Financial Reporting Submission by Issuers or Public Companies

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 14/POJK.04/2022
CONCERNING
SUBMISSION OF PERIODIC FINANCIAL REPORTS BY ISSUERS OR PUBLIC COMPANIES BY THE GRACE OF THE ALMIGHTY GOD, THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in order to align with related regulations and improve the efficiency of information submission presented in financial reports to the public, it is necessary to align regulations regarding the submission of periodic financial reports by issuers or public companies; b. that the existing regulations regarding the submission of periodic financial reports by issuers or public companies are no longer in accordance with market needs and developments, as well as best practices prevailing in other countries, and therefore need to be replaced;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Submission of Periodic Financial Reports by Issuers or Public Companies;
Recalling:

Law Number 8 of 1995 concerning Capital Markets (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
DECIDING:
Establishing: FINANCIAL SERVICES AUTHABILITY REGULATION CONCERNING SUBMISSION OF PERIODIC FINANCIAL REPORTS BY ISSUERS OR PUBLIC COMPANIES.

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

Issuer is a party that conducts a public offering.
Public Company is a corporation whose shares are owned by at least 300 (three hundred) shareholders and have paid-in capital of at least Rp3,000,000,000.00 (three billion rupiah) or a number of shareholders and paid-in capital determined by the Financial Services Authority.
Periodic Financial Report is a financial report submitted periodically by an Issuer or Public Company to the Financial Services Authority.
Stock Exchange is a party that organizes and provides systems and/or facilities to match buy and sell offers of securities of other parties with the aim of trading securities among them.

CHAPTER II
OBLIGATIONS FOR SUBMISSION AND ANNOUNCEMENT OF PERIODIC FINANCIAL REPORTS
Article 2
(1) Issuers or Public Companies whose registration statements have become effective are obligated to submit Periodic Financial Reports to the Financial Services Authority and announce Periodic Financial Reports to the public. (2) The submission of Periodic Financial Reports as referred to in paragraph (1) must be conducted through the Financial Services Authority's electronic reporting system. (3) Periodic Financial Reports as referred to in paragraph (1) include:
a. annual financial reports; and b. semi-annual financial reports.
(4) Periodic Financial Reports as referred to in paragraph (3) must consist of:
a. financial position reports; b. income statements and comprehensive income statements;
c. equity change reports;
d. cash flow statements; and e. notes to the financial statements.

Article 3
Periodic Financial Reports submitted to the Financial Services Authority must contain the same information as Periodic Financial Reports announced to the public.

Article 4
Annual financial reports as referred to in Article 2 paragraph (3) letter a must be submitted to the Financial Services Authority and announced to the public no later than the end of the third month after the date of the annual financial report.

Article 5
In the event that an Issuer or Public Company submits an annual report as referred to in Financial Services Authority regulations regarding annual reports by Issuers or Public Companies before the submission deadline for annual financial reports as referred to in Article 4, the Issuer or Public Company must submit the annual financial report simultaneously with the submission of the annual report.

Article 6
Semi-annual financial reports as referred to in Article 2 paragraph (3) letter b must be submitted to the Financial Services Authority and announced to the public no later than:
a. the end of the first month after the date of the semi-annual financial report, if not accompanied by a public accountant's report for audit purposes; b. the end of the second month after the date of the semi-annual financial report, if accompanied by a public accountant's report for review purposes; and
c. the end of the third month after the date of the semi-annual financial report, if accompanied by a public accountant's report for audit purposes.

Article 7
(1) If Periodic Financial Reports have been authorized by management before the submission deadline as referred to in Article 4 and Article 6, Issuers or Public Companies must submit such Periodic Financial Reports to the Financial Services Authority and announce them to the public no later than 2 (two) working days after the authorization date. (2) If the submission deadline for Periodic Financial Reports as referred to in paragraph (1) exceeds the submission deadline for Periodic Financial Reports as referred to in Article 4 and Article 6, Issuers or Public Companies must submit Periodic Financial Reports according to the submission deadlines as referred to in Article 4 and Article 6.

Article 8
If the submission deadline for Periodic Financial Reports to the Financial Services Authority and announcement to the public as referred to in Article 4 and Article 6 falls on a holiday, Periodic Financial Reports must be submitted to the Financial Services Authority and announced to the public no later than the next working day.

Article 9
If an Issuer or Public Company submits and announces Periodic Financial Reports after the deadline as referred to in Article 8, the calculation of the number of days of delay in submitting and announcing Periodic Financial Reports is calculated from the first day after the final deadline for submitting and announcing Periodic Financial Reports as referred to in Article 8.

Article 10
Issuers or Public Companies that have not submitted or announced annual financial reports and semi-annual financial reports within the deadlines as referred to in Article 4 and Article 6 are deemed not to have submitted or announced annual financial reports and semi-annual financial reports if:
a. annual financial reports are not submitted or announced no later than 6 (six) months after the final deadline for submitting or announcing annual financial reports; or b. semi-annual financial reports are not submitted or announced no later than 3 (three) months after the final deadline for submitting or announcing semi-annual financial reports.

Article 11
If an Issuer or Public Company obtains an effective statement regarding its registration statement for the first time from the Financial Services Authority after the date of the semi-annual financial report until the date of the annual financial report, the Issuer or Public Company is not obligated to submit semi-annual financial reports but must submit annual financial reports to the Financial Services Authority and announce them to the public as referred to in Article 4.

Article 12
If an Issuer or Public Company obtains an effective statement regarding its registration statement for the first time from the Financial Services Authority after the date of the annual financial report until the date of the semi-annual financial report, the Issuer or Public Company is not obligated to submit annual financial reports but must submit semi-annual financial reports to the Financial Services Authority and announce them to the public as referred to in Article 6.

Article 13
Issuers that only issue debt securities and/or sukuk and have fulfilled all obligations to holders of debt securities and/or sukuk before the end of the submission deadline for Periodic Financial Reports are not obligated to submit Periodic Financial Reports.

Article 14
The submission and announcement of annual financial reports as referred to in Article 4 and semi-annual financial reports as referred to in Article 6 for Issuers or Public Companies whose securities are listed on Stock Exchanges in Indonesia and Stock Exchanges in other countries are subject to the following provisions:
a. the submission and announcement deadlines may follow the regulations of the capital market authority in the other country, if the capital market authority in that country regulates provisions regarding the timing of submission and announcement of Periodic Financial Reports; b. the date of submission and announcement of Periodic Financial Reports to the Financial Services Authority must be no later than the date of submission and announcement of Periodic Financial Reports to the capital market authority in the other country;
c. Periodic Financial Reports submitted to the Financial Services Authority must at least be presented and disclosed in accordance with applicable laws and regulations regarding capital markets concerning the presentation and disclosure of financial reports by Issuers or Public Companies; and
d. Periodic Financial Reports submitted to the Financial Services Authority must contain the same information as Periodic Financial Reports submitted to the capital market authority in the other country.

CHAPTER III
PRESENTATION OF PERIODIC FINANCIAL REPORTS
Article 15
(1) Issuers or Public Companies must prepare and present Periodic Financial Reports in accordance with applicable laws and regulations regarding capital markets concerning the presentation and disclosure of financial reports by Issuers or Public Companies. (2) The obligation to prepare and present Periodic Financial Reports in accordance with applicable laws and regulations regarding capital markets concerning the presentation and disclosure of financial reports by Issuers or Public Companies as referred to in paragraph (1) does not apply to small-scale Issuers. (3) Small-scale Issuers as referred to in paragraph (1) may prepare and present Periodic Financial Reports using accounting standards for entities without public accountability. (4) In the event of changes in accounting standards after the implementation of this Financial Services Authority Regulation, Issuers or Public Companies must follow the latest accounting standard provisions, unless otherwise stated by the Financial Services Authority.

Article 16
(1) Annual financial reports must be presented comparatively with the same period of the previous year.
(2) Annual financial reports as referred to in paragraph (1) must be audited by a public accountant registered with the Financial Services Authority.

Article 17
(1) Semi-annual financial reports must be presented comparatively with the same period of the previous year, except for financial position reports at the end of the semi-annual period.
(2) Financial position reports at the end of the semi-annual period as referred to in paragraph (1) must be compared with financial position reports at the end of the previous fiscal year.
(3) Semi-annual financial reports may be audited or reviewed by a public accountant.
(4) In the event that semi-annual financial reports are audited or reviewed, the public accountant performing the audit or review must be a public accountant registered with the Financial Services Authority.

Article 18
Public accountant reports containing public accountant opinions as a result of the audit of financial reports must be included in Periodic Financial Reports.

Article 19
(1) Periodic Financial Reports must be presented in Indonesian and foreign languages.
(2) The obligation to use foreign languages as referred to in paragraph (1) does not apply to small-scale Issuers and medium-scale Issuers.
(3) Periodic Financial Reports in foreign languages as referred to in paragraph (1) must at least use English.
(4) Periodic Financial Reports using foreign languages as referred to in paragraph (1) must contain the same information as Periodic Financial Reports using Indonesian.
(5) In the event of differences in interpretation of information presented in foreign languages compared to that presented in Indonesian as referred to in paragraph (1), the information in Indonesian used as the reference shall prevail.

CHAPTER IV
MEDIA AND LANGUAGE OF ANNOUNCEMENT
Article 20
(1) Issuers or Public Companies whose securities are listed on Stock Exchanges must announce Periodic Financial Reports through the Stock Exchange's website.
(2) Issuers or Public Companies whose securities are not listed on Stock Exchanges must announce Periodic Financial Reports through 1 (one) daily newspaper in Indonesian distributed nationally or a website provided by the Financial Services Authority. (3) Issuers or Public Companies must make Periodic Financial Reports available on the Issuer's or Public Company's website as regulated in Financial Services Authority regulations regarding Issuer or Public Company websites. (4) Announcements of Periodic Financial Reports on the Stock Exchange's website as referred to in paragraph (1) and announcements of Periodic Financial Reports on the Financial Services Authority's website as referred to in paragraph (2) must use Indonesian and foreign languages, with the foreign language used being at least English.

Article 21
(1) In the event that announcements are made through newspapers as referred to in Article 20 paragraph (2), announcements of audited Periodic Financial Reports must contain at least:
a. financial position reports; b. income statements and comprehensive income statements;
c. cash flow statements; and
d. opinions from public accountants registered with the Financial Services Authority who audited the Periodic Financial Reports.
(2) In the event that Periodic Financial Reports receive opinions other than unmodified opinions, announcements as referred to in paragraph (1) must also contain explanatory paragraphs regarding the opinions of public accountants registered with the Financial Services Authority. (3) In the event that semi-annual financial reports are not audited but reviewed, announcements as referred to in Article 20 paragraph (2) must contain at least:
a. financial position reports; b. income statements and comprehensive income statements;
c. cash flow statements; and
d. conclusions from public accountants registered with the Financial Services Authority who reviewed the semi-annual financial reports.
(4) In the event that semi-annual financial reports are not audited or reviewed, announcements as referred to in Article 20 paragraph (2) must contain at least:
a. financial position reports; b. income statements and comprehensive income statements; and
c. cash flow statements.

Article 22
Issuers or Public Companies must submit proof of announcement through newspapers as referred to in Article 20 paragraph (2) to the Financial Services Authority no later than 2 (two) working days after the announcement date.

Article 23
The implementation of provisions for announcements through websites provided by the Financial Services Authority regarding announcements of Periodic Financial Reports as referred to in Article 20 paragraph (2) is determined by the Financial Services Authority.

Article 24
(1) Provisions regarding the language of announcements as referred to in Article 20 paragraph (4) do not apply to small-scale Issuers and medium-scale Issuers.
(2) Small-scale Issuers and medium-scale Issuers as referred to in paragraph (1) must follow the provisions of Financial Services Authority regulations regarding information disclosure obligations and corporate governance for Issuers or Public Companies meeting the criteria for small-scale asset Issuers and medium-scale asset Issuers.

CHAPTER V
ADMINISTRATIVE SANCTIONS
Article 25
(1) Any party violating provisions as referred to in Article 2 paragraph (1) and (2), Article 3, Article 4, Article 5, Article 6, Article 7, Article 8, Article 11, Article 12, Article 14 letters c and d, Article 15 paragraph (1) and (4), Article 16 paragraph (2), Article 17 paragraph (4), Article 18, Article 19 paragraph (1) and (4), Article 20, Article 21, Article 22, and Article 24 paragraph (2) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) include:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. business activity restrictions;
d. business activity suspension; e. business license revocation; f. approval cancellation; g. registration cancellation; h. revocation of the effectiveness of Registration Statements; and/or
i. revocation of individual licenses.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, f, g, h, or i 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) letters c, d, e, f, g, h, or i. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with applicable laws and regulations.

Article 26
In addition to administrative sanctions as referred to in Article 25 paragraph (4), the Financial Services Authority may take specific actions against any party violating the provisions of this Financial Services Authority Regulation.

Article 27
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 25 paragraph (4) and specific actions as referred to in Article 26 to the public.

CHAPTER VI
CLOSING PROVISIONS
Article 28
Provisions as referred to in Article 7 shall take effect 6 (six) months after this Financial Services Authority Regulation is enacted.

Article 29
Upon the implementation of this Financial Services Authority Regulation, the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: Kep-346/BL/2011 dated July 5, 2011 concerning the Submission of Periodic Financial Reports by Issuers or Public Companies, along with Regulation Number X.K.2 which is its attachment, are revoked and declared invalid.

Article 30
This Financial Services Authority Regulation takes effect upon enactment.

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja

To ensure everyone is aware, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.
Established in Jakarta on August 18, 2022
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Enacted in Jakarta on August 22, 2022
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2022 NUMBER 16/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 14/POJK.04/2022
CONCERNING
SUBMISSION OF PERIODIC FINANCIAL REPORTS BY ISSUERS OR PUBLIC COMPANIES

I. GENERAL
Provisions regarding the submission and announcement of periodic financial reports have been regulated in Regulation Number X.K.2 concerning the Submission of Periodic Financial Reports by Issuers or Public Companies, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: Kep-346/BL/2011 dated July 5, 2011 concerning the Submission of Periodic Financial Reports by Issuers or Public Companies. However, there are several substances in that regulation that must be aligned with the development of Financial Services Authority policies as contained in several related Financial Services Authority Regulations, including regulations related to financial reports and information submission to the public. Furthermore, there are several provisions in Regulation Number X.K.2 concerning the Submission of Periodic Financial Reports by Issuers or Public Companies, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: Kep-346/BL/2011 dated July 5, 2011 concerning the Submission of Financial Reports by Issuers or Public Companies, that are no longer in accordance with market developments and best practices prevailing in other countries (international best practices). Meanwhile, financial information presented and disclosed in the financial reports of Issuers or Public Companies is important information for decision-making. Shareholders, particularly public shareholders, need such financial information as soon as possible after the financial reports are available. The availability of faster financial reports to public shareholders is expected to help public shareholders make investment decisions accurately. With these backgrounds, the Financial Services Authority needs to improve Regulation Number X.K.2 concerning the Submission of Periodic Financial Reports by Issuers or Public Companies, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: Kep-346/BL/2011 dated July 5, 2011 concerning the Submission of Financial Reports by Issuers or Public Companies, among others by considering current regulations and best practices in the capital market (best practices), market needs, and international standards.

II. ARTICLE BY ARTICLE
Article 1
Sufficiently clear.

Article 2
Paragraph (1)
Sufficiently clear.

Paragraph (2)
What is meant by "submission through the electronic reporting system" is submitting Periodic Financial Reports through the Periodic Financial Report submission form on the electronic reporting system of Issuers or Public Companies using extensible business reporting language (XBRL) technology and attaching electronic copies of the aforementioned financial reports in pdf format.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 3
Sufficiently clear.

Article 4
Sufficiently clear.

Article 5
Sufficiently clear.

Article 6
Sufficiently clear.

Article 7
Paragraph (1)
What is meant by "authorization date" is the date the financial report is authorized for publication as referred to in applicable laws and regulations regarding the presentation and disclosure of financial reports by Issuers or Public Companies. Example:
The 2019 annual financial report of Issuer X was authorized by management on March 16, 2020, so the submission deadline for the annual financial report by Issuer X is no later than March 18, 2020.

Example calculation of the deadline for submission of annual financial reports:

Keterangan	Tanggal Otorisasi Manajemen	Tanggal Penyampaian dan Pengumuman sesuai Peraturan ini	Tanggal Penyampaian dan Pengumuman oleh Emiten atau Perusahaan Publik	Terlambat (hari) (c - b)
LKT 2019	16-Mar-20	18-Mar-20	20-Mar-20	2
LKT 2019	16-Mar-20	18-Mar-20	03-Apr-20	16

Example calculation of the deadline for submission of semi-annual financial reports:

Keterangan	Tanggal Otorisasi Manajemen	Tanggal Penyampaian dan Pengumuman sesuai Peraturan ini	Tanggal Penyampaian dan Pengumuman oleh Emiten atau Perusahaan Publik	Terlambat (hari) (c - b)
LKT 2020	30-Mar-21	31-Mar-21	01-Apr-21	1
LKT 2020	22-Feb-21	24-Feb-21	31-Mar-21	35
LKT 2020	01-Apr-21	31-Mar-21	02-Apr-21	2

Keterangan	Tanggal Otorisasi Manajemen	Tanggal Penyampaian dan Pengumuman sesuai Peraturan ini	Tanggal Penyampaian dan Pengumuman oleh Emiten atau Perusahaan Publik	Terlambat (hari) (c - b)
LKTT 2021 (tidak diaudit)	21-Jul-21	23-Jul-21	2-Agust-21	10
LKTT 2021 (reviu)	30-Agust-21	31-Agust-21	1-Sep-21	1
LKTT 2021 (audit)	1-Okt-21	30-Sep-21	5-Okt-21	5

Article 8
Sufficiently clear.

Article 9
Example:
If the deadline for submission and announcement of Periodic Financial Reports falls on a Saturday, the Issuer or Public Company is obligated to submit and announce the said Periodic Financial Reports at the latest on the next working day, namely Monday. For Issuers or Public Companies that submit and announce Periodic Financial Reports on a Wednesday, the calculation of the delay in report submission is calculated since Tuesday. Thus, the Issuer or Public Company has experienced a delay in submitting Periodic Financial Reports for 2 (two) days.

Article 10
Sufficiently clear.

Article 11
What is meant by “the effective statement of the registration statement for the first time from the Financial Services Authority” is:

for Issuers, the effective statement at the time of the initial public stock offering or the effective statement of the public offering of debt or sukuk securities; or
for public companies, the effective statement of the registration statement as a public company.

Example:
The date of the semi-annual financial report and the annual financial report of Issuer A are June 30, 2020 and December 31, 2020, respectively. For Issuer A that obtains effectiveness of its first registration statement between July 1, 2020 and December 31, 2020, Issuer A is not obligated to submit the semi-annual financial report as of June 30, 2020 but is obligated to submit the annual financial report as of December 31, 2020.

Article 12
Example:
The date of the semi-annual financial report of Issuer B is June 30, 2021. For Issuer B that obtains effectiveness of the initial public stock offering on February 18, 2021, Issuer B is not obligated to submit the annual financial report as of December 31, 2020 but is obligated to submit the semi-annual financial report as of June 30, 2021.

Article 13
Sufficiently clear.

Article 14
Sufficiently clear.

Article 15
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
What is meant by “small-scale Issuer” is an Issuer with small-scale assets as referred to in the provisions of legislation regarding information disclosure obligations and corporate governance for Issuers or Public Companies that meet the criteria for Issuers with small-scale assets and Issuers with medium-scale assets.

Paragraph (4)
Sufficiently clear.

Article 16
Paragraph (1)
Sufficiently clear.

Paragraph (2)
What is meant by “registered with the Financial Services Authority” is registered with the Financial Services Authority in the capital market sector supervision field.

Article 17
Sufficiently clear.

Article 18
What is meant by “public accountant report” is the report of an independent auditor as referred to in the audit standards issued by the Indonesian Institute of Accountants.

Article 19
Paragraph (1)
The presentation of Periodic Financial Reports in Indonesian and foreign languages can be presented in 1 (one) report or in separate reports.

Paragraph (2)
What is meant by “small-scale Issuer” and “medium-scale Issuer” is an Issuer with small-scale assets and an Issuer with medium-scale assets as referred to in the provisions of legislation regarding information disclosure obligations and corporate governance for Issuers or Public Companies that meet the criteria for Issuers with small-scale assets and Issuers with medium-scale assets.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
Sufficiently clear.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
What is meant by “certain actions” includes, among others, making corrections and re-announcing financial reports.

Article 27
Sufficiently clear.

Article 28
Sufficiently clear.

Article 29
Sufficiently clear.

Article 30
Sufficiently clear.

SUPPLEMENT TO THE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 9/OJK

Financial Reporting Submission by Issuers or Public Companies

Lineage: In force