FINANCIAL SERVICES AUTHORITY REGULATION

NUMBER 16 /POJK.04/2015

CONCERNING

CAPITAL MARKET SHARIA EXPERTS

BY THE GRACE OF GOD THE ALMIGHTY,

THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to encourage the development of the Indonesian Sharia Capital Market industry, it is necessary to provide a legal basis and regulate parties who provide advice and supervise the implementation of Sharia Principles in the Capital Market; b. that based on the considerations as referred to in letter a, it is necessary to establish a Financial Services Authority Regulation concerning Capital Market Sharia Experts;

Recalling:

Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
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);

THE FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY

DECIDES:

To establish:
FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING CAPITAL MARKET SHARIA EXPERTS.

CHAPTER I

GENERAL PROVISIONS

Article 1

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

Capital Market Sharia Expert, hereinafter abbreviated as ASPM, is:
a. an individual who has knowledge and experience in the field of Sharia; or b. a business entity whose board of directors and employees have knowledge and experience in the field of Sharia, who provides advice and/or supervises the implementation of the application of Sharia Principles in the Capital Market in the business activities of companies and/or provides statements of Sharia conformity for Sharia products or services in the Capital Market.
Sharia Supervisory Board is a board responsible for providing advice and suggestions and supervising the fulfillment of Sharia Principles in the Capital Market towards Parties conducting Sharia Activities in the Capital Market.
Sharia Expert Team is a team responsible for the Sharia conformity of Sharia products or services in the Capital Market issued or released by companies.

CHAPTER II

LICENSING AND REQUIREMENTS FOR ASPM

Article 2

Individuals or business entities that provide advice and/or supervise the implementation of the application of Sharia Principles in the Capital Market in the business activities of companies and/or provide statements of Sharia conformity for Sharia products or services in the Capital Market must have an ASPM license from the Financial Services Authority.

Article 3

(1) ASPMs that are individuals must meet the following requirements:
a. integrity, including:
1. having the legal capacity to perform legal acts;
2. having good character and morality;
3. never having committed disgraceful acts and/or being punished for proven criminal offenses in the financial field;
4. never having been subjected to sanctions in conducting Sharia Activities in the Capital Market due to non-compliance with Sharia Principles in the Capital Market, this Financial Services Authority Regulation, and/or other relevant legislation regarding Sharia in the Capital Market for the last 3 (three) years;
5. never having been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority for the last 3 (three) years;
6. not having been declared bankrupt or having been a manager declared at fault causing a company to be declared bankrupt in the last 5 (five) years;
7. having a commitment to comply with legislation;
8. having a commitment to the development of the Sharia Capital Market; and
9. having an independent attitude in conducting activities in the Capital Market field.
b. competence, including:
1. having a minimum education of Bachelor's Degree (Strata 1) or equivalent;
2. having adequate knowledge in the field of Capital Market, proven by:
a) holding a certificate recognized by the Financial Services Authority and issued by a specialized Capital Market education institution based on a recommendation from the Expertise Standards Committee; b) holding an individual license from the Financial Services Authority as a Co-Issuer, Co-Broker, or Co-Investment Manager, or registered with the Financial Services Authority as a Capital Market Supporting Profession; or c) having work experience at a Capital Market supervisory institution and/or an organization authorized by the Capital Market Law to regulate and/or supervise the Capital Market industry with the following conditions:
1) at least 2 (two) years in a managerial position; or
2) at least 5 (five) years in an operational position,
in job duties and functions related to the regulation and/or supervision of the Capital Market.
3. having adequate knowledge in the field of Sharia Muamalah, proven by a certificate issued by an institution recognized by the Financial Services Authority; and
4. having a recommendation issued by the National Sharia Council - Indonesian Ulema Council.

(2) ASPMs that are business entities must meet the following requirements:
a. integrity of the members of the business entity's board of directors, including:
1. having the legal capacity to perform legal acts;
2. having good character and morality;
3. never having committed disgraceful acts and/or being punished for proven criminal offenses in the financial field;
4. having a commitment to comply with legislation;
5. having a commitment to the development of the Sharia Capital Market; and
6. having an independent attitude in conducting activities in the Capital Market field.
b. competence, including:
1. having at least 1 (one) board member and 1 (one) other employee who holds an ASPM license; and
2. having facilities that support the provision of advice and supervision of the implementation of Sharia Principles in the Capital Market.

CHAPTER III

PROCEDURES FOR ASPM LICENSE APPLICATION

Article 4

(1) Applications for ASPM licenses are submitted by the applicant in printed document form to the Financial Services Authority using the ASPM license application letter format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) In the event that the Financial Services Authority has provided an electronic system for ASPM license applications, ASPM license applications may be submitted through that electronic system. (3) Applications as referred to in paragraph (1) must be accompanied by complete documents as follows:
a. for ASPM licenses applied for by individuals:
1. the latest curriculum vitae signed by the applicant using the curriculum vitae format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
2. a statement letter stating that the applicant:
a) has the legal capacity to perform legal acts; b) has good character and morality; c) has never committed disgraceful acts and/or been punished for proven criminal offenses in the financial field; d) has never been subjected to sanctions in conducting Sharia Activities in the Capital Market due to non-compliance with Sharia Principles in the Capital Market, this Financial Services Authority Regulation, and/or other relevant legislation regarding Sharia in the Capital Market for the last 3 (three) years; e) has never been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority for the last 3 (three) years; f) has not been declared bankrupt or been a manager declared at fault causing a company to be declared bankrupt in the last 5 (five) years; g) has a commitment to comply with legislation; h) has a commitment to the development of the Sharia Capital Market; and i) has an independent attitude in conducting activities in the Capital Market field.
3. a photocopy of a valid Identity Card (Kartu Tanda Penduduk);
4. a domicile letter if there is a difference between the domicile address and the Identity Card address;
5. the latest 4x6 cm passport-sized photos with a red background, 2 (two) sheets;
6. a letter of name difference from the competent authority/agency, if there is a difference between the applicant's name and the attached documents;
7. answers to the integrity questionnaire format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
8. a copy of the formal education diploma of at least Bachelor's Degree (Strata 1) or equivalent;
9. a photocopy of a certificate of knowledge in the field of Sharia Muamalah from an institution recognized by the Financial Services Authority;
10. a recommendation letter from the National Sharia Council - Indonesian Ulema Council; and
11. photocopies of:
a) Capital Market knowledge certificates recognized by the Financial Services Authority and issued by specialized Capital Market education institutions based on a recommendation from the Expertise Standards Committee; b) individual licenses from the Financial Services Authority as Co-Issuer, Co-Broker, or Co-Investment Manager; c) letters of registration with the Financial Services Authority as a Capital Market Supporting Profession; or d) proof of work experience at a Capital Market supervisory institution and/or an organization authorized by the Capital Market Law to regulate and/or supervise the Capital Market industry in job duties and functions related to the regulation and/or supervision of the Capital Market. b. for ASPM licenses applied for by business entities:
1. identity of the business entity, including but not limited to name, address, and business activities;
2. a photocopy of the notarized deed of establishment of the business entity approved by the competent authority, and the latest articles of association or similar documents that have obtained approval from the competent authority;
3. organizational structure and board of directors of the business entity, as well as a list of employees with knowledge and/or experience in the fields of Sharia Muamalah finance and general finance;
4. proof of ASPM license ownership by at least 1 (one) board member and 1 (one) other employee;
5. standard operating procedures at least including:
a) supervision procedures related to Sharia Principles in the Capital Market in business activities and types of business, as well as company management methods; and b) procedures for providing statements of Sharia conformity for Sharia products or services in the Capital Market;
6. a photocopy of the business entity's Taxpayer Identification Number (NPWP);
7. an integrity statement letter of the members of the business entity's board of directors stating the fulfillment of the following requirements:
a) having the legal capacity to perform legal acts; b) having good character and morality; c) never having committed disgraceful acts and/or being punished for proven criminal offenses in the financial field; d) never having been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority for the last 3 (three) years; e) not having been declared bankrupt or having been a manager declared at fault causing a company to be declared bankrupt in the last 5 (five) years; f) having a commitment to comply with legislation; g) having a commitment to the development of the Sharia Capital Market; and h) having an independent attitude in conducting activities in the Capital Market field.
8. a statement letter with sufficient stamp duty signed by the head of the business entity stating that the ASPM activities will be carried out in accordance with legislation in the Capital Market sector and other relevant legislation, using the format of the head of business entity statement letter as contained in the Appendix which is an integral part of this Financial Services Authority Regulation; and
9. answers from the applicant's board members to the integrity questionnaire as contained in the Appendix which is an integral part of this Financial Services Authority Regulation.

(4) ASPM licenses as referred to in paragraph (1) are issued by the Financial Services Authority if the applicant has met the requirements as referred to in paragraph (3).

Article 5

In processing ASPM license applications, the Financial Services Authority is authorized to:
a. conduct research on the completeness of documents submitted by the applicant; and/or b. request information from the applicant, to ensure the truthfulness of documents as referred to in Article 4 paragraph (3) and the fulfillment of requirements as referred to in Article 3.

Article 6

(1) ASPM licenses are issued by the Financial Services Authority at the latest 45 (forty-five) days after the receipt of complete ASPM license applications. (2) In the event that ASPM license applications received do not meet the requirements, at the latest 45 (forty-five) days after receipt, the Financial Services Authority provides a notification letter to the applicant stating that:
a. the application does not yet meet the requirements; or b. the application is rejected due to non-compliance with requirements.
(3) Applicants must complete the deficiencies required in the notification letter as referred to in paragraph (2) letter a at the latest 45 (forty-five) days after the date of the notification letter. (4) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (3) is considered received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of requirement deficiencies. (5) Since the receipt of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (4), the license application is considered newly received by the Financial Services Authority and processed as referred to in paragraph (1). (6) Applicants who do not complete the deficiencies required within the time limit as referred to in paragraph (3) are considered to have cancelled the ASPM license application already submitted to the Financial Services Authority.

CHAPTER IV

VALIDITY PERIOD AND RENEWAL OF ASPM LICENSES

Article 7

ASPM licenses for individuals have a validity period of 5 (five) years and can be renewed.

Article 8

ASPM licenses are not valid if the following conditions occur:
a. the validity period has expired; b. after the validity period has expired, approval for license renewal has not been given by the Financial Services Authority even though the ASPM license renewal application has been submitted to the Financial Services Authority before the validity period expired;
c. revoked by the Financial Services Authority; or
d. dissolution of the business entity.

Article 9

(1) Applications for ASPM license renewal as referred to in Article 7 are submitted to the Financial Services Authority before the validity period of the license expires, with the earliest submission being 90 (ninety) days before the validity period expires. (2) Applications for ASPM license renewal as referred to in paragraph (1) are submitted using the ASPM license renewal application letter format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by complete document requirements as follows:
a. the latest curriculum vitae signed by the applicant using the curriculum vitae format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation, if there are data changes from the curriculum vitae at the time of the ASPM license application; b. a photocopy of a valid Identity Card (Kartu Tanda Penduduk);
c. the latest 4x6 cm passport-sized photos with a red background, 2 (two) sheets;
d. a copy of the latest formal education diploma (in case of changes); e. a photocopy of continuing education documents conducted between the start date and the expiration date of the ASPM license; and f. a domicile letter, if there is a difference between the domicile address and the Identity Card address.

Article 10

(1) ASPM license renewals are issued by the Financial Services Authority at the latest 21 (twenty-one) working days after the receipt of complete ASPM license renewal applications. (2) In the event that ASPM license renewal applications received do not meet the requirements, at the latest 21 (twenty-one) working days after receipt, the Financial Services Authority provides a notification letter to the applicant stating that:
a. the application does not yet meet the requirements; or b. the application is rejected due to non-compliance with requirements.
(3) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (2) letter a is considered received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of requirement deficiencies. (4) ASPM license renewal applicants who do not complete the required deficiencies before the ASPM license validity period expires are considered to have cancelled the ASPM license renewal application already submitted to the Financial Services Authority.

Article 11

In the event that the ASPM license validity period has expired but the renewal application has been submitted to the Financial Services Authority before the validity period expired, the ASPM license is not valid until there is approval for license renewal from the Financial Services Authority.

Article 12

The validity period of ASPM licenses that receive renewal approval is 5 (five) years calculated from the date of approval given by the Financial Services Authority.

Article 13

If at the time of the ASPM license renewal application, the license holder still has obligations based on legislation in the financial services sector and/or Financial Services Authority decisions that have not been fulfilled, the Financial Services Authority has the right to reject the ASPM license renewal application.

CHAPTER V

DUTIES, RESPONSIBILITIES, AND AUTHORITY

Article 14

(1) ASPMs in conducting activities may provide advice and/or supervise the implementation of the application of Sharia Principles in the Capital Market and provide statements of Sharia conformity in Sharia Activities in the Capital Market. (2) In conducting activities as referred to in paragraph (1), ASPMs must base their actions on Sharia Principles in the Capital Market.

Article 15

(1) ASPMs may be appointed by companies as members of the Sharia Supervisory Board and/or members of the Sharia Expert Team in the Capital Market field.
(2) In the event that the ASPM is a business entity, the party who can sign and is responsible for the implementation of the duties of the Sharia Supervisory Board or Sharia Expert Team is the board member who holds an ASPM license.

Article 16

In the event that the ASPM is a member of the Sharia Supervisory Board, the ASPM has the following duties, responsibilities, and authority:
a. providing advice and suggestions to the Board of Directors and Board of Commissioners of the company regarding matters related to Sharia Principles in the Capital Market; b. supervising the fulfillment of the application of Sharia Principles in the Capital Market in the company's business activities;
c. conducting periodic reviews of the application of Sharia Principles in the Capital Market towards the company's business activities;
d. providing written warnings to the company's Board of Directors at the latest 2 (two) working days after the discovery of deviations and requesting the Board of Directors to immediately take corrective measures at the latest 10 (ten) working days after receipt of the written warning, with copies to the Financial Services Authority and the Board of Commissioners; e. maintaining the confidentiality of documents, data, and information of the supervised and advised company; f. requesting data and information from the company for the purpose of supervising the implementation of Sharia Principles in the Capital Market; g. accompanying the company or representing the company in discussions with the National Sharia Council - Indonesian Ulema Council; and h. providing statements of Sharia conformity regarding Sharia Principles in the Capital Market for Sharia products or services in the Capital Market.

Article 17

In the event that the ASPM is a member of the Sharia Expert Team, the ASPM has the following duties, responsibilities, and authority:
a. reviewing the fulfillment of Sharia Principles in the Capital Market for Sharia products or services issued by the company; b. providing opinions and ensuring that the Sharia Expert Team provides statements of Sharia conformity regarding Sharia Principles in the Capital Market for Sharia products or services in the Capital Market; and
c. requesting data and information from the company for the purpose of providing advice and supervising the implementation of Sharia Principles in the Capital Market.

CHAPTER VI

OBLIGATIONS

Article 18

(1) Individuals holding ASPM licenses must participate in continuing education programs organized by parties recognized by the Financial Services Authority at least once every 2 (two) years. (2) In the event that there are no continuing education programs organized by parties recognized by the Financial Services Authority, the Financial Services Authority may establish other regulations regarding the obligation to participate in continuing education programs and the organization of such programs. (3) Proof of participation in the continuing education program as referred to in paragraph (1) must be submitted to the Financial Services Authority at the latest 14 (fourteen) working days after the ASPM finishes participating in the continuing education program. (4) The obligations as referred to in paragraph (1) and the fulfillment of the requirement to attach documents of having participated in continuing education for the purpose of license renewal applications as referred to in Article 9 paragraph (2) letter e shall take effect once there is the organization of continuing education programs by parties recognized by the Financial Services Authority.

Article 19

ASPMs that are business entities must supervise their employees and are responsible for all actions taken by their employees related to the implementation of providing advice and/or supervising the implementation of Sharia Principles in the Capital Market.

CHAPTER VII

EXPERTISE STANDARDS COMMITTEE

Article 20

(1) The Expertise Standards Committee is formed by the Financial Services Authority.
(2) The Expertise Standards Committee is tasked with providing recommendations to the Financial Services Authority in the context of granting recognition for expertise certificates issued by specialized education institutions. (3) Expertise certificates as referred to in paragraph (2) are issued by specialized education institutions that meet the requirements established by the Financial Services Authority to conduct education and training for ASPM expertise. (4) Further regulations regarding the Expertise Standards Committee, requirements and procedures for granting recognition of expertise certificates, and specialized education institutions are regulated in or based on Financial Services Authority Regulations.

CHAPTER VIII
REPORTING
Article 21
(1) Capital Market Sharia Experts (ASPM) are required to submit reports to the Financial Services Authority within a maximum period of 14 (fourteen) days calculated from the date they start or cease to be members of the Sharia Supervisory Board and/or members of the Sharia Expert Team, or change their address, using the ASPM data change report format as stated in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) In the event that the submission deadline for the report as referred to in paragraph (1) falls on a holiday, the report on starting or ceasing to be a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team, or changing address, must be submitted no later than 1 (one) working day following the holiday.

Article 22
(1) ASPM is required to report its activities periodically for a period of 1 (one) year to the Financial Services Authority no later than on the 15th (fifteenth) day of January of the following year. (2) In the event that the Financial Services Authority has provided an electronic system, the submission of ASPM activity reports as referred to in paragraph (1) may be submitted through that electronic system. (3) In the event that the 15th (fifteenth) day of January falls on a holiday, the report as referred to in paragraph (1) must be submitted no later than 1 (one) working day following the holiday. (4) The report as referred to in paragraph (1) must be prepared using the ASPM activity report format as stated in the Appendix which is an integral part of this Financial Services Authority Regulation.

Article 23
(1) ASPM appointed by a company as a member of the Sharia Supervisory Board is required to compile an annual supervision report of the Sharia Supervisory Board regarding compliance with Sharia Principles in the Capital Market at the supervised company. (2) In the event that the Sharia Supervisory Board receives an assignment after the beginning of the fiscal year, the supervision report as referred to in paragraph (1) covers the period from the date the assignment was obtained until the end of the fiscal year.

CHAPTER IX
RETURN OF ASPM LICENSE
Article 24
(1) The holder of an ASPM license may return the license held by it to the Financial Services Authority using the ASPM license return letter format as stated in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The return of the ASPM license as referred to in paragraph (1) does not automatically eliminate the obligations and responsibilities of the ASPM regarding existing laws and regulations in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled, which arose while the individual or business entity held the ASPM license.

CHAPTER X
OTHER PROVISIONS
Article 25
(1) ASPM may only become a member of the Sharia Supervisory Board for a maximum of 4 (four) companies conducting Sharia Activities in the Capital Market. (2) In the event that the ASPM is a business entity, the provisions as referred to in paragraph (1) apply to the ASPM which is the management of the business entity holding the ASPM license. (3) ASPM who are members of the Sharia Supervisory Board may only hold concurrent positions as:
a. members of the Board of Directors for a maximum of 2 (two) other companies conducting activities in the Capital Market; and/or b. members of the Board of Commissioners for a maximum of 2 (two) other companies conducting activities in the Capital Market.

CHAPTER XI
SANCTION PROVISIONS
Article 26
(1) Without prejudice to criminal provisions in the Capital Market sector, the Financial Services Authority has the authority to impose administrative sanctions on any party that violates the provisions of this Financial Services Authority Regulation, including parties who cause the violation to occur, in the form of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of activity license;
d. suspension of activity license; e. revocation of activity license; f. cancellation of approval; and g. cancellation of registration.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, or g may be imposed with or without being preceded by the imposition of an administrative sanction in the form of a written warning as referred to in paragraph (1) letter a. (3) Administrative sanctions in the form of a fine as referred to in paragraph (1) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (1) letters c, d, e, f, or g.

Article 27
In addition to administrative sanctions as referred to in Article 26 paragraph (1), the Financial Services Authority may take certain actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 28
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 26 paragraph (1) and certain actions as referred to in Article 27 to the public.

CHAPTER XII
TRANSITIONAL PROVISIONS
Article 29
(1) Individuals who in the last 2 (two) years before the implementation of this Financial Services Authority Regulation were or are members of the Sharia Supervisory Board in the Capital Market sector and/or members of the Sharia Expert Team in the Capital Market sector based on the recommendation of the National Sharia Council - Indonesian Ulema Council, may continue to serve as members of the Sharia Supervisory Board and/or members of the Sharia Expert Team without having an ASPM license as referred to in Article 2 for a maximum of 2 (two) years since the implementation of this Financial Services Authority Regulation. (2) The provisions as referred to in paragraph (1) apply as long as the individual concerned reports to the Financial Services Authority no later than 6 (six) months since the implementation of this Financial Services Authority Regulation using the status report format as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team in the Capital Market sector as stated in the Appendix which is an integral part of this Financial Services Authority Regulation. (3) In the event that individuals who are currently members of the Sharia Supervisory Board and/or members of the Sharia Expert Team in the Capital Market sector as referred to in paragraph (1) do not submit reports to the Financial Services Authority within a period of 6 (six) months, the individual concerned may not carry out activities as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team without having an ASPM license. (4) Individuals as referred to in paragraph (1) are required to have an ASPM license to continue to carry out activities as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team after the end of the 2 (two) year period as referred to in paragraph (1). (5) Individuals who were previously appointed based on the recommendation of the National Sharia Council - Indonesian Ulema Council before the implementation of this Financial Services Authority Regulation, but at the time of the implementation of this Financial Services Authority Regulation are not currently members of the Sharia Supervisory Board and/or members of the Sharia Expert Team in the Capital Market sector, are required to have an ASPM license to be able to carry out activities as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team.

Article 30
(1) In the event that the application for a license as referred to in Article 29 paragraph (4) is made within a period of 2 (two) years since the implementation of this Financial Services Authority Regulation, individuals as referred to in Article 29 paragraph (2) are required to meet the integrity requirements as referred to in Article 3 paragraph (1) letter a and the competency requirements as referred to in Article 3 paragraph (1) letter b or have adequate knowledge in the Capital Market sector proven by having experience:
a. as a member of the Sharia Supervisory Board in the Capital Market sector or experience as a member of the Sharia Supervisory Board in other financial sectors for at least 1 (one) year within the last 10 (ten) years before the implementation of this Financial Services Authority Regulation; and/or b. as a member of the Sharia Expert Team in the Capital Market sector for at least 3 (three) assignments within the last 10 (ten) years before the implementation of this Financial Services Authority Regulation. (2) In the event that the application for a license as referred to in Article 29 paragraph (4) is made after the end of the 2 (two) year period as referred to in paragraph (1), individuals as referred to in Article 29 paragraph (2) and paragraph (3) are required to meet the integrity and competency requirements as referred to in Article 3 paragraph (1). (3) In the event that the ASPM license application as referred to in paragraph (1) uses the competency requirements as referred to in paragraph (1) letter a and/or letter b, the ASPM license application must be accompanied by proof of experience as a Sharia Supervisory Board and/or Sharia Expert Team in the form of a letter of statement/assignment/appointment as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team.

Article 31
(1) In the event that the Expertise Standards Committee is not functioning effectively, the knowledge certificate in the Capital Market sector for ASPM licensing as referred to in Article 3 paragraph (1) letter b number 2 letter a) may use:
a. certificates recognized by the Financial Services Authority based on Capital Market sector laws and regulations, except for the Certificate of Competence for Representative of Mutual Fund Selling Agents; b. other certificates approved by the Financial Services Authority; or
c. certificates to be issued by specific educational institutions cooperating with the Financial Services Authority.
(2) Certificates as referred to in paragraph (1) letters a and b issued from the year 2014 until the implementation of this Financial Services Authority Regulation may be used to fulfill the requirement of having adequate knowledge in the Capital Market sector in submitting ASPM license applications based on this Financial Services Authority Regulation for a maximum of 2 (two) years since the implementation of this Financial Services Authority Regulation.

CHAPTER XIII
CLOSING PROVISIONS
Article 32
This Financial Services Authority Regulation shall come into force on the date of its promulgation.

In order that everyone may know it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Determined in Jakarta on 3 November 2015 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY

signed
MULIAMAN D. HADAD

Promulgated in Jakarta on 10 November 2015
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2015 NUMBER 267 Copy in accordance with the original Legal Director 1 Ministry of Law

signed
Sudarmaji

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 16 /POJK.04/2015
REGARDING
CAPITAL MARKET SHARIA EXPERT

I. GENERAL
Market trust is very important in developing the Sharia Capital Market so that it can grow, be stable, and sustainable. One fundamental aspect in building that market trust is the existence of parties licensed by the authority to provide advice and conduct supervision regarding the implementation of Sharia Principles in the Capital Market, so that ultimately it can provide assurance to all market participants that Sharia Principles in the Capital Market are implemented consistently and sustainably. Currently, there are no regulations regarding parties who can provide advice and conduct supervision regarding the implementation of Sharia Principles in the Capital Market. In practice so far, the implementation of providing advice and supervision on Sharia Principles in the Capital Market in company business activities and providing opinions on compliance with Sharia Principles in the Capital Market for Sharia products or services in the Capital Market, is carried out by the Sharia Supervisory Board and Sharia Expert Team based on the recommendation of the National Sharia Council - Indonesian Ulema Council. In relation to this, and in an effort to accelerate the development of the Sharia Capital Market and establish standardization of requirements and competence for parties who can provide Sharia services, it is deemed necessary to regulate ASPM, including the licensing procedure for ASPM. Parties who have obtained ASPM licenses can subsequently play a role as members of the Sharia Supervisory Board or Sharia Expert Team. On the other hand, regulations regarding ASPM are also necessary to supervise parties providing Sharia services in the Capital Market, among others through regulations regarding the obligation of ASPM to submit reports on the implementation of their duties for one year.

II. ARTICLE BY ARTICLE
Article 1
Clearly stated.
Article 2
Clearly stated.
Article 3
Paragraph (1)
Letter a
Number 1
Clearly stated.
Number 2
Clearly stated.
Number 3
Clearly stated.
Number 4
Clearly stated.
Number 5
Clearly stated.
Number 6
Clearly stated.
Number 7
Clearly stated.
Number 8
Clearly stated.
Number 9
The requirement for "independent attitude" for ASPM is intended so that ASPM in providing advice and conducting supervision on the implementation of Sharia Principles in the Capital Market is done independently, namely professionally and free from the influence of the Party that assigns and uses the services of the ASPM and/or its affiliates, so that the opinions or assessments given are objective and fair. Letter b Number 1 Clearly stated. Number 2 Letter a) Clearly stated. Letter b) What is meant by "Capital Market Supporting Profession" in this letter is Capital Market Supporting Profession as referred to in the Capital Market Law. Letter c) Clearly stated. Number 3 An example of "institution recognized by the Financial Services Authority" is the National Sharia Council - Indonesian Ulema Council. Number 4 Clearly stated. Paragraph (2) Letter a Clearly stated. Letter b Number 1 Clearly stated. Number 2 What is meant by "facilities supporting the provision of advice and supervision on the implementation of Sharia Principles in the Capital Market" are facilities used by ASPM as support in the process of providing advice and supervision, such as workspace and information technology systems.
Article 4
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Letter a.
Clearly stated.
Letter b
Number 1
Clearly stated.
Number 2
Clearly stated.
Number 3
Clearly stated.
Number 4
Clearly stated.
Number 5
Clearly stated.
Number 6
Clearly stated.
Number 7
Clearly stated.
Number 8
Clearly stated.
Number 9
The answer from the management of the applicant regarding the integrity questionnaire applies to all members of the management of the applicant.
Paragraph (4)
Clearly stated
Article 5
Clearly stated.
Article 6
Clearly stated.
Article 7
Clearly stated.
Article 8
Letter a
The inactivity of the ASPM license due to the end of its validity period only applies to ASPM licenses for individuals because the license has a validity period of 5 (five) years. Letter b Clearly stated. Letter c Clearly stated. Letter d Clearly stated.
Article 9
Clearly stated.
Article 10
Clearly stated.
Article 11
Clearly stated.
Article 12
Clearly stated.
Article 13
Clearly stated.
Article 14
Clearly stated.
Article 15
Paragraph (1)
Clearly stated.
Paragraph (2)
What is meant by "management" includes:
a. for business entities in the form of a public company, the Board of Directors as referred to in the Law on State-Owned Enterprises; b. for business entities in the form of a Limited Liability Company, the Board of Directors as referred to in the Law on Limited Liability Companies; and
c. for business entities in the form of a Cooperative, the management as referred to in the Law on Cooperatives.
Article 16
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
To represent the company in discussions with the National Sharia Council - Indonesian Ulema Council, ASPM needs to obtain a power of attorney from the company. Letter h Clearly stated.
Article 17
Clearly stated.
Article 18
Paragraph (1)
An example of "party recognized by the Financial Services Authority" is an association or other institution appointed by the Financial Services Authority. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) The advanced education program may consist of financial education in the Sharia Capital Market sector and/or the general Capital Market sector. What is meant by "recognition from the Financial Services Authority" includes:
a. approval from the Financial Services Authority to other parties applying to conduct education in the Capital Market sector; and/or b. appointment by the Financial Services Authority to other parties to conduct education in the Capital Market sector.
Article 19
Clearly stated.
Article 20
Clearly stated.
Article 21
Clearly stated.
Article 22
Clearly stated.
Article 23
Clearly stated.
Article 24
Clearly stated.
Article 25
Paragraph (1)
ASPM appointed as a member of the Sharia Supervisory Board on an Investment Manager managing more than 1 (one) Sharia Mutual Fund is counted as 1 (one) position in 1 (one) company. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated.
Article 26
Clearly stated.
Article 27
What is meant by "certain actions" includes, among others, delaying the granting of ASPM license extensions.
Article 28
Clearly stated.
Article 29
Paragraph (1)
What is meant by "may continue to serve as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team" is that the individual may continue to serve as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team to continue their duties at that company or become a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team at another company. At the time of the implementation of this Financial Services Authority Regulation, members of the Sharia Supervisory Board and/or members of the Sharia Expert Team as referred to in this paragraph include members of the Sharia Supervisory Board and/or members of the Sharia Expert Team in the context of Sukuk issuance, Sharia Stock issuance, Sharia Mutual Fund issuance, and Sharia Asset-Backed Securities issuance. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated.
Article 30
Clearly stated.
Article 31
Paragraph (1)
What is meant by "functioning effectively" is that the Expertise Standards Committee has given recommendations for expertise certificates issued by specialized educational institutions in the Capital Market sector. Paragraph (2) Clearly stated.
Article 32
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5756

APPENDIX
FINANCIAL SERVICES AUTHORITY
REGULATION NUMBER 16/POJK.04/2015
REGARDING
CAPITAL MARKET SHARIA EXPERT

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA

CAPITAL MARKET SHARIA EXPERT LICENSE APPLICATION (for individual applicants)
Number : ............... , ................................
Attachment :
Subject : ASPM License Application
To
Honorable Head of Capital Market Supervision Executive Financial Services Authority in Jakarta

Hereby I apply for an ASPM license. As consideration material, I submit the following data:

Applicant Name : ..................................................................
Applicant Address : ..................................................................
(street name and number)
.......................................... -
(city and postal code)
Applicant Telephone Number : ..................................................................
To complete this application, I attach the following documents:
latest signed curriculum vitae;
statement letter of integrity requirement fulfillment with sufficient stamp duty and signed;
photocopy of valid Identity Card (KTP);
domicile letter (if there is a difference between domicile address and Identity Card address);
2 (two) sheets of latest passport-size photos with red background and size 4x6 cm;
letter of name difference from competent official/institution, if there is a difference between the applicant's name and the attached documents.
copy of the latest formal education diploma;
answer to the applicant's integrity questionnaire in accordance with the signed integrity questionnaire;
photocopy of muamalah Sharia knowledge certificate from an institution recognized by the Financial Services Authority;
recommendation from the National Sharia Council - Indonesian Ulema Council; and
photocopy of:
a. Capital Market knowledge certificate recognized by the Financial Services Authority and issued by a specialized educational institution in the Capital Market based on the recommendation of the Expertise Standards Committee; b. individual license from the Financial Services Authority as Representative of Securities Underwriter, Representative of Securities Broker, or Representative of Investment Manager;
c. registration certificate at the Financial Services Authority as a Capital Market Supporting Profession; or
d. proof of work experience at Capital Market supervisory institutions and/or organizations authorized by the Capital Market Law to regulate and/or supervise the Capital Market industry in duties and functions related to the regulation and/or supervision of the Capital Market.

Thus this application is submitted and thank you for your attention.
Applicant,
Stamp Duty
..............................................

CAPITAL MARKET SHARIA EXPERT LICENSE APPLICATION (for business entity applicants)
Number : ............... , ................................
Attachment :
Subject : ASPM License Application
To
Honorable Head of Capital Market Supervision Executive Financial Services Authority in Jakarta

Hereby we apply for an ASPM license. As consideration material, we submit the following data:

Name of Business Entity Leader
: .....................................................................
Name of Business Entity : .....................................................................
Business Activity : .....................................................................
Complete Address of Business Entity
: ......................................................................
(street name and number)
................................................. - (city and postal code)
Telephone Number of Business Entity
: ......................................................................
To complete this application, we attach the following documents:
photocopy of the business entity's deed of establishment approved by the competent institution, and the latest articles of association or similar documents that have obtained approval from the competent institution;
organizational structure and management of the business entity and a list of employees who have knowledge and/or experience in muamalah Sharia finance and general finance;
proof of ASPM license ownership by at least 1 (one) management member and 1 (one) other employee;
business entity standard operating procedures;
photocopy of the business entity's Taxpayer Identification Number (NPWP);
statement letter of integrity requirement fulfillment for business entity management members with sufficient stamp duty and signed;
statement letter with sufficient stamp duty signed by the business entity leader stating that ASPM activities will be carried out in accordance with laws and regulations in the Capital Market sector and other laws and regulations;
management's answer to the signed integrity questionnaire; and

Thus this application is submitted and thank you for your attention.
Applicant,
Stamp Duty
..............................................
(clear name and signature of business entity leader)

CURRICULUM VITAE LIST
Personal Data

Name : .............................................................................
Place & date of birth : .............................................................................
Gender : .............................................................................
Religion : .............................................................................
Nationality : .............................................................................
Address : ..............................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : ..............................................................................
Mobile phone number : .............................................................................
Email : .............................................................................
Individual licenses
held
: 1) ...................................................................

...................................................................
Education History

Formal
Education Level Major/Specialization Name/Place Year of Graduation
Non-Formal (certified)
Course/Seminar Organizer Year
Professional Education (Profession)
Certification Organizer Year of Graduation
Work History
Company Name Position Job Description Start Date End Date Reason for Leaving
..............., ...................................
(place and date)
....................................................

INTEGRITY REQUIREMENTS DECLARATION LETTER
(for individual applicants)
I, the undersigned below:

Name : ........................................................................................
Full address : .........................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .........................................................................................
hereby declare that I:
a. am competent/incompetent*) to perform legal acts; b. have good ethics and morality;
c. have/have not*) committed disgraceful acts and/or been punished for proven criminal offenses in the financial services sector;
d. have/have not*) been sanctioned in carrying out Sharia activities in the Capital Market due to non-compliance with Sharia Principles in the Capital Market, Financial Services Authority Regulations, and/or other relevant Sharia-related Capital Market laws and regulations in the last 3 (three) years; e. have/have not*) been subject to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years; f. have/have not*) been declared bankrupt or been a manager declared guilty causing a company to be declared bankrupt in the last 5 (five) years; g. have a commitment to comply with laws and regulations; h. have a commitment to the development of the Sharia Capital Market; and
i. have an independent attitude in carrying out activities in the Capital Market sector.
This declaration is made truthfully for use as appropriate.
..............., ...............................
(place and date)
Applicant
Stamp
..................................................
Note:
*) strike out what is not needed

INTEGRITY REQUIREMENTS DECLARATION LETTER
(all management members for applicants in the form of a business entity) I, the undersigned below:

Name : ....................................................................................
Position : ........... (name of position as management of the ASPM applicant business entity)
Business entity name : ....................................................................................
Full address : .....................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .....................................................................................
hereby declare that I:
a. am competent/incompetent*) to perform legal acts; b. have good ethics and morality;
c. have/have not*) committed disgraceful acts and/or been punished for proven criminal offenses in the financial sector;
d. have/have not*) been subject to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years; e. have/have not*) been declared bankrupt or been a manager declared guilty causing a company to be declared bankrupt in the last 5 (five) years; f. have a commitment to comply with laws and regulations; g. have a commitment to the development of the Sharia Capital Market; and h. act independently in carrying out activities in the Capital Market sector. This declaration is made truthfully for use as appropriate.
..............., ...............................
(place and date)
Stamp
..................................................
Note:
*) strike out what is not needed

INTEGRITY QUESTIONNAIRE LIST
I. INSTRUCTIONS FOR ANSWERING QUESTIONS

All questions must be answered by the applicant/all management members for applicants in the form of a business entity.
Place a checkmark (☒) in the box in front of the word “Yes”, if the answer of the applicant/management is “Yes”, or place a checkmark (☒) in the box in front of the word “No” if the answer of the applicant/Management to the following questions is “No”.
For every “Yes” answer, the applicant/all management members must provide a detailed and clear answer on a separate sheet which includes among others:
a. The relevant institutions; b. Cases and dates of actions taken;
c. The court or institution taking action; and
d. Actions and sanctions taken.
II. APPLICANT INTEGRITY
Definition
Investment is activities regarding Securities, banking, insurance, pension funds, cooperatives, other financial institutions, including activities, whether direct or indirect, related to Securities Companies, Investment Advisors, Banks or other companies operating in the financial sector, and/or other investment activities in the real sector such as housing or real estate businesses. Answer the following questions:
In the last 10 (ten) years, have you been punished for:
a. criminal offenses related to investment? yes no b. or other crimes? yes no
Has the court:
a. declared you bankrupt? yes no b. in the last 10 (ten) years, prohibited you from activities related to investment?
c. declared you guilty of involvement in legal violations (criminal offenses) related to investment and/or involvement in legal violations of laws and regulations in the financial services sector?
d. frozen/stopped temporarily, restricted, or revoked licenses (or other permits similar to licenses) that you hold?
Has the Financial Services Authority ever:
a. stated and/or found that you made false, misleading, or dishonest, unfair or unethical statements, or were negligent in providing information that should have been provided? b. stated and/or found that you were involved in violations of laws and regulations in the Capital Market sector?
c. declared you guilty of involvement in investment activities so that the business license (or other permits similar to business licenses) of other companies were frozen, restricted, or revoked/canceled?
d. rejected your application for License, Approval, or Registration/Registered Letter? e. imposed sanctions by freezing, restricting activities, or revoking/canceling Licenses, Approvals, or Registrations/Registered Letters that you hold, such as Registered Letters as Capital Market Supporting Professions such as Accountants, Legal Consultants, Appraisers, or Notaries?
Have other competent authorities ever:
a. stated and/or found that you made false, misleading, or dishonest, unfair or unethical statements? yes no b. stated and/or found that you were involved in violations of laws and regulations related to investment activities? yes no
c. stated and/or found that you caused a company related to Investment whose business license application was rejected or whose business license (or other permits similar to business licenses) were frozen/stopped temporarily, restricted, or revoked?
yes no d. ordered to prohibit you from involvement in investment activities in the last 10 (ten) years? yes no e. rejected license applications (other permits similar to licenses), or frozen/stopped temporarily, restricted, or revoked licenses (other permits similar to licenses) that you hold to operate in investment activities? yes no f. rejected license applications (other permits similar to licenses), or frozen/stopped temporarily, restricted, or revoked licenses (other permits similar to licenses) that you hold to operate in activities other than investment activities, such as Registered Letters as Capital Market Supporting Professions such as Accountants, Legal Consultants, Appraisers, or Notaries? yes no
Has the Stock Exchange ever:
a. stated and/or found that you made false, misleading, or dishonest, unfair or unethical statements, or were negligent in providing information that should have been provided? yes no b. stated and/or found that you were involved in violations of Stock Exchange Regulations? yes no
c. disciplined you by issuing or temporarily stopping the Securities Company where you work from membership of a Stock Exchange caused by your error, by restricting or temporarily stopping the relationship of the said Securities Company with other Stock Exchange members.
yes no
Has a foreign court ever declared that you were guilty due to criminal charges or civil lawsuits related to investment?
yes no
Are you currently a party to a lawsuit in court?
yes no
Do you have commitments, specific ties, or contingent obligations to third parties whose cases are being processed in court or have obtained court decisions?
yes no
.........., ...........................
(place and date)
Applicant,
Stamp
..............................................

BUSINESS ENTITY MANAGEMENT DECLARATION LETTER
I, the undersigned below:
Name : ......................................................................................
Position : ........... (name of position as management of the ASPM applicant business entity)
Business entity name : ......................................................................................
Full address : .......................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .......................................................................................
Email : .......................................................................................
hereby declare that the company will carry out activities as an ASPM in accordance with laws and regulations in the Capital Market sector and other applicable regulations. This declaration is made truthfully for use as appropriate.
..............., .................................
(place and date)
Stamp
..................................................
(name and signature)

CAPITAL MARKET SHARIA EXPERT LICENSE EXTENSION APPLICATION LETTER
Number : ............... , ................................
Attachments:
Subject : ASPM License Extension Application
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
Hereby we apply for an ASPM license extension in accordance with the Decision of the Financial Services Authority Commissioners Number .................. dated ................... As consideration material, we submit the following data:

Applicant name : ........................................................................................
Full address : .........................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .........................................................................................
To complete this application, we attach the following documents:
a. the latest signed curriculum vitae list (if there are data changes from the curriculum vitae list at the time of the ASPM license application); b. photocopy of a valid Identity Card;
c. 2 (two) sheets of recent passport-size photos with a red background and 4x6 cm size;
d. copy of the latest formal education diploma (in case of changes); e. photocopy of continuing education documents implemented between the effective date and the expiration date of the ASPM license; and f. domicile letter (if there is a difference between the domicile address and the Identity Card address). We hereby submit this application and thank you for your attention. Applicant, Stamp
.........................................

CAPITAL MARKET SHARIA EXPERT DATA CHANGE REPORT (for ASPM license holders who are individuals)
Number : ............... , ................................
Attachments:
Subject : ASPM Data Change Report
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
I, the undersigned below:

Name : ................................................................................
Full address : .................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .................................................................................
ASPM License Decision Number : .................................................................................
ASPM License Decision Date : .................................................................................
in accordance with Article ... of Financial Services Authority Regulation Number ............. concerning Capital Market Sharia Experts dated ……………., reporting that I started working on…………./have stopped working as a member of the Sharia Supervisory Board on ………………(company name)/member of the Sharia Expert Team........................) and/or moved address to………………… (new address) since date ...................
In relation to this, we enclose supporting documents in the form of appointment letters as members of the Sharia Supervisory Board on ………………(company name)/members of the Sharia Expert Team........................) and/or address change*). This is submitted, thank you for your attention.
..............................................
Note:
*) filled in according to the data changes that occurred

CAPITAL MARKET SHARIA EXPERT DATA CHANGE REPORT (for ASPM license holders in the form of a business entity)
Number : ............... , ................................
Attachments:
Subject : ASPM Data Change Report
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
I, the undersigned below:

Name : ................................................................................
Business entity name :
Full address : .................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .................................................................................
ASPM License Decision Number : .................................................................................
ASPM License Decision Date : .................................................................................
in accordance with Article ... of Financial Services Authority Regulation Number ............. concerning Capital Market Sharia Experts, for and on behalf of ............... (business entity name) the holder of the ASPM license mentioned above, hereby report that ............... (business entity name) started working on…………./has stopped working as a member of the Sharia Supervisory Board on ………………(company name)/member of the Sharia Expert Team........................) and/or moved address to………………… (new address) since date ...................
In relation to this, we enclose supporting documents in the form of appointment letters as members of the Sharia Supervisory Board on ………………(company name)/members of the Sharia Expert Team........................) and/or address change*). This is submitted, thank you for your attention.
...............................................
Note:
*) filled in according to the data changes that occurred

CAPITAL MARKET SHARIA EXPERT ACTIVITY REPORT
Number : ............... , ................................
Attachments:
Subject : Submission of Activity Report
Capital Market Sharia Expert Activity Year..….....
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
With respect,
In relation to the implementation of Financial Services Authority Regulation Number ….....… dated ……… about Capital Market Sharia Experts, we enclose herewith our activity report as an ASPM in the year…….. This is submitted.
.................................................

CAPITAL MARKET SHARIA EXPERT ACTIVITY REPORT
Year ..........

As a member of the Sharia Supervisory Board *)
No. Company Name (where the relevant person is a member of the Sharia Supervisory Board) Period Number and date of Decision Letter/Appointment Letter/General Meeting of Shareholders Decision) Remarks 1. 2. 3.
As a member of the Sharia Expert Team *)
No. Company Name (where the relevant person is a member of the Sharia Expert Team) Period Number and date of Decision Letter/Appointment Letter/Appointment) Remarks 1. 2. 3.
Activities other than as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team
No. Company Name/Product/Party receiving services Activity Time Remarks 1.
List scientific works, books, or published writings *) :
a. ............................................................................................................
b. ............................................................................................................
c. ............................................................................................................
Note:
*) If none, fill in "none".
) Photocopy of supporting evidence is attached.
.............., ...................................
(place and date)
...................................................

CAPITAL MARKET SHARIA EXPERT LICENSE RETURN LETTER (for ASPM license holders who are individuals)
Number : ............... , ................................
Attachments:
Subject : ASPM License Return
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
I, the undersigned below:

Name : ................................................................................
Full address : .................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .................................................................................
hereby voluntarily return the ASPM license that has been granted by the Financial Services Authority to me. The reason for my returning the license is ...............................................................
In relation to this, we enclose the original Decision of the Financial Services Authority Commissioners Number ........... dated ........ about the Granting of Capital Market Sharia Expert License to me. This is submitted, thank you for your attention.
..............................................

CAPITAL MARKET SHARIA EXPERT LICENSE RETURN LETTER (for ASPM license holders in the form of a business entity)
Number : ............... , ................................
Attachments:
Subject : ASPM License Return
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
I, the undersigned below:

Name : ....................................................................................
Position : ........... (name of position as management of the ASPM applicant business entity)
Business entity name : ....................................................................................
Full address : .....................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone number : .....................................................................................
hereby voluntarily return the ASPM license that has been granted by the Financial Services Authority to .......................... (business entity name).
The reason for .......................... (business entity name) returning the ASPM license is .......................................................................................................
In relation to this, we enclose the original Decision of the Financial Services Authority Commissioners Number ........... dated ............ about the Granting of Capital Market Sharia Expert License to ........... (business entity name). This is submitted, thank you for your attention.
..............................................

REPORT ON STATUS AS MEMBER OF THE SHARIA SUPERVISORY BOARD

AND/OR MEMBER OF THE SHARIA EXPERT TEAM

Number: ............... , ................................
Attachment:
Subject: Report on Status as Member of the Sharia Supervisory Board/Sharia Expert Team/Sharia Supervisory Board and Sharia Expert Team *)

The Executive Head of Capital Market Supervision Financial Services Authority in Jakarta

In connection with the implementation of the Financial Services Authority Regulation Number ........................ regarding Capital Market Sharia Experts dated ....................,

I hereby:

Name: ........................................................................................
Complete Address: .........................................................................................
(street name and number)
................................................. - (city and postal code)
Telephone Number: .........................................................................................
Email: .........................................................................................

report that in the 2 (two) years prior to the implementation of the aforementioned Financial Services Authority Regulation, I have been or am currently a member of the Sharia Supervisory Board in the Capital Market sector and/or a member of the Sharia Expert Team in the Capital Market sector, based on the recommendation of the National Sharia Council - Indonesian Ulema Council, with details as listed in the curriculum vitae as a Member of the Sharia Supervisory Board/Sharia Expert Team/Sharia Supervisory Board and Sharia Expert Team.

To complete this report, I hereby attach the following documents:

a. the latest signed curriculum vitae; b. the list of history as a Member of the Sharia Supervisory Board/Sharia Expert Team/Sharia Supervisory Board and Sharia Expert Team;

c. photocopy of a valid Identity Card;
d. domicile letter; e. 2 (two) sheets of recent passport-sized photographs with a red background and size 4x6 cm; f. copy of the last formal education diploma (if any); g. recommendation letter from the Indonesian Ulema Council as a Member of the Sharia Supervisory Board/Sharia Expert Team/Sharia Supervisory Board and Sharia Expert Team *); and h. proof of letter of explanation/assignment/appointment as a member of the Sharia Supervisory Board and/or member of the Sharia Expert Team from the company.

Thus, I submit this application and thank you for your attention.

Applicant,

Stamp Duty

.........................................

Issued in Jakarta
on date 3 November 2015

CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,

signed

MULIAMAN D. HADAD

Copy matches the original
Legal Director 1
Legal Department