Financial Services Authority Regulation Number 19/POJK.04/2020 Concerning Commercial Banks Conducting Activities as Trustee

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 19 /POJK.04/2020
CONCERNING
COMMERCIAL BANKS CONDUCTING ACTIVITIES AS TRUSTEE BY THE GRACE OF GOD THE MOST HIGH, THE COMMISSIONER COUNCIL OF THE FINANCIAL SERVICES AUTHORITY Considering: a. that commercial banks conducting activities as trustees play an important role in the issuance of debt securities and/or sukuk by issuers, namely representing the interests of debt securities and/or sukuk holders both in and out of court, and must comply with statutory regulations; b. that trustees play a very important role as supporting institutions in capital market activities, so it is necessary to regulate again regarding commercial banks conducting activities as trustees to strengthen the independence, objectivity, and professionalism of trustees;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Commercial Banks Conducting Activities as Trustees;
Recalling: 1. 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);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia
Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253); DECIDING:
Decree: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING COMMERCIAL BANKS CONDUCTING ACTIVITIES AS TRUSTEE.
CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Trustee is a party that represents the interests of debt securities and/or sukuk holders.
2. Public Offering is the offering activity of securities conducted by an Issuer to sell securities to the public based on procedures regulated in the Law concerning the capital market and its implementing regulations.
3. Issuer is a party that conducts a public offering.
4. Commercial Bank is a bank that conducts business activities conventionally and/or based on Sharia principles, which in its activities provides services in the payment circuit as referred to in the Law concerning banking.
5. Securities are negotiable instruments, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, investment contract units, futures contracts over Securities, and any derivatives of Securities.
6. Sukuk are Sharia securities in the form of certificates or proof of ownership that have equal value and represent an inseparable or undivided share (syuyu’/undivided share) over the underlying assets.
7. Trusteeship Contract is an agreement between the Issuer and the Trustee in the context of the issuance of debt securities and/or Sukuk made in the form of a notarial deed.
8. Affiliation is:
   a. family relationship due to marriage and descent up to the second degree, both horizontally and vertically; b. relationship between a Party with employees, directors, or commissioners of said Party;
   c. relationship between 2 (two) companies where there is one or more members of the board of directors or board of commissioners that are the same;
   d. relationship between a company and a Party, directly or indirectly, controlling or controlled by said company; e. relationship between 2 (two) companies controlled, directly or indirectly, by the same Party; or f. relationship between a company and major shareholders.
   CHAPTER II
   REGISTRATION OF COMMERCIAL BANKS AS TRUSTEES
   Section One
   Registration Documents
   Article 2
   Commercial Banks conducting activities as Trustees must first be registered with the Financial Services Authority and meet the requirements as regulated in this Financial Services Authority Regulation.

Article 3
(1) The application for registration of a Commercial Bank as a Trustee is submitted to the Financial Services Authority according to the format of the Application for Registration of Commercial Banks as Trustees. (2) The format of the Application for Registration of Commercial Banks as Trustees as referred to in paragraph (1) is contained in the Appendix which is an integral part of this Financial Services Authority Regulation.
Article 4
(1) The registration application as referred to in Article 3 must be accompanied by documents and information as follows:
a. articles of association; b. photocopy of the Company Taxpayer Identification Number (NPWP);
c. business license as a Commercial Bank;
d. financial report of the last year which has been audited by an accountant registered with the Financial Services Authority; e. recommendation from the banking sector supervisor of the Financial Services Authority; f. operational guidelines regarding the Trustee activities to be conducted; g. statement from the board of directors members containing that the administration of Trustee activities is separate from other Commercial Bank activities; h. list of names of board of directors members, board of commissioners members, and board of Sharia supervisory members accompanied by a list of resumes, photocopies of Taxpayer Identification Number cards, and photocopies of valid Identity Cards or Passports;

i. list of responsible officials and experts in the field of trusteeship accompanied by:

1. latest resume of at least 3 (three) years which has been signed on sufficient stamp duty;
2. photocopy of Identity Card;
3. latest color passport-sized photos sized 4x6 cm with a red background amounting to 2 (two) sheets;
4. photocopy of proof of citizenship for foreign citizens;
5. photocopy of the company's Foreign Worker Employment Permit; and
6. photocopy of the highest formal education diploma; and
   j. technical considerations.
   (2) The operational guidelines as referred to in paragraph (1) letter f must at least contain:
   a. the organizational structure of the Commercial Bank containing the organizational structure of the Trustee; and b. a list of employees and division of labor in trusteeship activities.
   Section Two
   Review of Applications for Registration of Commercial Banks as Trustees
   Article 5
   The Financial Services Authority may request additional documents and/or information to support the fulfillment of requirements as referred to in Article 4.

Article 6
In the event that the registration application as referred to in Article 4 meets the requirements, within a maximum of 45 (forty-five) days since the receipt of the complete application, the Financial Services Authority establishes a certificate of registration of the Commercial Bank as a Trustee.

Article 7
(1) In the event that the registration application as referred to in Article 4 does not meet the requirements, within a maximum of 45 (forty-five) days since the receipt of said application, the Financial Services Authority provides a notification letter to the applicant stating that:
a. the registration application is incomplete; or b. the registration application is rejected because it does not meet the requirements; (2) In the event that the Financial Services Authority does not provide a notification letter to the applicant within the time frame as referred to in paragraph (1), the registration application as referred to in Article 3 is deemed to have met the requirements.
Article 8
Commercial Banks that do not complete the missing required documents and/or missing documents are not accepted by the Financial Services Authority within 45 (forty-five) days after the date of the notification letter, as referred to in Article 7 paragraph (1) letter a, are deemed to have cancelled the application for registration of the Commercial Bank as a Trustee that has been submitted, and the Commercial Bank can submit a new application.
Article 9
Documents that have been submitted to the Financial Services Authority become the property of the Financial Services Authority.

CHAPTER III
CORE TASKS AND RESPONSIBILITIES, OBLIGATIONS, AND PROHIBITIONS OF COMMERCIAL BANKS CONDUCTING ACTIVITIES AS TRUSTEES
Section One
Core Tasks and Responsibilities of Commercial Banks Conducting Activities as Trustees
Article 10
(1) Commercial banks conducting activities as Trustees are required to perform core tasks and responsibilities including:
a. representing the interests of debt securities and/or Sukuk holders, both in and out of court in accordance with the Trusteeship Contract, Financial Services Authority Regulations concerning Trusteeship Contracts of debt securities and/or Sukuk, and statutory regulations; b. binding themselves to perform core tasks and responsibilities as referred to in letter a since signing the Trusteeship Contract with the Issuer;
c. implementing provisions based on the Trusteeship Contract and other documents related to the Trusteeship Contract; and
d. providing all explanations or information regarding the implementation of trusteeship duties to the Financial Services Authority.
(2) The core task and responsibility of representing the interests of debt securities and/or Sukuk holders becomes effective from the time the debt securities and/or Sukuk have been allocated to investors.

Section Two
Obligations of Commercial Banks Conducting Activities as Trustees
Article 11
(1) Commercial Banks that have been registered as Trustees with the Financial Services Authority are required to:
a. perform duties in good faith, carefully, and with full caution in accordance with the Trusteeship Contract, Financial Services Authority Regulations concerning Trusteeship Contracts of debt securities and/or Sukuk, and statutory regulations; b. obey the operational guidelines for trusteeship activities;
c. submit activity reports to the Financial Services Authority including:

1. semi-annual reports regarding activities of Commercial Banks conducting activities as Trustees at the latest 30 (thirty) days after the reporting period; and
2. annual reports regarding activities of Commercial Banks conducting activities as Trustees at the latest 60 (sixty) days after the reporting period,
   according to the format contained in the Appendix of Trustee Reports which is an integral part of this Financial Services Authority Regulation. d. submit reports regarding important events concerning trusteeship activities to the Financial Services Authority at the latest 2 (two) working days after the occurrence of the event or since the event was known; e. submit reports on the replacement of Trustees to the Financial Services Authority at the latest 2 (two) working days after the appointment of the new Trustee which at least contains:
3. reasons for replacement; and
4. name of the new Trustee.
   f. submit to the Financial Services Authority all reporting obligations related in the Trusteeship Contract; g. submit to the Financial Services Authority every change concerning data and information of Commercial Banks conducting activities as Trustees as referred to in Article 4 letters f, i, and j, at the latest 14 (fourteen) days after the occurrence of the change accompanied by supporting documents; and h. administer, store, and maintain records, books, data, and written information related to Issuers using the services of Commercial Banks conducting activities as Trustees for at least a period of 5 (five) years since all obligations of the Issuer to debt securities and/or Sukuk holders have been fulfilled. (2) Semi-annual reports regarding activities of Commercial Banks conducting activities as Trustees as referred to in paragraph (1) letter c number 1 must at least contain:
   a. the number and type of debt securities and/or Sukuk still in circulation; b. payment of principal and/or interest, profit sharing, margin, or remuneration of debt securities and/or Sukuk;
   c. the number of debt securities and/or Sukuk that have been converted into shares, if there are debt securities and/or Sukuk that are converted into shares;
   d. the percentage of credit and/or financing relationships from debt securities and/or Sukuk that are under trusteeship, if there are credit and/or financing relationships from debt securities and/or Sukuk that are under trusteeship; and e. the supervision implementation that has been conducted by the Trustee against the Issuer. (3) Annual reports regarding activities of Commercial Banks conducting activities as Trustees as referred to in paragraph (1) letter c number 2 must at least contain:
   a. the number and type of debt securities and/or Sukuk still in circulation; b. payment of principal and/or interest, profit sharing, margin, or remuneration of debt securities and/or Sukuk;
   c. the number of debt securities and/or Sukuk that have been converted into shares, if there are debt securities and/or Sukuk that are converted into shares;
   d. the percentage of credit and/or financing relationships from debt securities and/or Sukuk that are under trusteeship, if there are credit and/or financing relationships from debt securities and/or Sukuk that are under trusteeship; and e. the supervision implementation that has been conducted by the Trustee against the Issuer. (4) Records, books, data, and written information that must be administered, stored, and maintained include:
   a. Trusteeship Contracts; b. contracts related to the provision of guarantees and proof of ownership or control over pledged assets;
   c. records, minutes, and/or reports regarding the number and type of debt securities and/or Sukuk still in circulation and those that have been settled;
   d. records, minutes, and/or reports regarding supervision implementation against the Issuer including actions taken by the Trustee due to non-fulfillment of Trusteeship Contract requirements; e. records, minutes, and/or reports regarding general meetings of debt securities and/or Sukuk holders; f. records, minutes, and/or reports regarding the number and type of debt securities and/or Sukuk that can be converted into shares; g. a list of Issuers using Trustee services; and h. operational guidelines for Trustees. (5) In the event that the deadline as referred to in paragraph (1) letter c, and letter g falls on a holiday, the submission of reports must be submitted at the latest on the 1 (one) next working day. (6) In the event that report submission exceeds the deadline as referred to in paragraph (5), the calculation of the number of days of delay in report submission is calculated from the first day after the final deadline for report submission as referred to in paragraph (5). (7) Commercial Banks conducting activities as Trustees are declared late in submitting reports as referred to in paragraph (1) letter c, letter d, letter e, and letter g if reports are submitted after the final deadline for report submission as referred to in paragraph (1) letter c, letter d, letter e, and letter g up to 30 (thirty) days thereafter. (8) Commercial Banks conducting activities as Trustees are declared not to have submitted reports as referred to in paragraph (1) letter c, letter d, letter e, and letter g if reports have not been submitted after the final deadline for report submission delay as referred to in paragraph (7).

(9) Reports as referred to in paragraph (1) letter c, letter d, letter e, letter f, and letter g are submitted in the form of printed documents and/or electronic document copies. (10) Documents as referred to in paragraph (1) letter h must be stored in a safe place and separate from other bank activities and must be available at all times for the interest of Financial Services Authority examinations.
Section Three
Prohibitions for Commercial Banks Conducting Activities as Trustees
Article 12
(1) Commercial Banks conducting activities as Trustees are prohibited from:
a. having an Affiliation relationship with the Issuer except if such Affiliation relationship occurs due to ownership or capital participation by the government; b. having a credit and/or financing relationship with the Issuer in an amount exceeding 25% (twenty-five percent) of the amount of debt securities and/or Sukuk under trusteeship;
c. receiving and requesting early settlement of the Issuer's obligations to the Commercial Bank conducting activities as a Trustee as a creditor in the event the Issuer experiences financial difficulties, so that it is unable to fulfill its obligations to debt securities and/or Sukuk holders; and/or
c. holding concurrent positions as guarantor and/or provider of collateral in the issuance of debt securities, Sukuk, and/or Issuer obligations.

(2) Credit and/or financing relationships as referred to in paragraph (1) letter b do not include transactions:
a. placement or investment of Commercial Bank funds as a Trustee to other banks, purchase of securities including Sukuk from the Issuer under trusteeship; and b. administrative accounts. (3) Prohibitions as referred to in paragraph (1) apply from the signing of the Trusteeship Contract until the end of the duties of the Commercial Bank conducting activities as a Trustee.
CHAPTER IV
CANCELLATION OF REGISTRATION CERTIFICATES
Article 13
The certificate of registration of a Commercial Bank as a Trustee can be cancelled by the Financial Services Authority based on the following grounds:
a. The Commercial Bank conducting activities as a Trustee submits a request for cancellation of the Trustee registration certificate to the Financial Services Authority; b. The Commercial Bank conducting activities as a Trustee no longer meets the provisions to perform functions as a Trustee in accordance with statutory regulations; or
c. The Commercial Bank conducting activities as a Trustee is proven to have violated provisions in the financial services sector legislation.
Article 14
The application letter for cancellation of the registration certificate of a Commercial Bank as a Trustee as referred to in Article 13 letter a is accompanied by documents as follows:

a. information regarding the reasons for the cancellation request; b. the certificate of registration of the Commercial Bank as a Trustee from the Financial Services Authority;
c. proof of announcement of the plan to cancel the registration certificate at least in 1 (one) national daily Indonesian language newspaper and the website of the Commercial Bank conducting activities as a Trustee; and
d. a report on the settlement of rights and obligations of the Commercial Bank conducting activities as a Trustee to the Financial Services Authority and debt securities and/or Sukuk holders accompanied by supporting evidence.
Article 15
In the event that the Financial Services Authority has approved the request for cancellation of the registration certificate of a Commercial Bank as a Trustee as referred to in Article 13 letter a:
a. the certificate of registration of the Commercial Bank as a Trustee is cancelled and declared invalid; and b. the relevant Commercial Bank is prohibited from conducting activities as a Trustee in the capital market since the date of the decision letter on the cancellation of the registration certificate of the Commercial Bank as a Trustee.
CHAPTER V
OTHER PROVISIONS
Article 16
(1) In the event that the Financial Services Authority has provided an electronic system, the application for registration of a Commercial Bank as a Trustee as referred to in Article 3 and/or reporting obligations as referred to in Article 11 paragraph (1) letters c, d, e, f, and g must be submitted through said electronic system.

(2) In the event that the electronic system as referred to in paragraph (1) experiences technical disturbances or a force majeure situation occurs, the application for registration of a Commercial Bank as a Trustee as referred to in Article 3 and/or reporting obligations as referred to in Article 11 paragraph (1) letters c, d, e, f, and g can be done in the form of printed documents.
CHAPTER VI
ADMINISTRATIVE SANCTIONS
Article 17
(1) Any party that violates provisions as referred to in Article 10, Article 11, and Article 12 is subject to administrative sanctions.
(2) Sanctions as referred to in paragraph (1) are also imposed on parties who cause the occurrence of violations as referred to in paragraph (1).
(3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority.
(4) Administrative sanctions as referred to in paragraph (1) include:
a. written warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; and/or g. cancellation of registration.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, f, or g can be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a.

(6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b can be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letters c, d, e, f, or g. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with statutory regulations.
Article 18
In addition to administrative sanctions as referred to in Article 17 paragraph (4), the Financial Services Authority can take certain actions against any party that violates the provisions of this Financial Services Authority Regulation.
Article 19
The Financial Services Authority can announce the imposition of administrative sanctions as referred to in Article 17 paragraph (4) and certain actions as referred to in Article 18 to the public.
Article 20
(1) Commercial Banks conducting activities as Trustees that are declared late in submitting:
a. semi-annual reports and annual reports as referred to in Article 11 paragraph (1) letter c; b. reports regarding important events as referred to in Article 11 paragraph (1) letter d;
c. reports on the replacement of Trustees as referred to in Article 11 paragraph (1) letter e; and/or
d. reports on changes and information related to Trustees as referred to in Article 11 paragraph (1) letter g; are subject to administrative sanctions in the form of fines of IDR 100,000.00 (one hundred thousand rupiah) per day of delay and at most IDR 3,000,000.00 (three million rupiah) per report. (2) Commercial Banks conducting activities as Trustees that are declared not to have submitted:
a. semi-annual reports and annual reports as referred to in Article 11 paragraph (1) letter c; b. reports regarding important events as referred to in Article 11 paragraph (1) letter d;
c. reports on the replacement of Trustees as referred to in Article 11 paragraph (1) letter e; and/or
d. reports on changes and information related to Commercial Banks conducting activities as Trustees as referred to in Article 11 paragraph (1) letter g; are subject to administrative sanctions in the form of fines of IDR 5,000,000.00 (five million rupiah) per report. (3) In addition to administrative sanctions as referred to in paragraph (2), Commercial Banks conducting activities as Trustees remain obligated to submit reports as referred to in Article 11 paragraph (1) letters c, d, e, and g.
CHAPTER VII
TRANSITIONAL PROVISIONS
Article 21
(1) Certificates of registration of Commercial Banks as Trustees that have been established before the implementation of this Financial Services Authority Regulation are declared to remain valid. (2) Commercial Banks that have been registered as Trustees before the implementation of this Financial Services Authority Regulation follow this Financial Services Authority Regulation.

Article 22
Application for Registration of General Banks as Trustees Applications for registration of General Banks as Trustees that have been submitted to the Financial Services Authority before this Financial Services Authority Regulation takes effect and are still in the process of being resolved, shall continue to be processed based on the provisions of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-36/PM/1996 concerning Registration of General Banks as Trustees, along with Regulation Number VI.C.2 which is its appendix.

CHAPTER VIII
CLOSING PROVISIONS

Article 23
Upon the time this Financial Services Authority Regulation takes effect, the following regulations are revoked and declared invalid:
a. Decision of the Capital Market Supervisory Board Number Kep-36/PM/1996 dated 17 January 1996 concerning Registration of General Banks as Trustees, along with Regulation Number VI.C.2 which is its appendix; b. Decision of the Capital Market Supervisory Board Number Kep-309/BL/2008 dated 1 August 2008 concerning Credit and Guarantee Relationships Between Trustees and Issuers, along with Regulation Number VI.C.3 which is its appendix;
c. Financial Services Authority Regulation Number 28/POJK.04/2017 concerning Document Maintenance by Trustees (State Gazette of the Republic of Indonesia Year 2017 Number 128, Supplement to the State Gazette of the Republic of Indonesia Number 6075); and
d. Financial Services Authority Regulation Number 29/POJK.04/2017 concerning Trustee Reports (State Gazette of the Republic of Indonesia Year 2017 Number 129, Supplement to the State Gazette of the Republic of Indonesia Number 6076).

This copy is consistent with the original
Deputy Director of Legal Consultation and
Banking Regulation Harmonization 1
Legal Directorate 1
Legal Department signed
Wiwit Puspasari

Article 24
This Financial Services Authority Regulation takes effect on the date of enactment.

To ensure that everyone knows it, it is ordered to enact this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 22 April 2020
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Enacted in Jakarta on 23 April 2020
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6495

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 19 /POJK.04/2020
CONCERNING
GENERAL BANKS CONDUCTING ACTIVITIES AS TRUSTEES

I. GENERAL
General Banks conducting activities as Trustees play an important role in the issuance of debt securities and/or Sukuk by Issuers, namely representing the interests of holders of debt securities and/or Sukuk both inside and outside of court. As regulated in Article 6 of Law Number 21 of 2011 concerning the Financial Services Authority, the Financial Services Authority has the authority to regulate and supervise financial business activities in the capital market sector, one of which is Trustees. As an effort to regulate and supervise the activities of Trustees, the Financial Services Authority (formerly the Capital Market Supervisory Board and Financial Institutions) has issued several regulations, namely:

1. Decision of the Capital Market Supervisory Board Number Kep-36/PM/1996 dated 17 January 1996 concerning Registration of General Banks as Trustees, along with Regulation Number VI.C.2 which is its appendix;
2. Decision of the Capital Market Supervisory Board Number Kep-309/BL/2008 dated 1 August 2008 concerning Credit and Guarantee Relationships Between Trustees and Issuers, along with Regulation Number VI.C.3 which is its appendix;
3. Financial Services Authority Regulation Number 28/POJK.04/2017 concerning Document Maintenance by Trustees; and
4. Financial Services Authority Regulation Number 29/POJK.04/2017 concerning Trustee Reports.
   The aforementioned regulations aim, among other things, to protect General Banks conducting activities as Trustees from the possibility of conflicts of interest (conflict of interest), one of which arises from credit and/or financing and guarantee relationships, and to regulate the main duties, responsibilities, obligations, and prohibitions of Trustees in representing the interests of holders of debt securities and/or Sukuk so that trustee activities can run smoothly, accountably, and can protect the interests of holders of debt securities and/or Sukuk to the maximum extent. However, in line with the development of the financial services industry in Indonesia, the debt securities and/or Sukuk market is increasingly developing and dynamic with the emergence of debt securities and/or Sukuk development products. Based on the considerations as outlined above and in order to develop appropriate policies, the Financial Services Authority needs to adjust and codify the existing regulations regarding Trustees by establishing a Financial Services Authority Regulation concerning General Banks Conducting Activities as Trustees. The main provisions of this Financial Services Authority Regulation are, among others:
5. regulating registration requirements and documents, including the review of registration applications and the revocation of registration certificates for General Banks conducting activities as Trustees;
6. regulating the main duties, obligations, and prohibitions of Trustees in performing their role as representatives of holders of debt securities and/or Sukuk; and
7. regulating sanction provisions, transitional provisions, and closing provisions.

II. ARTICLE BY ARTICLE
Article 1
Sufficiently clear.
Article 2
Sufficiently clear.
Article 3
Sufficiently clear.
Article 4
Paragraph (1)
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
Documentation requirements regarding members of the Sharia Supervisory Board are required if the Trustee is a Sharia General Bank.
Letter i
Sufficiently clear.
Letter j
Technical considerations include, among others, the readiness of experts in trustee affairs.

Paragraph (2)
Sufficiently clear.
Article 5
Sufficiently clear.
Article 6
Sufficiently clear.
Article 7
Sufficiently clear.
Article 8
Sufficiently clear.
Article 9
Sufficiently clear.
Article 10
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Other document examples include debt acknowledgment deeds and guarantee deeds, if there are guarantees.
Letter d
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Article 11
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
The term "important events concerning trustee activities" includes:
a. payment of principal and interest, profit-sharing, margin, or remuneration of debt securities and/or Sukuk before maturity, if regulated in the trustee contract; b. violations of provisions in the trustee contract, including:

1. payment of principal and/or interest, profit-sharing, margin, or remuneration of debt securities and/or Sukuk that is not timely; and
2. reduction, addition, transfer, or exchange of guarantees;
   c. convening a general meeting of holders of debt securities and/or Sukuk; and
   d. indications of issuer negligence as referred to in the Trustee Contract and Financial Services Authority Regulations concerning Trustee Contracts.
   Letter e
   Sufficiently clear.
   Letter f
   Sufficiently clear.
   Letter g
   Sufficiently clear.
   Letter h
   Sufficiently clear.
   Paragraph (2)
   Sufficiently clear.
   Paragraph (3)
   Sufficiently clear.

Paragraph (4)
Sufficiently clear.
Paragraph (5)
Sufficiently clear.
Paragraph (6)
Sufficiently clear.
Paragraph (7)
Sufficiently clear.
Paragraph (8)
Sufficiently clear.
Paragraph (9)
Cover letters are submitted in the form of printed documents. Copies of electronic documents include digital media such as compact discs, flash drives, and official email. Paragraph (10) Sufficiently clear.
Article 12
Paragraph (1)
Letter a
The term "government" refers to the central government and local governments.
Letter b
The term "credit" refers to the provision of funds or claims that can be equated with it, based on a loan agreement between a General Bank as Trustee and the Issuer being trusted as the borrower, which requires the Issuer to repay the loan after a certain period with the provision of interest. The term "financing" refers to the provision of funds or claims that can be equated with it based on an agreement between a General Bank as Trustee and the Issuer being trusted as the financed party, which requires the Issuer to return the funds or claims after a certain period with profit-sharing, margin, or remuneration. Credit and financing include administrative account transactions that have been booked on the balance sheet and the purchase of securities including Sukuk from the Issuer being trusted, which are accompanied by a purchase agreement (note purchase agreement). Letter c The financial difficulties experienced by the Issuer are based on the Trustee's consideration. Letter d Sufficiently clear. Paragraph (2) Letter a Sufficiently clear. Letter b Administrative accounts are known as off-balance sheet items. Examples of Administrative Accounts include letters of credit (LC), standby LC, bank guarantees, and foreign exchange facilities (foreign exchange line valuta today, tomorrow, spot including derivative transactions such as forward, futures, and others). Paragraph (3) Sufficiently clear.
Article 13
Sufficiently clear.
Article 14
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Announcements regarding the revocation of registration certificates inform, among other things, the notification of the settlement of rights and obligations and information regarding the transfer of duties, obligations, and responsibilities to a replacement Trustee. Letter d Sufficiently clear.
Article 15
Sufficiently clear.
Article 16
Sufficiently clear.
Article 17
Sufficiently clear.
Article 18
The term "certain actions" includes actions by the Financial Services Authority to order General Banks conducting activities as Trustees to adjust operational guidelines.
Article 19
Sufficiently clear.
Article 20
Sufficiently clear.
Article 21
Sufficiently clear.
Article 22
Sufficiently clear.
Article 23
Sufficiently clear.

Article 24
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6495

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 19 /POJK.04/2020
CONCERNING
GENERAL BANKS CONDUCTING ACTIVITIES
AS TRUSTEES

APPLICATION FOR REGISTRATION
OF GENERAL BANKS AS TRUSTEES
(place), (date, month) 20...
Number :
Attachment :
Subject : Application for Registration of General Banks as Trustees.
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta
With respect,
Hereby we submit an application for registration as a Trustee.
As consideration material, we hereby submit the following data:

1. Name of Applicant : ……………………………….

2. Address of Applicant : ……………………………….
   ………………………………..
   (street name & number)
   ................................... -
   (city & postal code)

3. Name of General Bank : ……………………………….

4. Tax Identification Number (NPWP) : ……………………………….

5. Address of General Bank : ……………………………….
   ………………………………..
   (street name & number)
   ................................... -
   (city & postal code)

6. Telephone & Fax Number : ……………………………….

7. Business License Number : ……………………………….

8. Number and date
   of approval of the
   Articles of Association by the Ministry of
   Law and Human Rights
   : ……………………………….
   Completing this application, we attach the following documents:

9. photocopy of the Articles of Association;

10. photocopy of the Company's Tax Identification Number (NPWP);

11. photocopy of the business license as a General Bank;

12. operational guidelines regarding Trustee activities;

13. data of members of the Board of Directors, members of the Board of Commissioners, and members of the Sharia Supervisory Board, including:
    a. name list; b. signed biography lists on sufficient stamp duty;
    c. photocopy of valid Identity Cards or Passports;
    d. photocopy of Tax Identification Number (NPWP) cards for members of the Board of Directors and members of the Board of Commissioners who are required to have a Tax Identification Number (NPWP) based on tax legislation;

14. data of responsible officials and experts in trustee affairs, including:
    a. latest biography lists signed on sufficient stamp duty; b. photocopy of Identity Cards;
    c. recent color photos sized 4x6 cm with a red background, 2 (two) sheets;
    d. photocopy of citizenship proof for foreign citizens; e. photocopy of the Foreign Worker Employment Permit; and f. photocopy of the highest formal education diploma.

15. the latest audited financial statements audited by a public accountant registered with the Financial Services Authority;

16. technical considerations such as the readiness of experts in trustee affairs;

17. a statement letter from members of the Board of Directors stating that Trustee activity administration is separated from other bank activities;
    This application is submitted, and thank you for your attention.
    Applicant stamp duty
    ................................................
    (full name)

TRUSTEE REPORT
Interim Report / Annual Report *)
Name of Trustee : .............

1. Obligations and/or Sukuk Being Trusted
   No Issuer
   Name of Obligations and/or Sukuk
   Issuance Date
   Maturity Date
   Outstanding Value
   Percentage
   Credit Relationship
   Interest/Profit
   Payment
   Conversion
2. PT. .....
   *) according to report type

This copy is consistent with the original
Deputy Director of Legal Consultation and
Banking Regulation Harmonization 1
Legal Directorate 1
Legal Department signed
Wiwit Puspasari
2. Implementation of Supervision Over Issuers Being Trusted
No Issuer Implementation of Supervision Over Issuers

1. PT. .....
   .........., ...............20.........
   PT .............
   ...................
   (Full Name & Position)

Established in Jakarta on 22 April 2020
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO