Financial Services Authority Regulation Number 20 of 2022 Concerning Supervision of the People's Housing Savings Management Agency by the Financial Services Authority

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 20 OF 2022
CONCERNING
SUPERVISION OF THE PEOPLE'S HOUSING SAVINGS MANAGEMENT AGENCY BY THE FINANCIAL SERVICES AUTHORITY BY THE GRACE OF THE ALMIGHTY GOD THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in carrying out supervision of the People's Housing Savings Management Agency as mandated in Article 69 of Law Number 4 of 2016 concerning People's Housing Savings, it is necessary to establish a Financial Services Authority Regulation concerning Supervision of the People's Housing Savings Management Agency by the Financial Services Authority; Considering: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
2. Law Number 4 of 2016 concerning People's Housing Savings (State Gazette of the Republic of Indonesia Year 2016 Number 55, Supplement to the State Gazette of the Republic of Indonesia Number 5863);
3. Government Regulation Number 25 of 2020 concerning the Implementation of People's Housing Savings (State Gazette of the Republic of Indonesia Year 2020 Number 136, Supplement to the State Gazette of the Republic of Indonesia Number 6517);
DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING SUPERVISION OF THE PEOPLE'S HOUSING SAVINGS MANAGEMENT AGENCY BY THE FINANCIAL SERVICES AUTHANCE.

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

1. People's Housing Savings, hereinafter abbreviated as Tapera, is a periodic deposit made by participants for a specific period, which can only be used for housing financing and/or returned along with the results of its accumulation after membership ends.
2. People's Housing Savings Management Agency, hereinafter referred to as BP Tapera, is a legal entity established to manage Tapera.
3. Tapera Funds are trust funds belonging to all participants, which are the accumulation of deposits along with the results of their accumulation.
4. Supervision is the process of evaluating BP Tapera and related parties with the aim that BP Tapera carries out its functions well and successfully achieves the established goals.
5. Inspection is a series of activities to search for, collect, process, and evaluate data and/or information to assess and provide conclusions regarding BP Tapera's activities.
6. Commissioner is the organ of BP Tapera authorized and responsible for regulating and supervising Tapera management according to its purpose and objectives, and representing BP Tapera, both inside and outside of court.
7. People's Housing Savings Committee, hereinafter referred to as Tapera Committee, is a committee that functions to formulate general and strategic policies in Tapera management.
8. Sharia Supervisory Board, hereinafter abbreviated as DPS, is a board appointed by BP Tapera that has the task and function of supervision and provides advice to the Commissioner regarding Tapera management to ensure compliance with Sharia principles.
9. Good Corporate Governance is a process and structure used by BP Tapera to achieve the objectives of business operations by considering the interests of all related parties in the conduct of business operations, based on applicable laws and regulations and general practice.
10. Risk Management is a series of procedures and methodologies used to identify, measure, control, and monitor risks arising from all BP Tapera activities.

CHAPTER II
SCOPE OF SUPERVISION
First Section
General
Article 2
(1) Supervision of BP Tapera is carried out by the Tapera Committee and the Financial Services Authority.
(2) The Financial Services Authority conducts Supervision of BP Tapera regarding compliance with laws and regulations concerning Tapera and internal BP Tapera regulations. (3) The scope of Supervision by the Financial Services Authority over BP Tapera as referred to in paragraph (1) includes:
a. Tapera implementation activities, which include the execution of functions, duties, and authorities of BP Tapera in managing Tapera, including:

1. mobilization of Tapera Funds;
2. accumulation of Tapera Funds; and
3. utilization of Tapera Funds,
   based on applicable laws and regulations; b. management of BP Tapera assets; and
   c. application of Good Corporate Governance and Risk Management on BP Tapera.
   Article 3
   Supervision of BP Tapera as referred to in Article 2 paragraph (2) is carried out through:
   a. Direct Supervision; and b. Indirect Supervision.
   Second Section
   Implementation of Direct and Indirect Supervision
   Article 4
   (1) Direct Supervision as referred to in Article 3 letter a is conducted by the Financial Services Authority through Inspection of BP Tapera.
   (2) In conducting Direct Supervision as referred to in paragraph (1), the Financial Services Authority may conduct Inspections of related parties.
   (3) Inspections as referred to in paragraph (1) aim to:
   a. obtain an overview of BP Tapera's condition; and/or b. assess that BP Tapera has complied with laws and regulations concerning Tapera and internal BP Tapera regulations. (4) Indirect Supervision as referred to in Article 3 letter b is carried out through the implementation of monitoring, research, analysis, and evaluation of periodic and/or incidental reports, Supervision data, and other relevant information obtained by the Financial Services Authority.
   Article 5
   (1) Inspections conducted by the Financial Services Authority on BP Tapera cover all or part of the scope of Supervision as referred to in Article 2 paragraph (3).
   (2) The Financial Services Authority may appoint other independent parties as auditors to support the implementation of Inspections, with appointments made based on a letter of work order.
   Article 6
   Inspections of BP Tapera are conducted at least 1 (one) time in 1 (one) year according to Inspection needs.
   Article 7
   (1) BP Tapera and/or related parties subject to Inspection as referred to in Article 4 paragraph (1) and paragraph (2) are obligated:
   a. to fulfill the auditor's request to provide or lend books, files, notes, dispositions, memorandums, other documents needed, electronic data, including copies, and other items considered necessary to support Supervision; b. to provide information and explanations to the auditor based on actual facts and conditions related to the aspects being inspected, both orally and in writing;
   c. to give the auditor the opportunity to examine the existence and use of all physical facilities related to the aspects being inspected;
   d. to present third parties upon the auditor's request to provide data, documents, and/or information to the auditor related to the Inspection; and/or e. to fulfill other requests from the auditor to support the Inspection process of BP Tapera and related parties. (2) BP Tapera and/or related parties subject to Inspection as referred to in Article 4 paragraph (1) and paragraph (2) are prohibited from hindering the Inspection process.
   Article 8
   (1) Inspections are conducted based on an Inspection Order issued by the Financial Services Authority.
   (2) Before conducting Inspections as referred to in paragraph (1), the Financial Services Authority sends an Inspection Notification Letter to:
   a. BP Tapera as referred to in Article 4 paragraph (1); and b. related parties as referred to in Article 4 paragraph (2), if the Inspection is also conducted on related parties. (3) The Inspection Notification Letter as referred to in paragraph (2) contains at least the following information:
   a. number and date of the Inspection Order; b. composition of the inspection team;
   c. scope of the Inspection;
   d. purpose of the Inspection; e. duration of the Inspection; f. initial documents required for the Inspection; and g. deadline for submitting initial documents to the auditor. (4) The Financial Services Authority may send the Inspection Notification Letter as referred to in paragraph (2) on the same day as the implementation of the Inspection, if notification before the implementation of the Inspection is suspected to:
   a. complicate or hinder the Inspection process; b. obscure the actual situation; and/or
   c. hide or eliminate data, information, and/or reports needed for the Inspection.
   Article 9
   (1) In the Inspection process, the inspection team confirms findings with BP Tapera and/or related parties subject to Inspection.
   (2) Before the Inspection ends, the inspection team discusses findings with BP Tapera and/or related parties subject to Inspection.
   (3) At the end of the Inspection, the inspection team holds a meeting with the Commissioner and/or leaders of related parties regarding the Inspection results and follow-up actions. (4) The meeting results as referred to in paragraph (3) are recorded in minutes containing Inspection results and recommendations or follow-up actions, signed by the inspection team, the Commissioner, and/or leaders of related parties. (5) If the Commissioner and/or leaders of related parties refuse to sign the minutes as referred to in paragraph (4), the inspection team establishes the minutes without the signature of the Commissioner and/or leaders of related parties. (6) The Inspection duration may be extended according to needs or the complexity of the Inspection.
   Article 10
   (1) After the Inspection process ends, the inspection team prepares an Inspection Results Report.
   (2) The Financial Services Authority submits the Inspection Results Report as referred to in paragraph (1) to the Commissioner and the Tapera Committee.
   (3) The Inspection Results Report as referred to in paragraph (1) is confidential.
   (4) The use of the Inspection Results Report as referred to in paragraph (1) by parties outside BP Tapera requires prior approval from the Financial Services Authority, unless otherwise regulated by applicable laws and regulations.
   Article 11
   (1) BP Tapera is obligated to take follow-up actions according to recommendations contained in the Inspection Results Report as referred to in Article 10 paragraph (1). (2) BP Tapera is obligated to report the implementation of follow-up actions as referred to in paragraph (1) to the Financial Services Authority according to the duration specified in the Inspection Results Report. (3) The obligation to report the implementation of follow-up actions as referred to in paragraph (2) ends when the Financial Services Authority assesses that BP Tapera has implemented follow-up actions according to the Inspection Results Report. (4) The Financial Services Authority's assessment as referred to in paragraph (3) is communicated to BP Tapera via letter.
   Article 12
   (1) If BP Tapera violates regulations as referred to in Article 7, Article 10 paragraph (4), and/or Article 11 paragraph (1) and paragraph (2), BP Tapera is subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given at most 3 (three) consecutive times, with each duration being at most 2 (two) months. (3) If after the expiration of the third written warning administrative sanction period, BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority may establish an additional duration of at most 6 (six) months. (4) If after the expiration of the third written warning administrative sanction period as referred to in paragraph (2) or the additional duration as referred to in paragraph (3), BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority provides a recommendation to the Tapera Committee.

CHAPTER III
GOOD CORPORATE GOVERNANCE
Article 13
(1) BP Tapera is obligated to apply Good Corporate Governance principles in all its business activities at all levels or organizational tiers.
(2) The Good Corporate Governance principles as referred to in paragraph (1) include:
a. transparency; b. accountability;
c. responsibility;
d. independence or professionalism; and e. fairness.
Article 14
(1) The application of Good Corporate Governance principles as referred to in Article 13 paragraph (1) is at least manifested in:
a. the execution of duties and responsibilities of the Commissioner and DPS; b. the completeness and execution of duties of committees and work units that perform internal control functions;
c. the application of compliance, internal audit, and external audit functions;
d. the application of Risk Management and internal control systems; e. the application of remuneration policies for employees; f. the transparency of financial and non-financial conditions; and g. strategic plans. (2) The application of Good Corporate Governance principles as referred to in Article 13 paragraph (1) must be documented in a guideline. (3) In applying Good Corporate Governance principles, BP Tapera is at least obligated to form:
a. an internal audit work unit; b. a Risk Management work unit and Risk Management committee;
c. an investment committee; and
d. a compliance work unit.
(4) The Financial Services Authority evaluates the Good Corporate Governance guideline as referred to in paragraph (2).
(5) The Financial Services Authority may request BP Tapera to improve the Good Corporate Governance guideline as referred to in paragraph (2).
(6) BP Tapera is obligated to follow up on the Financial Services Authority's request to improve the Good Corporate Governance guideline.
Article 15
(1) BP Tapera is obligated to evaluate the application of Good Corporate Governance at least 1 (one) time in 1 (one) year for the year-end position.
(2) The evaluation as referred to in paragraph (1) can be conducted through self-evaluation or by an independent party.
Article 16
(1) BP Tapera is obligated to prepare a report on the application of Good Corporate Governance at the end of each fiscal year.
(2) The report on the application of Good Corporate Governance as referred to in paragraph (1) contains at least:
a. transparency of the application of Good Corporate Governance, which includes the disclosure of all aspects of the implementation of Good Corporate Governance principles as referred to in Article 14 paragraph (1); b. the evaluation of the application of Good Corporate Governance as referred to in Article 15 paragraph (1); and
c. a follow-up plan including necessary corrective actions, completion time, and obstacles/difficulties in completion, if there are still deficiencies in the application of Good Corporate Governance.
(3) BP Tapera is obligated to submit the report on the application of Good Corporate Governance as referred to in paragraph (1) to the Financial Services Authority by February 28 of the following year. (4) If February 28 as referred to in paragraph (3) is a holiday, the submission deadline is on the next working day.
Article 17
(1) If BP Tapera violates regulations as referred to in Article 13 paragraph (1), Article 14 paragraph (2), paragraph (3), and paragraph (6), Article 15 paragraph (1), and/or Article 16 paragraph (1) and paragraph (3), BP Tapera is subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given at most 3 (three) consecutive times, with each duration being at most 2 (two) months. (3) If after the expiration of the third written warning administrative sanction period, BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority may establish an additional duration of at most 6 (six) months. (4) If after the expiration of the third written warning administrative sanction period as referred to in paragraph (2) or the additional duration as referred to in paragraph (3), BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority provides a recommendation to the Tapera Committee.

CHAPTER IV
RISK MANAGEMENT
Article 18
(1) BP Tapera is obligated to apply Risk Management effectively.
(2) The effective application of Risk Management as referred to in paragraph (1) includes at least:
a. active supervision by the Commissioner and DPS; b. the adequacy of Risk Management policies and procedures and the establishment of risk limits;
c. the adequacy of risk identification, measurement, monitoring, and control processes, and Risk Management information systems; and
d. a comprehensive internal control system.
(3) In applying Risk Management as referred to in paragraph (1), BP Tapera must have a Risk Management application guideline.
(4) The Financial Services Authority evaluates BP Tapera's Risk Management application guideline as referred to in paragraph (3).
(5) The Financial Services Authority may request BP Tapera to improve the Risk Management application guideline.
(6) BP Tapera is obligated to follow up on the Financial Services Authority's request to improve the Risk Management application guideline.
Article 19
(1) Risk Management as referred to in Article 18 includes at least the following types of risk:
a. strategic risk; b. operational risk;
c. credit risk;
d. market risk; e. liquidity risk; f. legal risk; g. compliance risk; h. reputation risk;
i. return risk; and
j. investment risk.
(2) The application of Risk Management for the types of risk as referred to in paragraph (1) letters i and j is conducted by considering relevance and significance aspects.
Article 20
(1) In applying Risk Management as referred to in Article 18 paragraph (1), BP Tapera is obligated to conduct risk level assessments.
(2) Risk level assessments as referred to in paragraph (1) must be conducted at least 1 (one) time in 1 (one) year for the year-end position.
(3) If necessary, the Financial Services Authority may request BP Tapera to conduct risk level assessments at any time.
Article 21
(1) BP Tapera is obligated to submit the results of risk level assessments as referred to in Article 20 to the Financial Services Authority, with the following provisions:
a. for year-end position risk level assessments as referred to in Article 20 paragraph (2), submission is made by February 28 of the following year; and b. for ad-hoc risk level assessments as referred to in Article 20 paragraph (3), submission is made according to the deadline set by the Financial Services Authority. (2) If February 28 as referred to in paragraph (1) is a holiday, the submission deadline for risk level assessment results is on the next working day.
Article 22
(1) If BP Tapera violates regulations as referred to in Article 18 paragraph (1), paragraph (3) and paragraph (6), Article 20 paragraph (1) and paragraph (2), and/or Article 21 paragraph (1), BP Tapera is subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given at most 3 (three) consecutive times, with each duration being at most 2 (two) months. (3) If after the expiration of the third written warning administrative sanction period, BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority may establish an additional duration of at most 6 (six) months. (4) If after the expiration of the third written warning administrative sanction period as referred to in paragraph (2) or the additional duration as referred to in paragraph (3), BP Tapera still fails to comply with the regulations as referred to in paragraph (1), the Financial Services Authority provides a recommendation to the Tapera Committee.

CHAPTER V
REPORTING
Article 23
(1) BP Tapera is obligated to prepare:
a. BP Tapera monthly reports; b. quarterly reports, including BP Tapera internal audit quarterly reports;
c. BP Tapera annual financial reports; and
d. Tapera program management reports.
(2) Quarterly reports, including BP Tapera internal audit quarterly reports as referred to in paragraph (1) letter b, are prepared and presented based on internal BP Tapera regulations. (3) Annual financial reports as referred to in paragraph (1) letter c are prepared and presented based on applicable financial accounting standards. (4) Tapera program management reports as referred to in paragraph (1) letter d are prepared and presented based on applicable laws and regulations. (5) Further regulations regarding the form, structure, and method of submitting monthly reports as referred to in paragraph (1) letter a are established by the Financial Services Authority.
Article 24
(1) BP Tapera is obligated to submit:
a. monthly reports as referred to in Article 23 paragraph (1) letter a by February 15 of the following month; b. quarterly reports, including BP Tapera internal audit quarterly reports as referred to in Article 23 paragraph (1) letter b by February 15 of the following month after the end of the respective quarter;
c. annual financial reports as referred to in Article 23 paragraph (1) letter c, which have been audited by a public accountant, by June 30 of the following year; and
d. Tapera program management reports as referred to in Article 23 paragraph (1) letter d, by June 30 of the following year, via the Financial Services Authority's data communication network system. (2) In addition to being submitted online, BP Tapera is obligated to submit annual financial reports as referred to in Article 23 paragraph (1) letter c

in printed form to the Financial Services Authority no later than June 30 of the following year.
(3) The BP Tapera is required to account for the fact that every document submitted online as referred to in paragraph (1) is a document that is correct and consistent with the original document. (4) In the event that the Financial Services Authority's data communication network system as referred to in paragraph (1) is not yet available, the submission of reports as referred to in paragraph (1) is conducted offline. (5) In the event that the deadline for submitting reports as referred to in paragraph (1) falls on a holiday, the deadline for submitting reports, both online as referred to in paragraph (1) and offline as referred to in paragraph (4), is on the first working day after the aforementioned deadline. (6) The BP Tapera appoints a Commissioner member responsible for the preparation and presentation of monthly reports. (7) The Financial Services Authority has the authority to set different reporting deadlines from the provisions as referred to in paragraph (1) for specific conditions.
Article 25
(1) The Financial Services Authority may request the BP Tapera to submit reports, information, and/or specific documents for Supervision of the BP Tapera.
(2) The BP Tapera is required to fulfill the Financial Services Authority's request as referred to in paragraph (1).
Article 26
(1) In the event that the BP Tapera violates the provisions as referred to in Article 23 paragraph (1), Article 24 paragraph (1), paragraph (2), and paragraph (3), and/or Article 25 paragraph (2), it shall be subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a Written Warning as referred to in paragraph (1) are given for a maximum of 3 (three) consecutive times, with each period being a maximum of 2 (two) months. (3) In the event that after the expiration of the validity period of the third written administrative warning, the BP Tapera still fails to comply with the provisions as referred to in paragraph (1), the Financial Services Authority may establish an additional time limit of a maximum of 6 (six) months. (4) In the event that after the expiration of the validity period of the third written administrative sanction as referred to in paragraph (2) or the additional time limit as referred to in paragraph (3), the BP Tapera still fails to comply with the provisions as referred to in paragraph (1), the Financial Services Authority provides a recommendation to the Tapera Committee.
Article 27
In the event that the BP Tapera violates the provisions as referred to in Article 24 paragraph (1) and paragraph (2), the BP Tapera is subject to additional administrative sanctions in the form of an administrative fine of IDR 500,000.00 (five hundred thousand rupiah) for each day of delay and a maximum of IDR 25,000,000.00 (twenty-five million rupiah).
CHAPTER VI
OTHER PROVISIONS
Article 28
Supervision by the Financial Services Authority over custodian banks, investment managers, banks, and/or financing companies appointed by the BP Tapera in the management of Tapera Funds refers to the supervision mechanism based on the respective sectoral legislation provisions.
Article 29
The supervisory authority of the Tapera Committee regarding aspects of Good Corporate Governance and Risk Management conducted by the BP Tapera is implemented by referring to policies established by the Tapera Committee.
CHAPTER VII
CLOSING PROVISIONS
Article 30
Upon the enactment of this Financial Services Authority Regulation, the Financial Services Authority Regulation Number 3/POJK.05/2013 on Monthly Reports of Non-Bank Financial Institutions is declared invalid for the BP Tapera.
Article 31
This Financial Services Authority Regulation comes into force on the date of enactment.

This copy is consistent with the original
Director of Law 1
Legal Department signed
Mufli Asmawidjaja
To ensure that everyone knows it, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Enacted in Jakarta on October 27, 2022 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed MAHENDRA SIREGAR Enacted in Jakarta on October 28 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, signed YASONNA H. LAOLY STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2022 NUMBER 23/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 20 OF 2022
ON
SUPERVISION OF THE PEOPLE'S HOUSING SAVINGS MANAGEMENT AGENCY BY THE FINANCIAL SERVICES AUTHORITY
I. GENERAL
Article 69 of Law Number 4 of 2016 on People's Housing Savings stipulates that supervision of the BP Tapera is conducted by the Tapera Committee and the Financial Services Authority. The designation of the Financial Services Authority as an independent supervisor over the BP Tapera is consistent with the regulatory and supervisory duties of the Financial Services Authority as referred to in Article 6 of Law Number 21 of 2011 on the Financial Services Authority, which explains that the Financial Services Authority carries out regulatory and supervisory duties over financial service activities in the banking sector, capital market, insurance, pension funds, financing companies, and other financial service institutions. In Article 1 number 10 of Law Number 21 of 2011 on the Financial Services Authority, it is stated that other financial service institutions include pawnshops, guarantee institutions, Indonesian export financing institutions, secondary housing financing companies, and institutions that manage public funds on a mandatory basis, including organizers of social security, pension, and welfare programs, as well as other financial service institutions designated to be supervised by the Financial Services Authority based on legislation.
As mandated by Law Number 4 of 2016 on People's Housing Savings, the supervision of the BP Tapera is conducted by the Tapera Committee and the Financial Services Authority. The Tapera Committee functions as the formulator and determiner of general and strategic policies in Tapera management. The function performed by the Financial Services Authority is to conduct Supervision of the BP Tapera to obtain early information regarding the BP Tapera's compliance with legislation concerning Tapera. Thus, it is expected that initial indications can be obtained accurately if the Financial Services Authority obtains adequate information regarding the BP Tapera's condition through Direct Supervision and Indirect Supervision. With supervision from both the Tapera Committee and the Financial Services Authority over the BP Tapera, it is expected that the management of the Tapera fund program, which is transparent, sustainable, and capable of protecting public interests, can be realized in accordance with the mandate of Law Number 4 of 2016 on People's Housing Savings. This Financial Services Authority Regulation regulates the main aspects concerning the Supervision of the BP Tapera, such as the scope of Supervision by the Financial Services Authority over the BP Tapera, the authority of the Financial Services

II. ARTICLE BY ARTICLE
Article 1
Sufficiently clear.
Article 2
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by the term “legislation in the field of Tapera” includes:
a. Law Number 4 of 2016 on People's Housing Savings; b. Government Regulation Number 25 of 2020 on the Implementation of People's Housing Savings;
c. Financial Services Authority Regulations related to Tapera Fund management activities and Tapera Fund investment management; and
d. BP Tapera Regulations established in the context of BP Tapera operations.
What is meant by “internal BP Tapera regulations” includes, among others, BP Tapera Commissioner regulations established for BP Tapera operations, Good Corporate Governance guidelines, and operational standards established by the BP Tapera. Paragraph (3) Letter a What is meant by “mobilization of Tapera Funds” is the collection of funds from Tapera participants, which are subsequently stored by a custodian bank appointed by the BP Tapera. What is meant by “accumulation of Tapera Funds” is efforts to increase the value of Tapera Funds through collective investment contracts between a custodian bank and an investment manager appointed by the BP Tapera. What is meant by “utilization of Tapera Funds” is the distribution of Tapera Funds for housing financing through banks or financing companies appointed by the BP Tapera. Letter b What is meant by “BP Tapera assets” are assets owned by the BP Tapera that can be used for operational or investment activities of the BP Tapera. Authority to request the BP Tapera to prepare and submit reports to the Financial Services Authority, as well as providing recommendations to the BP Tapera including the Tapera Committee. With the enactment of this Financial Services Authority Regulation, it is expected that the Financial Services Authority's Supervision of the BP Tapera can run effectively and efficiently.

Letter c
Included in the implementation of Good Corporate Governance and Risk Management is the availability of a comprehensive internal control system within the BP Tapera.
Article 3
Sufficiently clear.
Article 4
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by “related parties” includes parties that conduct transactions with the BP Tapera, auditors, actuaries, appraisers, and parties appointed by the BP Tapera to manage Tapera Funds, as well as parties that manage BP Tapera assets based on Law Number 4 of 2016 on People's Housing Savings and its implementing regulations. Paragraph (3) Sufficiently clear. Paragraph (4) What is meant by “other relevant information” is information not included in periodic reports, incident reports, and/or other reports that support the implementation of Supervision, including information obtained through mass media.
Article 5
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by “other parties” includes public accountants, actuaries, independent appraisers, information technology consultants, and/or other parties that may be appointed by the Financial Services Authority to support the implementation of Inspections of the BP Tapera.
Article 6
Sufficiently clear.
Article 7
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
What is meant by “existence and use of physical facilities” includes, among others, the BP Tapera's workplace or office space, electronic equipment, and applications/databases used by the BP Tapera. Letter d Example of “third parties” includes independent auditors.

Letter e
Sufficiently clear.
Paragraph (2)
What is meant by “hindering the Inspection process” includes if the BP Tapera and/or related parties undergoing Inspection do not present documents or other matters necessary for the Inspection to the Financial Services Authority within the specified time limit, or lend books, provide notes, documents, or incorrect information.
Article 8
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Information sources that form the basis for consideration in sending the inspection notification letter on the same day as the implementation of the Inspection, including information obtained from mass media and other verifiable information sources, in the context of a surprise audit.
Article 9
Paragraph (1)
The inspection team confirms with the BP Tapera and/or related parties undergoing Inspection to request additional explanations regarding the inspector's findings or to request additional evidence or facts regarding the findings. Paragraph (2) A preliminary discussion or pre-exit meeting is conducted to ensure that the Inspection results by the inspector are consistent with the evidence or facts and are acceptable to the BP Tapera and/or related parties undergoing Inspection. Paragraph (3) The inspection team holds a meeting or exit meeting to present the Inspection results along with evidence or facts, as well as recommendations or follow-up actions after the Inspection to the Commissioners and/or leaders of the related parties. In the meeting or exit meeting, there are no longer any differences of opinion between the inspector and the BP Tapera and/or related parties undergoing Inspection. What is meant by “leaders of the related parties” is the board of directors or equivalent for headquarters or branch leaders for branch offices of the related parties. Paragraph (4) Sufficiently clear. Paragraph (5) Sufficiently clear.

Paragraph (6)
Sufficiently clear.
Article 10
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
The Inspection results report is intended as a development tool to improve the performance of the BP Tapera. Therefore, the BP Tapera is not permitted to disseminate data and/or information contained in the Inspection results report. Paragraph (4) Sufficiently clear.
Article 11
Sufficiently clear.
Article 12
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Examples of recommendations include the replacement of Commissioners and/or deputy commissioners of the BP Tapera.
Article 13
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Letter a
What is meant by “transparency” is transparency in the decision-making process and transparency in the disclosure and provision of relevant information regarding the BP Tapera, which is easily accessible by stakeholders in accordance with legislation in the field of Tapera, as well as standards, principles, and practices for the healthy management of Tapera and BP Tapera assets. Letter b What is meant by “accountability” is the clarity of functions and the execution of accountability by the BP Tapera organ, so that the performance of the BP Tapera can run transparently, fairly, effectively, and efficiently. Letter c What is meant by “responsibility” is the consistency of BP Tapera management with legislation in the field of Tapera and ethical values, as well as standards, principles, and practices for the healthy management of Tapera and BP Tapera assets.

Letter d
What is meant by “independence or professionalism” is the state of the BP Tapera being managed independently and professionally, free from conflicts of interest and influence or pressure from any party that is not in accordance with legislation in the field of Tapera and ethical values, as well as standards, principles, and practices for the healthy management of Tapera and BP Tapera assets. Letter e What is meant by “fairness” is equality, balance, and justice in fulfilling the rights of stakeholders arising from agreements, legislation, and ethical values, as well as standards, principles, and practices for the healthy management of Tapera and BP Tapera assets.
Article 14
Sufficiently clear.
Article 15
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by “independent parties” are parties outside the BP Tapera that are independent and provide services to the BP Tapera in the context of self-assessment regarding the application of good corporate governance, including management consultants.
Article 16
Sufficiently clear.
Article 17
Sufficiently clear.
Article 18
Sufficiently clear.
Article 19
Paragraph (1)
Letter a
What is meant by “strategic risk” is the risk resulting from inaccuracies in the taking and/or implementation of strategic decisions, as well as failures in anticipating changes in the business environment. Letter b What is meant by “operational risk” is the risk resulting from insufficient and/or non-functional internal processes, human errors, system failures, and/or external events that affect the operations of the BP Tapera.

Letter c
What is meant by “credit risk” is the risk resulting from the failure of other parties as counterparties of the BP Tapera to fulfill their obligations to the BP Tapera. Letter d What is meant by “market risk” is the risk on the position of assets, liabilities, equity, and/or administrative accounts, including derivative transactions, resulting from overall changes in market conditions. Letter e What is meant by “liquidity risk” is the risk resulting from the BP Tapera's inability to meet liabilities due from cash flow funding sources and/or from liquid assets that can be easily converted into cash, without disrupting the BP Tapera's activities and financial condition. Letter f What is meant by “legal risk” is the risk arising from legal lawsuits and/or weaknesses in legal aspects. Letter g What is meant by “compliance risk” is the risk resulting from the BP Tapera's failure to comply with and/or implement legislation and regulations applicable to the BP Tapera. Letter h What is meant by “reputational risk” is the risk resulting from a decrease in the level of trust of stakeholders stemming from negative perceptions of the BP Tapera. Letter i What is meant by “yield risk” is the risk resulting from changes in the yield rates paid by the BP Tapera to funding providers due to changes in the yield rates received by the BP Tapera from fund distribution, which can affect the behavior of funding providers towards the BP Tapera. Letter j What is meant by “investment risk” is the risk resulting from the BP Tapera sharing in the losses of businesses funded by parties it finances based on profit-sharing financing. Paragraph (2) The BP Tapera considers aspects of relevance and significance in the event of exposure to yield risk and investment risk for the BP Tapera. Examples of the BP Tapera applying Risk Management regarding yield risk in the event that the BP Tapera issues mudharabah sukuk, and the BP Tapera applying Risk Management regarding investment risk in the event that the BP Tapera has investment assets in the form of mudharabah sukuk.
Article 20
Sufficiently clear.

Article 21
Sufficiently clear.
Article 22
Sufficiently clear.
Article 23
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
What is meant by “legislation” includes, among others, Government Regulation Number 25 of 2020 on the Implementation of People's Housing Savings.
Paragraph (5)
Sufficiently clear.
Article 24
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Public accountants who audit annual financial reports are public accountants registered with the Financial Services Authority.
Letter d
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Sufficiently clear.
Paragraph (5)
Sufficiently clear.
Paragraph (6)
Sufficiently clear.
Paragraph (7)
Examples of specific conditions include force majeure conditions.
Article 25
Sufficiently clear.
Article 26
Sufficiently clear.
Article 27
Sufficiently clear.

Article 28
What is meant by respective sectoral legislation includes legislation in the banking, capital market, and/or non-bank financial industry sectors.
Article 29
Sufficiently clear.
Article 30
Sufficiently clear.
Article 31
Sufficiently clear.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 15/OJK

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