Financial Services Authority Regulation Number 29/POJK.04/2017 on Trustee Reports

FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 29 /POJK.04/2017
REGARDING
TRUSTEE REPORTS
WITH THE GRACE OF GOD THE ALMIGHTY
THE COMMISSIONERS COUNCIL OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that with the enactment of Law Number 21 of 2011 concerning the Financial Services Authority, since December 31, 2012, the functions, duties, and authorities for the regulation and supervision of financial services activities in the capital market sector, including regulations regarding trustee reports, have transferred from the Capital Market and Financial Institution Supervisory Board to the Financial Services Authority; b. that to provide clarity and certainty regarding regulations on trustee reports, provisions of legislation in the capital market sector regarding trustee reports issued prior to the establishment of the Financial Services Authority need to be changed into a Financial Services Authority Regulation;
c. that based on considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation regarding Trustee Reports;

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY

Considering: 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);

DECIDES:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION REGARDING TRUSTEE REPORTS.

CHAPTER I
GENERAL PROVISIONS

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

1. Trustee is a party representing the interests of holders of debt securities.
2. Issuer is a party conducting a Public Offering.
3. Trust Agreement is an agreement between the Issuer and the Trustee in the context of issuing debt securities and/or Sukuk, made in the form of a notarial deed.
4. Sukuk is a Shariah security in the form of certificates or proof of ownership with equal value representing an inseparable or undivided share (syuyu’/undivided share) over the underlying assets.
5. Security is a negotiable instrument, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, mutual fund investment units, forward contracts over Securities, and any derivative of Securities.

CHAPTER II
REPORTS

Article 2
(1) The Trustee is required to submit activity reports to the Financial Services Authority covering:
a. semi-annual reports regarding Trustee activities; and b. annual reports regarding Trustee activities.
(2) In the event of significant events concerning trust activities, the Trustee is required to submit reports regarding such significant events to the Financial Services Authority. (3) Reports as referred to in paragraph (1) and paragraph (2) are submitted in printed document form in at least 2 (two) copies accompanied by an electronic document copy.

Article 3
(1) The semi-annual report as referred to in Article 2 paragraph (1) letter a is required to be submitted to the Financial Services Authority no later than 30 (thirty) days after the reporting period, prepared using the Semi-Annual Report format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The annual report as referred to in Article 2 paragraph (1) letter b is required to be submitted to the Financial Services Authority no later than 60 (sixty) days after the reporting period, prepared using the Annual Report format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (3) In the event that the deadline as referred to in paragraph (1) and paragraph (2) falls on a holiday, the submission of the report is required to be submitted on the next 1 (one) working day. (4) In the event that the submission of the report exceeds the deadline as referred to in paragraph (3), the calculation of the number of days of delay in the submission of the report is calculated from the first day after the final submission deadline as referred to in paragraph (3).

Article 4
The significant event report as referred to in Article 2 paragraph (2) is required to be submitted to the Financial Services Authority no later than 2 (two) working days after the occurrence of the event or since the event was known.

CHAPTER III
SANCTION PROVISIONS

Article 5
(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 causing the violation, in the form of:
a. written warning; b. fine, 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.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, or g may be imposed with or without prior imposition of administrative sanctions 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 6
In addition to administrative sanctions as referred to in Article 5 paragraph (1), the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 7
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 5 paragraph (1) and specific actions as referred to in Article 6 to the public.

CHAPTER IV
CLOSING PROVISIONS

Article 8
At the time this Financial Services Authority Regulation takes effect, the Decision of the Chairman of the Capital Market Supervisory Board Number Kep-77/PM/1996 regarding Trustee Reports, along with Regulation Number X.I.1 which is its appendix, is repealed and declared invalid.

Article 9
This Financial Services Authority Regulation takes effect on the date of its promulgation.

This copy is in accordance with the original
Director of Legal Affairs 1
Legal Department signed
Yuliana

In order for everyone to know, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on June 21, 2017
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY, signed
MULIAMAN D. HADAD

Promulgated in Jakarta on June 22, 2017
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 129

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 29 /POJK.04/2017
REGARDING
TRUSTEE REPORTS

I. GENERAL
Since December 31, 2012, the functions, duties, and authorities for the regulation and supervision of financial services activities in the capital market, insurance, pension funds, financing institutions, and other financial service institutions have transferred from the Minister of Finance and the Capital Market and Financial Institution Supervisory Board to the Financial Services Authority.

In relation to the above, it is necessary to reorganize the existing regulatory structure, particularly those related to the capital market sector, by converting Capital Market and Financial Institution Supervisory Board Regulations related to the capital market sector into Financial Services Authority Regulations. This reorganization is carried out so that there are Financial Services Authority Regulations related to the capital market sector that are consistent with Financial Services Authority Regulations in other sectors.

Based on the background and aspects mentioned, it is necessary to replace the legislative provisions in the capital market sector regulating Trustee Reports, namely the Decision of the Chairman of the Capital Market Supervisory Board Number Kep-77/PM/1996 regarding Trustee Reports, along with Regulation Number X.I.1 which is its appendix, into a Financial Services Authority Regulation regarding Trustee Reports.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Paragraph (1)
Letter a
Semi-annual reports regarding Trustee activities include among others:

1. the number and type of outstanding debt securities and/or Sukuk;
2. principal and/or interest payments of debt securities and/or Sukuk;
3. the number of debt securities that have been converted into shares; and
4. the supervision implementation carried out by the Trustee against the Issuer.

Letter b
Annual reports regarding Trustee activities include among others:

1. the number and type of outstanding debt securities and/or Sukuk;
2. principal and/or interest payments of debt securities and/or Sukuk;
3. the number of debt securities that have been converted into shares; and
4. the supervision implementation carried out by the Trustee against the Issuer.

Paragraph (2)
Significant event reports concerning trust activities include among others:
a. principal and interest payments of debt securities before maturity, if possible in the trust agreement; b. violations of provisions in the trust agreement including:

1. untimely principal and/or interest payments of debt securities; and
2. reduction, addition, transfer, or exchange of collateral; and
   c. convening of the General Meeting of Debt Security Holders.

Paragraph (3)
In practice, the "electronic document copy" referred to is known as a soft copy.
Electronic document copies as referred to in this Article can be submitted using among other digital media such as compact discs (CD), flash drives, or others.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
The term "specific actions" includes among other things orders to resubmit reports that have been corrected in accordance with the results of the Financial Services Authority's examination.

Article 6
Clear enough.

Article 7
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6076

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 29 /POJK.04/2017
REGARDING
TRUSTEE REPORTS

TRUSTEE REPORT
Semi-Annual / Annual *)
Trustee Name : .........

1. Bonds and/or Sukuk under Trust
No Issuer Name of Bond and/or Sukuk
Issuance Date
Maturity Date
Outstanding Value
Interest/Coupon Payment
Conversion
1. PT. …..
*) according to report type

2. Supervision Implementation Against the Issuer under Trust
No Issuer Supervision Implementation Against the Issuer
1. PT. ……

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

This copy is in accordance with the original
Director of Legal Affairs 1
Legal Department signed
Yuliana

Significant Event Report
No Issuer Date of Significant Event Type of Significant Event Description

1. PT. ……

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

Established in Jakarta on June 21, 2017
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY, signed
MULIAMAN D. HADAD