that the Board of Commissioners as referred to in paragraph (3) are foreign citizens and reside in Indonesia, the Board of Commissioners must have:
a. limited stay permits or permanent stay permits; and b. work permits from the competent authority.
(5) In the event that the Provider is in the form of a cooperative, regulations regarding concurrent positions and residence as referred to in paragraph (1), paragraph (2), paragraph (3), and paragraph (4) refer to regulations in the field of cooperatives. (6) Providers must have:
a. human resources with expertise and/or background in Information Technology; and b. human resources with expertise to conduct review of Issuers.
(7) Providers must improve the quality of human resources through education and training activities that support the development of Crowdfunding Services.

Article 14
(1) Any Party that violates the provisions as referred to in Article 5 paragraph (1), Article 10 paragraph (1), Article 11, Article 12 paragraph (1), paragraph (2), paragraph (5), Article 13 paragraph (1), paragraph (2), paragraph (3), paragraph (4), and/or paragraph (6) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Sanctions as referred to in paragraph (1) consist of:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business licenses; and/or f. cancellation of approvals.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f may be imposed with or without prior imposition of administrative sanctions in the form of written warnings 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. (7) The procedures for imposing sanctions as referred to in paragraph (3) are carried out in accordance with regulations in the field of capital markets.

CHAPTER III
LICENSING OF THE PROVIDER

First Section
General

Article 15
The license for the establishment and conduct of Provider business activities consists of:
a. principle approval; and b. business license.

Second Section
Principle Approval

Article 16
The application for principle approval as referred to in Article 15 letter a must be submitted to the Financial Services Authority according to the form contained in Attachment on Format 1 which is an integral part of this Financial Services Authority Regulation, accompanied by documents at least:
a. photocopy of the deed of establishment of the legal entity that has been approved or agreed upon by the minister; b. photocopy of the latest articles of association amendments, which have been approved or agreed upon by the minister or notified to the competent authority, containing financial services business activities covering Crowdfunding Services;
c. list of composition of Board of Directors members and Board of Commissioners members;
d. shareholder data:

for individual shareholders, by attaching:
a) photocopy of identification cards in the form of resident identity cards or passports for foreign citizens, which are still valid; b) photocopy of Taxpayer Identification Number; c) curriculum vitae completed with the latest 4x6 cm color passport photos contained in Attachment on Format 2 which is an integral part of this Financial Services Authority Regulation; and d) statement letter from individual shareholders contained in Attachment on Format 3 which is an integral part of this Financial Services Authority Regulation;
for legal entity shareholders, by attaching:
a) photocopy of the deed of establishment of the legal entity and photocopy of the latest articles of association amendments that have been approved or agreed upon by the minister or notified to the competent authority; b) statement letter from legal entity shareholders contained in Attachment on Format 4 which is an integral part of this Financial Services Authority Regulation; and c) photocopy of the taxpayer identification number of the legal entity;
for central government shareholders, by attaching photocopy of government regulations regarding state capital participation for the establishment of companies; and
for regional government shareholders, by attaching photocopy of regional regulations regarding regional capital participation for the establishment of companies;
e. Board of Directors and Board of Commissioners data by attaching:
photocopy of identification cards in the form of resident identity cards for Indonesian citizens or passports for foreign citizens that are still valid;
photocopy of limited stay permits or permanent stay permits that are still valid and work permits from the competent authority, for foreign citizens residing in Indonesia;
curriculum vitae completed with the latest 4x6 cm color passport photos contained in Attachment on Format 2 which is an integral part of this Financial Services Authority Regulation;
photocopy of taxpayer identification number; and
statement letter from Board of Directors members contained in Attachment on Format 5 and statement letter from Board of Commissioners members contained in Attachment on Format 6 which are integral parts of this Financial Services Authority Regulation;
f. administrative requirement documents and self-assessment results that have been conducted by the Provider for the application for approval as a Principal Party; g. plan for the composition and organizational structure based on the function of each position and the plan for fulfilling the Provider's human resources; h. work plan for the first 1 (one) year containing at least:
an overview of the business activities to be conducted;
targets and steps taken to achieve the aforementioned targets; and
projected financial statements for the next 1 (one) year;
i. statement letter from CSP or founding members for cooperatives to maintain their position as CSP or founding members for cooperatives in the Provider until the Financial Services Authority provides approval or rejection of the Provider's business license application, contained in Attachment on Format 7 which is an integral part of this Financial Services Authority Regulation;
j. guidelines or standard operating procedures at least:
registration, review, and monitoring of issuers; and
registration and verification of investors;
k. proof of capital deposit of at least 50% (fifty percent) of the minimum paid-up capital as referred to in Article 9;
l. business group structure, if the Provider is a member of a business group;
m. proof of settlement of payment obligations for applying for licensing to the Financial Services Authority; n. types of Securities offered in Crowdfunding Services; and o. photocopy of the taxpayer identification number in the name of the Provider.

Article 17
(1) Approval or rejection of the principle approval application is given by the Financial Services Authority at the latest 20 (twenty) working days after the application documents are received completely. (2) In the event that the application documents as referred to in paragraph (1) are not complete or do not comply with regulations or based on the Financial Services Authority's assessment, prospective Providers must submit the fulfillment of completeness and adjustment of application documents at the latest 20 (twenty) working days since the date of the request letter from the Financial Services Authority. (3) In the event that prospective Providers do not fulfill the completeness and adjustment of application documents as referred to in paragraph (2), prospective Providers are deemed to have cancelled the principle approval application as referred to in Article 16. (4) In providing approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts:
a. examination of application documents; b. assessment of the capability and propriety of Principal Parties;
c. analysis of potential and feasibility;
d. examination of capital deposit fund sources; and e. other analyses based on the Financial Services Authority's considerations. https://jdih.ojk.go.id/

(5) In supporting research, analysis, and assessment as referred to in paragraph (4), the Financial Services Authority is authorized to request documents containing other information deemed necessary. (6) To support research, analysis, and assessment as referred to in paragraph (4), the Financial Services Authority may request the prospective Organizer to conduct a presentation or exposition to the Financial Services Authority.

Article 18
In the event that the prospective Organizer whose principal approval has been approved by the Financial Services Authority:
a. transfers its principal approval to another Party; and/or b. changes the Principal Shareholder (PSP) or founding members for a Cooperative until the business license application is approved or rejected, the principal approval that has been issued becomes invalid.

Article 19
(1) Principal approval is valid for a maximum of 12 (twelve) months from the date the principal approval is issued.
(2) Parties that have obtained principal approval are prohibited from conducting business activities as an Organizer before obtaining a business license as an Organizer. (3) If by the time limit as referred to in paragraph (1) the Party that has obtained principal approval has not submitted a business license application to the Financial Services Authority, the principal approval that has been issued becomes invalid. (4) The Party as referred to in paragraph (3) may submit a new application to obtain principal approval after 12 (twelve) months from the end of the validity period of the principal approval as referred to in paragraph (1). (5) Parties that do not obtain principal approval from the Financial Services Authority may submit a new application to obtain principal approval after 12 (twelve) months from the date of rejection by the Financial Services Authority.

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Third Section
Business License

Article 20
(1) Prospective Organizers who will conduct Crowdfunding Services must have a business license from the Financial Services Authority.
(2) Prospective Organizers who are financial service business actors that have obtained a business license from the Financial Services Authority must register or obtain approval from the Financial Services Authority before conducting Crowdfunding Services. (3) Regulations regarding the procedures and mechanisms for registration or approval as referred to in paragraph (2) are determined by the Financial Services Authority.

Article 21
(1) The licensing application of the prospective Organizer as referred to in Article 20 must be submitted by the Organizer to the Executive Head of Capital Market, Derivative, and Carbon Exchange Supervision as listed in the Appendix on Format 8 which is an integral part of this Financial Services Authority Regulation, accompanied by documents at least:
a. photocopy of the latest amended articles of association, which has been approved or agreed upon by the minister or reported to the competent authority, containing financial service business activities covering Crowdfunding Services; b. in the event of changes to shareholder data:

for individual shareholders, by attaching:
a) photocopy of identification cards in the form of resident identity cards for Indonesian citizens or passports for foreign citizens that are still valid; b) photocopy of tax identification numbers; c) curriculum vitae completed with the latest 4x6 cm color passport photos listed in the Appendix on Format 2 which is an integral part of this Financial Services Authority Regulation; and d) statement letter of individual shareholders listed in the Appendix on Format 3 which is an integral part of this Financial Services Authority Regulation;
for corporate shareholders, by attaching:
a) photocopy of the articles of incorporation of the legal entity and photocopy of the latest amended articles of association, which has been approved or agreed upon by the minister or reported to the competent authority; b) statement letter of corporate shareholders listed in the Appendix on Format 4 which is an integral part of this Financial Services Authority Regulation; and c) photocopy of the corporate tax identification number;
for central government shareholders, by attaching photocopy of government regulations regarding state capital participation for the establishment of companies; and
for regional government shareholders, by attaching photocopy of regional regulations regarding regional capital participation for the establishment of companies;
c. in the event of changes to Board of Directors and Board of Commissioners data:
photocopy of identification cards in the form of resident identity cards for Indonesian citizens or passports for foreign citizens that are still valid;
photocopy of limited stay permits or permanent stay permits that are still valid and work permits from competent authorities, for foreign citizens domiciled in Indonesia;
curriculum vitae completed with the latest 4x6 cm color passport photos listed in the Appendix on Format 2 which is an integral part of this Financial Services Authority Regulation;
photocopy of tax identification numbers; and
statement letter of Board of Directors members listed in the Appendix on Format 5 and statement letter of Board of Commissioners members listed in the Appendix on Format 6 which are integral parts of this Financial Services Authority Regulation;
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d. administrative requirement documents and self-assessment results that have been conducted by the prospective Organizer for the application for approval as a Principal Party, if there are changes to Board of Directors and/or Board of Commissioners members; e. organizational structure of the prospective Organizer, along with the names of officials and employees of the prospective Organizer; f. internal control system guidelines, and guidelines regarding the implementation of corporate governance; g. risk management strategy form listed in the Appendix on Format 9 which is an integral part of this Financial Services Authority Regulation; h. statement letter of PSP or founding members for cooperatives to maintain their status as PSP or founding members for cooperatives in the Organizer until the Financial Services Authority provides approval or rejection of the prospective Organizer's business license application, listed in the Appendix on Format 7 which is an integral part of this Financial Services Authority Regulation;
i. guidelines or standard operating procedures at least:

implementation of Crowdfunding Services activities;
service to Users;
implementation of anti-money laundering programs, prevention of terrorism financing, and prevention of proliferation financing of weapons of mass destruction; and
implementation of Equity Securities trading organized for Equity Securities;
j. proof of capital deposit of at least 100% (one hundred percent) of the minimum paid-up capital as referred to in Article 9; k. work plan for the first 1 (one) year containing at least:
an overview of business activities to be conducted;
targets and steps taken to achieve the aforementioned targets; and
latest position financial reports and projected financial reports for the next 1 (one) year;
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l. certificate of registration as an electronic system organizer;
m. proof of Electronic System readiness and data of the prospective Organizer's operational activities listed in the Appendix on Format 10 which is an integral part of this Financial Services Authority Regulation; n. proof of operational readiness in the form of:

proof of ownership or control of office buildings, office rooms, service units; and
list of office inventory and equipment;
o. photocopy of the tax identification number in the name of the Organizer; p. agreement for the provision of Custodian Bank services for Crowdfunding Services; q. agreement for the use of services from the Depository and Clearing Institution; r. statement letter of appointment of a Party responsible for supervision regarding the fulfillment of Sharia principles in the capital market for prospective Organizers serving Sukuk offerings by Issuers through Crowdfunding Services, if the prospective Organizer does not have a Sharia Supervisory Board; s. recommendation from the Association; and t. proof of expertise and/or background as referred to in Article 13 paragraph (6) letter a and proof of expertise as referred to in Article 13 paragraph (6) letter b. (2) In addition to submitting documents as referred to in paragraph (1), prospective Organizers who are entities conducting business activities based on Sharia principles must submit documents at least:
a. photocopy of the Organizer's articles of association stating that business activities and types of business and their management are conducted based on Sharia principles; b. resolution of the General Meeting of Shareholders regarding the appointment of the Sharia Supervisory Board; and
c. photocopy of the valid capital market Sharia expert license held by the Sharia Supervisory Board.
(3) The Financial Services Authority conducts a review of the licensing applications submitted by prospective Organizers. https://jdih.ojk.go.id/

(4) The Financial Services Authority may request information, document completeness, and/or presentations regarding the Electronic System or other actions from the prospective Organizer. (5) If the prospective Organizer does not fulfill the request as referred to in paragraph (4) at the latest 90 (ninety) days after the date of the Financial Services Authority's request letter, the prospective Organizer is deemed to have cancelled the licensing application. (6) If the prospective Organizer can explain to the Financial Services Authority that the fulfillment of the request as referred to in paragraph (4) requires more than 90 (ninety) days, the Financial Services Authority may grant an extension of time beyond that regulated in paragraph (5) if the Organizer can explain to the Financial Services Authority that the fulfillment of the request as referred to in paragraph (4) requires an extension of time. (7) The time extension as referred to in paragraph (6) is given with the following conditions:
a. the extension period is at most 20 (twenty) working days from the deadline for fulfilling the request as referred to in paragraph (5); and b. the time extension is granted at most 1 (one) time for each business license application. (8) The Financial Services Authority provides approval or rejection of the licensing application at most 20 (twenty) working days after the complete licensing application documents are received. (9) The licensing application automatically receives approval from the Financial Services Authority if the time limit as referred to in paragraph (8) is exceeded.

Article 22
(1) In providing approval or rejection of the business license application as referred to in Article 21, the Financial Services Authority conducts:
a. research and analysis of the application documents; b. assessment of the competence and propriety of the Board of Directors and Board of Commissioners members of the Organizer, if there are changes;
c. analysis of potential and feasibility, if there are changes;
d. research into the sources of capital deposit funds; and e. other analyses based on the Financial Services Authority's considerations. https://jdih.ojk.go.id/

(2) In supporting research, analysis, and assessment as referred to in paragraph (1), the Financial Services Authority is authorized to request documents containing other information deemed necessary. (3) The Financial Services Authority announces prospective Organizers that have obtained a business license from the Financial Services Authority on the Financial Services Authority's website.

Article 23
(1) Prospective Organizers that have obtained a business license from the Financial Services Authority must conduct business activities at most 20 (twenty) working days counted from the date the business license is issued. (2) The implementation of business activities as referred to in paragraph (1) must be reported to the Financial Services Authority by the Board of Directors at most 10 (ten) working days after the date of the implementation of business activities. (3) If by the time limit as referred to in paragraph (1) the prospective Organizer does not conduct business activities, the business license that has been issued becomes invalid. (4) Prospective Organizers whose business licenses become invalid as referred to in paragraph (3) may submit a new application to obtain principal approval, after 12 (twelve) months from the end of the validity period of the business license as referred to in paragraph (1). (5) In the event of force majeure, the time limit as referred to in paragraph (1) may be extended based on approval from the Financial Services Authority.

Article 24
Prospective Organizers that do not obtain a business license from the Financial Services Authority may submit a new application to obtain principal approval after 12 (twelve) months from the date of rejection by the Financial Services Authority.

Article 25
(1) The submission of principal approval and business license applications by prospective Organizers to the Financial Services Authority as referred to in Article 16 and Article 21 must be conducted electronically through the Financial Services Authority's licensing system. (2) In the event that the electronic system for principal approval and business license applications as referred to in paragraph (1) is not yet available, the applications for principal approval and business licenses are submitted directly or via electronic mail to the Financial Services Authority.

Fifth Section
Change of Ownership

Article 26
(1) Organizers must report changes in ownership to the Financial Services Authority at the latest 5 (five) working days since the change of ownership occurred. (2) The report as referred to in paragraph (1) must be accompanied by documents as referred to in Article 21 paragraph (1) letter b.

Sixth Section
Application for Approval of Changes to Electronic Systems and/or Types of Securities

Article 27
(1) In the event of:
a. changes to the Electronic System; and/or b. changes to the types of Securities offered in Crowdfunding Services, Organizers must submit an application for approval to the Financial Services Authority. (2) Regulations regarding the procedures for applying for approval to the Financial Services Authority as referred to in paragraph (1) are determined by the Financial Services Authority.

Seventh Section
Return of License by Organizer

Article 28
(1) Organizers that have obtained a license and declare that they will not continue their operational activities may return the license by submitting a letter of application for the return of the license as an Organizer to the Financial Services Authority. (2) Organizers that submit an application for the return of the license as referred to in paragraph (1) must:
a. transfer the management of Users and Securities to another Organizer; and b. settle all rights and obligations related to Crowdfunding Services. https://jdih.ojk.go.id/

(3) The letter of application for the return of the license as an Organizer as referred to in paragraph (1) must be submitted listed in the Appendix on Format 11 which is an integral part of this Financial Services Authority Regulation and accompanied by documents at least:
a. proof of the transfer of Crowdfunding Services to another Organizer conducting similar Crowdfunding Services activities, if the management of Users and Securities is transferred to another Organizer; b. proof of settlement of rights and obligations with the Depository and Clearing Institution, Custodian Bank, and other Parties;
c. statement letter of settlement regarding User rights and obligations listed in the Appendix on Format 20 which is an integral part of this Financial Services Authority Regulation;
d. proof of settlement of all rights and obligations related to Crowdfunding Services with Issuers and Investors; and e. decision letter of the Financial Services Authority regarding the granting of a business license as an Organizer. (4) The Financial Services Authority revokes the Organizer's license at the latest 20 (twenty) working days after the Organizer fulfills all requirements as referred to in paragraph (3). (5) The return of the license as referred to in paragraph (1) does not immediately eliminate the Organizer's unfulfilled obligations and responsibilities, including obligations based on legislation and/or decisions of the Financial Services Authority that arise while the Organizer's license has not been revoked as referred to in paragraph (4).

Article 29
(1) Any Party that violates the provisions as referred to in Article 19 paragraph (2), Article 20 paragraph (1), paragraph (2), Article 26, Article 27 paragraph (1), and/or Article 28 paragraph (2), is subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties that cause the violation as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Sanctions as referred to in paragraph (1) consist of:
a. written warning; https://jdih.ojk.go.id/

b. fines, 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; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, may be imposed with or without prior 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. (7) The procedures for imposing sanctions as referred to in paragraph (3) are carried out in accordance with regulations in the field of capital markets.

CHAPTER IV
ASSESSMENT OF COMPETENCE AND PROPRIETY OF PRINCIPAL PARTIES OF THE ORGANIZER

First Section
General

Article 30
(1) Prospective Principal Parties must obtain approval from the Financial Services Authority before carrying out actions, duties, and functions as Principal Parties. (2) Prospective Principal Parties as referred to in paragraph (1) include:
a. prospective PSP or founding members for cooperatives; b. prospective Board of Directors members; and
c. prospective Board of Commissioners members.
(3) In the event that the Organizer is a limited liability company, the PSP is a legal entity, individual, and/or business group that has:
a. the nominal amount of shares or capital of the Organizer amounting to 25% (twenty-five percent) or more of the nominal amount of issued shares and having voting rights; or b. the nominal amount of shares or capital of the Organizer less than 25% (twenty-five percent) of the nominal amount of issued shares and having voting rights, but the party concerned can be proven to have controlled https://jdih.ojk.go.id/

the Organizer, either directly or indirectly.
(4) In the event that the Organizer is a cooperative, the PSP is a party determined through member meeting mechanisms or other mechanisms in accordance with regulations in the field of cooperatives. (5) Prospective Board of Directors members and prospective Board of Commissioners members who have not obtained approval from the Financial Services Authority are prohibited from carrying out actions, duties, and functions as Board of Directors and Board of Commissioners members of the Organizer, even if they have received approval and have been appointed by the General Meeting of Shareholders. (6) In providing approval as referred to in paragraph (1), the Financial Services Authority conducts an assessment of competence and propriety towards prospective Principal Parties.

Second Section
Factors for Assessing Competence and Propriety

Article 31
The assessment of competence and propriety is conducted to assess prospective Principal Parties as referred to in Article 30 must meet the following requirements:
a. integrity and financial feasibility for prospective PSP or founding members for cooperatives; and b. integrity, financial reputation, and competence for prospective Board of Directors and Board of Commissioners members.

Article 32
Integrity requirements for Principal Parties as referred to in Article 31, at least:
a. capable of performing legal acts; b. having good ethics and morals;
c. having a commitment to comply with regulations and support Financial Services Authority policies;
d. having a commitment to the development of healthy Organizer business activities, in the form of:

commitment not to transfer Organizer shares owned by the PSP within a minimum period of 5 (five) years since the result of the competence and propriety assessment of the PSP by the Financial Services Authority;
a plan for the operational development of the healthy Organizer, which at least contains the direction and strategy for Organizer development, and
https://jdih.ojk.go.id/

financial projections for a minimum period of 5 (five) years for prospective PSP and prospective Board of Directors members; and
3. a supervision plan for the operational development of the healthy Organizer, which at least contains the direction and strategy for Organizer supervision for a minimum period of 5 (five) years for prospective Board of Commissioners members;
e. maintaining the confidentiality and security of Issuer and Investor data and information; and f. not being included as Parties prohibited from becoming Principal Parties.

Article 33
Financial reputation requirements for Principal Parties as referred to in Article 31 letter b, are proven at least by:
a. not having non-performing loans and/or financing; and b. never being declared bankrupt and/or never having been a shareholder, Board of Directors member, or Board of Commissioners member declared guilty of causing a company to be declared bankrupt within the last 5 (five) years before being nominated.

Article 34
Financial feasibility requirements for PSP as referred to in Article 31 letter a, are proven at least by:
a. having a financial reputation as referred to in Article 33; b. having financial capabilities that support the development of the Organizer's business; and
c. having a commitment to take necessary measures if the Organizer faces financial difficulties.

Article 35
Competence requirements for Principal Parties as referred to in Article 31 letter b, are proven at least by:
a. knowledge and/or experience in fields relevant to the position; and b. ability to manage and develop the Organizer strategically. https://jdih.ojk.go.id/

Part Three
Submission of Applications for Fitness and Propriety Assessment
Article 36
Prospective Principal Parties who are undergoing:
a. legal processes; b. fitness and propriety assessment processes at the Financial Services Authority; and/or
c. re-assessment processes due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at a financial service institution,
cannot be submitted to undergo fitness and propriety assessment to become Principal Parties.

Article 37
(1) Applications to obtain approval to become Principal Parties are submitted by:
a. prospective PSPs or Board of Directors members if the application for principle approval of the Organizer is still in process; or b. Board of Directors members, if the Organizer has obtained a business license from the Financial Services Authority, to the Head of the Executive Supervisor for Capital Markets, Derivative Financial Products, and Carbon Exchange based on the application letter for approval to become Principal Parties contained in the Appendix to Format 12, which is an integral part of this Financial Services Authority Regulation, accompanied by administrative requirement documents and the self-assessment results conducted by the Organizer. (2) In the event that the Board of Directors members referred to in paragraph (1) cannot perform their functions or have conflicts of interest with the Principal Parties, the application is submitted by:
a. other Board of Directors members who do not have conflicts of interest; b. Board of Commissioners members if all Board of Directors members cannot perform their functions or have conflicts of interest with the prospective Principal Parties; or
c. other parties appointed by the General Meeting of Shareholders if all Board of Directors members or Board of Commissioners members cannot perform their functions or have conflicts of interest with the prospective Principal Parties.
(3) The Organizer must submit a list of administrative requirement fulfillment to the Financial Services Authority signed by:
a. prospective PSPs or prospective Directors if the application for principle approval or business license application for the Organizer is still in process; or b. Board of Directors members, if the Organizer has obtained a business license from the Financial Services Authority. (4) The Organizer may submit prospective Principal Parties in specific numbers for each target position. (5) The Financial Services Authority may return the application referred to in paragraph (1) if the administrative requirement documents are incomplete. (6) The Financial Services Authority provides approval or rejection to applicants submitting applications for approval of prospective Principal Parties as referred to in paragraph (1) within a maximum of 20 (twenty) working days from the date the application is received completely and meets the requirements. (7) In the event that, based on the Financial Services Authority's assessment, the administrative requirement documents are declared incomplete and/or do not comply with regulations, the Parties referred to in paragraph (1) must submit the fulfillment of document completeness and adjustment of application documents within a maximum of 20 (twenty) working days from the date of the document completeness request letter from the Financial Services Authority. (8) In the event that prospective Organizers do not meet the completeness and adjustment of application documents as referred to in paragraph (2), the Parties referred to in paragraph (1) are deemed to have cancelled the application for approval as Principal Parties. (9) In the event that applications to obtain approval to become Principal Parties are conducted during the business license application process:
a. the Financial Services Authority provides approval or rejection for the application for approval to become Principal Parties within a maximum of 20 (twenty) working days from the date the application documents are received completely and meet the requirements; and b. if Board of Directors members do not meet information and/or document completeness requests within a maximum of 90 (ninety) days from the date of the Financial Services Authority's request letter, the application for approval to become Principal Parties is deemed cancelled. (10) Notification regarding the determination of the fitness and propriety assessment results as referred to in paragraph (6) is conducted in writing to the Organizer.

Article 38
Applications for PSP approval are submitted to the Financial Services Authority and must be accompanied by at least the following administrative requirement documents:
a. for prospective individual PSPs, by attaching:

photocopies of identification cards such as resident identity cards or passports for foreign citizens, which are still valid;
curriculum vitae completed with the latest 4x6 cm color passport photos signed by the concerned party, contained in the Appendix to Format 13, which is an integral part of this Financial Services Authority Regulation;
Documents showing financial conditions consisting of:
a) annual tax notification letters for the last 2 (two) years; b) bank account statements for the last 6 (six) months; and/or c) other documents that can show a list of assets.
Financial feasibility analysis documents prepared based on annual tax notification letters for the last 2 (two) years, bank account statements for the last 6 (six) months, and proof of asset ownership, at least containing:
a) fulfillment of asset value adequacy after deducting liabilities; b) no long-term and short-term liability issues; and c) financial projections for a period of at least 3 (three) years. b. for prospective legal entity PSPs, by attaching:
photocopies of the deed of establishment of the legal entity approved by the competent authority, along with the latest amended articles of association that have obtained approval from the competent authority or have been issued a notification receipt for articles of association changes from the competent authority, if the prospective PSP is an Indonesian legal entity;
photocopies of the deed of establishment of foreign legal entities and/or business groups approved by the competent authority in the country of origin along with their amendments, if there are amendments, in the event that the legal entity is a foreign legal entity;
documents required according to the regulations of the country of origin, in the event that the legal entity is a foreign legal entity belonging to the state or government;
photocopies of proof of tax identification numbers for Indonesian legal entities;
information regarding Parties controlling the legal entity, directly or indirectly, consisting of names and forms of control;
ownership structure of the legal entity PSP up to ultimate ownership;
audited financial reports of the legal entity for the last period;
lists of names and data of Board of Directors or equivalent members, Board of Commissioners or equivalent members, including:
a) signed curriculum vitae; b) photocopies of resident identity cards or valid passports; and c) latest 4x6 cm passport photos, 2 (two) sheets;
letters of certification and/or other proofs from competent authorities in the financial services sector in the respective country showing that the company is under its supervision, has a good reputation, and has never committed disgraceful acts in the financial sector for foreign legal entities conducting business as financial services companies, if the prospective PSP is a foreign legal entity operating in the financial services sector;
financial feasibility analysis documents based on audited financial reports consisting of:
a) analysis of equity or equity equivalent adequacy fulfillment compared to paid-in capital value at the Organizer; b) no long-term and short-term corporate liability issues; and c) financial projections for a period of at least 3 (three) years for prospective PSPs in the form of legal entities based on the latest audited financial reports.
c. an overview of the Organizer's operational development plan and mission for at least the next 5 (five) years, which at least covers information on:
services and/or products to be offered;
issuer and investor targets;
methods for offering services and/or products.
d. the Organizer's financial projections for at least the next 5 (five) years consisting of:
types of income from products/services to be offered for the next 5 (five) years;
costs arising from corporate operational activities for the next 5 (five) years; and
percentage contribution of income from each product/service to total corporate income for the next 5 (five) years;
e. proof of capital deposits from each shareholder and bank statements at the time of capital deposit in the event that the submission of prospective PSPs is part of the principle approval process or business license application for the Organizer; f. a statement letter from prospective Controlling Shareholders contained in the Appendix to Format 14, which is an integral part of this Financial Services Authority Regulation. g. in the event that the PSP is a legal entity, the statement letter referred to in letter f is signed by all Board of Directors and Board of Commissioners members of the legal entity; h. a statement letter regarding PSP capital deposits contained in the Appendix to Format 15, which is an integral part of this Financial Services Authority Regulation;
i. valid police record certificates;
j. police record certificates for Board of Directors members, Board of Commissioners members, PSPs, or controllers of PSPs who are foreign citizens, obtained from their country or the country where the foreign citizen resides if they do not reside in their country; and k. other supporting documents if deemed necessary by the Financial Services Authority for the assessment of fulfillment of requirements as prospective PSPs and to facilitate the implementation of fitness and propriety assessments.

Article 39
Applications for Director approval are submitted to the Financial Services Authority and must be accompanied by at least the following administrative requirement documents:
a. photocopies of resident identity cards or passports for foreign citizens, which are still valid; b. curriculum vitae completed with the latest 4x6 cm color passport photos signed by the concerned party, contained in the Appendix to Format 13, which is an integral part of this Financial Services Authority Regulation;
c. description of duties and responsibilities as Board of Directors members at the Organizer;
d. photocopies of proof of last formal education and/or expertise certificates; e. limited stay permits or permanent stay permits and work permits from competent authorities, for prospective Board of Directors members who are foreign citizens; f. a healthy operational development plan for the Organizer, which at least contains the direction and strategy for Organizer development, and financial projections for a period of at least 5 (five) years; g. a statement letter from prospective Directors contained in the Appendix to Format 16, which is an integral part of this Financial Services Authority Regulation; h. valid police record certificates;
i. a statement letter for Board of Directors members stating that they do not hold concurrent positions at other Organizers since obtaining approval as Principal Parties, except for positions permitted by legislation, as contained in the appendix which is an integral part of this Financial Services Authority Regulation;
j. a statement letter from prospective Board of Directors members stating that they have or do not have family relationships due to marriage and lineage up to the second degree, both horizontally and vertically, with Board of Directors or Board of Commissioners members in the respective Organizer, as contained in the appendix which is an integral part of this Financial Services Authority Regulation; k. police record certificates for foreign citizens obtained from their country or the country where the foreign citizen resides if they do not reside in their country; and
l. other supporting documents if deemed necessary by the Financial Services Authority for the assessment of fulfillment of requirements as prospective Board of Directors members and to facilitate the implementation of fitness and propriety assessments.

Article 40
Applications for Board of Commissioners approval must be submitted to the Financial Services Authority accompanied by at least the following administrative requirement documents:
a. photocopies of resident identity cards or passports for foreign citizens, which are still valid; b. curriculum vitae completed with the latest 4x6 cm color passport photos signed by the concerned party, contained in the Appendix to Format 13, which is an integral part of this Financial Services Authority Regulation;
c. description of duties and responsibilities as Board of Commissioners members at the Organizer;
d. photocopies of proof of last formal education and/or expertise certificates; e. limited stay permits or permanent stay permits and work permits from competent authorities, for prospective Board of Commissioners members who are foreign citizens and reside in Indonesia; f. a healthy operational supervision plan for the Organizer, which at least contains the direction and strategy for Organizer supervision, and financial projections for a period of at least 5 (five) years; g. a statement letter for Board of Commissioners members of the Organizer contained in the Appendix to Format 17, which is an integral part of this Financial Services Authority Regulation; h. valid police record certificates;
i. a statement letter for prospective Board of Commissioners members stating that they do not hold concurrent positions at other Organizers since obtaining approval as Principal Parties, except for positions permitted by legislation, as contained in the appendix which is an integral part of this Financial Services Authority Regulation;
j. a statement letter from prospective Board of Commissioners members stating that they have or do not have family relationships due to marriage and lineage up to the second degree, both horizontally and vertically, with Board of Directors or Board of Commissioners members in the respective Organizer, as contained in the appendix which is an integral part of this Financial Services Authority Regulation; k. police record certificates for foreign citizens obtained from their country or the country where the foreign citizen resides if they do not reside in their country; and
l. other supporting documents if deemed necessary by the Financial Services Authority for the assessment of fulfillment of requirements as prospective Board of Directors members and to facilitate the implementation of fitness and propriety assessments.

Article 41
(1) Before submitting administrative requirement documents to the Financial Services Authority in the application for candidacy, the Organizer must first fulfill the administrative requirement documents and prepare a list of document fulfillment conducted by the Board of Directors. (2) The Organizer must submit the list of document fulfillment to the Financial Services Authority signed by the Board of Directors accompanied by:
a. an explanation stating that the submitted administrative documents are complete and correct and that the substance of the submitted administrative documents complies with the requirements; b. a letter of truth and completeness of documents contained in the Appendix to Format 18 and a list of requirement fulfillment contained in the Appendix to Format 19 regarding the list of requirement fulfillment, which is an integral part of this Financial Services Authority Regulation, has been filled out correctly and signed by the submitted candidates; and
c. the results of the requirement fulfillment list are submitted together with the administrative requirement documents of the submitted candidates.
(3) In the event that Board of Directors members cannot perform their duties, the list of requirement fulfillment is signed by other Board of Directors members and/or replacement officials as regulated in the Organizer's internal regulations. (4) In the event that Board of Directors members have conflicts of interest related to the submission of prospective Board of Directors members, prospective Board of Commissioners members, or prospective PSPs, the list of document fulfillment is conducted and signed by other Board of Directors members and/or replacement officials as regulated in the Organizer's internal regulations.

Article 42
(1) Self-assessment of prospective Principal Parties as referred to in Article 37 paragraph (1) includes assessment of:
a. fulfillment of requirements as referred to in Article 31; and b. fulfillment of requirements in accordance with legislation.
(2) The results of the self-assessment as referred to in paragraph (1) must be signed by Board of Directors members and submitted together with administrative requirement documents at the time of submitting the application for Principal Parties to the Financial Services Authority.

Article 43
(1) In the event that all or majority shares of the Organizer are owned by the government or an institution tasked by Law to save the Organizer, applications to obtain approval to become Board of Directors members or Board of Commissioners members can be submitted by the institution representing the government or such institution. (2) In the event that prospective PSPs will purchase shares of the Organizer for temporary capital participation by an institution tasked by Law to save the Organizer, applications to obtain approval to become PSPs can be submitted by such institution.

Part Four
Procedures for Fitness and Propriety Assessment for Prospective Principal Parties
Article 44
Fitness and propriety assessments for prospective Principal Parties are conducted through administrative assessment by the Financial Services Authority.

Paragraph 1
Procedures for Fitness and Propriety Assessment for Controlling Shareholders
Article 45
(1) In carrying out administrative assessments of PSPs, prospective PSPs must conduct presentations or explanations at least regarding:
a. the prospective PSP's plans for the development of the Organizer to be owned and/or controlled for at least 5 (five) years from ownership; and b. the prospective PSP's strategy in the event that the Organizer to be owned and/or controlled experiences financial difficulties. (2) In the event that the prospective PSP is the central government or local government, the presentation or explanation as referred to in paragraph (1) is conducted if deemed necessary.

Article 46
(1) In the event that the prospective PSP is in the form of a legal entity, the fitness and propriety assessment of the legal entity is conducted by assessing the legal entity itself, the Board of Directors members, the Board of Commissioners members of the legal entity, and parties who, based on the Financial Services Authority's assessment, are the actual owners. (2) The Parties referred to in paragraph (1) must submit administrative requirement documents. (3) In addition to the Parties referred to in paragraph (1), the Financial Services Authority may determine other Parties based on the Financial Services Authority's assessment to conduct Control. (4) Other Parties as referred to in paragraph (3) must submit administrative requirement documents to the Financial Services Authority. (5) The results of the fitness and propriety assessment of the Parties referred to in paragraph (1), paragraph (2), paragraph (3), and paragraph (4) constitute a single integrated result of the fitness and propriety assessment of the legal entity as referred to in paragraph (1).

Paragraph 2
Procedures for Fitness and Propriety Assessment for Directors and Commissioners
Article 47
(1) In carrying out administrative assessments of the Board of Directors and/or Board of Commissioners, the Financial Services Authority may conduct clarifications with prospective Directors and/or Commissioners. (2) Clarifications as referred to in paragraph (1) are conducted if:
a. there is negative information regarding the prospective Principal Parties, including information that the submitted candidate has previously been subject to administrative sanctions by the Financial Services Authority; b. prospective Directors and/or Commissioners do not yet have experience at Organizers in Indonesia relevant to the targeted position and considering the position, size, complexity, and/or issues of the Organizer where they will be nominated; and/or
c. prospective Directors and/or Commissioners have previously been determined as not approved in previous candidacy processes during clarification related to competence aspects.

Part Five
Termination of Fitness and Propriety Assessment
Article 48
(1) The Financial Services Authority terminates the fitness and propriety assessment of prospective Principal Parties of Organizers if the candidates are undergoing:
a. legal processes; b. fitness and propriety assessment processes; and/or
c. re-assessment processes due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at the Organizer.
(2) Termination as referred to in paragraph (1) is notified in writing to the Organizer.
(3) Prospective Principal Parties whose fitness and propriety assessments are terminated can be submitted again to the Financial Services Authority to become prospective Principal Parties if they:
a. have completed the legal process; b. are not proven to have issues related to integrity, financial feasibility/reputation, and/or competence in the re-assessment process due to integrity, financial feasibility/reputation, and/or competence issues at a financial service institution; or
c. are not proven to have violated Financial Services Authority Regulations or other regulations related during the Financial Services Authority's examination process.

Part Six
Results of Fitness and Propriety Assessment
Article 49
(1) The Financial Services Authority determines the results of fitness and propriety assessments as follows:
a. approved; or b. not approved.
(2) The timeframe for determining the results of fitness and propriety assessments as referred to in paragraph (1) is a maximum of 20 (twenty) working days after all application documents are received completely. (3) In the event that the fitness and propriety assessment process for prospective Principal Parties is conducted during the application for establishment, merger, and/or consolidation of the Organizer, the Financial Services Authority provides the determination of fitness and propriety assessment results within a timeframe in accordance with Financial Services Authority Regulations regarding the granting of licenses for the establishment, merger, and/or consolidation of Organizers. (4) The Financial Services Authority notifies the results of fitness and propriety assessments as referred to in paragraph (1) in writing to the Organizer. (5) In addition to notifying the Organizer as referred to in paragraph (4), the Financial Services Authority may notify the results of fitness and propriety assessments to other interested Parties in carrying out the functions, duties, and authorities of the Financial Services Authority or as required by legislation.

Article 50
(1) Prospective members of the Board of Directors or the Board of Commissioners approved by the Financial Services Authority shall be appointed by the General Meeting of Shareholders within a maximum period of 6 (six) months from the date of the letter of approval of the results of the assessment of competence and propriety as referred to in Article 49 paragraph (4). (2) In the event that the appointment of prospective members of the Board of Directors and prospective members of the Board of Commissioners has been carried out by the General Meeting of Shareholders, the provisions on the appointment of prospective members of the Board of Directors and prospective members of the Board of Commissioners as referred to in paragraph (1) shall not apply. (3) In the event that the obligation regarding the appointment time limit as referred to in paragraph (1) is not implemented or expires, the approval of the Principal Party granted by the Financial Services Authority shall become invalid.

Article 51
(1) Potential Primary Parties who are not approved by the Financial Services Authority due to not meeting integrity requirements, but who already hold shares in the Organizer:
a. must transfer all of their share ownership in the Organizer and not exercise Control; b. shareholder rights, namely the right to attend, be counted in the quorum, cast votes in the General Meeting of Shareholders, and the right to receive distributed dividends, shall not be recognized; and
c. the transfer of share ownership as referred to in letter a shall be carried out within a maximum of 1 (one) year from the date of the letter conveying the results of the assessment of competence and propriety which was determined not to be approved by the Financial Services Authority.
(2) Potential Primary Parties who are not approved by the Financial Services Authority due to not meeting financial viability requirements, but who already hold shares in the Organizer:
a. must transfer part of their share ownership in the Organizer, so that the number of shares owned returns to the initial amount; b. shareholder rights, namely the right to attend, quorum calculation, casting votes in the General Meeting of Shareholders, and the right to receive distributed dividends, shall only be recognized up to the amount of the initial shares; and
c. the transfer of share ownership as referred to in letter a must be carried out within a maximum of 1 (one) year from the date of rejection.
(3) In the event that the Potential Primary Party does not carry out the transfer of share ownership as referred to in paragraph (2), shareholder rights shall not be recognized until the relevant party carries out the transfer of share ownership. (4) In the event that there are no provisions in legislation regulating the reporting of changes to the Articles of Association related to changes in ownership, the Organizer must report the transfer of share ownership no later than 5 (five) working days after the General Meeting of Shareholders approves the transfer of share ownership.

Article 52
(1) Prospective members of the Board of Directors or prospective members of the Board of Commissioners who are not approved by the Financial Services Authority, but who have already received approval and been appointed as members of the Board of Directors or members of the Board of Commissioners of the Organizer in accordance with the decision of the General Meeting of Shareholders, the Organizer must convene a General Meeting of Shareholders to cancel the appointment of the relevant party within a maximum period of 3 (three) months from the date of rejection. (2) The Organizer must report the cancellation of the appointment of prospective members of the Board of Directors and/or prospective members of the Board of Commissioners as referred to in paragraph (1) to the Financial Services Authority no later than 7 (seven) working days after the General Meeting of Shareholders for the cancellation of the appointment of the relevant party.

Article 53
Prospective members of the Board of Directors and prospective members of the Board of Commissioners who are not approved by the Financial Services Authority and who originate from a change of position may still carry out their duties and functions in their previous position as long as the relevant party has not been dismissed from the previous position in accordance with the company's Articles of Association.

Article 54
(1) Potential Primary Parties who are not approved as referred to in Article 49 paragraph (1) letter b may be nominated again to the Financial Services Authority no sooner than 6 (six) months from the date of the determination of non-approval by the Financial Services Authority. (2) In the event that the Potential Primary Party as referred to in paragraph (1) is not approved due to competency requirements, the relevant party may be submitted before 6 (six) months in:
a. a different field of position at a position that is at the same level or lower at the same Organizer; b. a position at a similar Organizer that has a lower size and complexity; or
c. a position at a different Organizer.
(3) The re-submission of a Potential Primary Party who was not approved due to competency requirements as referred to in paragraph (1) must be accompanied by supporting documents proving that the nominated party has improved their competency.

Article 55
(1) The Financial Services Authority cancels the approval as referred to in Article 49 paragraph (1) letter a, if after the approval is granted:
a. it is known that the information or documents submitted in the process of assessing competence and propriety are not true, thereby becoming non-compliant with the requirements; and/or b. there is information obtained from other authorities that causes the approved Party to become non-compliant with the requirements. (2) Primary Parties whose approval is cancelled as referred to in paragraph (1), the provisions as referred to in Article 51 shall apply to the Primary Party. (3) Members of the Board of Directors or members of the Board of Commissioners whose approval is cancelled as referred to in paragraph (1), the provisions as referred to in Article 52 shall apply to the members of the Board of Directors or members of the Board of Commissioners.

Sixth Section
Re-evaluation of Principal Parties

Article 56
(1) The Financial Services Authority may conduct a re-evaluation against:
a. Principal Parties; and b. Principal Parties who no longer own, manage, supervise, and/or have influence over the Organizer at the time the re-evaluation is conducted. (2) Re-evaluation against Principal Parties who are controllers is conducted in the event of:
a. indications of involvement; and/or b. responsibility, for integrity and/or financial viability issues.
(3) Integrity and/or financial viability issues as referred to in paragraph (2) include at least:
a. actions, both directly and indirectly, consisting of:

influencing and/or ordering Principal Parties, and/or employees of the Organizer to hide and/or obscure violations of legislation and internal regulations, financial conditions, and/or transactions that are actually occurring;
influencing and/or ordering Principal Party managers, and/or employees of the Organizer to provide unfair benefits to shareholders, Principal Parties, employees of the Organizer, and/or other Parties that can harm or reduce the profits of the Organizer; and/or
influencing and/or ordering Principal Party managers, and/or employees of the Organizer to commit acts that violate the principles of good management of the Organizer;
b. proven to have committed a criminal offense that has been decided by a court and has permanent legal force;
c. causing the Organizer to experience difficulties that endanger the continuity of the Organizer's business and/or may endanger the financial services industry;
d. not carrying out orders from the Financial Services Authority to carry out and/or not carry out certain actions; e. having non-performing loans and/or financing at financial service institutions and/or becoming a controller, member of the Board of Directors, member of the Board of Commissioners, or equivalent of a company that has non-performing loans and/or financing; f. proven to be declared bankrupt and/or becoming a shareholder, member of the Board of Directors, member of the Board of Commissioners, or equivalent, whose declaration of guilt causes a company to be declared bankrupt or have its business license revoked; g. not carrying out necessary efforts when the Organizer faces capital difficulties; h. refusing to provide commitments and/or not fulfilling commitments that have been agreed upon with the Financial Services Authority and/or the government;
i. hindering or interfering with:
efforts and implementation of the authority of the Financial Services Authority; and/or
efforts by Principal Parties of the Organizer and/or other Parties in handling issues of the Organizer; and/or
j. integrity and/or financial viability issues other than those referred to in letters a through i that contradict legislation.
(4) Re-evaluation against Principal Parties who are members of the Board of Directors and members of the Board of Commissioners is conducted in the event of:
a. indications of involvement; b. holding multiple positions; and/or
c. responsibility,
for integrity, financial reputation, and/or competency issues.
(5) Re-evaluation as referred to in paragraph (1) is conducted based on evidence, data, and/or information from supervision results or other information. (6) Re-evaluation as referred to in paragraph (1) is conducted with:
a. clarification of evidence, data, and/or information to the Principal Party being re-evaluated; b. determination and transmission of interim results of the re-evaluation to the Principal Party being re-evaluated;
c. response from the Principal Party being re-evaluated regarding the interim results of the re-evaluation; and
d. determination and notification of the final results of the re-evaluation to the Principal Party being re-evaluated with a pass or fail predicate.
(7) The results of the re-evaluation are binding and must be complied with by the Organizer.

Article 57
Further provisions regarding the procedures for re-evaluation of Principal Parties as referred to in Article 56 paragraph (2) and paragraph (4) shall be determined by the Financial Services Authority.

Article 58
(1) Any Party who violates the provisions as referred to in Article 30 paragraph (1), paragraph (5), Article 51 paragraph (1) letter a, paragraph (2) letter a, letter c, paragraph (4), Article 52 and/or Article 56 paragraph (7), shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, may be imposed with or without prior 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. (7) The procedures for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with legislation in the capital market sector.

CHAPTER V
OBLIGATIONS AND PROHIBITIONS OF ORGANIZERS
First Section
Organizer Obligations

Article 59
(1) Organizers must:
a. conduct a review of documents, information, and viability of potential Issuers, at least regarding:

establishment of a legal entity or documents proving the validity of the establishment of a business entity;
organs or managers of the legal entity or business entity;
legal aspects of capital;
Issuer's financial reports;
Issuer's limitations;
permits related to the Issuer's business activities and/or Projects to be funded with proceeds from the Offer of Securities or becoming the basis for the issuance of Securities through Crowdfunding Services;
debtor data from the Financial Services Authority's financial information service system;
history notes of the issuance of Securities through Crowdfunding Services that have been carried out by the Issuer and/or Issuer managers;
Issuer's background that they have never been declared bankrupt and/or have not been shareholders, members of the Board of Directors, or members of the Board of Commissioners who were declared guilty causing a company to be declared bankrupt; and
documents and/or information that must be submitted by the Issuer to the Organizer;
b. upload documents and/or information as referred to in letter a number 10, except documents and/or information as referred to in letter a number 7, online through the Organizer's website no later than 2 (two) working days before the start of the offer period;
c. ensure the implementation of the Offer of Securities through Crowdfunding Services until all rights and obligations of Users are fulfilled;
d. report violations committed by the Issuer during the offer period and violations of the Issuer's obligations directly related to the end of the offer period to the Financial Services Authority; e. carry out efforts to increase education and literacy for Users; f. store documents and/or information submitted by the Issuer for a storage period in accordance with the Law on Company Documents; g. ensure that the fundraising limit through Crowdfunding Services by each Issuer is not exceeded; h. provide online communication facilities between Investors and Issuers;
i. include risks on the Organizer's website, at least risks:
business;
investment;
liquidity;
failure of the Electronic System;
scarcity of dividend distribution and/or dilution of share ownership, if the issued Securities are shares; and
default on debt Securities or Sukuk, if the issued Securities are debt Securities or Sukuk;
j. ensure that Investors who will invest through Crowdfunding Services have:
a single unique identification number for the Investor;
an Investor's fund account at the Settlement and Custody Institution; and
a Securities account specifically for storing Securities, after the Offer of Securities period is completed;
k. have a system to ensure that only Investors who have confirmed the fulfillment of Investor requirements can invest through Crowdfunding Services;
l. use an Indonesian domain name;
m. provide complaint handling services in accordance with Financial Services Authority Regulations regarding complaint services; n. include on the Organizer's website regarding:
types of fees;
amounts of fees; and
other expenses
that are imposed or charged to Users; o. ensure that the Issuer has fulfilled all obligations as regulated in legislation regarding the Offer of Securities through Crowdfunding Services. p. have a refund mechanism in the event that the Offer of Securities through Crowdfunding Services is void ab initio; q. use office buildings or office rooms, whether owned independently or based on a building or room lease agreement; and r. ensure that all documents and/or information regarding Investor registration on Crowdfunding Services are in accordance with the requirements stipulated by the Settlement and Custody Institution. (2) In the event that the Issuer issues Shariah-compliant Securities in the form of shares, in addition to the obligations as referred to in paragraph (1), the Organizer must conduct a review of:
a. the Issuer's Articles of Association stating activities and types of business and the method of managing its business based on Shariah principles; and b. the decision of the General Meeting of Shareholders regarding the appointment of the Shariah Supervisory Board.

Article 60
(1) In conducting the review as referred to in Article 59 paragraph (1) letter a, the Organizer must:
a. consider credit information from institutions licensed by the Financial Services Authority; and b. ensure that the Issuer and Issuer managers do not have non-performing loans. (2) In addition to the obligations as referred to in paragraph (1), in conducting the review of the Issuer, the Organizer may:
a. request other documents and/or information supporting the review of financial reports and/or Issuer documents; and/or b. conduct direct examinations.

Article 61
The Organizer must ensure that all Issuers and Securities offered by the Issuer through Crowdfunding Services are registered at the Settlement and Custody Institution after the Offer of Securities period is completed.

Article 62
(1) The Organizer may use third-party services to conduct the review as referred to in Article 59 paragraph (1) letter a and Article 59 paragraph (2) regarding the Issuer. (2) In the event that the third party as referred to in paragraph (1) is a Party required to be registered and/or obtain approval from the Financial Services Authority in accordance with legislation in the capital market sector, the Organizer must ensure that the Party is registered and/or obtains approval from the Financial Services Authority. (3) In the event that the Organizer uses third-party services, the Organizer and the third party, individually or jointly, are responsible for the results of the review conducted by the third party.

Article 63
(1) In the event of material changes regarding documents and/or information as referred to in Article 59 paragraph (1) letter b that can affect the investment decision of Investors, the Organizer must:
a. include information on the Organizer's website; and b. transmit information to the Settlement and Custody Institution.
(2) The posting on the website and transmission to the Settlement and Custody Institution as referred to in paragraph (1) must be carried out no later than 2 (two) working days after the material change occurs.

Article 64
(1) In the event that the Issuer issues debt Securities or Sukuk, the Organizer must conduct a review of the legality of the Project that is the basis for the issuance of debt Securities or Sukuk through Crowdfunding Services. (2) In the event that the issued Securities are Sukuk, the Organizer must ensure that the issued Sukuk has obtained a Shariah compliance statement from Shariah experts who have a capital market Shariah expert license. (3) In the event that the Organizer is an entity conducting business activities based on Shariah principles, the Shariah compliance statement as referred to in paragraph (2) may be obtained from the Shariah Supervisory Board.

Article 65
(1) In the event that the Organizer serves the offer of debt Securities or Sukuk by the Issuer, the Organizer must act as the Investor's Attorney.
(2) The Organizer as the Investor's Attorney as referred to in paragraph (1) must at least:
a. monitor the development of Project management based on data and/or information obtained directly or indirectly; b. supervise and monitor the implementation of the Issuer's obligations based on agreements regarding the issuance of debt Securities or Sukuk;
c. supervise, inspect, and administer guarantees for the payment of obligations to holders of debt Securities or Sukuk, if there are guarantees for the payment of obligations to holders of debt Securities or Sukuk; and
d. monitor payments made by the Issuer to holders of debt Securities or Sukuk.
(3) The Investor's Attorney as referred to in paragraph (2) does not include the granting of power of attorney for decision-making in the General Meeting of Holders of debt Securities or Sukuk.

Article 66
(1) The Organizer must have and apply all standard operating procedures.
(2) The Organizer must evaluate the standard operating procedures as referred to in paragraph (1) periodically.
(3) In the event of changes to standard operating procedures as referred to in paragraph (2), the Organizer must comply with and apply the changes to the standard operating procedures.

Article 67
(1) In the event that the Organizer makes changes to the Electronic System for development, the Organizer must submit a report to the Financial Services Authority no later than 10 (ten) working days before the change. (2) The report as referred to in paragraph (1) must be accompanied by detailed information regarding the system changes to be made.

Second Section
Organizer Prohibitions

Article 68
In conducting business activities, Organizers are prohibited from:
a. having an affiliation relationship with Issuers using Crowdfunding Services; b. providing financial assistance to Investors to invest in Issuer Securities using Crowdfunding Services;
c. providing investment advice and/or recommendations to Investors and/or potential Investors to invest in Issuers;
d. providing gifts or compensation to Parties who provide information regarding potential Investors; e. receiving and/or storing Investor funds; f. providing different treatment among Users; g. publishing incorrect information related to the Crowdfunding Services conducted; h. imposing types of fees, amounts of fees, and other expenses on Issuers and Investors other than fees that have been announced;
i. offering Crowdfunding Services to Users and/or the public through personal communication channels without User approval;
j. imposing any fees on Users for submitting complaints; and k. acting as an Issuer in Crowdfunding Services.

Third Section
Reporting Obligations

Article 69
Organizers that have obtained licenses must submit reports to the Financial Services Authority, with copies to the Settlement and Custody Institution, including:
a. semi-annual reports; b. annual reports; and
c. incidental reports.

Article 70
(1) Semi-annual reports as referred to in Article 69 letter a must contain at least:
a. a summary of important financial data; b. the Organizer's operational activity report:

for Organizers conducting Crowdfunding Services in the form of equity Securities in the form of shares, the report must contain at least:
a) the number and names of Issuers; b) the number of Investors in each Issuer; c) the number of equity Securities in the form of shares offered by each Issuer; and d) the amount of funds raised by each Issuer;
for Organizers conducting Crowdfunding Services in the form of debt Securities or Sukuk, the report must contain at least:
a) the number and names of Issuers;

https://jdih.ojk.go.id/

b) the number of Investors for each Issuer; c) the nominal amount and type of Debt Securities or Sukuk offered by each Issuer; d) the price, interest rate, profit-sharing ratio magnitude, margin, service fee, return, or other forms of remuneration set for Debt Securities or Sukuk for each Issuer; and e) the maturity date of each Debt Security or Sukuk offered by each Issuer;
c. a report on Issuer violations and actions taken by the Organizer regarding such violations, if the Issuer commits a violation; and
d. a statement that the Organizer is responsible for the truthfulness of the data and information contained in the mid-year report.
(2) The mid-year report as referred to in paragraph (1) must be submitted to the Head of the Capital Market, Derivative, and Carbon Exchange Supervisory Executive Head no later than the end of the first month after the mid-year report date, with the cover letter for the mid-year report included in the Appendix in Format 21, which is an integral part of this Financial Services Authority Regulation. (3) If the submission deadline for the mid-year report as referred to in paragraph (3) falls on a holiday, the mid-year report must be submitted to the Financial Services Authority no later than on the next working day.

Article 71
(1) The Organizer must submit the annual report as referred to in Article 69 letter b to the Financial Services Authority for the reporting period from January 1 to December 31. (2) The annual report as referred to in paragraph (1) must contain at least:
a. financial reports including income statements, balance sheets, cash flow statements, and financial ratios; b. reports on the implementation of Crowdfunding Services including:

operational reports as referred to in Article 69 letter b; and
reports on cooperation between the Organizer and financial service institutions based on Information Technology and/or service providers based on Information Technology, if there is cooperation between the Organizer and financial service institutions and/or service providers based on Information Technology;
c. information regarding the Organizer containing at least:
management information;
shareholder structure for Organizers in the form of a limited liability company;
the Organizer's address; and
human resources information;
d. a report on Issuer violations and actions taken by the Organizer regarding such violations, if the Issuer commits a violation; e. the Organizer's organizational structure; f. a governance report containing at least:
risk management;
complaint handling policies; and
the role of the Board of Directors and Board of Commissioners in exercising complaint service functions; and
g. a statement that the Organizer is responsible for the truthfulness of the data and information contained in the annual report.
(3) The financial reports as referred to in paragraph (2) letter a must be audited by a public accountant registered with the Financial Services Authority. (4) The annual report as referred to in paragraph (3) must be submitted to the Head of the Capital Market, Derivative, and Carbon Exchange Supervisory Executive Head no later than the end of the fourth month after the reporting period ends, using the cover letter for the annual report included in the Format in Appendix 21, which is an integral part of this Financial Services Authority Regulation. (5) The Financial Services Authority may set the submission deadline for annual reports in connection with the accountant's reporting obligation in the audit of the aforementioned financial reports.

Article 72
(1) The Organizer must submit incidental reports as referred to in Article 69 letter c if there are material events or information related to the implementation of Crowdfunding Services. (2) The incidental report as referred to in paragraph (1) must be submitted to the Head of the Capital Market, Derivative, and Carbon Exchange Supervisory Executive Head no later than 2 (two) working days after the occurrence of material events or information related to the implementation of Crowdfunding Services.

Article 73
(1) The submission of reports as referred to in Article 12, Article 26, Article 67, and Article 69 must be submitted online through the Financial Services Authority's electronic reporting system. (2) In the event that the Financial Services Authority's electronic reporting system experiences technical disturbances and/or system development at the report submission deadline as referred to in paragraph (1), so that the Organizer cannot submit the report, the Financial Services Authority will notify the Organizer in writing and deliver it:
a. directly to the Organizer; b. through the Financial Services Authority's reporting system;
c. through the Financial Services Authority's email address; and/or
d. through the Financial Services Authority's website.
(3) The Financial Services Authority notifies the Organizer that the technical disturbances and/or system development at the Financial Services Authority as referred to in paragraph (1) have been resolved or completed through:
a. the Financial Services Authority's reporting system; and/or b. the Financial Services Authority's email address.
(4) The Organizer must submit the report as referred to in paragraph (1) no later than 2 (two) working days after the Financial Services Authority notifies that the technical disturbances and/or system development at the Financial Services Authority as referred to in paragraph (3) have been resolved. (5) In the event that the Organizer experiences force majeure so that they cannot submit the report as referred to in paragraph (1) until the submission deadline, the Organizer must submit a written notification letter to the Financial Services Authority to obtain a postponement of the report submission deadline, no later than 1 (one) working day since the occurrence of the aforementioned force majeure. (6) After submitting the force majeure notification letter as referred to in paragraph (5), the Organizer must submit the report no later than according to the number of days of postponement of the report submission deadline set by the Financial Services Authority. (7) The Organizer must submit the notification letter regarding force majeure as referred to in paragraph (5) to the relevant capital market supervision department at the Financial Services Authority:
a. through the Financial Services Authority's email address; and/or b. offline.

Article 74
(1) Any Party that violates the provisions as referred to in Article 59, Article 60 paragraph (1), Article 61, Article 62 paragraph (2), Article 63, Article 64 paragraph (1), paragraph (2), Article 65 paragraph (1), paragraph (2), Article 66, Article 67 paragraph (1), Article 68, Article 69, Article 70, Article 71 paragraph (1), paragraph (2), paragraph (3), paragraph (4), Article 72, Article 73 paragraph (1), paragraph (4), paragraph (5), paragraph (6), and/or paragraph (7), shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties who cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval; (5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f, may be imposed with or without prior 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. (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 capital markets.

CHAPTER VI
CROWDFUNDING SERVICES
First Section
Organizer's Statement

Article 75
In Crowdfunding Services, the Organizer must include on the Organizer's website, in capital letters and bold font, a statement that directly attracts the attention of Investors as follows:
a. "THE FINANCIAL SERVICES AUTHORITY DOES NOT GIVE APPROVAL FOR THE ISSUER AND DOES NOT GIVE A STATEMENT OF APPROVAL OR DISAPPROVAL FOR THIS SECURITY, NOR DOES IT STATE THE TRUTH OR ADEQUACY OF INFORMATION IN THIS CROWDFUNDING SERVICE. ANY STATEMENT CONTRARY TO THIS IS A VIOLATION OF LAW." b. "INFORMATION IN THIS CROWDFUNDING SERVICE IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF THERE IS DOUBT ABOUT THE ACTION TO BE TAKEN, IT IS BETTER TO CONSULT WITH THE ORGANIZER."; and
c. "THE ISSUER AND THE ORGANIZER, WHETHER INDEPENDENTLY OR TOGETHER, ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION CONTAINED IN THIS CROWDFUNDING SERVICE.".

Second Section
Securities That Can Be Offered Through Crowdfunding Services

Article 76
(1) Securities that can be offered through Crowdfunding Services include:
a. Equity Securities; b. Debt Securities; or
c. Sukuk.
(2) Equity Securities as referred to in paragraph (1) letter a can be in the form of shares or other Equity Securities that must be converted into shares. (3) The Financial Services Authority may determine other types of Securities that can be offered through Crowdfunding Services in addition to those referred to in paragraph (1).

Article 77
(1) For Organizers that are entities conducting business activities based on Sharia principles, the Organizer may determine Equity Securities as referred to in Article 76 paragraph (1) letter a offered through their Crowdfunding Service as Sharia Securities. (2) Organizers as referred to in paragraph (1) must have a Sharia Supervisory Board and have mechanisms and procedures for determining Equity Securities as Sharia Securities. (3) The determination of Equity Securities as Sharia Securities as referred to in paragraph (1) as well as the mechanisms and procedures as referred to in paragraph (2) are carried out in accordance with the provisions of legislation in the capital market sector.

Article 78
(1) Debt Securities or Sukuk offered through Crowdfunding Services must meet the following provisions:
a. issued in Rupiah currency; b. have a Project that serves as the basis for the issuance of Debt Securities or Sukuk;
c. cannot be traded;
d. have a maturity date not exceeding 2 (two) years; e. can be paid off early before maturity, provided that approval is obtained from the majority of holders of Debt Securities or Sukuk present in the general meeting of holders of Debt Securities or Sukuk; and f. payment of principal, interest, profit-sharing ratio magnitude, margin, service fee, or return can be made periodically or at maturity. (2) In addition to the Sukuk obligations as referred to in paragraph (1), the issuance of Sukuk must obtain a Sharia compliance statement as referred to in Article 64 paragraph (2).

Third Section
Limits on Securities Offerings and Fund Raising

Article 79
(1) Issuers of Equity Securities and Debt Securities or Sukuk, along with their affiliates, are prohibited from using Crowdfunding Services through more than 1 (one) Organizer simultaneously. (2) The Organizer must ensure that Issuers of Equity Securities and/or Issuers of Debt Securities or Sukuk using the Crowdfunding Services they implement do not issue Securities through other Organizers as referred to in paragraph (1).

Article 80
(1) Issuers of Debt Securities or Sukuk must fulfill all obligations to Investors after conducting fund raising through Crowdfunding Services.
(2) Issuers of Debt Securities or Sukuk are prohibited from conducting new fund raising through Crowdfunding Services before the Issuer fulfills all obligations to Investors as referred to in paragraph (1).

Article 81
(1) The limit on fund raising through Crowdfunding Services by each Issuer within a period of 12 (twelve) months is at most IDR 10,000,000,000.00 (ten billion Rupiah) or the total value of other fund raising as referred to in Article 3 paragraph (2). (2) Fund raising as referred to in paragraph (1) can be conducted in 1 (one) offering or more.

Article 82
(1) The Issuer may set the minimum amount of funds that must be obtained in the offering of Securities through Crowdfunding Services based on agreements contained in the Crowdfunding Service implementation agreement. (2) In the event that the Issuer sets the minimum amount of funds as referred to in paragraph (1), the Issuer must disclose:
a. the plan for the use of funds in connection with the acquisition of minimum funds; and b. other sources of funds to implement the plan for the use of funds, if there are other sources of funds. (3) The Issuer is prohibited from changing the minimum amount of funds as referred to in paragraph (1) during the Securities offering period. (4) If the minimum amount of funds as referred to in paragraph (1) is not met, then:
a. the Securities offering is considered to have ended; and b. the Organizer must return the funds along with all benefits arising from such funds during the period in the Organizer's account at the Settlement and Custody Institution proportionally to Investors no later than 2 (two) working days after the end of the Securities offering period.

Fourth Section
Offering Period

Article 83
The offering period as referred to in Article 81 paragraph (2) is at most 45 (forty-five) days.

Article 84
(1) The Issuer may cancel the offering of Securities through Crowdfunding Services before the end of the offering period as referred to in Article 83 by paying a fine in the amount set in the Crowdfunding Service implementation agreement to the Organizer. (2) The end of the offering period as referred to in paragraph (1) includes:
a. a specific date set by the Issuer; or b. a specific date before the date as referred to in letter a but all Securities offered through Crowdfunding Services have been purchased by Investors.

Fifth Section
Fund Deposits and Purchase of Securities

Article 85
(1) The Organizer must use the Organizer's account at the Settlement and Custody Institution to receive funds from the offering of Securities through Crowdfunding Services. (2) The Organizer must ensure that the Organizer's account at the Settlement and Custody Institution as referred to in paragraph (1) is available and can be used before the offering of Securities begins.

Article 86
(1) Fund deposits by Investors for the purchase of Securities through Crowdfunding Services are made by depositing funds into the Investor's fund account recorded in the Investor's crowdfunding account at the Settlement and Custody Institution. (2) The purchase of Securities is carried out by transferring funds from the Investor's crowdfunding account at the Settlement and Custody Institution as referred to in paragraph (1) to the Organizer's account at the Settlement and Custody Institution. (3) Funds deposited into the Organizer's account at the Settlement and Custody Institution are escrow funds from the offering of Securities belonging to the Issuer. (4) Funds transferred to the Organizer's account at the Settlement and Custody Institution are prohibited from being transferred except to the Issuer or Investors. (5) After all funds deposited into the Organizer's account at the Settlement and Custody Institution in a Securities offering are collected, the deposited funds are considered received by the Issuer, unless the following conditions occur:
a. the Securities offering ends; b. the Securities offering is cancelled by the Issuer; and/or
c. the Settlement and Custody Institution refuses to distribute funds to the Issuer or distribute Securities to Investors based on the fulfillment of certain criteria.

Article 87
Further provisions regarding certain criteria as referred to in Article 86 paragraph (5) letter c are determined by the Settlement and Custody Institution.

Article 88
The Investor's crowdfunding account as referred to in Article 86 paragraph (1) can be used for other purposes related to Crowdfunding Services.

Article 89
The Financial Services Authority may determine other methods of deposit for purchasing Securities other than as referred to in Article 86 paragraph (1).

Sixth Section
Securities Registration, Fund Delivery, and Securities Delivery

Article 90
(1) The Issuer must register Equity Securities in the form of shares and Debt Securities or Sukuk at the Settlement and Custody Institution.
(2) The mechanism and procedure for registering Equity Securities in the form of shares and Debt Securities or Sukuk as referred to in paragraph (1) are carried out in accordance with the Regulations of the Settlement and Custody Institution.

Article 91
In the event that the offered Securities are Equity Securities in the form of shares, the Issuer must:
a. submit a request for approval and/or notification to the Minister in connection with changes to the Articles of Association regarding:

capital increase; and
inclusion of provisions regarding collective custody; and
b. sign a Securities registration agreement with the Settlement and Custody Institution and submit a copy of the aforementioned Securities registration agreement to the Organizer no later than 22 (twenty-two) working days, after the end of the Securities offering period and all funds deposited into the Organizer's account at the Settlement and Custody Institution in a Securities offering have been collected.

Article 92
The Organizer must:
a. deliver funds to the Issuer; and b. distribute Securities to Investors, no later than 2 (two) working days after the Organizer receives the Securities registration agreement as referred to in Article 91 letter b.

Article 93
(1) In the event that the offered Securities are Debt Securities or Sukuk, the Issuer must:
a. sign a Securities registration agreement with the Settlement and Custody Institution; b. submit basic project documents or proof of Project ownership; and
c. make a notarial deed of debt acknowledgment made by a notary,
and submit a copy thereof to the Organizer no later than 22 (twenty-two) working days after the end of the Securities offering period and all funds deposited into the Organizer's account at the Settlement and Custody Institution in the Securities offering have been collected. (2) The Organizer must:
a. deliver funds to the Issuer; and b. distribute Securities to Investors, no later than 2 (two) working days after the Issuer submits the basic project documents or proof of Project ownership and documents as referred to in paragraph (1).

Article 94
The Organizer must ensure the completeness of document requirements and/or information regarding Securities registration at the Settlement and Custody Institution as referred to in Article 61 by the Issuer no later than 2 (two) working days after the end of the Securities offering period.

Seventh Section
Phased Offerings

Article 95
(1) In the event that the Securities offered through Crowdfunding Services are Debt Securities or Sukuk, the offering of Securities can be conducted in phases. (2) In the event that Debt Securities or Sukuk are to be offered in phases as referred to in paragraph (1), the phased offering must meet the following provisions:
a. the phased offering plan has been established since the beginning of the offering of Debt Securities or Sukuk; b. the Issuer has entered into an agreement with the Organizer to conduct the offering of Securities through Crowdfunding Services in phases;
c. the Issuer has previously issued Debt Securities or Sukuk and has not experienced default for the last 2 (two) years before conducting the phased offering of Securities as referred to in paragraph (1);
d. has fulfilled all obligations to Investors before conducting the offering of Securities as referred to in letter c.
(3) The phased offering of Securities as referred to in paragraph (1) must follow the fund raising limits as referred to in Article 3 paragraph (1) letter c. (4) The phased offering of Securities as referred to in paragraph (1) can use more than 1 (one) Project as the basis for the issuance of Debt Securities or Sukuk. (5) In the event that the phased offering of Securities is conducted with more than 1 (one) Project as referred to in paragraph (4), the Issuer must disclose all Projects that will serve as the basis for issuance. (6) Before implementing the second and subsequent phases of the offering of Debt Securities or Sukuk, no later than 5 (five) working days before the start of the offering period, the Issuer must submit a notification of the implementation of the offering of Securities accompanied by additional information and supporting documents to the Organizer. (7) The Organizer must:
a. announce the implementation of the offering of Debt Securities or Sukuk in the second and subsequent phases through the Organizer's website; and b. include additional information and supporting documents on the Organizer's website, no later than 2 (two) working days before the start of the second and subsequent offering phases. (8) Additional information as referred to in paragraph (6) must contain at least:
a. a description of the Project that serves as the basis for the issuance of Debt Securities or Sukuk; b. the amount of funds raised;
c. the number of Securities offered;
d. the price, interest rate, profit-sharing ratio magnitude, margin, and/or service fee or other forms of return set for Debt Securities or Sukuk; e. the plan for the use of funds; f. the offering period; and g. a statement by the Issuer stating that the Issuer is not experiencing default up to the submission of additional information.

Part Eight
Execution of Securities Trading
Article 96
(1) The Organizer is required to provide a system for Investors and/or Issuers to trade Issuer Securities that have been sold through the Crowdfunding Service operated by the Organizer for equity-type securities in the form of shares. (2) The execution of Securities trading as referred to in paragraph (1) must be carried out with the following provisions:
a. it only applies to equity-type securities in the form of shares that have been distributed for at least 1 (one) year prior to the Securities trading; b. it can only be conducted between Investors registered with the Organizer;
c. it can only be conducted in the months of March, June, September, and December; and
d. the time interval for executing Securities trading with other Securities trading is at least 3 (three) months.
(3) The Organizer is required to announce the execution of Securities trading on the Organizer's website at the latest 2 (two) working days before the start of the Securities trading period. (4) Securities trading as referred to in paragraph (1) letter c is prohibited from being executed for more than 10 (ten) working days. (5) The system as referred to in paragraph (1) is required to provide:
a. fair price as a reference for sellers and buyers; and b. a communication system for Users that can be used as a means of communication between Users to buy or sell Securities. (6) The Organizer is required to disclose the parameters for determining fair price as referred to in paragraph (5) letter a on the Organizer's website. (7) The Financial Services Authority may establish provisions regarding the execution of Securities trading other than as referred to in paragraph (2) letters c and d and paragraph (4). (8) The Organizer is required to submit changes in the Issuer's shareholder data to the Financial Services Authority and announce it on the Organizer's website at the latest 2 (two) working days after the end of each execution of Securities trading as referred to in paragraph (2) letter c. https://jdih.ojk.go.id/

Article 97
The transfer of rights over equity-type securities in the form of shares as a result of the execution of trading as referred to in Article 96 paragraph (2) can be carried out without a deed of transfer of rights.

Part Nine
Investment Success Rate
Article 98
(1) The Organizer is required to announce the investment success rate on the Organizer's website.
(2) The announcement of the investment success rate as referred to in paragraph (1) must contain at least:
a. the number of Issuers; b. the number of Investors;
c. the value of Securities issuance; and
d. the investment success rate.
(3) Further provisions regarding the calculation of the investment success rate as referred to in paragraph (1) are established by the Financial Services Authority.

Article 99
The investment success rate as referred to in Article 98 is at least:
a. the success of the return of principal and interest/yield/sharia profit-sharing for debt-type Securities or Sukuk; b. the history of default;
c. the number of days of delay; and/or
d. the average distribution of dividends that have been carried out, for Issuers of equity-type securities.

Part Ten
Distribution of Dividends, Interest, and/or Yield
Article 100
The execution of the distribution of dividend payments for equity-type securities in the form of shares to Investors must be carried out with the following provisions:
a. it is carried out by the Depository and Clearing Institution after receiving instructions from the Organizer; and b. instructions from the Organizer as referred to in letter a are carried out as a follow-up to the execution of the results of the Issuer's General Meeting of Shareholders or an equivalent organ to the Issuer's General Meeting of Shareholders that approved the distribution of the Issuer's dividends to Investors. https://jdih.ojk.go.id/

Article 101
(1) The execution of the distribution of interest/yield/sharia profit-sharing payments for debt-type Securities or Sukuk to Investors must be carried out with the following provisions:
a. for debt-type Securities or Sukuk that have a maturity date of more than 1 (one) year, the distribution of interest/yield/sharia profit-sharing payments is carried out by the Depository and Clearing Institution after receiving instructions from the Organizer; and b. for debt-type Securities or Sukuk that have a maturity date of less than 1 (one) year, the distribution of interest/yield/sharia profit-sharing payments is carried out by the Organizer or another Party designated by the Financial Services Authority. (2) The Organizer or another Party designated by the Financial Services Authority as referred to in paragraph (1) letter b is required to report the execution of the distribution of interest/yield/sharia profit-sharing payments for debt-type Securities or Sukuk issued through the Crowdfunding Service to the Depository and Clearing Institution at the latest 5 (five) working days after the execution of the distribution payment.

Article 102
(1) Any Party that violates the provisions as referred to in Article 75, Article 77 paragraph (2), Article 78, Article 79, Article 80, Article 82 paragraph (2), paragraph (3), Article 85, Article 86 paragraph (4), Article 90 paragraph (1), Article 91, Article 92, Article 93, Article 94, Article 95 paragraph (2), paragraph (3), paragraph (6), paragraph (7), paragraph (8), Article 96 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (5), paragraph (6), paragraph (8), Article 98 paragraph (1), paragraph (2), Article 100, and/or Article 101, is subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval. https://jdih.ojk.go.id/

(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, can 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 can be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with provisions in the field of capital markets.

CHAPTER VII
ISSUER

Part One
Issuer Requirements
Article 103
(1) In raising funds through the Crowdfunding Service, with the limitation that Issuers are prohibited from being:
a. business entities controlled directly or indirectly by a business group or conglomerate; b. public companies or subsidiary companies of public companies; and
c. business entities with net assets of more than Rp10,000,000,000.00 (ten billion rupiah), excluding land and business buildings.
(2) The Financial Services Authority may establish limitations as Issuers other than the limitations as referred to in paragraph (1).

Article 104
(1) In raising funds through the Crowdfunding Service, Issuers are required to submit documents and/or information to the Organizer at least:
a. for Issuers that are legal entities, in the form of the deed of establishment of the Issuer's legal entity, along with the latest amendments to the articles of association, which have been approved or agreed upon by the competent authority or reported to the competent authority; b. for Issuers in the form of other business entities, in the form of information on the form of the business entity and the name of the business entity and the deed of establishment and the latest articles of association which have been approved or agreed upon by the competent authority or reported to the competent authority;
c. information related to the capital structure before and after raising funds;
d. curriculum vitae of founding shareholders, both direct and indirect shareholders, the Board of Directors and Board of Commissioners, if the Issuer is a limited liability company or a curriculum vitae of equivalent Parties for legal entities other than limited liability companies and other business entities; e. information related to the type and number of Securities offered; f. the amount of funds to be raised in the Securities offering and the purpose of the use of funds from the Securities offering through the Crowdfunding Service; g. the minimum amount of funds that must be obtained in the Securities offering through the Crowdfunding Service, if the Issuer sets the minimum amount of funds that must be obtained; h. business plan or Project and revenue projections including dividend policy for Issuers of equity-type securities in the form of shares;
i. permits related to the Issuer's business activities and/or the Project to be financed with funds from the Securities offering through the Crowdfunding Service;
j. financial statements at the lowest prepared based on accounting standards for micro, small, and medium entities; k. a statement of willingness to enter into a preliminary agreement and a Securities registration agreement with the Depository and Clearing Institution;
l. other material information that needs to be submitted to potential Investors, if any;
m. main risks faced by the Issuer; and n. information regarding the illiquidity of the offered Securities.
(2) Issuers that issue equity-type securities in the form of shares, in addition to being required to submit documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. approval from the General Meeting of Shareholders that approved the capital increase through the Securities offering and changes to the articles of association containing provisions for escrow; b. dividend policy, at least in the form of a dividend payout ratio policy;
c. mechanism for determining share prices.
(3) Issuers that issue debt-type Securities or Sukuk, in addition to being required to submit documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. summary of rights of holders of debt-type Securities or Sukuk; b. approval for the offering of debt-type Securities or Sukuk, if required;
c. conditions that can cause default, including the method of resolution;
d. reasons and procedures for holding the General Meeting of Holders of debt-type Securities or Sukuk, at least:

early repayment before maturity;
postponement of payment of debt-type Securities and/or Sukuk;
default of debt-type Securities and/or Sukuk; and/or
changes to the collateral of debt-type Securities and/or Sukuk, if there is collateral;
e. description of the Project that is the basis for the issuance of debt-type Securities or Sukuk, at least regarding the type, permits, basis of work or proof of ownership of the Project, and the duration of the Project; f. rating of debt-type Securities or Sukuk, if debt-type Securities or Sukuk are rated; g. type of Sharia contract and Sharia transaction scheme, if the issued Securities are Sukuk; h. price, interest rate, profit-sharing ratio amount, margin, service fee or yield by other means established for debt-type Securities or Sukuk; and
i. a statement that the Issuer has no obligations to other Organizers.
(4) The basic work documents or proof of ownership of the Project as referred to in paragraph (3) letter e can be submitted to the Organizer at the latest 22 (twenty-two) working days after the end of the Securities offering period and all funds deposited into the Organizer's account at the Depository and Clearing Institution in a Securities offering are collected. (5) Issuers that issue debt-type Securities that must be converted into shares, in addition to being required to submit documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. summary of rights of holders of debt-type Securities that must be converted into shares; b. procedures for conversion into shares, including the conversion price;
c. share conversion projections;
d. conversion schedule; e. rating of debt-type Securities that must be converted, if debt-type Securities that must be converted are rated; and f. price and interest rate established for debt-type Securities that must be converted into shares. (6) For Issuers that are entities conducting business activities based on Sharia principles that will offer Sharia securities in the form of shares through the Crowdfunding Service, in addition to documents and/or information as referred to in paragraph (1) and paragraph (2), Issuers are required to submit documents:
a. photocopy of the articles of association stating activities and types of business, and the method of managing the business, based on Sharia principles; and b. resolution of the General Meeting of Shareholders regarding the appointment of the Sharia Supervisory Board. (7) Approval from the General Meeting of Shareholders as referred to in paragraph (2) letter a is submitted at the latest 2 (two) working days before the start of the offering period.

Article 105
The time interval between the date of the financial statements as referred to in Article 104 paragraph (1) letter j and the date of the start of the Securities offering period is at most 6 (six) months.

Part Two
Use of Funds
Article 106
Issuers are required to use all funds from the Securities offering to finance or refinance Projects or business activities within the territory of the Republic of Indonesia. https://jdih.ojk.go.id/

Part Three
Proof of Ownership of Securities
Article 107
(1) Investors who purchase Securities through the Organizer receive proof of ownership in the form of Securities ownership records contained in the Securities account at the Custodian with reference to the Depository and Clearing Institution. (2) The Custodian as referred to in paragraph (1) is required to submit a report on Securities ownership to Investors 1 (one) time in every month. (3) The Securities ownership report as referred to in paragraph (2) is required to be submitted at the latest on the 10th of the following month. (4) In the event that the deadline as referred to in paragraph (3) falls on a holiday, the Securities ownership report is required to be submitted at the latest on 1 (one) working day following.

Part Four
Issuer Reports
Article 108
(1) Issuers that issue equity-type securities in the form of shares are required to submit annual reports to the Organizer at the latest 6 (six) months after the end of the Issuer's fiscal year. (2) The Organizer is required to include the Issuer's annual report as referred to in paragraph (1) on the Organizer's website at the latest 2 (two) working days after the submission of the report. (3) The annual report as referred to in paragraph (1) is submitted for the first time if the time interval between the date of distribution of equity-type securities in the form of shares and the end of the Issuer's fiscal year in the current year is at least 3 (three) months. (4) In addition to containing information on annual reports in accordance with the Law regarding limited liability companies, the annual report as referred to in paragraph (1) is required to contain information on the realization of the use of funds from the offering of equity-type securities in the form of shares through the Crowdfunding Service. (5) Information regarding the realization of the use of funds as referred to in paragraph (4) is required to be submitted and announced until the funds from the offering of equity-type securities in the form of shares through the Crowdfunding Service have been fully used. https://jdih.ojk.go.id/

(6) The Organizer is required to review documents and/or information related to the realization of the Issuer's use of funds accompanied by supporting documents or evidence. (7) Documents and/or information related to the realization of the Issuer's use of funds as referred to in paragraph (6) contain at least:
a. proof of payment or settlement of obligations to third parties as providers of goods and/or services related to business activities or Projects; and b. documentation of the progress of the implementation of business activities or Projects.

Article 109
(1) Issuers that issue debt-type Securities or Sukuk are required to submit reports periodically every 3 (three) months, in the months of March, June, September, and December to the Organizer. (2) The submission of reports as referred to in paragraph (1) is required to be carried out at the latest 5 (five) working days in the following month. (3) The Organizer is required to include the Issuer's report as referred to in paragraph (1) on the Organizer's website at the latest 2 (two) working days after receiving the report. (4) The report as referred to in paragraph (1) is carried out for the first time if the time interval between the date of distribution of debt-type Securities or Sukuk and each end of the month for periodic reporting is at least 15 (fifteen) days. (5) The report as referred to in paragraph (1) is required to contain information on at least:
a. the realization of the use of funds from the offering of debt-type Securities or Sukuk through the Crowdfunding Service; and b. the progress of the Project including obstacles, if there are obstacles. (6) The obligation to submit reports by Issuers as referred to in paragraph (1) and the obligation to include them on the website as referred to in paragraph (3) apply until debt-type Securities or Sukuk mature and/or the Issuer has fulfilled all its obligations to Investors.

Article 110
(1) In addition to submitting reports as referred to in Article 108 and Article 109, Issuers are required to submit incidental reports if there is material information or events that can affect the continuity of the Issuer's business or the Issuer's ability to return funds. (2) Incidental reports as referred to in paragraph (1) are required to be submitted to the Organizer at the latest 2 (two) working days after the occurrence of material information or events. (3) The Organizer is required to announce material information or events submitted by the Issuer as referred to in paragraph (2) to the public through the Organizer's website at the latest 2 (two) working days after the incidental report is received from the Issuer.

Article 111
In the event that the Issuer no longer meets the net asset criteria as an Issuer as referred to in Article 103 paragraph (1) letter c, the financial statements contained in the annual report as referred to in Article 108 paragraph (1) are required to use at least accounting standards for private entities.

Part Five
Revocation of Issuer Registration on the Crowdfunding Service and Cancellation of Securities Registration at the Depository and Clearing Institution
Article 112
(1) Issuers that have carried out offerings of equity-type securities in the form of shares through the Crowdfunding Service and meet the conditions:
a. have submitted at least 3 (three) annual reports after the offering of equity-type securities in the form of shares through the Crowdfunding Service and the number of shareholders is less than 50 (fifty) Parties; or b. all equity-type securities in the form of shares sold through the Crowdfunding Service are repurchased by the Issuer or purchased by other Parties, can voluntarily submit a written request to the Organizer to carry out the revocation of registration as an Issuer on the Crowdfunding Service and the cancellation of Securities registration at the Depository and Clearing Institution. (2) The plan for the request for revocation of registration as an Issuer on the Crowdfunding Service and the request for cancellation of Securities registration at the Depository and Clearing Institution as referred to in paragraph (1) is required to be announced to Investors through the Organizer's website at the latest 2 (two) working days after the date of approval from the Issuer's General Meeting of Shareholders or an organ equivalent to the Issuer's General Meeting of Shareholders. (3) The written request as referred to in paragraph (1) must be accompanied by documents and/or information in the form of:
a. resolution of the Issuer's General Meeting of Shareholders or an organ equivalent to the Issuer's General Meeting of Shareholders that approved the plan for revocation of registration as an Issuer on the Crowdfunding Service and cancellation of Securities registration at the Depository and Clearing Institution; and b. proof of settlement of obligations to the Organizer and the Depository and Clearing Institution.

Article 113
(1) Under certain conditions, the Depository and Clearing Institution can cancel the registration of the Issuer's Securities.
(2) Further provisions regarding certain conditions, mechanisms, and criteria for Issuers whose Securities registration is cancelled are established by the Depository and Clearing Institution.

Part Six
Shareholder Register
Article 114
In the event that Securities issued through the Crowdfunding Service are equity-type securities in the form of shares, the Issuer is required to record the ownership of Investors' shares in the Issuer's shareholder register.

Part Seven
Issuer Corporate Actions
Paragraph 1
Capital Increase by Issuing Preemptive Rights
Article 115
(1) The Issuer's capital increase is carried out based on approval from the General Meeting of Shareholders.
(2) The General Meeting of Shareholders can delegate authority to the Board of Commissioners to give approval for the implementation of the General Meeting of Shareholders' decision as referred to in paragraph (1) for a period of at most 12 (twelve) months. (3) The delegation of authority as referred to in paragraph (2) can be withdrawn at any time by the General Meeting of Shareholders in accordance with provisions in the legislation.

Article 116
(1) The General Meeting of Shareholders' decision for capital increase as referred to in Article 115 paragraph (1) becomes valid if carried out by paying attention to quorum and voting requirements for changes to the articles of association in accordance with provisions in the Law regarding limited liability companies and the articles of association. (2) The General Meeting of Shareholders' decision as referred to in paragraph (1) becomes valid if carried out with a quorum of attendance of more than 1/2 (one half) of the total number of shares with voting rights and approved by more than 1/2 (one half) of the total number of votes cast, unless determined to be larger in the articles of association.

Article 117
(1) All shares issued for the Issuer's capital increase must first be offered to each shareholder proportionally to their share ownership for the same share classification. (2) The offering of shares as referred to in paragraph (1) must be carried out with the following provisions:
a. offered first to shareholders as referred to in paragraph (1) through the Crowdfunding Service through the mechanism of Securities trading; and b. the offering as referred to in paragraph (1) does not apply in the event of share issuance:

intended for the Issuer's employees;
intended for holders of debt-type Securities or other Securities that can be converted into shares, which have been issued with the approval of the General Meeting of Shareholders; or
carried out in the context of reorganization and/or restructuring that has been approved by the General Meeting of Shareholders.
https://jdih.ojk.go.id/

(3) In the event that shareholders as referred to in paragraph (1) do not exercise their right to purchase and pay in full for the purchased shares within a period of 14 (fourteen) days calculated from the date of the offer, the Issuer may offer the remaining shares not taken up to third parties.

Paragraph 2
Buyback of Issuer's Shares

Article 118
(1) The Issuer may buy back its shares in accordance with the provisions of Article 37 and Article 38 of the Law concerning Limited Liability Companies. (2) The buyback of shares as referred to in paragraph (1) must first obtain approval from the General Meeting of Shareholders. (3) The General Meeting of Shareholders must be conducted in accordance with the provisions of the Law concerning Limited Liability Companies.

Article 119
In addition to the buyback of shares as referred to in Article 118, the Issuer may buy back its shares to fulfill the provisions of Article 62 of the Law concerning Limited Liability Companies.

Article 120
(1) The implementation of the buyback of shares as referred to in Article 118 paragraph (1) must be completed at the latest 12 (twelve) months after the date of the General Meeting of Shareholders that approved the buyback of shares. (2) The buyback of shares may be conducted through the Crowdfunding Service or outside the Crowdfunding Service.

Article 121
In the event that the buyback of shares is conducted through the Crowdfunding Service as referred to in Article 120 paragraph (2), the buyback of shares must fulfill the following provisions:
a. conducted through the mechanism of securities trading implementation; and b. the offer price to buy back shares must be lower than or equal to the transaction price in the previous securities trading. https://jdih.ojk.go.id/

Part Eight
Projects and Guarantees

Article 122
(1) Projects serving as the basis for the issuance of Debt Securities or Sukuk through the Crowdfunding Service must have economic benefits.
(2) Projects as referred to in paragraph (1) may be owned by the issuer themselves or be an order from another Party.
(3) In the event that Projects as referred to in paragraph (1) serve as the basis for the issuance of Sukuk, the Projects must not contradict Sharia principles in the capital market.

Article 123
In the event that the issuance of Debt Securities or Sukuk is guaranteed with the Issuer's assets or other forms of guarantee or coverage, the encumbrance of guarantee or coverage must be implemented in accordance with the provisions of applicable legislation.

Article 124
(1) Any Party that violates the provisions as referred to in Article 103 paragraph (1), Article 104 paragraph (1), paragraph (2), paragraph (3), paragraph (5), paragraph (6), Article 106, Article 107 paragraph (2), paragraph (3), paragraph (4), Article 108 paragraph (1), paragraph (2), paragraph (4), paragraph (5), paragraph (6), Article 109 paragraph (1), paragraph (2), paragraph (3), paragraph (5), Article 110, Article 111, Article 112 paragraph (2), Article 114, Article 118 paragraph (2), paragraph (3), Article 120 paragraph (1), Article 121, Article 122 paragraph (1), paragraph (3), and/or Article 123, shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, 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. https://jdih.ojk.go.id/

(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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be conducted in accordance with the provisions of applicable legislation in the field of capital markets.

CHAPTER VIII
INVESTORS

Article 125
(1) Investors who place orders for Securities through the Crowdfunding Service must first possess a unique investor identity number.
(2) Investors who purchase Securities through the Crowdfunding Service must:
a. have a Securities account at a Custodian specifically for storing Securities; b. have an investor funds account at the Settlement and Custody Institution or another Party approved by the Settlement and Custody Institution;
c. have the ability to purchase the Issuer's Securities; and
d. meet the Investor criteria and Securities purchase limits.
(3) In the event that an Investor purchases Securities through more than 1 (one) Organizer, the Investor must use different Securities accounts as referred to in paragraph (2) letter a for each Organizer. (4) Investor criteria and Securities purchase limits as referred to in paragraph (2) letter d include:
a. every Investor with income up to Rp500,000,000.00 (five hundred million rupiah) per year, may purchase Securities through the Crowdfunding Service at most 5% (five percent) of annual income; and b. every Investor with income more than Rp500,000,000.00 (five hundred million rupiah) per year, may purchase Securities through the Crowdfunding Service at most 10% (ten percent) of annual income. (5) The percentage limit for Securities purchases on the Crowdfunding Service as referred to in paragraph (4) is calculated from the value of Securities purchases at all Organizers based on self-assessment by the Investor. https://jdih.ojk.go.id/

(6) In the event that the Investor is:
a. a legal entity; or b. a Party that has investment experience in the capital market proven by owning a Securities account for at least 2 (two) years prior to the Securities offer, the Investor criteria and Securities purchase limits by the Investor as referred to in paragraph (4) shall not apply.

Article 126
(1) In the event that Securities issued through the Crowdfunding Service are Debt Securities or Sukuk guaranteed or covered with a guarantee value or coverage value of at least 125% (one hundred twenty-five percent) of the value of funds raised, the Investor criteria and Securities purchase limits as referred to in Article 125 paragraph (4) shall not apply. (2) The guarantee value as referred to in paragraph (1) must be determined based on:
a. assessment results from an appraiser registered with the Financial Services Authority; or b. reference to specific documents that can be accounted for. (3) In the event that the guarantee is in the form of intangible assets, the assessment must be conducted by an appraiser registered with the Financial Services Authority as referred to in paragraph (2) letter a.

Article 127
(1) Investors may cancel their plan to purchase Securities through the Crowdfunding Service at the latest within 48 (forty-eight) hours after making the purchase of Securities as referred to in Article 85 paragraph (2) and before the funds are fulfilled. (2) Cancellation of the plan to purchase Securities as referred to in paragraph (1) may only be conducted if the cancellation of Securities by the Investor does not cause the offer of Securities in the Crowdfunding Service to be unfulfilled or terminated. (3) In the event that an Investor cancels their plan to purchase Securities as referred to in paragraph (1), the Organizer must return the funds to the Investor at the latest 2 (two) working days after the Investor's order cancellation. https://jdih.ojk.go.id/

Article 128
(1) Any Party that violates the provisions as referred to in Article 125 paragraph (3), Article 126 paragraph (2), paragraph (3), and/or Article 127 paragraph (3), shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, 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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be conducted in accordance with the provisions of applicable legislation in the field of capital markets.

CHAPTER IX
CROWDFUNDING SERVICE AGREEMENTS

Part One
General

Article 129
In conducting the Crowdfunding Service, the Organizer must conduct at least the following agreements:
a. the Crowdfunding Service implementation agreement with the Issuer; b. as the proxy for the Investor, the issuance agreement for Debt Securities or Sukuk with the Issuer; and
c. the Crowdfunding Service implementation agreement with the Investor.
https://jdih.ojk.go.id/

Part Two
Crowdfunding Service Implementation Agreement between Organizer and Issuer

Article 130
(1) The Crowdfunding Service implementation agreement between the Organizer and the Issuer as referred to in Article 129 letter a must be stipulated in a deed. (2) The deed as referred to in paragraph (1) may be a notarial deed. (3) The deed as referred to in paragraph (1) may be in the form of an Electronic Document. (4) The agreement as referred to in paragraph (1) must contain at least:
a. agreement number; b. agreement date;
c. identity of the Parties;
d. provisions regarding the rights and obligations of the Parties; e. duration or termination of the agreement; f. the amount of funds to be raised and the Securities to be offered; g. the minimum amount of funds, if setting a minimum amount of funds to be obtained; h. the amount of commission and fees;
i. provisions regarding fines;
j. dispute resolution mechanism; and k. resolution mechanism in the event the Organizer cannot continue operational activities.
(5) In the event the Issuer issues Equity Securities in the form of shares, the agreement as referred to in paragraph (4) must contain a prohibition for the Issuer to offer Equity Securities in the form of shares to other Organizers.

Article 131
(1) The issuance agreement for Debt Securities or Sukuk between the Organizer as the proxy for the Investor and the Issuer as referred to in Article 129 letter b must be stipulated in a deed. (2) The deed as referred to in paragraph (1) may be a notarial deed. (3) The deed as referred to in paragraph (1) may be in the form of an Electronic Document. (4) The agreement as referred to in paragraph (1) must contain at least:
a. agreement number; b. agreement date;
c. identity of the Parties;
https://jdih.ojk.go.id/

d. provisions regarding the rights and obligations of the Parties; e. principal amount and/or principal value, maturity, and interest, profit-sharing ratio margin, or service fee amounts; f. guarantee, if there is a guarantee; g. Issuer's failure to fulfill obligations regarding Sharia aspects, if issuing Sukuk; h. early repayment of Debt Securities or Sukuk;
i. use of funds;
j. Issuer's default status; k. General Meeting of Debt Securities or Sukuk holders; and
l. prohibition for the Issuer to conduct new offers of Debt Securities or Sukuk before the Issuer fulfills all obligations based on funds raised through the Crowdfunding Service, except if the offer of Debt Securities or Sukuk is conducted in stages.
(5) The Organizer must include the main provisions of the agreement as referred to in paragraph (4) on the Organizer's website at the latest 2 (two) working days before the start of the offer period.

Part Three
Crowdfunding Service Implementation Agreement between Organizer and Investor

Article 132
(1) The Crowdfunding Service implementation agreement between the Organizer and the Investor as referred to in Article 129 letter c may be stipulated in the form of a standard agreement by fulfilling the provisions of applicable legislation. (2) The binding nature of the agreement as referred to in paragraph (1) occurs when the Investor declares electronic consent to the content of the agreement regarding the Crowdfunding Service. (3) In the event the Organizer offers Equity Securities in the form of shares, the agreement as referred to in paragraph (1) may contain provisions regarding the granting of power of attorney to the Organizer to represent the Investor as the Issuer's shareholder, including in the Issuer's General Meeting of Shareholders or equivalent organ, and signing deeds and other related documents. (4) In the event the Organizer offers Debt Securities or Sukuk, the agreement as referred to in paragraph (1) must contain at least provisions regarding the granting of power of attorney to the Organizer to represent the Investor's interests as the holder of Debt Securities or Sukuk.

Part Four
Electronic Signatures

Article 133
Agreements as referred to in Article 130, Article 131, and Article 132 may be signed using electronic signatures or other forms accessible to Users through the Organizer's Electronic System in accordance with applicable legislation.

Article 134
(1) Any Party that violates the provisions as referred to in Article 129, Article 130 paragraph (4), paragraph (5), Article 131 paragraph (4), paragraph (5), and/or Article 132 paragraph (4) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, 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. https://jdih.ojk.go.id/

(7) The procedure for imposing sanctions as referred to in paragraph (3) shall be conducted in accordance with the provisions of applicable legislation in the field of capital markets.

CHAPTER X
RISK MITIGATION

Article 135
Organizers and Issuers must conduct risk mitigation.

Article 136
The Organizer must conduct the Electronic System reliably and securely and be responsible for the operation of the Electronic System in accordance with applicable legislation regarding information and electronic transactions.

Article 137
(1) The Organizer may cooperate and exchange data with information technology-based supporting service organizers to improve the quality of the Crowdfunding Service. (2) Cooperation and data exchange as referred to in paragraph (1) must be conducted by paying attention to data confidentiality in accordance with applicable legislation regarding personal data protection. (3) The Organizer may use Information Technology service providers in the implementation of Information Technology. (4) Further provisions regarding Information Technology service providers as referred to in paragraph (4) shall be established by the Financial Services Authority.

Article 138
(1) Any Party that violates the provisions as referred to in Article 135, Article 136, and/or Article 137 paragraph (2) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; https://jdih.ojk.go.id/

e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f, 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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be conducted in accordance with the provisions of applicable legislation in the field of capital markets.

CHAPTER XI
GOVERNANCE OF INFORMATION TECHNOLOGY SYSTEMS FOR CROWDFUNDING SERVICE IMPLEMENTATION

Part One
Electronic System

Article 139
(1) The Organizer must use an Electronic System in conducting its business activities.
(2) The Electronic System as referred to in paragraph (1) must be owned, controlled, and managed by the Organizer.
(3) The Electronic System as referred to in paragraph (2) must be registered in accordance with applicable legislation.
(4) The Organizer is prohibited from having more than 1 (one) Electronic System for each type of device operation and 1 (one) website address in conducting its business activities.

Part Two
Data Center and Disaster Recovery Center

Article 140
(1) The Organizer must use a data center and a disaster recovery center.
(2) The data center and disaster recovery center as referred to in paragraph (1) must be located in Indonesia. https://jdih.ojk.go.id/

Part Three
Integrated Data Center, Transaction Data, and Data Confidentiality

Article 141
(1) The Organizer must register Issuers with the Crowdfunding Service integrated data center.
(2) The provider of the Crowdfunding Service integrated data center as referred to in paragraph (1) is designated by the Financial Services Authority.

Article 142
(1) Data and/or information regarding:
a. the Issuer's performance periodically; and b. default conditions, shall be submitted by the Organizer to the Financial Services Authority through the Crowdfunding Service integrated data center. (2) Submission of data and/or information as referred to in paragraph (1) may be conducted with the following provisions:
a. conducted in real-time; and/or b. submitted by integrating the Organizer's Electronic System with the Crowdfunding Service integrated data center.
(3) In the event the Crowdfunding Service integrated data center experiences disturbances or force majeure, the Financial Services Authority shall submit a notification regarding the submission time limit for data and/or information as referred to in paragraph (2) letter a to the Organizer through:
a. letter; and/or b. announcement on the Crowdfunding Service integrated data center.
(4) Further provisions regarding:
a. the procedure and mechanism for submitting data and/or information as referred to in paragraph (1); and b. the submission of information and/or data through the Crowdfunding Service integrated data center, shall be established by the Financial Services Authority.

Article 143
The Organizer must:
a. maintain the confidentiality, integrity, and availability of personal data, transaction data, and financial data managed by the Organizer from the time the data is obtained until the data is destroyed; b. ensure the availability of electronic authentication, verification, and validation processes supporting non-repudiation in accessing, processing, and executing personal data, transaction data, and financial data managed by the Organizer;
c. guarantee that the acquisition, use, utilization, and disclosure of personal data, transaction data, and financial data obtained by the Organizer are based on the consent of the owners of personal data, transaction data, and financial data, unless otherwise determined by applicable legislation;
d. provide other communication media besides the Crowdfunding Service Electronic System to ensure the continuity of Investor services; and e. notify in writing to the owners of personal data, transaction data, and financial data, if there is a failure in protecting the confidentiality of personal data, transaction data, and financial data managed by the Organizer.

Part Three
Audit Trail

Article 144
(1) The Organizer must provide an audit trail for all activities within the Crowdfunding Service Electronic System.
(2) The Organizer must ensure that the Information Technology system devices used support the provision of audit trails.
(3) The audit trail as referred to in paragraph (1) is used for supervision, law enforcement, dispute resolution, verification, testing, and other examinations. (4) The Organizer must store and maintain transaction logs based on data retention policies in accordance with applicable legislation.

Part Four
Security System

Article 145
(1) The Organizer must conduct security measures for the Electronic System that implement procedures and means for security to avoid disturbances, failures, and losses. https://jdih.ojk.go.id/

(2) The Organizer must provide a security system that includes:
a. procedures; b. prevention systems; and
c. handling,
against threats and attacks that cause disturbances, failures, and losses.
(3) The Organizer must participate in the management of Information Technology security gaps to support information security within the industry conducting information technology-based financial service business activities. (4) In managing the Electronic System, the Organizer must have an information security management system certificate with comprehensive coverage.

Part Five
Access and Use of Personal Data

Article 146
(1) The Organizer must obtain consent from the owner of personal data to obtain and use personal data.
(2) Consent as referred to in paragraph (1) may be exempted in accordance with applicable legislation regarding personal data protection.
(3) The owner of personal data may submit requests for access and copies of their personal data to the Organizer.
(4) The owner of personal data has the right to complete, correct errors and inaccuracies, and destroy personal data submitted to the Organizer.
(5) Fulfillment of rights as referred to in paragraph (4) is conducted through written requests.

Part Six
Data Storage and Deletion

Article 147
Provisions regarding the mechanism for storage and deletion of personal data are subject to the provisions of applicable legislation regarding personal data protection. https://jdih.ojk.go.id/

Article 148
(1) Any Party that violates the provisions as referred to in Article 139, Article 140, Article 141 paragraph (1), Article 143, Article 144 paragraph (1), paragraph (2), Article 145 and/or Article 146 paragraph (1) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f may be imposed with or without prior 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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets.

CHAPTER XII
EDUCATION AND PROTECTION OF USERS OF CROWDFUNDING SERVICES

Article 149
Consumer protection principles relevant as regulated in Financial Services Authority Regulations regarding consumer and community protection in the financial services sector shall apply to Organizers. https://jdih.ojk.go.id/

CHAPTER XIII
IMPLEMENTATION OF ANTI-MONEY LAUNDERING PROGRAMS, COUNTER-TERRORISM FINANCING AND COUNTER-PROLIFERATION FINANCING OF MASS DESTRUCTION WEAPONS

Article 150
Organizers are required to implement anti-money laundering, counter-terrorism financing, and counter-proliferation financing of mass destruction weapons programs in the financial services sector for Users in accordance with the provisions of legislation regarding the implementation of anti-money laundering and counter-terrorism financing programs.

Article 151
(1) Any Party that violates the provisions as referred to in Article 150 shall be subject to administrative sanctions.
(2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1).
(3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority.
(4) 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; e. revocation of business license; f. cancellation of approval; and/or g. cancellation of registration.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, letter f, or letter g may be imposed with or without prior 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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets. https://jdih.ojk.go.id/

CHAPTER XIV
ASSOCIATION OF ORGANIZERS

Article 152
Organizers are required to be registered as members of an Association that has been recognized by the Financial Services Authority.

Article 153
(1) The Board of the Association as referred to in Article 152 must originate from representatives of Organizers that have obtained a business license from the Financial Services Authority. (2) The Association as referred to in paragraph (1) must submit a list of board members to the Financial Services Authority signed by the Chairman of the Association. (3) The list of board members as referred to in paragraph (2) must be submitted at the latest 10 (ten) working days after the date of:
a. appointment or appointment of Association board members; and/or b. changes to Association board members.
(4) The Association as referred to in paragraph (1) must have a work program and code of ethics.
(5) Organizers are required to comply with the Association's code of ethics as referred to in paragraph (4).

Article 154
(1) Any Party that violates the provisions as referred to in Article 152, Article 153 paragraph (1) and/or paragraph (5) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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; e. revocation of business license; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. https://jdih.ojk.go.id/

(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. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets.

CHAPTER XV
OTHER PROVISIONS

Article 155
The issuance of debt securities or Sukuk through Crowdfunding Services as regulated in this Financial Services Authority Regulation is not subject to the provisions as regulated in Financial Services Authority Regulations regarding the issuance of debt securities and/or Sukuk that are conducted without a public offer.

Article 156
In addition to administrative sanctions as regulated in this Financial Services Authority Regulation, the Financial Services Authority may take certain actions against any Party that violates the provisions of this Financial Services Authority Regulation.

Article 157
The Financial Services Authority may announce the imposition of administrative sanctions as regulated in this Financial Services Authority Regulation and certain actions as referred to in Article 156 to the public.

CHAPTER XVI
TRANSITIONAL PROVISIONS

Article 158
For prospective Organizers who have submitted licensing applications as Organizers to the Financial Services Authority before this Financial Services Authority Regulation takes effect:
a. are subject to the provisions in this Financial Services Authority Regulation; and b. are exempted from meeting the paid-up capital requirements as referred to in Article 9. https://jdih.ojk.go.id/

Article 159
Organizers who have obtained a business license from the Financial Services Authority before this Financial Services Authority Regulation takes effect are not required to meet the paid-up capital requirements as referred to in Article 9.

Article 160
Compliance with the provisions on the use of Investor crowdfunding accounts by the Depository and Clearing Institution as referred to in Article 86 must be carried out at the latest 12 (twelve) months since this Financial Services Authority Regulation was promulgated.

CHAPTER XVII
CLOSING PROVISIONS

Article 161
Upon the taking effect of this Financial Services Authority Regulation, Financial Services Authority Regulation Number 57/POJK.04/2020 regarding the Offer of Securities through Information Technology-Based Crowdfunding Services (State Gazette of the Republic of Indonesia Year 2018 Number 262, Supplement to the State Gazette of the Republic of Indonesia Number 6288) as amended by Financial Services Authority Regulation Number 16/POJK.04/2021 regarding Amendments to Financial Services Authority Regulation Number 57/POJK.04/2020 regarding the Offer of Securities through Information Technology-Based Crowdfunding Services (State Gazette of the Republic of Indonesia Year 2021 Number 193, Supplement to the State Gazette of the Republic of Indonesia Number 6714) is repealed and declared invalid.

Article 162
This Financial Services Authority Regulation takes effect on the date of its promulgation. https://jdih.ojk.go.id/

This copy is in accordance with the original
Director General of Legal Development
Department of Law signed
Aat Windradi

In order that everyone may know it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 11 July 2025
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Promulgated in Jakarta on 25 July 2025
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, signed SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 25/OJK https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 17 OF 2025
REGARDING
THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES

I. GENERAL
The utilization of Information Technology has been carried out by business actors to obtain funding through the Capital Market through the organization of the offer of Securities through Information Technology-Based Crowdfunding Services (Securities Crowdfunding). Through these Crowdfunding Services, it is hoped that access to financing for small and medium enterprises (SMEs) and start-up companies will be expanded to obtain funding through the Capital Market.

That Financial Services Authority Regulation Number 57/POJK.04/2020 regarding the Offer of Securities through Information Technology-Based Crowdfunding Services as amended by Financial Services Authority Regulation Number 16/POJK.04.2021 regarding Amendments to Financial Services Authority Regulation Number 57/POJK.04/2020 regarding the Offer of Securities through Information Technology-Based Crowdfunding Services, requires adjustment and refinement to accommodate the legal needs of society and industry needs, so it needs to be replaced.

Therefore, to improve governance and protection for Investors, it is necessary to replace Financial Services Authority Regulation Number 57/POJK.04/2020 regarding Crowdfunding Services through Share Offers Based on Information Technology as amended by Financial Services Authority Regulation Number 16/POJK.04.2021 regarding Amendments to Financial Services Authority Regulation Number 57/POJK.04/2020 regarding the Offer of Securities through Information Technology-Based Crowdfunding Services.

II. ARTICLE BY ARTICLE EXPLANATION

Article 1
Sufficiently clear.

Article 2
Sufficiently clear.

Article 3
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
What is meant by "total funds raised through the offer of Securities at most Rp10,000,000,000.00 (ten billion rupiah)" is the total funds raised in 1 (one) offer or several offers of Securities within a maximum period of 12 (twelve) months and repayment has not been carried out. Example:
Issuer A conducts an offer of debt securities through Crowdfunding Services with the following details:
a. On January 1, 2025, an offer of debt securities amounting to Rp 4,000,000,000 (four billion rupiah) was conducted. b. On May 1, 2025, repayment of principal and interest/yield on the debt securities issued on January 1, 2025 was carried out.
c. After repayment was carried out on May 1, 2025, Issuer A can conduct an offer of debt securities with a value of at most Rp 10,000,000,000 (ten billion rupiah).
Paragraph (2)
Specific conditions include when a larger value is needed to develop the industry.

Article 4
Example of a Public Company Issuer:
An Issuer that has 350 (three hundred fifty) Parties as shareholders and paid-up capital of Rp31,000,000,000.00 (thirty-one billion rupiah).
Example of a Non-Public Company Issuer:
An Issuer that has 280 (two hundred eighty) Parties as shareholders and paid-up capital of Rp31,000,000,000.00 (thirty-one billion rupiah) or has 350 (three hundred fifty) Parties as shareholders and paid-up capital of Rp30,000,000,000.00 (thirty billion rupiah).

Article 5
Paragraph (1)
Letter a
Information Technology-based financial services providers that have obtained a license from the Financial Services Authority include alternative credit rating agencies. Letter b Capital market business activities in accordance with capital market legislation that can be carried out by Organizers include carrying out business activities as a marketing partner for Level 1 securities broker intermediaries. Letter c Examples of other activities:
Activities as a distribution partner for government securities.
Paragraph (2)
Sufficiently clear.

Article 6
Letter a
Information Technology-based financial services providers include Information Technology-based financial services providers in the payment system, insurance, and microfinance sectors. Letter b Other parties related to the issuance of Sukuk include nazhir in the issuance of Sukuk where the use of funds from the issuance is intended for financing or optimizing the benefits of waqf assets. Social and charitable funds include zakat, infak, sedekah, and waqf.

Article 7
What is meant by "limited liability company" is a limited liability company that is a capital partnership company.
What is meant by "capital partnership company" is a legal entity of capital partnership established based on an agreement and conducting business activities with basic capital entirely divided into shares.

Article 8
Sufficiently clear.

Article 9
Sufficiently clear.

Article 10
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by "other assets" is tangible or intangible objects that can be valued in money and which are actually received by the Organizer.
Example of other assets including land or buildings.

Article 11
Sufficiently clear.

Article 12
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by "minister" is the minister who handles government affairs in the field of law.
Paragraph (3)
Letter a
See explanation of paragraph (2).
Letter b
Sufficiently clear.
Letter c
Examples of other documents showing financial capability include credit data from the Financial Services Authority Financial Information System Service or issued by competent authorities in the country of origin. Letter d Sufficiently clear. Letter e Sufficiently clear. Letter f Sufficiently clear. Letter g Sufficiently clear. Paragraph (4) Sufficiently clear. Paragraph (5) Forms of increasing paid-up capital that are prohibited include capital deposits in the form of intangible objects.

Article 13
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Sufficiently clear.
Paragraph (5)
Sufficiently clear.
Paragraph (6)
Letter a
Expertise and/or background in the field of Information Technology includes development and maintenance of applications, cybersecurity, and database security. Human resources with expertise and/or background in the field of Information Technology are proven by work experience in the field of Information Technology for at least 1 (one) year and/or have expertise certificates in the field of Information Technology. Letter b Having expertise to conduct review of Issuers includes:

having expertise in the field of law to conduct review of Issuer legality proven by work experience in the field of law for at least 1 (one) year and/or having expertise certificates in the field of law; and
having expertise in the field of accounting to conduct review of Issuer financial reports proven by work experience in the field of accounting for at least 1 (one) year and/or having expertise certificates in the field of accounting.
Paragraph (7)
Education and training activities supporting the development of Crowdfunding Services can be conducted by the Association or be a cooperation between the Association and other institutions.

Article 14
Sufficiently clear.

Article 15
Letter a
What is meant by "principle approval" is approval to carry out preparations as an Organizer.
Letter b
What is meant by "business license" is a license granted to the Organizer to carry out Crowdfunding Services business activities after preparations are completed.

Article 16
Letter a
See explanation of Article 12 paragraph (2).
Letter b
See explanation of Article 12 paragraph (2).
Letter c
Sufficiently clear.
Letter d
Sufficiently clear.
Letter e
Sufficiently clear.
Letter f
Self-assessment is known as self assessment.
Letter g
Sufficiently clear.
Letter h
Sufficiently clear.
Letter i
Sufficiently clear.
Letter j
Sufficiently clear.
Letter k
Sufficiently clear.
Letter l
Business group structure includes the position of the Organizer vertically and horizontally starting from individual shareholders to the child company at the last level. Letter m Sufficiently clear. Letter n Types of Securities offered include equity securities in the form of shares and/or debt securities in the form of bonds or sukuk. Types of Securities submitted at the time of principle approval cannot be changed when applying for a business license. Letter o Sufficiently clear.

Article 17
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Research and analysis of application documents carried out by the Financial Services Authority includes:
a. verification of document completeness; b. review of documents related to business process readiness; and
c. review of documents related to Electronic System readiness.
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
Sufficiently clear.
Letter e
Other analyses based on the Financial Services Authority's consideration include analysis of government policies and economic conditions that have the potential to affect the granting or rejection of principle approval applications. Paragraph (5) Sufficiently clear. Paragraph (6) Presentations or presentations to the Financial Services Authority include operational readiness of prospective Organizers, development plans and strategies for the Organizer.

Article 18
Letter a
Sufficiently clear.
Letter b
What is meant by "changes to PSP until the business license application is approved or rejected" is changes to PSP that occur during the period:
a. after the Organizer has obtained principle approval from the Financial Services Authority; and b. before the Organizer has obtained a business license from the Financial Services Authority.

Article 19
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Paragraph (1)
Letter a
See explanation of Article 12 paragraph (2).
Letter b
Number 1
Sufficiently clear.
Number 2
Letter a)
See explanation of Article 12 paragraph (2).
Letter b)
Sufficiently clear.
Letter c)
Sufficiently clear.
Number 3
Sufficiently clear.
Number 4
What is meant by "local government" is Provincial Local Government or Regency/City Local Government.
Letter c
Sufficiently clear.
Letter d
See explanation of Article 16 letter f.
Letter e
Sufficiently clear.
Letter f
Guidelines regarding the implementation of corporate governance include the application of anti-fraud strategies.
Letter g
Sufficiently clear.
Letter h
Sufficiently clear.
Letter i
Number 1
Implementation of Crowdfunding Services activities includes registration, review and monitoring of Issuers.
Number 2
Services to Users include registration and verification of investors and complaint handling services.
Number 3
Sufficiently clear.
Number 4
Sufficiently clear.
Letter j
Sufficiently clear.
Letter k
Sufficiently clear.
Letter l
Certificate of registration as an electronic system organizer is issued by the ministry that handles government affairs in the field of communication and digital. Letter m Sufficiently clear. Letter n Proof of ownership includes photocopies of land ownership certificates, building use rights, use rights, or building/room usage agreements. Letter o Sufficiently clear. Letter p Sufficiently clear. Letter q Sufficiently clear. Letter r Sufficiently clear. Letter s Sufficiently clear. Letter t See explanation of Article 13 paragraph (5). Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear. Paragraph (4) Other actions include moving the office to a building or office room according to its purpose and requirements. Paragraph (5) What is meant by "day" is calendar day. Paragraph (6) Submission of explanations regarding the extension of time to fulfill Financial Services Authority requests must be submitted by the Organizer at the latest 90 (ninety) days from the date of the Financial Services Authority request letter. Example of Organizer explanation: The Organizer submits a letter to the Financial Services Authority explaining that the Organizer needs a 3 (three) working day extension to fulfill the request for completeness of documents in the form of a certificate of registration as an electronic system organizer at the ministry that handles government affairs in the field of communication and digital. Paragraph (7) Sufficiently clear. Paragraph (8) Letters of approval or rejection of licensing applications are addressed to the Organizer with a copy to the Depository and Clearing Institution. What is meant by "complete" is complete in terms of document completeness and complete in terms of substance in accordance with the requirements in this Financial Services Authority Regulation. Paragraph (9) Sufficiently clear.

Article 22
Paragraph (1)
Examples of research, analysis, and assessment activities for Organizer licensing applications:
a. review and verification of documents; b. request for presentation of Organizer's business processes;
c. verification of substance and Electronic System readiness;
d. request to conduct a presentation on the Electronic System; e. assessment and testing of the Organizer; and/or f. conducting visits to the Organizer's office. Paragraph (2) Documents containing other information considered necessary include documents related to legal cases currently being faced. Paragraph (3) Sufficiently clear.

Article 23
Paragraph (1)
Examples of Organizers having carried out business activities:
a. The Organizer has conducted a review of the Issuer; or b. The Organizer and the Issuer have signed a Crowdfunding Services organization agreement.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Sufficiently clear.
Paragraph (5)
Force majeure conditions include fires, mass riots, war, armed conflict, sabotage, and natural disasters such as floods and earthquakes that disrupt the Organizer's operational activities.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
Paragraph (1)
What is meant by "change of ownership" is a change in the Organizer's ownership that results in a change in control.
Paragraph (2)
Sufficiently clear.

Article 27
Paragraph (1)
Letter a
Examples of changes to the Electronic System:
Addition of services in the form of Crowdfunding Services applications that can be accessed via mobile phones based on mobile telephony.
Letter b
Examples of changes to the types of Securities offered:
Organizer A, which previously only conducted offers of equity securities, adds services and can also conduct offers of debt securities and sukuk.
Paragraph (2)
Sufficiently clear.

Article 28
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Letter a
Sufficiently clear.
Letter b
Examples of settling obligations to other parties:
Payment of credit information service fees from institutions licensed by the Financial Services Authority.
Letter c
Sufficiently clear.
Letter d
Examples of proof of settlement of all rights and obligations related to Crowdfunding Services to Investors:
Proof of distribution of payments of sukuk yields.
Letter e
Sufficiently clear.
Paragraph (4)
Sufficiently clear.

Paragraph (5)
Clearly stated.

Article 29
Clearly stated.

Article 30
Paragraph (1)
Clearly stated.

Paragraph (2)
Parties who are prospective Principal Parties include:
a. individuals and/or legal entities that will purchase, receive gifts, inherit rights, or undergo other forms of rights transfer of shares of the Organizer, thereby becoming a Principal Party; b. individuals and/or legal entities that have already become Principal Parties at the company applying for the Organizer's business license;
c. shareholders of the Organizer who are not classified as Principal Parties but increase capital deposits, purchase shares, receive share gifts, inherit rights, or undergo other forms of rights transfer of shares of the Organizer, thereby becoming a Principal Party;
d. individuals and/or legal entities classified by the Financial Services Authority as Parties exercising control over the Organizer; and/or e. individuals and/or legal entities that have made capital deposits, purchased shares, or obtained shares through other forms of rights transfer, thereby becoming a Principal Party but have not yet received approval from the Financial Services Authority.

Parties who are prospective members of the Board of Directors or prospective members of the Board of Commissioners include:
a. individuals who have never served as members of the Board of Directors or Board of Commissioners of the Organizer and are nominated to become members of the Board of Directors or Board of Commissioners of the Organizer; b. individuals currently serving as members of the Board of Directors or Board of Commissioners at the company applying for the Organizer's business license;
c. individuals currently serving as members of the Board of Directors or Board of Commissioners of the Organizer, who are nominated to become members of the Board of Directors or Board of Commissioners of another Organizer;
d. individuals who have previously served as members of the Board of Directors and/or Board of Commissioners of the Organizer, who are nominated to become members of the Board of Directors or Board of Commissioners of the same Organizer or another Organizer; e. members of the Board of Commissioners who will transfer positions to become members of the Board of Directors of the same Organizer; and/or f. members of the Board of Directors who will transfer positions to become members of the Board of Commissioners of the same Organizer.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Article 31
Clearly stated.

Article 32
Letter a
Clearly stated.

Letter b
Possessing good ethics and morals, among others demonstrated by a compliant attitude with applicable regulations, including never having been sentenced for proven criminal acts within a certain period prior to nomination. What is meant by "criminal act" is:

criminal acts in the financial services sector that have been served, after 20 (twenty) years prior to nomination;
criminal acts stipulated in the Criminal Code and/or foreign criminal law provisions with a prison sentence threat of 1 (one) year or more, where the sentence has been served, after 10 (ten) years prior to nomination; and/or
other criminal acts with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting money, or criminal acts in the field of taxation, forestry, environment, marine and fisheries, where the sentence has been served, after 20 (twenty) years prior to nomination.

In assessing the attitude of compliance with legislation, negative records of the individual held by law enforcement agencies and/or other authorities are considered.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Parties prohibited from becoming Principal Parties include prospective Principal Parties who have been subjected to administrative sanctions in the form of license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority within the shortest 5 (five) year period prior to nomination.

Article 33
Letter a
Bad debts and/or financing include:

bad debts and/or financing recorded in the Financial Services Information System or its equivalent;
bad debts and/or financing not yet reported by financial service institutions in the Financial Services Information System or its equivalent, but based on research conducted by the Financial Services Authority, such debts and/or financing meet the criteria classified as bad according to legislation; and/or
failure to fulfill transaction settlement obligations of Securities at Securities Companies.

A prospective Principal Party is considered to have bad debts and/or financing if:

having bad debts and/or financing; and/or
being a controller, member of the Board of Directors, or member of the Board of Commissioners of a legal entity that has bad debts and/or financing.

Letter b
Clearly stated.

Article 34
Letter a
Clearly stated.

Letter b
Possessing financial capability that can support the development of the Organizer's business, among others based on:

the source of funds used in the ownership of Organizer shares.
for prospective Principal Parties that are legal entities:
a) financial capability analysis at present prepared based on audited financial statements including an analysis of the fulfillment of equity value sufficiency or equity equivalent at least equal to the capital deposit value at the Organizer; b) no short-term and long-term corporate obligation issues; and c) financial projections for a period of at least 3 (three) years;
for prospective Principal Parties that are individuals:
a) financial capability analysis conducted through document analysis including annual tax notification letters for the last 2 (two) years; b) bank statements for the last 6 (six) months; c) proof of asset ownership, including an analysis of the fulfillment of asset value sufficiency after deducting obligations at least equal to the Organizer's capital deposit value; d) no short-term and long-term obligation issues; and e) financial projections for a period of at least 3 (three) years.

Letter c
Possessing a commitment to undertake necessary efforts if the Organizer faces financial difficulties, among others by providing liquidity assistance to and/or strengthening the capital of the Organizer.

Article 35
Letter a
Knowledge and/or experience in fields relevant to the position include:

For members of the Board of Directors:
a) possessing adequate knowledge related to Crowdfunding Services, including knowledge regarding regulations related to Organizer operations including knowledge or understanding of risk management and Organizer governance, as well as knowledge relevant to the targeted position; and b) possessing:
(1) experience and expertise related to Crowdfunding Services and/or financial services for at least 2 (two) years in a managerial position at an institution operating in the financial services sector; or (2) a certificate as a securities underwriting representative, securities broker representative, investment manager representative, or individual license as a securities underwriting representative, securities broker representative, or investment manager representative.
For members of the Board of Commissioners:
a) possessing adequate and relevant knowledge in the financial field related to their position, including knowledge regarding risk management, governance, and the Organizer's business activities; and b) possessing:
(1) experience and expertise for at least 2 (two) years at a company operating in the financial services sector; or (2) a risk management certificate issued by a professional certification body registered with the Financial Services Authority.

Letter b
Clearly stated.

Article 36
Letter a
What is meant by "legal process" is bankruptcy process or investigation process or judicial process including appeal and cassation in cases involving:

criminal acts in the financial services sector;
criminal acts stipulated in the Criminal Code and/or foreign criminal law provisions with a prison sentence threat of 1 (one) year or more; and/or
other criminal acts with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting money, or criminal acts in the field of taxation, forestry, environment, marine and fisheries.

Letter b
Clearly stated.

Letter c
Clearly stated.

Article 37
Paragraph (1)
See explanation of Article 16 letter f.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Paragraph (9)
Clearly stated.

Paragraph (10)
Clearly stated.

Article 38
Letter a
Number 1
Clearly stated.

Number 2
Clearly stated.

Number 3
Letter a)
Clearly stated.

Letter b)
Clearly stated.

Letter c)
Other documents that can show a list of assets include land ownership deeds or deposit certificates.

Number 4
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Police record certificate which is subsequently known as the term police clearance.

Letter k
Clearly stated.

Article 39
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Clearly stated.

Letter k
See explanation of Article 38 letter j.

Letter l
Clearly stated.

Article 40
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Clearly stated.

Letter k
See explanation of Article 38 letter j.

Letter l
Clearly stated.

Article 41
Paragraph (1)
Document fulfillment is outlined in a document fulfillment list (compliance checklist).

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Article 42
See explanation of Article 16 letter f.

Article 43
Clearly stated.

Article 44
Clearly stated.

Article 45
Clearly stated.

Article 46
Clearly stated.

Article 47
Clearly stated.

Article 48
Paragraph (1)
Letter a
See explanation of Article 36 letter a.

Letter b
Clearly stated.

Letter c
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Article 49
Clearly stated.

Article 50
Clearly stated.

Article 51
Clearly stated.

Article 52
Clearly stated.

Article 53
Clearly stated.

Article 54
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Supporting documents for competency enhancement include training certificates.

Article 55
Clearly stated.

Article 56
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Certain actions include postponement or temporary suspension of certain business activities.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Integrity and/or financial suitability issues other than letters a to i include being subjected to sanctions by other competent authorities.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Article 57
Clearly stated.

Article 58
Clearly stated.

Article 59
Paragraph (1)
Letter a
Number 1
Clearly stated.

Number 2
Clearly stated.

Number 3
Clearly stated.

Number 4
Clearly stated.

Number 5
What is meant by "Issuer Limitations" is the asset wealth limitations of the Issuer and ownership criteria regarding the Issuer.

Number 6
Clearly stated.

Number 7
Clearly stated.

Number 8
Clearly stated.

Number 9
Clearly stated.

Number 10
What is meant by "documents and/or information" is documents and/or information that must be submitted by the Issuer to the Organizer.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Implementation of efforts to enhance education and literacy for Users can be conducted through the Organizer's website or using educational program applications. Implementation of education and literacy enhancement efforts includes organizing seminars, both physical and webinars, in the fields of investment, financial management, and other fields related to Crowdfunding Services.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Online communication facilities include chat features, forums, discussion columns, or other communication features.

Letter i
Clearly stated.

Letter j
In practice, the single identification number for Investors is known as Single Investor Identification (SID).

Letter k
Clearly stated.

Letter l
The use of Indonesian domains is carried out in accordance with applicable legislation.

Letter m
Clearly stated.

Letter n
Clearly stated.

Letter o
Clearly stated.

Letter p
Clearly stated.

Letter q
Clearly stated.

Letter r
Clearly stated.

Paragraph (2)
Clearly stated.

Article 60
Paragraph (1)
Clearly stated.

Paragraph (2)
Direct examinations include visits to the Issuer's office.

Article 61
Clearly stated.

Article 62
Clearly stated.

Article 63
Clearly stated.

Article 64
Paragraph (1)
Clearly stated.

Paragraph (2)
What is meant by "Sharia expert team" is a team responsible for the Sharia compliance of Sharia products or services in the capital market issued or provided by parties conducting Sharia activities in the capital market.

Paragraph (3)
Clearly stated.

Article 65
Clearly stated.

Article 66
Clearly stated.

Article 67
Paragraph (1)
Clearly stated.

Paragraph (2)
Provision of detailed information includes conveying the architecture and configuration of the developed system of the Organizer's Electronic System.

Article 68
Letter a
What is meant by "affiliation" is:
a. family relationship due to marriage up to the second degree, both horizontally and vertically, namely the relationship of a person with:

husband or wife;
parents of husband or wife and husband or wife of children;
grandparents of husband or wife and husband or wife of grandchildren;
siblings of husband or wife along with the husband or wife of the sibling in question; or
husband or wife of siblings of the person in question.
b. family relationship due to descent up to the second degree, both horizontally and vertically, namely the relationship of a person with:
parents and children;
grandparents and grandchildren; or
siblings of the person in question.
c. relationship between the Party and employees, directors, or commissioners of said Party;
d. relationship between 2 (two) or more Companies where there is one or more members of the board of directors, management, board of commissioners, or supervisors who are the same; e. relationship between the company and the Party, directly or indirectly, in any way, controlling or being controlled by the company or said Party in determining the management and/or policy of said Company or Party; f. relationship between 2 (two) or more companies that are controlled, directly or indirectly, in any way, in determining the management and/or policy of the companies by the same Party; or g. relationship between the company and the main shareholder, namely the Party who directly or indirectly owns at least 20% (twenty percent) of shares with voting rights in said company.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
What is meant by "personal communication facility" is a personal communication device not in the name of the Organizer for the purpose of benefiting the Organizer.

Letter j
Clearly stated.

Letter k
Clearly stated.

Article 69
Clearly stated.

Article 70
Paragraph (1)
Letter a
Clearly stated.

Letter b
Number 1
Letter a)
Clearly stated.

Letter b)
What is meant by "number of Investors in each Issuer" is the number of Investors who purchase equity-type Securities in each Issuer through Crowdfunding Services, both purchases in the primary market and purchases in Securities trading, and founder shareholders of the Issuer.

Letter c)
Clearly stated.

Letter d)
Clearly stated.

Number 2
Letter a)
Clearly stated.

Letter b)
What is meant by "number of Investors in each Issuer" is the number of Investors who purchase debt-type Securities or Sukuk in each Issuer through Crowdfunding Services.

Letter c)
Clearly stated.

Letter d)
Clearly stated.

Letter e)
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Article 71
Paragraph (1)
Clearly stated.

Paragraph (2)
Letter a
Financial statements are prepared based on generally accepted accounting principles.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Article 72
Paragraph (1)
What is meant by "material events or information related to the implementation of Crowdfunding Services" is important information or events occurring to the Organizer and/or Issuer. Examples:

change of most of the Board of Directors members of the Organizer;
legal cases faced by the Organizer;
failure or disruption of the Organizer's Electronic System causing disruption to Crowdfunding Services;
change of address of the Organizer; and
change of name and/or website of the Organizer.

Paragraph (2)
What is meant by "2 (two) working days" is 2 (two) working days after the occurrence of material events or information at the Organizer or 2 (two) working days after the Organizer receives information from the Issuer regarding material events or information.

Article 73
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Example of report submission after Financial Services Authority notification technical difficulties are resolved:
The Financial Services Authority Reporting System experienced technical difficulties on May 15, 2025, which was the deadline for submitting reports for April 2025. Subsequently, the Financial Services Authority announced that the system had operated normally on May 19, 2025. The Organizer submits the report for April 2025 no later than 2 (two) working days thereafter, namely on May 21, 2025.

Paragraph (5)
Force majeure includes natural disasters, non-natural disasters, and/or social disasters that disrupt the Party's operational activities, certified by officials of the competent local government agency.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Article 74
Clearly stated.

Article 75
Clearly stated.

Article 76
Clearly stated.

Article 77
Paragraph (1)
Clearly stated.

Paragraph (2)
Mechanisms and procedures include:
a. mechanisms, procedures for setting and announcing equity-type Securities designated as Sharia Securities; b. mechanisms, procedures for periodic review to ensure that equity-type Securities designated as Sharia Securities continue to meet the criteria as Sharia Securities, and their announcement including the announcement of equity-type Securities designated as Sharia Securities that no longer meet the criteria as Sharia Securities; and
c. consequences of equity-type Securities designated as Sharia Securities in the event that the Organizer, which is a Sharia entity, returns its license as an Organizer.

Paragraph (3)
Clearly stated.

Article 78
Paragraph (1)
Letter a
Clearly stated.

Letter b
Possessing a Project that serves as the basis for its issuance, including for refinancing the Project that serves as the basis for the issuance of debt-type Securities or Sukuk.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Paragraph (2)
Clearly stated.

Article 79
Clearly stated.

Article 80
Clearly stated.

Article 81
Clearly stated.

Article 82
Clearly stated.

Article 83
Clearly stated.

Article 84
Paragraph (1)
Clearly stated.

Paragraph (2)
Specific dates that have been set include:
a. the date of the end of the offer period set by the Issuer; or b. the date of the end of the offer period falling on the 45th (forty-fifth) day.

Article 85
Paragraph (1)
Clearly stated.

Paragraph (2)
What is meant by "Organizer's account at the Depository and Clearing Institution" is a special account owned by the Organizer opened by the Depository and Clearing Institution to accommodate funds from the offer of Securities from Investors.

Article 86
Clearly stated.

Article 87
Clearly stated.

Article 88
Other needs include the execution of securities trading.

Article 89
Other deposit methods include using an escrow account at a bank.

Article 90
Clearly stated.

Article 91
See explanation of Article 12 paragraph (2).

Article 92
Clearly stated.

Article 93
Clearly stated.

Article 94
Documents and information refer to the Regulation of the Depository and Clearing Institution.

Article 95
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
In addition to disclosing the Project in the first stage offer of debt-type Securities or Sukuk, also disclose the Project planned to be the basis for the issuance of debt-type Securities or Sukuk in the second stage and subsequent stages.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Article 96
Paragraph (1)
What is meant by "system for Investors and/or Issuers" is the system provided by the Organizer to facilitate stock trading in the secondary market including a system to facilitate the Issuer to conduct the repurchase of issued shares.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Mechanism for determining fair, consistent, and transparent prices based on the Organizer's trading system.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Article 97
Clearly stated.

Article 98
Clearly stated.

Article 99
Letter a
The success of the return of principal and interest/yield/ujrah of debt-type Securities or Sukuk includes but is not limited to the principal nominal and interest/yield/ujrah of debt-type Securities or Sukuk, the planned return period, and the realization of the return time.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Article 100
Clearly stated.

Article 101
Clearly stated.

Article 102
Clearly stated.

Article 103
Paragraph (1)
Letter a
What is meant by "conglomeration" is a company that is in 1 (one) group or cluster due to ownership and/or control linkages.

Letter b
Clearly stated.

Letter c
Clearly stated.

Paragraph (2)
Setting limitations is done when changes to the limitations as an Issuer are needed at a later time.

Article 104
Paragraph (1)
Letter a
What is meant by "competent authority" is the authority that administers government affairs in the field of law.

Letter b
Other business entities include limited partnerships, general partnerships, and civil partnerships.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Clearly stated.

Letter k
Clearly stated.

Letter l
Clearly stated.

Letter m
Clearly stated.

Letter n
Clearly stated.

Paragraph (2)
The dividend payment ratio is known as the Dividend Payout Ratio.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Article 105
Clearly stated.

Article 106
Clearly stated.

Article 107
Clearly stated.

Article 108
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Example:
For an equity security distribution in the form of shares conducted in October 2024, the Issuer is obligated to submit the first annual report in the 2025 fiscal year; however, for an equity security distribution in the form of shares conducted in September 2024, the Issuer is obligated to submit the first annual report upon the end of the 2024 fiscal year. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated. Paragraph (7) Clearly stated.

Article 109
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Example:
For a debt security or Sukuk distribution conducted on March 20, 2025, the Issuer is obligated to submit the first periodic report in June 2025; however, if a debt security or Sukuk distribution is conducted on March 5, 2025, the Issuer is obligated to submit the first periodic report in March 2025. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated.

Article 110
Clearly stated.

Article 111
Clearly stated.

Article 112
Paragraph (1)
Letter a
Clearly stated.
Letter b
Purchase by other parties, including strategic investors who will purchase all shares of the Issuer.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.

Article 113
Paragraph (1)
Specific conditions, including conditions affecting the continuity of the Issuer's business.
Paragraph (2)
Clearly stated.

Article 114
Clearly stated.

Article 115
Clearly stated.

Article 116
Clearly stated.

Article 117
Clearly stated.

Article 118
Clearly stated.

Article 119
Clearly stated.

Article 120
Clearly stated.

Article 121
Clearly stated.

Article 122
Paragraph (1)
Clearly stated.
Paragraph (2)
"Owned by itself or is an order from another party" means the Issuer owns the Project it is working on itself or works on the Project upon the order of another party, so that the Issuer is not possible to be an intermediary. Paragraph (3) Clearly stated.

Article 123
Clearly stated.

Article 124
Clearly stated.

Article 125
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
See the explanation of Article 16 letter f.
Paragraph (6)
Letter a
Clearly stated.
Letter b
Proof that Investors have investment experience in the capital market can be proven by a self-declaration from the Investor.

Article 126
Paragraph (1)
Clearly stated.
Paragraph (2)
Reference documents that can be accounted for, including for assets in the form of land based on the Taxable Object Value in the Land and Building Tax document. Paragraph (3) Clearly stated.

Article 127
Clearly stated.

Article 128
Clearly stated.

Article 129
Clearly stated.

Article 130
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
Clearly stated.
Letter j
"Dispute resolution mechanism" means dispute resolution mechanisms either through court or through internal dispute resolution and external dispute resolution. Letter k Clearly stated. Paragraph (5) Clearly stated.

Article 131
Clearly stated.

Article 132
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Other related documents aim to anticipate the need for the granting of power of attorney by the Issuer's shareholders who are Investors to the Organizer so as not to conflict with the Law regarding Limited Liability Companies. Paragraph (4) "Granting power of attorney to the Organizer" means granting power of attorney to represent the interests of holders of debt securities or Sukuk based on agreements regarding the issuance of debt securities or Sukuk or power of attorney to carry out legal actions related to the interests of holders of debt securities or Sukuk, including exercising the rights of holders of debt securities or Sukuk both inside and outside the court without requiring a special power of attorney from the holders of debt securities or Sukuk.

Article 133
Other forms, including by selecting features available in the Organizer's Electronic System.

Article 134
Clearly stated.

Article 135
"Risk mitigation" means mitigation of all risks present in the Crowdfunding Service, including:
a. business risk; b. investment loss risk;
c. liquidity shortage risk;
d. dividend distribution scarcity risk; and e. share ownership dilution risk.
Risk mitigation implementation documents include risk management strategy documents.

Article 136
"Reliable and secure" means meeting minimum standards in accordance with legislation regarding electronic information and transactions.

Article 137
Paragraph (1)
"Information technology-based supporting service provider" means a Party that supports the implementation of the Crowdfunding Service.
Information technology-based supporting services include big data analytics, aggregator, robo advisor, or blockchain.
"Big data analytics" means information technology-based analysis services of a large and diverse set of data, covering various types such as structured/unstructured data, streaming/batch, in various data sizes to uncover unknown patterns, relationships, market trends, consumer preferences, and business information that can generate more effective marketing processes, new profit opportunities, better consumer services, increased operational activity efficiency, increased competitiveness, and other benefits. "Aggregator" means an information technology-based service that connects systems from various online sources to collect and provide information that has added value to consumers so they can choose products or services according to their preferences. "Robo advisor" means an information technology-based investment management service that provides automatic portfolio management services based on algorithms to help investors manage finances and investments without involving human investment managers. "Blockchain" means an information technology-based financial transaction ledger service that records and stores transaction proof data or distributed ledgers through computer networks, both private and public. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated.

Article 138
Clearly stated.

Article 139
Clearly stated.

Article 140
Paragraph (1)
Using data centers and disaster recovery centers can be done through cooperation with other parties.
Paragraph (2)
Clearly stated.

Article 141
Clearly stated.

Article 142
Clearly stated.

Article 143
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Other communication media besides the Crowdfunding Service Electronic System, including email, call center, or communication media.
Letter e
Clearly stated.

Article 144
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Other examinations, including examinations for mitigation or emergency response purposes.
Paragraph (4)
Clearly stated.

Article 145
Clearly stated.

Article 146
Clearly stated.

Article 147
Clearly stated.

Article 148
Clearly stated.

Article 149
Clearly stated.

Article 150
Clearly stated.

Article 151
Clearly stated.

Article 152
Clearly stated.

Article 153
Clearly stated.

Article 154
Clearly stated.

Article 155
Clearly stated.

Article 156
Certain actions, including suspending the trading of equity securities by the Organizer for a certain period.

Article 157
Clearly stated.

Article 158
"Has submitted a licensing application as an Organizer" means an Organizer that has submitted a licensing application in accordance with Financial Services Authority Regulation Number 57/POJK.04/2020 on the Offer of Securities Through Information Technology-Based Crowdfunding Services, which is:
a. the first licensing application; or b. the resubmission of the licensing application as a follow-up to the fulfillment of information requests, document completeness, and/or presentation from the Financial Services Authority.

Article 159
Clearly stated.

Article 160
Clearly stated.

Article 161
Clearly stated.

Article 162
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 155/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 17 OF 2025
ON
THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES

Format 1
PRINCIPLE APPROVAL APPLICATION FORM FOR ORGANIZER Number : ....., ................ 20...
Attachment :
Subject : Application for Principle Approval as Organizer To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

Referring to Financial Services Authority Regulation Number ... Year … on the Offer of Securities Through Information Technology-Based Crowdfunding Services, we hereby submit an application to obtain principle approval as an Organizer:

Applicant Name : ....................................................
Applicant Position : ....................................................
Applicant Address : ....................................................
City .....
Province .....
Postal Code .....
Applicant Phone Number : ....................................................
Applicant Mobile Number : ....................................................
Applicant Email : ....................................................
Company Name : PT/Cooperative*)/.....)
Company Address : ....................................................
City .....
Province .....
Postal Code .....
Company Phone/Fax Number : ....................................................
Company Website Address : ....................................................
Company Email : ....................................................

To complete the aforementioned application, we hereby submit the following documents:
a. photocopy of the deed of establishment of the legal entity that has been approved or agreed upon by the Minister; b. photocopy of the latest articles of association amendment, which has been approved or agreed upon by the competent authority or notified to the competent authority, containing at least:

name and domicile;
business activities of financial service services covering the Crowdfunding Service;
capital;
ownership; and
authority, responsibility, and term of office of the board of directors and board of commissioners or management and supervisors.
c. list of members of the board of directors and board of commissioners;
d. shareholder data:
for individual shareholders, by attaching:
a) photocopy of identification card or passport for foreign citizens, which is still valid; b) photocopy of Taxpayer Identification Number (NPWP); c) curriculum vitae completed with a new 4x6 cm color photo; and d) stamped declaration letter stating:

capital deposit to the Organizer does not come from the proceeds of financial crimes;
not recorded in the bad debt list organized by the Financial Services Authority;
never convicted for committing criminal offenses in the field of financial service and/or economic business based on a court decision that has had permanent legal force in the last 5 (five) years;
never convicted for committing criminal offenses based on a court decision that has had permanent legal force in the last 5 (five) years;
never declared bankrupt or guilty causing a company/enterprise to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
never been a controlling shareholder, member of the board of directors, or member of the board of commissioners, in a financial service company whose business license was revoked due to violations in the last 5 (five) years;

for shareholders that are legal entities, by attaching:
a) photocopy of the deed of establishment of the legal entity along with a photocopy of the latest articles of association amendment, which has been approved or agreed upon by the competent authority or notified to the competent authority; b) shareholder declaration letter stating that:

capital deposit to the Organizer does not come from the proceeds of financial crimes; and
not recorded in the bad debt list organized by the Financial Services Authority.
c) photocopy of the Taxpayer Identification Number (NPWP) of the legal entity;

for the central government, by attaching government regulations regarding state capital participation for the establishment of the company; and
for local governments, by attaching regional regulations regarding regional capital participation for the establishment of the company;
e. data of the board of directors and board of commissioners:
photocopy of identification card or passport for foreign citizens, which is still valid;
photocopy of Limited Stay Permit Card or Permanent Stay Permit Card and work permit letter from the competent authority for foreign citizens residing in Indonesia;
curriculum vitae completed with a new 4x6 cm color photo;
photocopy of Taxpayer Identification Number (NPWP); and
stamped declaration letter from each member of the board of directors and board of commissioners stating:
a) not recorded in the bad debt list organized by the Financial Services Authority; b) never convicted for committing criminal offenses in the field of financial service and/or economic business based on a court decision that has had permanent legal force in the last 5 (five) years; c) never convicted for committing criminal offenses based on a court decision that has had permanent legal force in the last 5 (five) years; d) never declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and e) never been a shareholder, member of the board of directors, or member of the board of commissioners in a financial service company whose business license was revoked due to violations in the last 5 (five) years; f. administrative requirement documents and self-assessment results that have been conducted by the Organizer for the principle approval application as a Main Party; g. organizational structure and plan based on the function of each position and the plan for fulfilling the Organizer's human resources; h. work plan for the first 1 (one) year containing at least:
description of business activities to be conducted;
targets and steps taken to achieve the aforementioned targets; and
financial report projections for the next 1 (one) year;
i. declaration from each PSP to maintain their share ownership in the Organizer until the Financial Services Authority grants approval or rejection of the Organizer's business license application;
j. guidelines or standard operating procedures consisting of at least:
registration, review, and monitoring of issuers;
registration and verification of investors.
k. proof of capital deposit of at least 50% (fifty percent) of the minimum paid-up capital;
l. business group structure, if the Organizer is a member of a business group.
m. proof of settlement of payment obligations for applying for licensing to the Financial Services Authority; n. type of securities offered in the Crowdfunding Service; and o. photocopy of the Taxpayer Identification Number (NPWP) in the name of the Organizer.

This is our application, and for your attention, Sir/Madam*), we express our gratitude.

Sincerely,
Director
PT...............)
Stamp
.................................................
(Clear Name and Signature)
*) Strike what is not necessary
) Specify

Format 2
CURRICULUM VITAE
Personal Data
Name : .........................................................................
ID Number (NIK) : …………………………………………………………….
Place and Date of Birth : .........................................................................
Gender : .........................................................................
Religion : .........................................................................
Nationality : .........................................................................
Full Address : .........................................................................
City .....
Province .....
Postal Code .....
Phone Number : .........................................................................
Individual Licenses
Owned
: 1) .....................................................................
2) .....................................................................
Education History

Formal
Education Level
Major/Specialization
Name/Place
Year of Graduation
Non-Formal (Certified)
Course/Seminar Organizer
Year
Professional Education
Organizer Certification
Year of Graduation
Work History
Company Name
Position
Description
Main Duties
Date of
Start Work
Date of
Stop Work
Reason for
Leaving
4x6 cm
Color Photo

.....,............ 20.....
Applicant
Stamp
................................................
(Clear Name and Signature)

Format 3
DECLARATION LETTER OF INDIVIDUAL SHAREHOLDER
To
The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

I, the undersigned:
Name : .....................................................................
Occupation : .....................................................................
Full Address : .....................................................................
City ....
Province ....
Postal Code ....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................
hereby declare that:

capital deposit to the Organizer does not come from the proceeds of financial crimes;
not recorded in the bad debt list organized by the Financial Services Authority;
never convicted for committing criminal offenses in the field of financial service and/or economic business based on a court decision that has had permanent legal force in the last 5 (five) years;
never convicted for committing criminal offenses based on a court decision that has had permanent legal force in the last 5 (five) years;
never declared bankrupt or guilty causing a company/enterprise to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
never been a controlling shareholder, member of the board of directors, or member of the board of commissioners, in a financial service company whose business license was revoked due to violations in the last 5 (five) years.

This declaration letter is made truthfully to be used as appropriate.
.....,............ 20.....
Stamp
................................................
(Clear Name and Signature)

Format 4
DECLARATION LETTER OF LEGAL ENTITY SHAREHOLDER To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

capital deposit to the Organizer does not come from the proceeds of financial crimes; and
not recorded in the bad debt list organized by the Financial Services Authority.

This declaration letter is made truthfully to be used as appropriate.

Sincerely,
Director
PT ...............)
Stamp
.................................................
(Clear Name and Signature)
*) Strike what is not necessary
) Specify

Format 5
DECLARATION LETTER OF BOARD OF DIRECTORS MEMBER To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

am not recorded in the bad debt list organized by the Financial Services Authority;
have never been convicted for committing criminal offenses in the field of financial service and/or economic business based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been convicted for committing criminal offenses based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, member of the board of directors, or member of the board of commissioners in a financial service company whose business license was revoked due to violations in the last 5 (five) years.

This declaration letter is made truthfully to be used as appropriate.

Sincerely,
Director PT/Management
Cooperative ...............)
Stamp
.................................................
(Clear Name and Signature)
*) Strike what is not necessary
) Specify

Format 6
STATEMENT LETTER OF COMMISSIONERS BOARD MEMBERS To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

am not listed in the bad credit list organized by the Financial Services Authority;
have never been sentenced for committing a criminal offense in the field of financial services and/or the economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing a criminal offense based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, board of director member, or board of commissioner member of a financial services company whose business license was revoked due to violations in the last 5 (five) years.

This statement letter is made truthfully to be used as appropriate.

Sincerely,
Commissioners Board Member/Supervisor
PT/Cooperative...............
Stamp
.................................................
(Clear Name and Signature)
*) Strike out what is not necessary
) Specify

Format 7
STATEMENT LETTER OF CONTROLLING SHAREHOLDERS
To
The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

Will maintain share ownership in the Crowdfunding Service Organizer … ) until the Financial Services Authority provides approval or rejection of the business license application.
am not listed in the bad credit list organized by the Financial Services Authority;
have never been sentenced for committing a criminal offense in the field of financial services and/or the economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing a criminal offense based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a controlling shareholder, board of director member, or board of commissioner member of a financial services company whose business license was revoked due to violations in the last 5 (five) years.

This statement letter is made truthfully to be used as appropriate.

Sincerely,
Controlling Shareholder
PT...............
Stamp
.................................................
(Clear Name and Signature)
*) Strike out what is not necessary
) Specify

Format 8
BUSINESS LICENSE APPLICATION FORM FOR ORGANIZERS Number : ....., ................ 20...
Attachments :
Subject : Application for Business License as Organizer To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

Referring to the Financial Services Authority Regulation Number ... Year … regarding the Offer of Securities Through Information Technology-Based Crowdfunding Services, we hereby submit an application to obtain a business license as an Organizer:

Applicant Name : ....................................................
Applicant Position : ....................................................
Applicant Address : ....................................................
City .....
Province .....
Postal Code .....
Applicant Telephone Number : ....................................................
Applicant Mobile Number : ....................................................
Applicant Email : ....................................................
Company Name : PT/Cooperative*)/.....)
Company Address : ....................................................
City .....
Province .....
Postal Code .....
Company Telephone/Fax Number : ....................................................
Company Website Address : ....................................................
Company Email : ....................................................

To complete the aforementioned application, we hereby submit the following documents:

photocopy of the latest amended articles of association, which has been approved or agreed upon by the competent authority or reported to the competent authority, containing the business activities of financial services covering Crowdfunding Services;
In the event of changes in shareholder data:
a. for individual shareholders, by attaching:

photocopy of identification in the form of an identity card or passport for foreign citizens, which is still valid;
photocopy of Taxpayer Identification Number (NPWP);
curriculum vitae completed with a recent 4x6 cm color photograph; and
statement from the shareholder stating:
a) capital deposits to the Organizer do not originate from the proceeds of financial crimes; b) are not listed in the bad credit list organized by the Financial Services Authority; c) have never been sentenced for committing a criminal offense in the field of financial services and/or the economy based on a court decision that has had permanent legal force in the last 5 (five) years; d) have never been sentenced for committing a criminal offense based on a court decision that has had permanent legal force in the last 5 (five) years; e) have never been declared bankrupt or guilty of causing a company/company to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and f) have never been a controlling shareholder, board of director member, or board of commissioner member of a financial services company whose business license was revoked due to violations in the last 5 (five) years. b. for corporate shareholders, by attaching:
photocopy of the articles of incorporation and photocopy of the latest amended articles of association, which has been approved or agreed upon by the competent authority or reported to the competent authority;
statement from the shareholder stating:
a) capital deposits to the Organizer do not originate from the proceeds of financial crimes; and b) are not listed in the bad credit list organized by the Financial Services Authority;
photocopy of the corporate Taxpayer Identification Number (NPWP);
c. for central government shareholders, by attaching government regulations regarding state capital participation for the establishment of companies;
d. for regional government shareholders, by attaching regional regulations regarding regional capital participation for the establishment of companies;

In the event of changes in board of directors and board of commissioners data:
a. photocopy of identification in the form of an identity card or passport for foreign citizens, which is still valid; b. photocopy of Limited Stay Permit Card or Permanent Stay Permit Card and work permit letter from the competent authority for foreign citizens residing in Indonesia;
c. curriculum vitae completed with a recent 4x6 cm color photograph;
d. photocopy of Taxpayer Identification Number (NPWP); and e. statement from each board of director member stating:

are not listed in the bad credit list organized by the Financial Services Authority;
have never been sentenced for committing a criminal offense in the field of financial services and/or the economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing a criminal offense based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, board of director member, or board of commissioner member of a financial services company whose business license was revoked due to violations in the last 5 (five) years;
f. statement from each board of commissioner member stating:
are not listed in the bad credit list organized by the Financial Services Authority;
have never been sentenced for committing a criminal offense in the field of financial services and/or the economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing a criminal offense based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, board of director member, or board of commissioner member of a financial services company whose business license was revoked due to violations in the last 5 (five) years;

organizational structure of the Organizer, along with the names of officials and employees of the Organizer;
internal control system guidelines, and guidelines regarding the implementation of corporate governance;
risk management strategy;
statement from each PSP to maintain their share ownership in the Organizer until the Financial Services Authority provides approval or rejection of the Organizer's business license application;
guidelines or standard operating procedures at least consisting of:
a. implementation of Crowdfunding Service activities including registration, review, and monitoring of issuers; b. services to Users including registration and investor verification and complaint handling services;
c. implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction programs; and
d. implementation of Securities trading organized for Equity Securities;
proof of capital deposit of at least 100% (one hundred percent) of the minimum paid-up capital;
work plan for the first (1) year containing at least:
a. an overview of the business activities to be carried out; b. targets and steps taken to achieve the aforementioned targets; and
c. latest position financial statements and projected financial statements for the next 1 (one) year;
certificate of registration as an electronic system organizer;
proof of readiness of the Electronic System and data of the Organizer's operational activities;
proof of operational readiness in the form of:
a. proof of ownership or control of office buildings, office rooms, or service units, in the form of photocopies of ownership certificates, building use rights, use rights, or agreements for the use of buildings or rooms; and b. list of office inventory and equipment;
photocopy of Taxpayer Identification Number (NPWP) in the name of the Organizer;
custodian bank service agreement for Crowdfunding Services;
agreement for the use of services of the Depository and Settlement Institution;
statement letter stating that the Organizer will appoint a party responsible for supervision regarding the fulfillment of Sharia principles in the capital market in the event the Organizer serves the offer of Sukuk by Issuers through Crowdfunding Services, if the Organizer does not have a Sharia Supervisory Board;
recommendation from the Association;
proof of expertise and/or background in the field of Information Technology, law, and accounting;
For Organizers that are entities conducting business activities based on Sharia principles, submitting documents:
a. photocopy of the Organizer's articles of association stating that activities and types of business as well as business management are conducted based on Sharia principles; b. resolution of the general meeting of shareholders regarding the appointment of the Sharia Supervisory Board; and
c. photocopy of the capital market Sharia expert license owned by the Sharia Supervisory Board.

Sincerely,
Director/Manager
PT/Cooperative*)/)
Stamp
.................................................
(Clear Name and Signature)
*) Strike out what is not necessary
) Specify

Format 9
RISK MANAGEMENT STRATEGY FORM

IDENTIFICATION OF RISK (1) | CAUSE OF RISK OCCURRENCE (2) | PROBABILITY AND IMPACT (3) | STEPS TO MANAGE RISK (4) | RESPONSIBLE PARTY (5)

Notes:
(1) Identify all risks that may arise in the company's activities as an Organizer.
(2) Explanation regarding the causes of these risks.
(3) Identify the probability and impact of these risks occurring (high, medium, low).
(4) Steps to be taken if these risks occur.
(5) Official/unit/employee responsible for handling the risk.

Format 10
LIST OF ELECTRONIC SYSTEM INFRASTRUCTURE READINESS AND OPERATIONAL ACTIVITY DATA

Documentation and Purpose	Explanation
Documentation of Topology and Cloud Used	Mitigation of operational and legal risks as a consequence of inadequate and non-compliant infrastructure availability and security with applicable regulations from the relevant ministry.

Topology documents and explanations
Supporting documents regarding the cloud used
Components/services used and explanations of compliance with security, availability, and redundancy aspects
Documentation of Domain, ISO, and Electronic System Organizer | Mitigation of operational and legal risks as a consequence of inadequate infrastructure management and non-compliance with applicable regulations from the relevant ministry.
Proof of domain ownership
Proof of ISO Certification and audit implementation
Proof of Electronic System Organizer registration from the ministry in charge of communication and digital affairs
Application Specifications and Manuals | Mitigation of operational and legal risks for the company due to developed applications not being documented in accordance with applicable regulations from the relevant ministry.
Front-end investor/issuer specifications, back-end (internal), and other components documents
Front-end investor/issuer manuals, back-office (internal), and other components documents
User Acceptance Test and Release Notes | Mitigation of operational and legal risks for the company due to developed applications not being documented in accordance with applicable regulations from the relevant ministry.
UAT documents for front-end, back-end, and other components
Release notes/deployment documents for front-end, back-end, and other components

Documentation and Purpose	Explanation
Vulnerability Assessment and Penetration Test	Mitigation of operational, legal, financial, and reputational risks for the company due to developed applications not complying with Information Security Management System governance and/or applicable regulations from the relevant ministry.

Vulnerability Assessment & Penetration Test (VA/PT) documents
Pentest company information documents (profile), client portfolio, and consultant certifications
Hardening Efforts (Hardware/Software) documents
Cooperation Agreements, Non-Disclosure Agreements, User Acceptance Test with Third Parties | Mitigation of operational and legal risks for the company due to applications not supported by Third Parties in accordance with applicable regulations from the relevant ministry.
Scope of third parties
Cooperation documents with third parties in the form of cooperation agreements, non-disclosure agreements, and/or subscriptions
Results of integration tests with third-party system service providers
Capacity Status and Performance Test Results | Mitigation of operational and reputational risks for the company due to applications not developed in accordance with governance and/or applicable regulations from the relevant ministry.
List of application devices, capacity, and utilization (storage, RAM, CPU, connection)
Results of front/back office application performance tests (homepage, registration, login, transactions)
Information Security Policy & Cybersecurity Implementation | Mitigation of operational, legal, financial, and reputational risks for the company due to applications not managed in accordance with ISMS and/or applicable regulations from the relevant ministry.
Information security policy documents (system, documentation, and physical)
Information security technology and cybersecurity implementation documents

Documentation and Purpose	Explanation
Organization and Human Resources in Information Technology	Mitigation of operational reputational risks for the company due to applications not managed or supported by competent human resources and/or with adequate capabilities in accordance with applicable regulations from the relevant ministry.

Organization structure documents, including IT positions/relationships with other divisions
Job description, responsibility, and requirement documents (IT manager and staff)
CV documents (actual manager/staff profile), certifications, and contracts
Capacity development plan/commitment documents (training/certification)
Backup and Restore Data Standard Operating Procedures | Mitigation of operational, legal, financial, and reputational risks for the company as a consequence of inadequate data/document availability management in accordance with applicable regulations from the relevant ministry.
Backup and restore data standard operating procedure documents
Readiness checklist
Business Continuity Plan Standard Operating Procedures | Mitigation of operational, financial, legal, and reputational risks for the company as a consequence of inadequate business continuity management due to disasters in accordance with applicable regulations from the relevant ministry.
Business Continuity Plan Standard Operating Procedure documents and Readiness checklist
Proof of Planned and Actual Business Continuity Plan Exercises

Documentation and Purpose	Explanation
User and IT Work Device Management Standard Operating Procedures	Mitigation of operational risks for the company as a consequence of inadequate user and IT device management in accordance with applicable regulations from the relevant ministry.

User and IT work device management standard operating procedure documents
Proof of user and device lists, as well as monitoring implementation and follow-up
System Infrastructure Device Management Standard Operating Procedures | Mitigation of operational, legal, financial, and reputational risks for the company as a consequence of inadequate application infrastructure management in accordance with applicable regulations from the relevant ministry.
System infrastructure device management standard operating procedure documents
Proof of device lists, and monitoring and follow-up
Change/System Development Management Standard Operating Procedures | Mitigation of operational and legal risks for the company as a consequence of inadequate change/development application management in accordance with applicable regulations from the relevant ministry.
Change/development system management standard operating procedure documents
Proof of change/development management (version) of applications
Work Environment Security Policy | Mitigation of operational, legal, and reputational risks as a consequence of inadequate environment and facility management in accordance with applicable regulations from the relevant ministry.
Work environment security policy
Explanation of work location facilities

Format 11
LETTER OF APPLICATION FOR RETURN OF LICENSE AS ORGANIZER To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City ....
Province ....
Postal Code ....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................
hereby return the business license as an Organizer due to not continuing the operational activities of the Crowdfunding Service electronic system. Attached to this letter, we submit:
a. proof of transfer of Crowdfunding Services to another Organizer conducting similar Crowdfunding Service activities; b. proof of settlement of rights and obligations with the Depository and Settlement Institution, Custodian Bank, and other parties; and
c. statement letter from the Organizer stating that the Organizer has completed all obligations of the Organizer to Users.

This application letter is made, and for your attention, Sir/Madam*), we express our gratitude.

Sincerely,
Director/Manager
PT/Cooperative*)/)
Stamp
.................................................
(Clear Name and Signature)
*) Strike out what is not necessary
) Specify

Format 12
APPLICATION LETTER FOR APPROVAL TO BECOME A PRINCIPAL PARTY Number : ....., ................ 20...
Attachment :
Subject : Application for Approval to Become a Principal Party at ....... (Organizer's Name) To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

Hereby we apply for approval to become a Principal Party for:

Name : .....................................................
Position : as Controlling Shareholder / Director / Commissioner*)
Name : .....................................................
Position : as Controlling Shareholder / Director / Commissioner*)
… etc.

Attached herewith are the administrative requirement documents as regulated in OJK Regulation Number … Year … on the Offer of Securities Through Information Technology-Based Crowdfunding Services, to obtain approval to become a Principal Party.

For the purposes of this reporting, you may contact Mr./Ms. ... via email ... or telephone number ... .

This application is submitted, and we thank you for your attention.

Respectfully,
Controlling Shareholder
Board of Directors/Board of Commissioners/Other party appointed
by the General Meeting of Shareholders (GMS)/equivalent organ...............
...........................................
(Clear Name and Signature)
*) strike out what is not necessary
) Specify

Format 13
CURRICULUM VITAE
(Candidate PSP/Candidate Member of the Board of Directors/Candidate Member of the Board of Commissioners*)

I. PERSONAL DATA

Full Name : ...................................................
National ID Number (NIK) : …………………………………………
Nickname : …................................................
Place and Date of Birth : …................................................
Religion : …................................................
Citizenship : ………………………………………….
Home Address : ...................................................
: ………………………………………….
Home Phone……...Postal Code…..…...
Office Address : …...............................................
Office Phone.....…..Postal Code…..…...
Number of siblings/adopted siblings : …...........................................
Marital Status : Unmarried/Married/Divorced*)
Name of Spouse : ….............................................
Names of family members, namely:
a. Biological/step/adopted parents:
………………………………………………………………………………..
……………………………………………………………………………….. b. Biological/step/adopted siblings along with their spouses:
………………………………………………………………………………..
………………………………………………………………………………..
c. Biological/step/adopted children:
………………………………………………………………………………..
………………………………………………………………………………..
……………………………………………………………………………….. d. Biological/step/adopted grandparents:
………………………………………………………………………………..
……………………………………………………………………………….. e. Biological/step/adopted grandchildren:
………………………………………………………………………………..
……………………………………………………………………………….. f. Biological/step/adopted siblings of parents along with their spouses:
………………………………………………………………………………..
……………………………………………………………………………….. g. Spouse:
………………………………………………………………………………..
……………………………………………………………………………….. h. Parents-in-law:
………………………………………………………………………………..
………………………………………………………………………………..
[Photo attached]
i. In-laws:
………………………………………………………………………………..
……………………………………………………………………………….. j. Spouse of biological/step/adopted children:
………………………………………………………………………………..
……………………………………………………………………………….. k. Grandparents of spouse:
………………………………………………………………………………..
………………………………………………………………………………..
l. Spouse of biological/step/adopted grandchildren:
………………………………………………………………………………..
……………………………………………………………………………….. m. Biological/step/adopted siblings of spouse along with their spouses:
………………………………………………………………………………..
………………………………………………………………………………..

II. EDUCATIONAL HISTORY
Level Year Institution Faculty/Major Graduated/Degree Obtained Primary School Junior High School Senior High School Academy Higher Education Postgraduate Doctoral Program

IV. TRAINING/COURSES ATTENDED
Name of Training/Course*) Year Organizer Location *) including certification training

V. WORK HISTORY
Period (Year) Company Position Responsibility Achievement Total Assets/ Revenue Reason for Leaving

VI. SPECIFIC EXPERIENCE
(Describe your specific work experience that demonstrates your ability to handle difficult situations).
..........................................................................................................
..........................................................................................................

This Curriculum Vitae is prepared truthfully.
....,........... 20.....
Applicant
Stamp
...............................................
(Clear Name and Signature)

Format 14
DECLARATION LETTER OF CONTROLLING SHAREHOLDER
The undersigned:
Name : .....................................................................
Full Address : .....................................................................
.....................................................................
as the candidate Controlling Shareholder of .................. (Organizer's Name*) hereby declares that I:
a. am not undergoing legal proceedings; b. am not undergoing a fitness and propriety assessment by the Financial Services Authority (OJK) and/or undergoing a reassessment due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at any financial service institution in any company under the OJK;
c. will not apply for a fitness and propriety assessment at any company under the OJK until there is a result of the fitness and propriety assessment from the OJK;
d. are competent to perform legal acts; e. have good character and morality, at least demonstrated by complying with applicable regulations, including never being sentenced for proven criminal offenses within a certain period before nomination, namely:

criminal offenses in the financial services sector whose sentence has been completed within the last 20 (twenty) years before nomination;
criminal offenses, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or
other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting currency, taxation, forestry, environment, marine, and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination.
f. have a commitment to comply with legislation and support OJK policies; g. have a commitment to the healthy development of the Organizer and support the Financial Services Authority's policies; h. are not included as Parties prohibited from becoming Principal Parties of the Organizer;
i. do not have non-performing loans and/or financing;
j. have never been declared bankrupt and/or have never been a shareholder, controller who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners who was declared guilty of causing a company to be declared bankrupt within the last 5 (five) years; k. have financial capability that can support the development of the Organizer's business;
l. have a commitment to take necessary measures if the Organizer faces financial difficulties;
m. will not transfer shares and/or control within a certain period unless ordered by the OJK.

This declaration is made truthfully for its intended use.
........................, ..........................20....
Stamp
......................................
(Clear Name and Signature)
*) Specify

Format 15
DECLARATION LETTER OF CAPITAL DEPOSIT BY CONTROLLING SHAREHOLDER The undersigned:
Name : .....................................................................
Full Address : .....................................................................
.....................................................................
as the candidate Controlling Shareholder of .................. (Organizer's Name*) hereby declares that the capital deposit funds from me to .................. (Organizer's Name*) do not originate from and are not for the purpose of money laundering and terrorism financing.

This declaration is made truthfully for its intended use.
........................, ..........................20....
Stamp
......................................
(Clear Name and Signature)
*) strike out what is not necessary

Format 16
DECLARATION LETTER OF CANDIDATE DIRECTOR
The undersigned:
Name : .....................................................................
Full Address : .....................................................................
.....................................................................
as the candidate Director of .................. (Organizer's Name*) hereby declares that I:
a. am not undergoing legal proceedings; b. am not undergoing a fitness and propriety assessment by the Financial Services Authority (OJK) and/or undergoing a reassessment due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at any financial service institution in any company under the OJK;
c. will not apply for a fitness and propriety assessment at any company under the OJK until there is a result of the fitness and propriety assessment from the OJK
d. are competent to perform legal acts; e. have good character and morality, at least demonstrated by complying with applicable regulations, including never being sentenced for proven criminal offenses within a certain period before nomination, namely:

criminal offenses in the financial services sector whose sentence has been completed within the last 20 (twenty) years before nomination;
criminal offenses, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or
other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting currency, taxation, forestry, environment, marine, and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination;
f. have a commitment to comply with legislation and support OJK policies; g. have a commitment to the healthy development of the Organizer; h. are not included as Parties prohibited from becoming Principal Parties of the Organizer;
i. do not have non-performing loans and/or financing;
j. have never been declared bankrupt or have never been a manager or supervisor of a company that, based on a decision of the General Meeting of Shareholders (GMS) or another organ equivalent to the GMS, was declared responsible for the company's bankruptcy; k. have never been declared bankrupt and/or have never been a shareholder, Controlling Shareholder of an Insurance Company who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners who was declared guilty of causing a company to be declared bankrupt within the last 5 (five) years before nomination;
l. do not hold concurrent positions at other Organizers; and
m. have / do not have*) family relationships due to marriage and descent up to the second degree, both horizontally and vertically, with members of the Board of Directors or members of the Board of Commissioners in the Organizer.

Format 17
DECLARATION LETTER OF CANDIDATE COMMISSIONER
The undersigned:
Name : .....................................................................
Full Address : .....................................................................
.....................................................................
as the candidate Director of .................. (Organizer's Name*) hereby declares that I:
a. am not undergoing legal proceedings; b. am not undergoing a fitness and propriety assessment by the Financial Services Authority (OJK) and/or undergoing a reassessment due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at any financial service institution in any company under the OJK;
c. will not apply for a fitness and propriety assessment at any company under the OJK until there is a result of the fitness and propriety assessment from the OJK
d. are competent to perform legal acts; e. have good character and morality, at least demonstrated by complying with applicable regulations, including never being sentenced for proven criminal offenses within a certain period before nomination, namely:

criminal offenses in the financial services sector whose sentence has been completed within the last 20 (twenty) years before nomination;
criminal offenses, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or
other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting currency, taxation, forestry, environment, marine, and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination;
f. have a commitment to comply with legislation and support OJK policies; g. have a commitment to the healthy development of the Organizer; h. are not included as Parties prohibited from becoming Principal Parties of the Organizer;
i. do not have non-performing loans and/or financing;
j. have never been declared bankrupt or have never been a manager or supervisor of a company that, based on a decision of the General Meeting of Shareholders (GMS) or another organ equivalent to the GMS, was declared responsible for the company's bankruptcy; and k. have never been declared bankrupt and/or have never been a shareholder, Controlling Shareholder of an Insurance Company who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners who was declared guilty of causing a company to be declared bankrupt within the last 5 (five) years before nomination;
l. do not hold concurrent positions at other Organizers; and
m. have / do not have*) family relationships due to marriage and descent up to the second degree, both horizontally and vertically, with members of the Board of Directors or members of the Board of Commissioners in the Organizer.

Format 18
DECLARATION LETTER OF TRUTH AND COMPLETENESS OF DOCUMENTS The undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
.....................................................................
Hereby declare that I am responsible for the completeness and truthfulness of the documents and compliance checklist submitted to the Financial Services Authority (OJK).

This declaration is made truthfully for its intended use.
........................, ..........................20....
Stamp
......................................
(Clear Name and Signature)

Format 19
COMPLIANCE CHECKLIST FOR REQUIREMENT FULFILLMENT COMPLIANCE CHECKLIST FOR REQUIREMENT FULFILLMENT COMPLETENESS OF DOCUMENTS FOR APPLICATION FOR CANDIDATE CONTROLLING SHAREHOLDER Applicant Organizer :
Details of Candidate Submitted (if individual) Details Name Address Place & Date of Birth Education Occupation Details of Candidate Submitted (if legal entity) Details Name Address Deed of Establishment Business Field

PSP Individual
a. Photocopy of valid identification (ID Card/Passport) b. Curriculum vitae completed with a recent 4x6 cm color photo
c. Documents showing financial status, including:
Annual tax notification letter for the last 2 (two) years;
Bank statements for the last 6 (six) months; and/or
Other documents that can show a list of assets.
d. Financial capability analysis document prepared based on documents showing financial status
PSP Legal Entity
a. Photocopy of the deed of establishment of the legal entity, approved by the competent authority, along with the latest Articles of Association changes related to the composition of directors, commissioners, shareholders, and capital that have obtained approval from the competent authority or have issued a notice of acceptance of articles of association changes from the competent authority, if the candidate PSP is an Indonesian legal entity; b. Photocopy of the deed of establishment of a foreign legal entity and/or business group, approved by the competent authority in the country of origin, along with its amendments, if there are changes, in the event that the legal entity is a foreign legal entity;
c. Documents required according to the regulations of the country of origin, in the event that the legal entity is a foreign legal entity owned by the state or government;
d. Photocopy of the Taxpayer Identification Number (NPWP) proof for Indonesian legal entities; e. Information regarding Parties controlling the legal entity, directly or indirectly (up to the ultimate shareholder), including but not limited to name and form of control; f. PSP legal entity ownership structure up to final ownership; g. Financial report of the legal entity for the last period that has been audited; h. List of names and data of members of the Board of Directors or equivalent, members of the Board of Commissioners or equivalent, including:

signed curriculum vitae;
photocopy of valid ID Card or Passport;
recent 4x6 cm photos of directors, commissioners, and/or managers, 2 (two) sheets each;
i. Letter of certificate and/or other proof from the competent authority in the financial sector in the relevant country showing that the company is under its supervision, has a good reputation, and has never committed disgraceful acts in the financial sector, for PSPs that are foreign legal entities having business activities as financial companies;
j. Financial capability analysis document based on audited financial reports.

Overview of the Organizer's operational plan and mission for at least the next 5 (five) years, including:
a. services and/or products to be offered; b. issuer and investor targets;
c. method of offering services and/or products.
Financial projections for at least the next 5 (five) years, including:
a. types of income from products/services to be offered; b. costs arising from company activities and operations;
c. percentage of income contribution from each product/service to the company's total income.
Proof of capital deposit from each shareholder and bank statements at the time of capital deposit in the event that the candidate application is part of the principal approval process or business license application for the Organizer.
Declaration Letter of Candidate Controlling Shareholder.
Declaration Letter of Capital Deposit by Controlling Shareholder.
Police Clearance Certificate (SKCK) / Police Clearance for Foreign Nationals that is still valid (in the name of the individual, members of the Board of Directors, and members of the Board of Commissioners).
Other supporting documents, if required.

COMPLIANCE CHECKLIST FOR REQUIREMENT FULFILLMENT COMPLETENESS OF DOCUMENTS FOR APPLICATION FOR CANDIDATE MEMBER OF THE BOARD OF DIRECTORS Applicant Organizer :
Details of Candidate Submitted Details
Name
Address
Place & Date of Birth
Education
Last occupation in the Capital Market and Finance sector Position to be held

Photocopy of valid identification (ID Card/Passport).
Curriculum vitae completed with a recent 4x6 cm color photo.
Description of duties and responsibilities as a member of the Board of Directors at the Organizer.
Photocopy of the latest formal education and/or skill certificates.
Work permit letter from the competent authority if the candidate is a Foreign National.
Limited stay permit or permanent stay permit that is still valid if the candidate is a Foreign National.
Plan for the healthy operational development of the Organizer, which must at least contain the direction and strategy for the Organizer's development for at least the next 5 (five) years.
Declaration Letter of Candidate Director.
Police Clearance Certificate (SKCK)/Police Clearance for Foreign Nationals, which is still valid.
Other supporting documents, if required.

COMPLIANCE CHECKLIST FOR REQUIREMENT FULFILLMENT COMPLETENESS OF DOCUMENTS FOR APPLICATION FOR CANDIDATE MEMBER OF THE BOARD OF COMMISSIONERS OF THE ORGANIZER Applicant Organizer :
Details of Candidate Submitted Details
Name
Address
Place & Date of Birth
Education
Last occupation in the Capital Market and Finance sector Position to be held

Copy of valid identification card (ID card/Passport).
Curriculum vitae completed with a recent color photograph sized 4x6 cm.
Description of duties and responsibilities as a member of the Board of Commissioners at the Organizer.
Copy of the highest formal education and/or professional certificates.
Work permit from the competent authority if the candidate is a Foreign National residing in Indonesia.
Limited stay permit or permanent stay permit that is still valid if the candidate is a Foreign National residing in Indonesia.
Plan for operational supervision activities to be conducted, which must at least contain the direction and strategy for supervising the Organizer, and financial projections for a period of at least 5 (five) years.
Statement Letter of the Prospective Board of Commissioners.
Police Clearance Certificate (SKCK) for Foreign Nationals, which is still valid.
Other supporting documents, if required.

Format 20
DECLARATION LETTER
COMPLETION REGARDING USER RIGHTS AND OBLIGATIONS To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Director/Manager
PT/Cooperative*)...............
Stamp
.................................................
(Clear Name and Signature)
*) Delete what is not necessary
) Specify

This copy is consistent with the original
Head of Legal Development Directorate
Legal Department signed
Aat Windradi

Format 21
LETTER OF SUBMISSION OF SEMI-ANNUAL REPORT/ANNUAL REPORT *) Number : ....., ................ 20...
Attachment :
Subject : Submission of Semi-Annual Report/Annual Report *) ....... (Organizer Name) To The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision In Jakarta

Referring to Financial Services Authority Regulation Number ... regarding the Offer of Securities Through Information Technology-Based Crowdfunding Services, hereby we submit the Semi-Annual Report/Annual Report *) from:
Organizer Name : ....................................................
Organizer Address : ....................................................
City ......
Province ......
Postal Code ......
Organizer Phone/Fax Number : ....................................................
Organizer Website Address : ....................................................
Organizer Email : ....................................................

Thus, for your attention, Sir/Madam*), we express our gratitude.

Sincerely,
Director/Manager
PT/Cooperative*)/)
Stamp
.................................................
(Clear Name and Signature)
Copy to:
Head of Executive Supervisor of Financial Services Business Actors' Behavior, Education, and Consumer Protection *) Delete what is not necessary ) Specify

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Regulation of the Financial Services Authority Number 17 of 2025 on the Offer of Securities Through Information Technology-Based Crowdfunding Services

Lineage: In force

Timeline

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