Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended several times, most recently by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
2. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845) as amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);

DECIDING:

To establish: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE ORGANIZATION OF THE STRATEGIC MINERAL AND COMMODITY EXCHANGE.

CHAPTER I

GENERAL PROVISIONS

Article 1

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

1. Strategic Mineral is a type of mineral that has high economic value and/or is strategic for the defense industry, including primary, secondary, and tertiary sources, which are controlled by the state and utilized for the greatest prosperity of the people and national interests as regulated and/or determined based on statutory provisions.
2. Strategic Commodity is a type of commodity that has high economic value and/or is strategic for national interests as regulated and/or determined based on statutory provisions.
3. Strategic Mineral and Commodity Exchange, hereinafter abbreviated as BMKS, is an organized and integrated market system that conducts trading of Strategic Minerals and Strategic Commodities including their derivatives, supported by a financing ecosystem, digital-based financial instruments with price, quality, transaction settlement, and risk management mechanisms as referred to in the Law regarding the development and strengthening of the financial sector.
4. Exchange is a limited liability company that obtains a business license from the Financial Services Authority to conduct trading of Strategic Minerals and Strategic Commodities including their derivatives.
5. Clearing House, hereinafter abbreviated as LK, is a party that obtains a license from the Financial Services Authority to conduct clearing functions, transaction settlement guarantee, and transaction settlement in the BMKS.
6. Electronic Custodian, hereinafter abbreviated as LKE, is a party that obtains a business license from the Financial Services Authority to conduct recording, storage, security, and administration of transactions in the BMKS.
7. Trading Intermediary is a party that obtains a business license from the Financial Services Authority to conduct business activities related to the implementation of transactions in the BMKS for its own interests and/or for Service Users.
8. Exchange Member is a party that obtains approval from the Exchange to use the BMKS trading system and/or facilities in accordance with Exchange Regulations.
9. Warehouse is a storage facility for Strategic Minerals and Strategic Commodities that has met the requirements and obtained Exchange approval.
10. Warehouse Manager is a business entity that manages the Warehouse used in the BMKS.
11. Conformity Assessment Body, hereinafter abbreviated as LPK, is a party that obtains Exchange approval responsible for ensuring the quality and quantity of traded Strategic Minerals and Strategic Commodities comply with globally applicable standards.
12. Electronic Ownership Certificate is an electronic recording issued and managed by the LKE as a representation of rights over Strategic Minerals and Strategic Commodities that meet the requirements for trading in the BMKS.
13. Indonesian Reference Price is the price of Strategic Minerals and Strategic Commodities formed based on BMKS transactions, according to the methodology established by the Exchange and approved by the Financial Services Authority.
14. Transaction Settlement Guarantee is a mechanism that guarantees the fulfillment of BMKS transaction settlement obligations.
15. Service User is any party using services provided in the organization of the BMKS.
16. Transaction Settlement is the implementation of fulfilling the rights and obligations of the parties after a transaction occurs at the Exchange.
17. Physical Delivery is the delivery of Strategic Minerals and Strategic Commodities from the seller to the buyer in accordance with transaction specifications.
18. Exchange Regulations are provisions established by the Exchange in carrying out the operational regulation functions for the organization of trading of Strategic Minerals and Strategic Commodities after obtaining approval from the Financial Services Authority.
19. LK Regulations are provisions established by the LK in carrying out the operational regulation functions for clearing, guarantee, and Transaction Settlement of Strategic Minerals and Strategic Commodities after obtaining approval from the Financial Services Authority.
20. LKE Regulations are provisions established by the LKE in carrying out recording, storage, security, and administration of transactions in the BMKS after obtaining approval from the Financial Services Authority.
21. Derivative Trading is the trading of contracts whose value is based on Strategic Minerals and Strategic Commodities as underlying assets.
22. Digital-Based Financial Instrument is an electronic financial instrument that represents rights over Strategic Minerals and Strategic Commodities or other rights traded in the BMKS in accordance with statutory provisions.

CHAPTER II

ORGANIZATION OF THE STRATEGIC MINERAL AND COMMODITY EXCHANGE

First Section

General Provisions

Article 2

(1) The organizers of the BMKS consist of:
a. Exchange; b. LK;
c. LKE;
d. Exchange Members, consisting of:

1. Service Users;
2. Trading Intermediaries; and
3. other parties in accordance with statutory provisions,
   e. Warehouse Manager; f. LPK; and g. supporting professions.
   (2) The BMKS organizers as referred to in paragraph (1) letters a, b, c, and letter d number 2 are supervised by the Financial Services Authority. (3) The BMKS organizers as referred to in paragraph (1) letter d number 1 and number 3, letter e, and letter f are supervised by the Exchange. (4) To provide services in the BMKS sector, supporting professions as referred to in paragraph (1) letter g must be registered with the Financial Services Authority.

Article 3

The organization of the BMKS integrates the functions:
a. trading; b. clearing;
c. Transaction Settlement Guarantee;
d. Transaction Settlement; e. storage and electronic management of Electronic Ownership Certificates; f. risk management; g. price mechanism; h. quality mechanism;
i. Digital-Based Financial Instruments;
j. financing ecosystem; and k. other supporting infrastructure.

Second Section

Phased Implementation of Organization

Article 4

(1) The organization of the BMKS is implemented in stages according to institutional readiness, market infrastructure, information technology systems, and market participants. (2) The staging of activities as referred to in paragraph (1) includes at least:
a. the formation and preparation stage for the organization of the BMKS; b. the trading organization stage;
c. the BMKS product and service development stage; and
d. the BMKS ecosystem development stage.

CHAPTER III

BMKS ORGANIZERS AND INFRASTRUCTURE

First Section

Exchange

Article 5

The Exchange has the functions:
a. conducting trading of Strategic Minerals and Strategic Commodities; b. providing and operating the BMKS trading system;
c. establishing Exchange Regulations;
d. supervising parties conducting trading of Strategic Minerals and Strategic Commodities; e. ensuring the provision of physical and warehouse data information; and f. carrying out other functions established by the Financial Services Authority.

Article 6

The Exchange is required to:
a. apply governance; b. apply risk management;
c. have a compliance function;
d. have an internal audit function; e. have a market surveillance function; f. have a reliable and secure system capable of supporting the continuity of BMKS organization and system recovery in the event of disruption; g. have a business continuity plan; and h. protect Service Users.

Article 7

The market surveillance function as referred to in Article 6 letter e must be independent and supported by adequate information technology systems to:
a. monitor trading; b. detect abnormal transactions; and
c. conduct continuous analysis of trading activities.

Article 8

(1) Parties intending to conduct trading of Strategic Minerals and Strategic Commodities including their derivatives must obtain a business license as an Exchange from the Financial Services Authority. (2) The Exchange submits the business license application as referred to in paragraph (1) to the Financial Services Authority accompanied by documents:
a. the deed of establishment of the company approved by the minister in charge of legal affairs; b. the corporate tax identification number;
c. 3 (three) years of financial projections;
d. a 3 (three) years activity plan including organizational structure, communication facilities, and training programs to be conducted; e. a list of prospective directors and commissioners including officials one level below the board of directors; f. draft regulations at least containing:

1. membership;
2. recording;
3. trading;
4. clearing and Exchange Transaction Settlement; and
5. fees and dues related to services provided;
   g. the opening balance sheet of the company audited by a public accountant registered with the Financial Services Authority; and h. other supporting documents related to the Exchange business license application.

Article 9

(1) The paid-up capital of the Exchange is at least IDR 1,000,000,000,000.00 (one trillion rupiah).
(2) Provisions regarding the method of fulfilling the paid-up capital of the Exchange as referred to in paragraph (1) are established by the Financial Services Authority.

Article 10

In providing approval for the application as referred to in Article 8 paragraph (2), the Financial Services Authority considers:
a. the integrity and expertise of prospective directors and commissioners; b. the feasibility level of the plans prepared; and
c. the prospect of forming an orderly, fair, and efficient market.

Article 11

Share ownership of the Exchange is conducted in accordance with statutory provisions.

Article 12

(1) The Exchange must have at least 3 (three) directors.
(2) The number of directors and commissioners of the Exchange is each at most 7 (seven) persons.
(3) Directors of the Exchange are prohibited from holding concurrent positions as directors, commissioners, or employees of other companies or institutions in any capacity. (4) Directors and commissioners of the Exchange are appointed for a term of 5 (five) years and may be reappointed. (5) Changes to the directors and commissioners of the Exchange must be submitted to the Financial Services Authority to obtain approval.

Article 13

(1) The Exchange must submit its articles of association or Exchange Regulations and amendments to the Financial Services Authority to obtain approval. (2) In the event that the articles of association or Exchange Regulations and amendments as referred to in paragraph (1) are rejected, the rejection is done in writing and accompanied by reasons for rejection. (3) The Financial Services Authority has the authority to order the Exchange to amend its articles of association or Exchange Regulations.

Second Section

Clearing House (LK)

Article 14

(1) BMKS Transaction Settlement is conducted through the LK.
(2) The LK must obtain a business license from the Financial Services Authority.

Article 15

The LK carries out clearing, guarantee, Transaction Settlement, and other functions in accordance with the provisions of the Financial Services Authority.

Article 16

The LK must have a reliable and secure system capable of supporting the continuity of BMKS organization and system recovery in the event of disruption.

Article 17

The LK may conduct business after obtaining a business license from the Financial Services Authority.

Article 18

The LK must have paid-up capital of at least IDR 500,000,000,000.00 (five hundred billion rupiah).

Article 19

The LK submits the business license application to the Financial Services Authority accompanied by documents:
a. the deed of establishment of the company approved by the minister in charge of legal affairs; b. the corporate tax identification number;
c. 3 (three) years of financial projections;
d. a 3 (three) years activity plan including organizational structure, communication facilities, and training programs to be conducted; e. a list of prospective directors and commissioners including officials one level below the board of directors; f. draft regulations at least containing:

1. clearing, guarantee, and Transaction Settlement in the BMKS; and
2. service usage fees established by the LK;
   g. the opening balance sheet of the company audited by an accountant registered with the Financial Services Authority; and h. other supporting documents related to the LK business license application.

Article 20

In providing approval for the application as referred to in Article 19, the Financial Services Authority considers:
a. the integrity and expertise of prospective directors and commissioners; b. the feasibility level of the plans prepared;
c. the prospect of forming an orderly, fair, and efficient market; and
d. the safety and efficiency of the clearing, guarantee, and settlement systems.

Article 21

Share ownership of the LK is conducted in accordance with statutory provisions.

Article 22

(1) The LK must have at least 3 (three) directors.
(2) The number of directors and commissioners of the LK is each at most 7 (seven) persons.
(3) Directors of the LK are prohibited from holding concurrent positions as directors, commissioners, or employees of other companies or institutions in any capacity. (4) Directors and commissioners of the LK are appointed for a term of 5 (five) years and may be reappointed. (5) Changes to the directors and commissioners of the LK must be submitted to the Financial Services Authority to obtain approval.

Article 23

(1) The LK must submit its articles of association or LK Regulations and amendments to the Financial Services Authority to obtain approval. (2) In the event that the articles of association or LK Regulations and amendments as referred to in paragraph (1) are rejected, the rejection is done in writing and accompanied by reasons for rejection. (3) The Financial Services Authority has the authority to order the LK to amend its articles of association or LK Regulations.

Third Section

Electronic Custodian (LKE)

Article 24

(1) Recording, storage, security, and administration of BMKS transactions are conducted through the LKE.
(2) The LKE must obtain a business license from the Financial Services Authority.

Article 25

The LKE carries out recording, storage, security, administration of transactions, and other functions in accordance with the provisions of the Financial Services Authority.

Article 26

The LKE must have a reliable and secure system capable of supporting the continuity of BMKS organization and system recovery in the event of disruption.

Article 27

The LKE may conduct business after obtaining a business license from the Financial Services Authority.

Article 28

The paid-up capital of the LKE is at least IDR 500,000,000,000.00 (five hundred billion rupiah).

Article 29

The LKE submits the business license application as referred to in Article 27 to the Financial Services Authority accompanied by documents:
a. the deed of establishment of the company approved by the minister in charge of legal affairs; b. the corporate tax identification number;
c. 3 (three) years of financial projections;
d. a 3 (three) years activity plan including organizational structure, communication facilities, and training programs to be conducted; e. a list of prospective directors and commissioners including officials one level below the board of directors; f. draft regulations at least containing:

1. mechanisms for electronic recording, storage, security, and administration of transactions in the BMKS; and
2. service usage fees established by the LKE;
   g. the opening balance sheet of the company audited by an accountant registered with the Financial Services Authority; and h. other supporting documents related to the LKE business license application.

Article 30

The Financial Services Authority considers the application as referred to in Article 29 by considering:
a. the integrity and expertise of prospective directors and commissioners; b. the feasibility level of the plans prepared;
c. the prospect of forming an orderly, fair, and efficient market; and
d. the safety and efficiency of the custodian service systems.

Article 31

The LKE is an Indonesian legal entity whose share ownership is conducted in accordance with statutory provisions.

Article 32

(1) The LKE must have at least 3 (three) directors.
(2) The number of directors and commissioners of the LKE is each at most 7 (seven) persons.
(3) Directors of the LKE are prohibited from holding concurrent positions as directors, commissioners, or employees of other companies or institutions in any capacity. (4) Directors and commissioners of the LKE are appointed for a term of 5 (five) years and may be reappointed. (5) Changes to the directors and commissioners of the LKE must be submitted to the Financial Services Authority to obtain approval.

Article 33

(1) The LKE must submit its articles of association or LKE Regulations and amendments to the Financial Services Authority to obtain approval. (2) In the event that the articles of association or LKE Regulations and amendments as referred to in paragraph (1) are rejected, the Financial Services Authority provides reasons for the rejection. (3) The Financial Services Authority may order the LKE to amend its articles of association or LKE Regulations.

Fourth Section

Warehouse Manager

Article 34

(1) Warehouse Managers used in the organization of the BMKS must obtain Exchange approval.
(2) Exchange approval as referred to in paragraph (1) is given based on Exchange Regulations.

Article 35

(1) The Warehouse Manager verifies Strategic Minerals and Strategic Commodities that are delivered and stored.
(2) The Warehouse Manager is responsible for the implementation of storage and delivery activities of Strategic Minerals and Strategic Commodities under its control in accordance with statutory provisions and Exchange Regulations. (3) The responsibility of the Warehouse Manager as referred to in paragraph (2) does not transfer to the Exchange or the Financial Services Authority.

Fifth Section

Conformity Assessment Body (LPK)

Article 36

(1) The LPK is an Indonesian legal entity.
(2) The LPK conducts quality and quantity examinations of Strategic Minerals and Strategic Commodities in the organization of the BMKS. (3) In conducting examinations as referred to in paragraph (2), the LPK must obtain Exchange approval. (4) The LPK as referred to in paragraph (2) is responsible for the implementation of quality and quantity conformity examination activities of Strategic Minerals and Strategic Commodities in accordance with standards regulated in statutory provisions and Exchange Regulations.

Sixth Section

Relationships Between BMKS Organizers

Article 37

The Exchange, LK, LKE, Warehouse Manager, and LPK must organize systems that are electronically interconnected and support interoperability.

Article 38

(1) The Exchange, LK, and LKE establish BMKS infrastructure operational standards through Exchange Regulations, LK Regulations, and LKE Regulations. (2) The establishment of BMKS infrastructure operational standards as referred to in paragraph (1) is done after obtaining approval from the Financial Services Authority.

Seventh Section

Administrative Sanctions

Article 39

(1) In the event that:
a. the Exchange violates provisions as referred to in Article 6, Article 7, Article 12 paragraph (1), paragraph (5), Article 13 paragraph (1), and/or Article 37; b. parties violate provisions as referred to in Article 8, Article 12 paragraph (3), Article 22 paragraph (3), and/or Article 32 paragraph (3);
c. the LK violates provisions as referred to in Article 14 paragraph (2), Article 16, Article 18, Article 22 paragraph (1), paragraph (5), Article 23 paragraph (1), and/or Article 37;
d. the LKE violates provisions as referred to in Article 24 paragraph (2), Article 26, Article 32 paragraph (1), paragraph (5), Article 33 paragraph (1), and/or Article 37; e. the Warehouse Manager violates provisions as referred to in Article 34 paragraph (1) and/or Article 37; and/or f. the LPK violates provisions as referred to in Article 36 paragraph (3) and/or Article 37, administrative sanctions are imposed. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. administrative sanctions in the form of fines;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. revocation of approval; g. cancellation of approval; h. cancellation of registration;
i. revocation of individual license; and/or
j. other administrative actions in accordance with statutory provisions.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER IV
MARKET PARTICIPANTS IN BMKS TRADING
Article 40
(1) Market participants in the BMKS field are Exchange Members.
(2) Market participants as referred to in paragraph (1) must fulfill the regulations of the Financial Services Authority (Otoritas Jasa Keuangan) and Exchange Regulations.

Article 41
(1) Clearing market participants in the BMKS field are clearing members.
(2) Clearing members as referred to in paragraph (1) consist of:
a. Service Users; b. Trading Intermediaries; and
c. other parties in accordance with Clearing House (LK) Regulations.
(3) Market participants as referred to in paragraph (1) must fulfill the regulations of the Financial Services Authority and Clearing House (LK) Regulations.

Article 42
(1) Service Users may conduct transactions at the Exchange:
a. directly; or b. through a Trading Intermediary.
(2) Regulations regarding the transaction procedures at the Exchange as referred to in paragraph (1) are stipulated in Exchange Regulations.

Article 43
(1) Trading Intermediaries must obtain a business license from the Financial Services Authority.
(2) Trading Intermediaries conducting transactions directly through the Exchange's trading system must obtain the status of Exchange Member in accordance with Exchange Regulations. (3) Regulations regarding licensing requirements, including recognition, adjustment, or licensing mechanisms for Trading Intermediaries are established by the Financial Services Authority.

Article 44
Business activities of Trading Intermediaries include:
a. executing transactions for their own interests; b. executing transactions for the interests of Service Users; and
c. other activities related to the execution of BMKS transactions as determined by the Financial Services Authority.

Article 45
In carrying out business activities as referred to in Article 44, Trading Intermediaries must:
a. act in good faith; b. prioritize the interests of Service Users;
c. implement good corporate governance;
d. implement risk management; e. have an internal control system; and f. fulfill regulations established by the Financial Services Authority.

Article 46
(1) The Exchange determines the requirements and procedures for granting, suspending, and revoking Exchange membership in Exchange Regulations. (2) Exchange Regulations as referred to in paragraph (1) must at least regulate:
a. membership requirements; b. rights and obligations of Exchange Members;
c. procedures for granting, suspending, and revoking membership;
d. responsibilities of Exchange Members; e. supervision of Exchange Members; and f. direct access requirements to the Exchange's trading system.

Article 47
(1) In the event that:
a. Exchange Members violate regulations as referred to in Article 40 paragraph (2); b. Clearing Members violate regulations as referred to in Article 41 paragraph (3); and/or
c. Trading Intermediaries violate regulations as referred to in Article 43 paragraph (1), paragraph (2), and/or Article 45,
administrative sanctions are imposed.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. freezing of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable laws and regulations.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed independently or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER V
TRADING STAGING
Article 48
(1) Trading and trading staging procedures are determined by a decision of the Financial Services Authority.
(2) In making decisions as referred to in paragraph (1), the Financial Services Authority will consider the Exchange's readiness in trading a product or instrument, which at least covers:
a. market infrastructure readiness; b. risk management readiness;
c. financial system stability;
d. Service User protection; and e. market integrity.

CHAPTER VI
MANAGEMENT OF BMKS TRANSACTIONS
First Section
General
Article 49
(1) BMKS transactions are conducted through the Exchange's trading system integrated with BMKS infrastructure.
(2) Every transaction as referred to in paragraph (1) must fulfill the principles:
a. regularity; b. fairness;
c. transparency;
d. efficiency; e. certainty of Transaction Settlement; f. market integrity; and g. risk management.
(3) BMKS transactions consist of:
a. pre-trade stage; b. trade execution stage; and
c. post-trade stage.

Second Section
Pre-Trade Stage
Paragraph 1
Acceptance of Strategic Minerals and Strategic Commodities
Article 50
(1) Strategic Minerals and Strategic Commodities may only be traded through BMKS after obtaining tradable status from the Clearing House (LPK). (2) Tradable status as referred to in paragraph (1) is granted based on:
a. quality inspection; b. quantity verification;
c. storage in Warehouses approved by the Exchange;
d. fulfillment of administrative requirements; and e. other requirements stipulated in Exchange Regulations.
(3) Procedures for granting tradable status as referred to in paragraph (1) are regulated in Exchange Regulations.

Paragraph 2
Electronic Ownership Certificates
Article 51
The Electronic Ownership Certificate Issuer (LKE) issues Electronic Ownership Certificates when Strategic Minerals and Strategic Commodities have met the requirements as referred to in Article 50.

Third Section
Trade Execution Stage
Paragraph 1
Order Entry
Article 52
(1) Transactions are conducted through order entry into the Exchange's trading system.
(2) Order entry as referred to in paragraph (1) is conducted:
a. directly by Service Users in accordance with Exchange Regulations; or b. through Trading Intermediaries.

Paragraph 2
Price Formation
Article 53
BMKS transaction prices are formed based on market mechanisms that are regular, fair, transparent, and efficient.

Article 54
BMKS transaction prices may be used as Indonesian Reference Prices in accordance with applicable laws and regulations.

Article 55
(1) The Exchange formulates methodologies for forming Indonesian Reference Prices based on transactions that are fair, transparent, and have integrity. (2) Methodologies as referred to in paragraph (1) must obtain approval from the Financial Services Authority. (3) The Exchange must conduct periodic evaluations of the Indonesian Reference Price formation methodology.

Article 56
Indonesian Reference Prices as referred to in Article 54 are published transparently in accordance with Exchange Regulations.

Article 57
If necessary to maintain market integrity, the Financial Services Authority has the authority to order the Exchange to adjust the Indonesian Reference Price formation methodology as referred to in Article 55.

Article 58
The Exchange must ensure that every trading product has clear contract specifications, at least regarding:
a. underlying assets; b. quality;
c. trading units;
d. settlement mechanisms; and e. Physical Delivery, if applicable.

Article 59
Regulations regarding contract specifications as referred to in Article 58 are stipulated in Exchange Regulations.

Fourth Section
Post-Trade Stage
Article 60
Transaction Settlement is conducted through the Clearing House (LK) based on the principles of legal certainty, security, and efficiency.

Article 61
(1) The Clearing House (LK) must ensure that Transaction Settlement is conducted promptly, securely, and efficiently.
(2) Transaction Settlements executed in accordance with Clearing House (LK) Regulations are binding on the parties.
(3) Regulations regarding Transaction Settlement are stipulated in Clearing House (LK) Regulations.

Article 62
(1) The Clearing House (LK) must have a mechanism for handling Transaction Settlement failures.
(2) The mechanism as referred to in paragraph (1) must at least contain:
a. identification of Transaction Settlement failures; b. handling actions for Transaction Settlement failures;
c. use of financial resources in accordance with Clearing House (LK) Regulations; and
d. steps necessary to maintain the continuity of Transaction Settlement.
(3) Regulations regarding Transaction Settlement failure handling mechanisms are stipulated in Clearing House (LK) Regulations.

Fifth Section
Transaction Supervision
Article 63
The Exchange must conduct continuous supervision over all BMKS transactions.

Article 64
In the event of indications of violations, the Exchange must:
a. take actions in accordance with Exchange Regulations; and b. report to the Financial Services Authority.

Article 65
Every party is prohibited from conducting actions that result in trading conditions, prices, or transaction volumes that are fake, misleading, or do not reflect fair market mechanisms.

Article 66
The Exchange must have mechanisms to detect, prevent, and handle market manipulation practices and unfair trading forms.

Article 67
Regulations regarding forms of market manipulation practices and unfair trading are stipulated in Exchange Regulations.

Article 68
The Exchange must have position monitoring mechanisms to identify position concentrations and risks that may disrupt market integrity.

Article 69
In the event of irregular market conditions or conditions potentially disrupting market integrity, the Exchange must immediately take actions in accordance with Exchange Regulations.

Article 70
Under certain conditions, the Financial Services Authority has the authority to order the Exchange to conduct:
a. temporary suspension of trading; b. trading restrictions;
c. adjustment of trading parameters; and/or
d. other necessary actions.

Sixth Section
Administrative Sanctions
Article 71
(1) In the event that:
a. parties violating regulations as referred to in Article 49 paragraph (2) and/or Article 65; b. Exchanges violating regulations as referred to in Article 55 paragraph (2), paragraph (3), Article 58, Article 63, Article 64, Article 66, Article 68, and/or Article 69; and/or
c. Clearing Houses (LK) violating regulations as referred to in Article 61 paragraph (1) and/or Article 62 paragraph (1),
administrative sanctions are imposed.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. freezing of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable laws and regulations.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed independently or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER VII
RISK MANAGEMENT
Article 72
BMKS Organizers as referred to in Article 2 paragraph (2) must apply effective, integrated, continuous, sound, and integrity-based risk management in the entire management of BMKS.

Article 73
(1) BMKS Organizers as referred to in Article 72 must identify, measure, monitor, and control all material risks in the management of BMKS. (2) Regulations regarding risk management are established by the Financial Services Authority.

Article 74
The Exchange must have adequate trading risk control mechanisms.

Article 75
The Clearing House (LK) must apply risk management for Transaction Settlement to ensure the fulfillment of the rights and obligations of the parties.

Article 76
The Exchange, Clearing House (LK), Electronic Ownership Certificate Issuer (LKE), Warehouse Manager, and Clearing House (LPK) must apply information technology risk management.

Article 77
The Exchange, Clearing House (LK), Electronic Ownership Certificate Issuer (LKE), Warehouse Manager, and Clearing House (LPK) must:
a. have a business continuity plan; b. have a disaster recovery center; and
c. conduct periodic testing of information technology system resilience.

Article 78
The Exchange, Clearing House (LK), and Electronic Ownership Certificate Issuer (LKE) must conduct periodic evaluations of the implementation of risk management.

Article 79
The Exchange, Clearing House (LK), and Electronic Ownership Certificate Issuer (LKE) must record every BMKS transaction electronically so that it can be traced.

Article 80
The Exchange, Clearing House (LK), and Electronic Ownership Certificate Issuer (LKE) must store all BMKS trading data for a period determined in accordance with applicable laws and regulations.

Article 81
(1) In the event that:
a. BMKS Organizers violating regulations as referred to in Article 72, Article 73 paragraph (1), and/or Article 76; b. Exchanges violating regulations as referred to in Article 74, Article 76, Article 77, Article 78, and/or Article 80;
c. Clearing Houses (LK) violating regulations as referred to in Article 75, Article 76, Article 77, Article 78, and/or Article 80;
d. Warehouse Managers violating regulations as referred to in Article 76 and/or Article 77; e. Electronic Ownership Certificate Issuers (LKE) violating regulations as referred to in Article 76, Article 77, Article 78, and/or Article 80; and/or f. Clearing Houses (LPK) violating regulations as referred to in Article 76 and/or Article 77, administrative sanctions are imposed. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. freezing of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable laws and regulations.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed independently or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER VIII
PROTECTION OF SERVICE USERS AND MARKET INTEGRITY
Article 82
(1) BMKS Organizers as referred to in Article 2 paragraph (2) must conduct BMKS management prioritizing Service User protection and market integrity. (2) Service User protection and market integrity as referred to in paragraph (1) aim to:
a. increase confidence in BMKS management; b. create regular, fair, efficient, transparent, and integrity-based trading;
c. protect the interests of Service Users; and
d. maintain the stability of BMKS management.
(3) Prioritizing market integrity in BMKS management as referred to in paragraph (1) is conducted through trading that is:
a. regular; b. fair;
c. efficient;
d. transparent; and e. accountable.

Article 83
(1) BMKS Organizers as referred to in Article 2 paragraph (2) must apply Service User protection policies.
(2) Service User protection policies as referred to in paragraph (1) must at least include:
a. providing correct, clear, and non-misleading information; b. fair treatment of all Service Users;
c. protection of Service User data and information;
d. complaint handling; and e. dispute resolution in accordance with applicable laws and regulations.

Article 84
The Exchange must ensure that every Service User obtains equal access to the trading system and market information in accordance with their rights and obligations.

Article 85
(1) The Exchange, Clearing House (LK), and Electronic Ownership Certificate Issuer (LKE) must provide transparent market information available to Service Users in accordance with the type of information, delivery time, level of aggregation, and publication procedures. (2) Regulations regarding the provision of market information as referred to in paragraph (1) are stipulated in Exchange Regulations, Clearing House (LK) Regulations, and Electronic Ownership Certificate Issuer (LKE) Regulations.

Article 86
Every party conducting activities in BMKS is prohibited from conducting actions that may disrupt market integrity.

Article 87
BMKS Organizers as referred to in Article 2 paragraph (2) must have policies regarding conflicts of interest.

Article 88
The Board of Directors, Board of Commissioners, management, and/or employees of BMKS Organizers as referred to in Article 2 paragraph (2) must avoid conflicts of interest that affect the independence and objectivity of task execution.

Article 89
(1) In the event that:
a. BMKS Organizers violating regulations as referred to in Article 82 paragraph (1), Article 83 paragraph (1), and/or Article 87; b. Exchanges violating regulations as referred to in Article 84 and/or Article 85 paragraph (1);
c. Clearing Houses (LK) violating regulations as referred to in Article 85 paragraph (1);
d. Electronic Ownership Certificate Issuers (LKE) violating regulations as referred to in Article 85 paragraph (1); e. parties violating regulations as referred to in Article 86; and/or f. Board of Directors, Board of Commissioners, management, and/or employees of BMKS Organizers violating regulations as referred to in Article 88, administrative sanctions are imposed. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. freezing of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable laws and regulations.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed independently or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER IX
PRODUCT DEVELOPMENT AND MARKET INNOVATION
Article 90
(1) The Exchange may develop products, services, and trading mechanisms with the approval of the Financial Services Authority. (2) Product, service, and trading mechanism development as referred to in paragraph (1) aims to increase efficiency, liquidity, market integrity, and the competitiveness of BMKS. (3) Product, service, and trading mechanism development as referred to in paragraph (1) is conducted by considering:
a. Service User protection; b. financial system stability;
c. market integrity;
d. prudential principles; e. risk management; and f. applicable laws and regulations.

Article 91
(1) The Exchange may conduct trading of Digital-Based Financial Instruments representing rights over Strategic Minerals and Strategic Commodities in accordance with applicable laws and regulations. (2) Digital-Based Financial Instruments as referred to in paragraph (1) must be supported by verifiable underlying assets recorded in the Exchange's system.

Article 92
(1) The Exchange may conduct Derivative Trading of Strategic Minerals and Strategic Commodities.
(2) Derivative Trading as referred to in paragraph (1) must be supported by:
a. risk management; b. clearing mechanisms;
c. Transaction Settlement mechanisms;
d. transaction supervision; and e. contract regulation.
(3) Regulations regarding the conduct of Derivative Trading as referred to in paragraph (1) are stipulated in Exchange Regulations.

Article 93
The Financial Services Authority grants approval for product, service, and trading mechanism development by considering:
a. market infrastructure readiness; b. risk management readiness;
c. Service User protection;
d. financial system stability; and e. market integrity.

Article 94
(1) The Exchange must establish regulations regarding:
a. trading; b. membership at the Exchange Organizer;
c. rights and obligations of the Exchange Organizer and Exchange Members;
d. management of business activities and Exchange institutional affairs; e. standard operating procedures for supervision including audits; f. enforcement of regulations regarding rules and procedures; g. Service User protection and market integrity for BMKS Organizers as referred to in Article 2 paragraph (3); h. complaint handling and/or dispute resolution;
i. conflict of interest management for BMKS Organizers as referred to in Article 2 paragraph (3);
j. risk management and application of prudential principles including for BMKS Organizers as referred to in Article 2 paragraph (3); k. bankruptcy conditions and emergency actions;
l. registration fees, membership dues, and transaction costs related to services provided; and
m. contract specifications.
(2) The Clearing House (LK) must establish regulations regarding:
a. membership at the Clearing House (LK); b. rights and obligations of the Clearing House (LK) and clearing members;
c. management of business activities and Clearing House (LK) institutional affairs;
d. clearing, guarantee, and Transaction Settlement; e. risk management and application of prudential principles; f. margin requirements, collateral, and guarantee funds; g. handling of payment defaults and delivery failures; h. actions by the Clearing House (LK) in handling payment defaults and delivery failures;
i. enforcement of regulations regarding rules and procedures;
j. conflict of interest management; k. registration fees, membership dues, and transaction costs related to services provided; and
l. bankruptcy conditions and emergency actions.
(3) The Electronic Ownership Certificate Issuer (LKE) must establish regulations regarding:
a. membership, and the rights and obligations of LKE users; b. electronic custodian accounts;
c. issuance, recording, storage, and transfer of Electronic Ownership Certificates;
d. encumbrance, cancellation, withdrawal, modification, and replacement of Electronic Ownership Certificates; e. system security, reconciliation, recording, and reporting; f. handling of unauthorized Electronic Ownership Certificate errors; g. registration fees, membership dues, and transaction costs related to services provided; and h. bankruptcy conditions and emergency actions.

Article 95
(1) In the event that:
a. Exchanges violating regulations as referred to in Article 91 paragraph (2), Article 92 paragraph (2), and/or Article 94 paragraph (1); b. Clearing Houses (LK) violating regulations as referred to in Article 94 paragraph (2); and/or
c. Electronic Ownership Certificate Issuers (LKE) violating regulations as referred to in Article 94 paragraph (3),
administrative sanctions are imposed.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on parties causing the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings;

b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. suspension of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable legislation.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of an administrative sanction in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER X
REGULATION AND SUPERVISION

Article 96
(1) The Financial Services Authority conducts regulation and supervision over the organization of the Strategic Mineral and Commodity Exchange (BMKS). (2) Regulation and supervision as referred to in paragraph (1) are implemented to realize a BMKS that is orderly, fair, efficient, transparent, integrity-based, and protects Service Users.

Article 97
Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) are required to submit periodic and incidental reports to the Financial Services Authority.

Article 98
(1) In conducting supervision as referred to in Article 96, the Financial Services Authority has the authority to:
a. request data; b. request documents;
c. request information;
d. access systems; and e. take other actions in accordance with applicable legislation.
(2) Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) are required to provide data access to the Financial Services Authority in accordance with the Financial Services Authority's authority based on applicable legislation.

Article 99
In the event of conditions that have the potential to disrupt market integrity, the smoothness of Transaction Settlement, or financial system stability, the Financial Services Authority may order Exchanges, Clearing Houses (LK), and/or Settlement Agents (LKE) to take specific actions to maintain the orderly, fair, and efficient organization of the BMKS.

Article 100
(1) In the event that Exchanges, Clearing Houses (LK), and/or Settlement Agents (LKE) violate provisions as referred to in Article 97 and/or Article 98 paragraph (2), they shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on parties who cause the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. suspension of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable legislation.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of an administrative sanction in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER XI
COMPLIANCE ENFORCEMENT

Article 101
(1) Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) conduct compliance enforcement against:
a. Members; b. Warehouse Managers;
c. Professional Service Providers (LPK); and
d. other parties who obtain approval from Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) in the organization of the BMKS. (2) Compliance enforcement as referred to in paragraph (1) is conducted based on Exchange Regulations, Clearing House Regulations, and Settlement Agent Regulations that have obtained approval from the Financial Services Authority. (3) Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) are required to submit reports to the Financial Services Authority regarding the implementation of compliance enforcement as referred to in paragraph (1).

Article 102
(1) In the event that violations committed by Warehouse Managers, Professional Service Providers (LPK), or other parties who obtain approval from Exchanges are found based on the results of supervision by the Financial Services Authority as referred to in Article 98, the Financial Services Authority may order the Exchange to take actions in accordance with Exchange Regulations. (2) Exchanges are required to implement the orders as referred to in paragraph (1). (3) The implementation of orders as referred to in paragraph (2) must be reported to the Financial Services Authority.

Article 103
The Financial Services Authority may announce to the public the imposition of administrative sanctions and other actions in accordance with applicable legislation.

Article 104
The imposition of actions by Exchanges, Clearing Houses (LK), and Settlement Agents (LKE) does not remove the authority of the Financial Services Authority to impose administrative sanctions based on this Financial Services Authority Regulation.

Article 105
The imposition of administrative sanctions by the Financial Services Authority does not remove the possibility of being subject to:
a. actions based on Exchange Regulations, Clearing House Regulations, and Settlement Agent Regulations; b. civil liability; and/or
c. criminal sanctions in accordance with applicable legislation.

Article 106
In addition to being required to comply with the provisions of this Financial Services Authority Regulation, Exchanges, Clearing Houses (LK), Settlement Agents (LKE), Trading Intermediaries, and other parties designated by the Financial Services Authority are also required to comply with Financial Services Authority regulations regarding the application of anti-money laundering programs, prevention of terrorist financing and prevention of proliferation financing of weapons of mass destruction in the financial services sector, consumer protection, application of anti-fraud strategies, personal data protection, written orders, and assessment of competence and propriety in accordance with applicable legislation.

Article 107
(1) In the event that:
a. Exchanges, Clearing Houses (LK), and/or Settlement Agents (LKE) violate provisions as referred to in Article 101 paragraph (3) and/or Article 106; and/or b. Exchanges violate provisions as referred to in Article 102 paragraph (2) and/or paragraph (3), they shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on parties who cause the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warnings; b. administrative sanctions in the form of fines;
c. restrictions on business activities;
d. suspension of business activities; e. revocation of business licenses; f. revocation of approvals; g. cancellation of approvals; h. cancellation of registrations;
i. revocation of individual licenses; and/or
j. other administrative actions in accordance with applicable legislation.
(4) Administrative sanctions as referred to in paragraph (3) letters b through j may be imposed with or without prior imposition of an administrative sanction in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or concurrently with administrative sanctions as referred to in paragraph (3) letters c through j.

CHAPTER XII
OTHER PROVISIONS

Article 108
(1) To implement the regulation and supervision of the organization of the BMKS, the Financial Services Authority may coordinate with ministries, agencies, authorities, and/or other parties, both domestically and internationally, in accordance with applicable legislation. (2) Coordination as referred to in paragraph (1) is conducted at least to:
a. support the organization of the BMKS; b. maintain market stability and integrity;
c. increase supervision effectiveness;
d. exchange information; and e. develop the BMKS.

Article 109
The Financial Services Authority may establish different policies regarding supervision and the implementation of activities related to the BMKS other than those regulated in this Financial Services Authority Regulation based on specific considerations.

CHAPTER XIII
CLOSING PROVISIONS

Article 110
This Financial Services Authority Regulation shall come into force on January 1, 2027.

To ensure that everyone is aware of it, the ordering of the publication of this Financial Services Authority Regulation is hereby mandated by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on September 17, 2026
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

FRIDERICA WIDYASARI DEWI

Published in Jakarta on [Date]
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2026 NUMBER [Number]

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 16 OF 2026
CONCERNING
THE ORGANIZATION OF THE STRATEGIC MINERAL AND COMMODITY EXCHANGE

I. GENERAL
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, as amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, provides the legal basis for the organization of the Strategic Mineral and Commodity Exchange (BMKS) as an organized and integrated market system that conducts trading of Strategic Minerals and Strategic Commodities, including their derivatives, supported by a funding ecosystem, Digital-Based Financial Instruments, price mechanisms, quality, Transaction Settlement, and risk management, and is regulated and supervised by the Financial Services Authority. The regulation of the BMKS is intended to build market infrastructure capable of conducting trading of Strategic Minerals and Strategic Commodities in an orderly, fair, transparent, efficient, and integrity-based manner, as well as providing certainty regarding the price formation process, clearing, Transaction Settlement, and risk management. In its implementation, the BMKS is a market system, whereas the Exchange is a legal entity that organizes and operates the trading functions within that market system. This separation of concepts is necessary to provide clarity regarding the relationship between the Exchange and other institutions and infrastructure in the organization of the BMKS. The organization of the BMKS aims to form the Indonesian Reference Price, support national downstreaming and industrialization, increase national competitiveness, strengthen national economic resilience, maintain market integrity, and optimize the added value of Indonesian natural resources and commodities. The regulations in this Financial Services Authority Regulation are focused on the organization of transactions and market infrastructure that directly support transactions on the BMKS. These regulations are not intended to take over the authority of ministries, agencies, or other authorities that, based on applicable legislation, have authority over aspects outside of transactions and market organization on the BMKS, so the regulatory construction in this Financial Services Authority Regulation limits the scope of regulation to the organization of transactions and infrastructure that directly support transactions. The organization of the BMKS is conducted by considering the characteristics of each type of transaction, including spot transactions that can be settled with Physical Delivery and derivative transactions that can be settled in cash and/or with Physical Delivery according to their contract characteristics. Thus, the regulations in this Financial Services Authority Regulation are designed to accommodate the development of products and trading mechanisms as long as they are supported by adequate infrastructure, risk management, clearing and settlement mechanisms, and supervision. In order to maintain market integrity, Exchanges are given the authority to establish
operational provisions through Exchange Regulations which must obtain approval from the Financial Services Authority according to their authority. The granting of this authority is intended to allow Exchanges to respond effectively to market developments, while remaining within the framework of regulation and supervision by the Financial Services Authority. One of the main principles in the organization of Exchanges is the operational independence of the Exchange in carrying out trading and market supervision functions. This independence refers to independence in the implementation of operational functions based on applicable legislation and Exchange Regulations, and not independence from the regulation and supervision of the Financial Services Authority. The organization of the BMKS also applies the principles of orderliness, fairness, efficiency, prudence, risk management, protection of Service Users, transparency, accountability, and market integrity, including through transaction supervision mechanisms, position monitoring, handling of irregular market conditions, and management of Transaction Settlement failures. Thus, this Financial Services Authority Regulation is expected to provide legal certainty while providing a sufficiently flexible regulatory framework to support the development of the Strategic Mineral and Commodity Market, including the development of derivative products and Digital-Based Financial Instruments in the future.

II. ARTICLE BY ARTICLE

Article 1
Sufficiently clear.

Article 2
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
The term "supporting profession" includes, among others, public accountants, notaries, and legal consultants.

Article 3
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
Sufficiently clear.
Letter e
Sufficiently clear.
Letter f
Sufficiently clear.
Letter g
Sufficiently clear.
Letter h
Sufficiently clear.
Letter i
Sufficiently clear.
Letter j
Sufficiently clear.
Letter k
Examples of other supporting infrastructure include logistics.

Article 4
Paragraph (1)
Sufficiently clear.
Paragraph (2)
The phasing of activity implementation considers financial system stability, market integrity, and protection of Service Users.

Article 5
Sufficiently clear.

Article 6
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
Sufficiently clear.
Letter e
The term "market surveillance function" refers to the function to monitor and analyze trading activities to identify transactions or trading patterns that are unfair and/or have the potential to disrupt market integrity. Letter f Sufficiently clear. Letter g Sufficiently clear. Letter h Sufficiently clear.

Article 7
The term "independent" means that the market surveillance function is carried out objectively and free from the influence of parties conducting trading activities that are the object of supervision.

Article 8
Sufficiently clear.

Article 9
Sufficiently clear.

Article 10
Sufficiently clear.

Article 11
The term "legislation" includes, among others, Presidential Regulations regarding strategic mineral and commodity exchanges.

Article 12
Sufficiently clear.

Article 13
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
The term "amending the Articles of Association or Exchange Regulations" includes making changes, additions, or refinements to provisions in Exchange Regulations that are necessary to maintain orderly, fair, and efficient trading and transactions of Strategic Minerals and Strategic Commodities.

Article 14
Sufficiently clear.

Article 15
Sufficiently clear.

Article 16
Sufficiently clear.

Article 17
Sufficiently clear.

Article 18
Sufficiently clear.

Article 19
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
The term "amending the Articles of Association or Clearing House Regulations" includes making changes, additions, or refinements to provisions in the Articles of Association or Clearing House Regulations that are necessary to maintain orderly, fair, and efficient trading and transactions of Strategic Minerals and Strategic Commodities.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
Sufficiently clear.

Article 27
Sufficiently clear.

Article 28
Sufficiently clear.

Article 29
Sufficiently clear.

Article 30
Sufficiently clear.

Article 31
Sufficiently clear.

Article 32
Sufficiently clear.

Article 33
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
The term "amending the Articles of Association or Settlement Agent Regulations" includes making changes, additions, or refinements to provisions in the Articles of Association or Settlement Agent Regulations that are necessary to maintain orderly, fair, and efficient trading and transactions of Strategic Minerals and Strategic Commodities.

Article 34
Paragraph (1)
Exchange approval is given to ensure that storage facilities used in the organization of the BMKS meet the requirements established in Exchange Regulations, including requirements related to security, recording, access, and readiness for the delivery of Strategic Minerals and Strategic Commodities. Paragraph (2) Sufficiently clear.

Article 35
Sufficiently clear.

Article 36
Sufficiently clear.

Article 37
Sufficiently clear.

Article 38
Sufficiently clear.

Article 39
Sufficiently clear.

Article 40
Sufficiently clear.

Article 41
Sufficiently clear.

Article 42
Paragraph (1)
Letter a
The term "directly" refers to transactions conducted by Service Users without using Trading Intermediaries through mechanisms established in Exchange Regulations. Letter b The term "through Trading Intermediaries" refers to transactions conducted by Trading Intermediaries for the benefit of Service Users based on a legal relationship agreed upon by the parties. Paragraph (2) Sufficiently clear.

Article 43
Paragraph (1)
Sufficiently clear.
Paragraph (2)
The term "conducting transactions directly through the Exchange's trading system" refers to entering orders directly into the Exchange's trading system without using other Exchange Members. Paragraph (3) Sufficiently clear.

Article 44
Sufficiently clear.

Article 45
Letter a
Sufficiently clear.
Letter b
The term "prioritizing the interests of Service Users" refers to prioritizing the interests of Service Users when Trading Intermediaries act on behalf of Service Users. Letter c Sufficiently clear. Letter d Sufficiently clear. Letter e Sufficiently clear. Letter f Sufficiently clear.

Article 46
Sufficiently clear.

Article 47
Sufficiently clear.

Article 48
Sufficiently clear.

Article 49
Sufficiently clear.

Article 50
Paragraph (1)
The term "tradable" refers to the status of Strategic Minerals and Strategic Commodities that have met quality, quantity, specification, storage, and administrative requirements established to become objects of transactions on the BMKS. The tradable status does not constitute a determination or approval of ownership over Strategic Minerals and Strategic Commodities, and does not remove the obligation of related parties to comply with applicable legislation regarding ownership, origin, transportation, trading, and management of Strategic Minerals and Strategic Commodities. Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear.

Article 51
Electronic Ownership Certificates do not automatically constitute a determination regarding the validity of ownership of Strategic Minerals and Strategic Commodities outside the legal relationship recorded in the BMKS system.

Article 52
Sufficiently clear.

Article 53
The term "market mechanism" refers to the price formation mechanism based on the interaction of supply and demand through trading mechanisms regulated in Exchange Regulations.

Article 54
Sufficiently clear.

Article 55
Paragraph (1)
The term "Indonesian Reference Price formation methodology" includes, among others, data sources and types, transaction criteria used, data collection and validation methods, processing and calculation methods, observation periods, procedures for handling unavailable or unusable data, and mechanisms for evaluation and methodology changes. The Indonesian Reference Price formation methodology is compiled to ensure that the resulting price reflects relevant market conditions, is reliable, and is not influenced by specific interests. Paragraph (2) Sufficiently clear. Paragraph (3) The term "periodic evaluation" refers to evaluations conducted according to periods regulated in Exchange Regulations, considering market condition developments, liquidity, transaction data quality, and price formation integrity.

Article 56
The term "transparently published" refers to the availability of the Indonesian Reference Price and adequate information regarding methodology, data sources, time or period of formation, and other information necessary to understand the formation of the Indonesian Reference Price in accordance with Exchange Regulations.

Article 57
Sufficiently clear.

Article 58
The term "clear contract specifications" includes, among others, underlying asset characteristics, quality or class of Strategic Minerals and Strategic Commodities, contract quantity or unit, tolerances if applicable, settlement dates or periods, settlement mechanisms and locations, instruments or documents used in delivery, and provisions regarding Physical Delivery if applicable.

Article 59
Sufficiently clear.

Article 60
Sufficiently clear.

Article 61
Paragraph (1)
Sufficiently clear.
Paragraph (2)
The term "binding on the parties" refers to Transaction Settlements that have been conducted in accordance with Clearing House Regulations becoming the basis for the fulfillment of rights and obligations of the parties and cannot be unilaterally cancelled, except as otherwise determined by applicable legislation or Clearing House Regulations. Paragraph (3) Sufficiently clear.

Article 62
Paragraph (1)
The term "Transaction Settlement Failure" refers to a condition where Transaction Settlement obligations are not fulfilled according to the time, procedure, or requirements determined. Handling Transaction Settlement Failure may include actions necessary to fulfill unmet obligations, reduce the impact of failure on other parties, and maintain the continuity of Transaction Settlement in accordance with Clearing House Regulations. Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear.

Article 63
Sufficiently clear.

Article 64
Sufficiently clear.

Article 65
The term "trading conditions, prices, or transaction volumes that are artificial, misleading, or do not reflect a fair market mechanism" includes, among others, conditions arising from transactions, a series of transactions, or order entries that create an incorrect or misleading picture regarding the supply, demand, price, volume, or trading activity of Strategic Minerals and Strategic Commodities.

Article 66
Sufficiently clear.

Article 67
It is clear enough.

Article 68
The term "trading position" refers to the open position arising from ownership, control, or economic interest in an unsettled contract, including positions calculated on an aggregate basis in accordance with Exchange Regulations. The term "position concentration" refers to a situation where the ownership or control of trading positions by one party or a group of parties reaches a certain level that can increase risks to market order and integrity.

Article 69
The term "unregulated market conditions" includes, among others, conditions that can disrupt trading order, price formation, or BMKS Transaction Settlement, including those influenced by underlying physical market conditions, such as scarcity or supply disruptions of Strategic Minerals and Strategic Commodities, limited storage capacity, disruptions at delivery locations or facilities, or material changes in the quality and availability of Strategic Minerals and Strategic Commodities that can affect the ability for Physical Delivery.

Article 70
The term "specific conditions" includes, among others, unregulated market conditions.
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
The term "adjustment of trading parameters" includes, among others, temporary changes to price limits, order size or parameters, trading hours, position limits, or other parameters necessary to restore orderly trading and maintain market integrity. Letter d It is clear enough.

Article 71
It is clear enough.

Article 72
The term "continuous" refers to the application of risk management conducted continuously in accordance with the nature, scale, and complexity of activities and the development of risks faced.

Article 73
Paragraph (1)
The term "material risk" refers to a risk that, based on its type, magnitude, likelihood of occurrence, or potential impact, can significantly affect the continuity of BMKS operations, trading order, market integrity, Transaction Settlement capability, or the interests of Service Users. Paragraph (2) It is clear enough.

Article 74
It is clear enough.

Article 75
It is clear enough.

Article 76
It is clear enough.

Article 77
It is clear enough.

Article 78
It is clear enough.

Article 79
It is clear enough.

Article 80
It is clear enough.

Article 81
It is clear enough.

Article 82
It is clear enough.

Article 83
It is clear enough.

Article 84
It is clear enough.

Article 85
Paragraph (1)
The term "transparent market information" refers to information regarding activities, prices, volumes, positions, and/or trading conditions that must be available to Service Users. Paragraph (2) It is clear enough.

Article 86
The term "actions that can disrupt market integrity" includes, among others, actions that can cause abnormal price formation, create a false or misleading picture of trading activity, convey false or misleading information affecting the prices of Strategic Minerals and Strategic Commodities, engage in market manipulation or position forcing (corner or squeeze), conduct wash trading or collusive trading, violate position limits, hide the identity of position holders, or abuse information.

Article 87
It is clear enough.

Article 88
The term "independence and objectivity" refers to the ability to perform duties and responsibilities professionally without being influenced by personal interests, the interests of specific parties, or conflicts of interest that could affect the execution of duties.

Article 89
It is clear enough.

Article 90
It is clear enough.

Article 91
Paragraph (1)
It is clear enough.
Paragraph (2)
The term "verifiable underlying assets" refers to Strategic Minerals and Strategic Commodities whose existence, characteristics, quantity, and/or rights can be verified based on data and documents available in the BMKS system and/or information sources that are accountable and whose source and audit trail can be traced.

Article 92
Paragraph (1)
The term "Derivative Trading of Strategic Minerals and Strategic Commodities" refers to the trading of contracts whose value, payment, or obligations are determined based on the value, price, index, or characteristics of Strategic Minerals and Strategic Commodities as underlying assets, including contracts settled in cash and/or through Physical Delivery in accordance with their contract specifications. Paragraph (2) It is clear enough. Paragraph (3) It is clear enough.

Article 93
It is clear enough.

Article 94
It is clear enough.

Article 95
It is clear enough.

Article 96
It is clear enough.

Article 97
It is clear enough.

Article 98
It is clear enough.

Article 99
It is clear enough.

Article 100
It is clear enough.

Article 101
It is clear enough.

Article 102
It is clear enough.

Article 103
It is clear enough.

Article 104
It is clear enough.

Article 105
It is clear enough.

Article 106
It is clear enough.

Article 107
It is clear enough.

Article 108
It is clear enough.

Article 109
The provision of different policies is intended, among others, to:
a. support national policy; b. maintain public interest;
c. maintain industry growth;
d. maintain healthy business competition; and/or e. conditions requiring specific consideration are extraordinary events/KEB that can cause significant increases in morbidity and mortality, or impact the economy and society, thus requiring attention and handling by all relevant parties and regulated in other provisions based on considerations in facing possible KEB.

Article 110
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER ⸙