Financial Services Authority Regulation Number 31 of 2024 on Written Orders

EXTRACT
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 31 OF 2024
ON
WRITTEN ORDERS
BY THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS COUNCIL OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to carry out the regulatory duties as referred to in Article 8 letter f and supervisory duties as referred to in Article 9 letter d of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and to carry out the provisions as referred to in Article 8A paragraph (1) letter a and paragraph (3) of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and to realize justice, legal certainty, and benefit in the implementation of regulatory and supervisory duties to overcome various legal problems, it is necessary to establish a Financial Services Authority Regulation concerning Written Orders; Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
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RESOLVING:
Establishing: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING WRITTEN ORDERS.

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

1. Financial Service Institutions, hereinafter abbreviated as FSI, are institutions that carry out activities in the banking, capital market, insurance, pension fund, venture capital, microfinance institution, financing institution, and other financial service institution sectors.

2. Written Order is a written order from the Financial Services Authority to FSIs and/or specific parties to carry out or not carry out certain activities to comply with statutory regulations in the financial service sector and/or to prevent and reduce losses to consumers, the public, and the financial service sector.

3. Specific Parties are parties other than FSIs that can be given a Written Order.

4. Merger is a legal act performed by 1 (one) or more FSIs to merge with an existing FSI, resulting in the assets, liabilities, and equity of the merging FSI transferring by law to the FSI receiving the merger, and subsequently the legal entity status of the merging FSI ends by law in accordance with statutory regulations.

5. Consolidation is a legal act performed by 2 (two) or more FSIs to consolidate themselves by establishing 1 (one) new FSI that legally acquires the assets, liabilities, and equity of the consolidating FSIs, and the legal entity status of the consolidating FSIs ends by law in accordance with statutory regulations.

6. Takeover is a legal act performed by a legal entity or individual to take over the shares of an FSI, resulting in the transfer of control of the FSI.

7. Integration is a legal act performed by an FSI located outside the country and an FSI with Indonesian legal entity status, by legally transferring the assets and/or liabilities of the FSI located outside the country to the FSI with Indonesian legal entity status, and subsequently the business license of the FSI located outside the country is revoked.
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8. Conversion is a legal act performed by a branch office of a bank located outside the country to change the business license of the branch office of a bank located outside the country into a bank business license, and subsequently the business license of the branch office of a bank located outside the country is revoked.

Article 2
(1) The Financial Services Authority has the authority to issue Written Orders.
(2) Written Orders as referred to in paragraph (1) are issued to:
a. FSIs; and/or b. Specific Parties.
(3) Specific Parties as referred to in paragraph (2) letter b include:
a. principal parties; b. parties having a relationship with the FSI;
c. financial service business actors other than FSIs; and
d. issuers or public companies.
(4) FSIs as referred to in paragraph (2) letter a and/or Specific Parties as referred to in paragraph (2) letter b are required to comply with the Written Orders issued by the Financial Services Authority.

Article 3
(1) The authority of the Financial Services Authority as referred to in Article 2 paragraph (1) includes the authority to issue Written Orders to FSIs to:
a. carry out Merger, Consolidation, Takeover, Integration, and/or Conversion; and/or b. receive Merger, Consolidation, Takeover, Integration, and/or Conversion.
(2) The issuance of Written Orders as referred to in paragraph (1) is carried out in the context of handling FSI problems.

Article 4
(1) FSIs and/or Specific Parties who intentionally ignore, fail to comply with, or hinder the implementation of the Financial Services Authority's authority in issuing Written Orders to FSIs and/or Specific Parties are subject to sanctions as referred to in Article 53 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector. (2) FSIs and/or Specific Parties who intentionally ignore and/or fail to execute Written Orders are subject to sanctions as referred to in Article 54 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector. (3) The imposition of sanctions as referred to in paragraph (1) and/or paragraph (2) does not eliminate the obligation of FSIs and/or Specific Parties to comply with the Written Orders as referred to in Article 2 paragraph (4) and/or the imposition of administrative sanctions by the Financial Services Authority.

CHAPTER II
PROCEDURE FOR ISSUING WRITTEN ORDERS
Article 5
The Financial Services Authority issues Written Orders as referred to in Article 2 paragraph (1) with:
a. preceded by a written instruction; or b. without being preceded by a written instruction with certain considerations.

Article 6
The Financial Services Authority sets the time limit for the implementation of Written Orders by FSIs and/or Specific Parties based on supervisory needs and/or considerations of the complexity of the scope of the Written Order issued, unless there are certain considerations not to set a time limit in the Written Order.

Article 7
(1) In issuing Written Orders to FSIs and/or Specific Parties, the Financial Services Authority may require compliance with:
a. the preparation of an action plan and the implementation of the action plan; and b. the submission of progress reports on the implementation of the action plan, by FSIs and/or Specific Parties in following up on the Written Order.
(2) Compliance with the submission of progress reports on the implementation of the action plan by FSIs and/or Specific Parties as referred to in paragraph (1) letter b can be done periodically according to the time limit determined by the Financial Services Authority. (3) FSIs and/or Specific Parties receiving Written Orders as referred to in paragraph (1) must submit the action plan and progress reports on the implementation of the action plan to the Financial Services Authority.

Article 8
FSIs and/or Specific Parties must submit a report on the compliance of the Written Order to the Financial Services Authority at the latest 2 (two) working days after the Written Order has been complied with. https://jdih.ojk.go.id/

Article 9
(1) FSIs and/or Specific Parties submit:
a. action plans and progress reports on the implementation of action plans as referred to in Article 7; and/or b. reports on the compliance of Written Orders as referred to in Article 8, to the Financial Services Authority.
(2) Submission to the Financial Services Authority as referred to in paragraph (1) is carried out through the Financial Services Authority reporting system in accordance with statutory regulations or submission in other forms adjusted to the supervisory needs of the Financial Services Authority. (3) In the event that the Financial Services Authority reporting system as referred to in paragraph (2) is not yet available or in case of force majeure, submission is carried out offline to the Financial Services Authority.

Article 10
The Financial Services Authority conducts supervision in the process of compliance with Written Orders by FSIs and/or Specific Parties and may take necessary actions and conduct evaluations on the compliance with Written Orders and/or other supervisory actions.

Article 11
(1) The Financial Services Authority conducts an evaluation on the implementation of compliance with Written Orders after:
a. the expiration of the time limit for the Written Order as referred to in Article 6; or b. the receipt of the report on the compliance of the Written Order submitted by FSIs and/or Specific Parties as referred to in Article 8.
(2) In the event that based on the evaluation results of the Financial Services Authority on the report on the compliance of the Written Order as referred to in Article 8, the FSI and/or Specific Party is assessed to have complied with the Written Order, the Financial Services Authority declares to the FSI and/or Specific Party that the obligation to comply with the Written Order has been completed. (3) In the event that based on the evaluation results of the Financial Services Authority on the report on the compliance of the Written Order as referred to in Article 8, the FSI and/or Specific Party is assessed to have not yet complied with the Written Order, the Financial Services Authority declares to the FSI and/or Specific Party to complete the compliance with the Written Order according to the time limit:
a. as referred to in Article 6; or b. based on the considerations of the Financial Services Authority.
(4) In the event that the time limit:
a. as referred to in Article 6; or b. based on the considerations of the Financial Services Authority as referred to in paragraph (3) letter b, has expired and based on the evaluation results of the Financial Services Authority, the FSI and/or Specific Party is assessed to have not yet complied with the Written Order, the Financial Services Authority declares to the FSI and/or Specific Party that the FSI and/or Specific Party has not complied with the Written Order.

CHAPTER III
WRITTEN ORDERS TO FSIs TO CARRY OUT AND/OR RECEIVE MERGER, CONSOLIDATION, TAKEOVER, INTEGRATION, AND/OR CONVERSION
Article 12
Written Orders to FSIs to carry out and/or receive Merger, Consolidation, Takeover, Integration, and/or Conversion as referred to in Article 3 are followed up by FSIs by complying with requirements and procedures in accordance with the applicable Financial Services Authority Regulations for each respective FSI and statutory regulations.

Article 13
The Financial Services Authority has the authority to establish policies in the compliance with Merger, Consolidation, Takeover, Integration, and/or Conversion provisions carried out by FSIs as a follow-up to Written Orders as referred to in Article 12.

Article 14
Further provisions regarding policies in the compliance with Merger, Consolidation, Takeover, Integration, and/or Conversion provisions carried out by FSIs as referred to in Article 13 are established by the Financial Services Authority.

CHAPTER IV
TRANSITIONAL PROVISIONS
Article 15
Written Orders and/or written instructions issued to FSIs and/or Specific Parties before this Financial Services Authority Regulation takes effect remain implemented in accordance with:
a. Financial Services Authority Regulation Number 18/POJK.03/2020 concerning Written Orders for Handling Bank Problems; b. Financial Services Authority Regulation Number 40/POJK.05/2020 concerning Written Orders for Handling Non-Bank Financial Service Institution Problems; or
c. Financial Services Authority Regulation Number 18 of 2022 concerning Written Orders.
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CHAPTER V
CLOSING PROVISIONS
Article 16
Upon the taking effect of this Financial Services Authority Regulation:
a. all provisions in this Financial Services Authority Regulation and other regulations prior to the taking effect of this Financial Services Authority Regulation, which contain the authority of the Financial Services Authority to carry out supervisory actions other than Written Orders as referred to in this Financial Services Authority Regulation, are interpreted as written instructions; and b. all provisions in this Financial Services Authority Regulation and other regulations prior to the taking effect of this Financial Services Authority Regulation, which contain the authority of the Financial Services Authority to issue orders made in writing and intended as the implementation of Article 8A paragraph (1) letter a and Article 9 letter d of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, are interpreted as Written Orders as per this Financial Services Authority Regulation.

Article 17
Upon the taking effect of this Financial Services Authority Regulation, all provisions in this Financial Services Authority Regulation and other regulations prior to the taking effect of this Financial Services Authority Regulation that are equated with Written Orders in accordance with this Financial Services Authority Regulation remain valid insofar as they do not conflict with this Financial Services Authority Regulation.

Article 18
Upon the taking effect of this Financial Services Authority Regulation, the implementation provisions of:
a. Financial Services Authority Regulation Number 18/POJK.03/2020 concerning Written Orders for Handling Bank Problems (State Gazette of the Republic of Indonesia Year 2020 Number 106, Supplement to the State Gazette of the Republic of Indonesia Number 6493); b. Financial Services Authority Regulation Number 40/POJK.05/2020 concerning Written Orders for Handling Non-Bank Financial Service Institution Problems (State Gazette of the Republic of Indonesia Year 2020 Number 151, Supplement to the State Gazette of the Republic of Indonesia Number 6529); and
c. Financial Services Authority Regulation Number 18 of 2022 concerning Written Orders (State Gazette of the Republic of Indonesia Year 2022 Number 21/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 13/OJK),
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remain valid insofar as they do not conflict with this Financial Services Authority Regulation.

Article 19
Upon the taking effect of this Financial Services Authority Regulation:
a. Financial Services Authority Regulation Number 18/POJK.03/2020 concerning Written Orders for Handling Bank Problems (State Gazette of the Republic of Indonesia Year 2020 Number 106, Supplement to the State Gazette of the Republic of Indonesia Number 6493); b. Financial Services Authority Regulation Number 40/POJK.05/2020 concerning Written Orders for Handling Non-Bank Financial Service Institution Problems (State Gazette of the Republic of Indonesia Year 2020 Number 151, Supplement to the State Gazette of the Republic of Indonesia Number 6529); and
c. Financial Services Authority Regulation Number 18 of 2022 concerning Written Orders (State Gazette of the Republic of Indonesia Year 2022 Number 21/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 13/OJK),
are repealed and declared invalid.

Article 20
This Financial Services Authority Regulation takes effect on the date of its promulgation. https://jdih.ojk.go.id/

This copy is in accordance with the original
Director of Legal Development
Legal Department
Aat Windradi

In order that everyone knows it, 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 19 December 2024
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
MAHENDRA SIREGAR

Promulgated in Jakarta on 23 December 2024
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,
SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2024 NUMBER 43/OJK signed https://jdih.ojk.go.id/

EXPLANATION
OF
THE FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 31 OF 2024
ON
WRITTEN ORDERS

I. GENERAL
Indonesia firmly adheres to the concept of a state based on law as contained in the 1945 Constitution of the Republic of Indonesia as the source of state law. The formulation contained in the state based on law (rechtstaat) is that the state aims to realize legal order. For legal order to be realized, the implementation of the regulatory, supervisory, examination, and investigation functions, duties, and authorities of the Financial Services Authority as referred to in Article 1 Number 1 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector must be carried out within a legal framework that serves as the basis for the transparent and accountable implementation of the Financial Services Authority's authority.

One of the authorities possessed by the Financial Services Authority in carrying out regulatory duties and supervisory duties is to establish regulations regarding the procedure for determining Written Orders to FSIs and/or Specific Parties and issuing Written Orders to FSIs and/or Specific Parties as referred to in Article 8 letter f and Article 9 letter d of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.

Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector has expanded the authority of the Financial Services Authority regarding Written Orders as regulated in Article 8A Part of Changes to Law Number 21 of 2011 concerning the Financial Services Authority, which states that the Financial Services Authority has the authority to issue Written Orders to FSIs to carry out Merger, Consolidation, Takeover, Integration, and/or Conversion. In this context, the implementation of the authority to issue Written Orders to FSIs to carry out Merger, Consolidation, Takeover, Integration, and/or Conversion is prioritized in the context of handling problems occurring in FSIs. Conversion activities are not included as part of Written Orders to Non-Bank Financial Service Institutions or abbreviated as NBSI, given that Conversion cannot be applied to NBSI.

Based on this, in order to improve the implementation of regulatory duties and supervisory duties across all financial service sectors, including market conduct supervision, and to exercise the authority of the Financial Services Authority more transparently and accountably, a Financial Services Authority Regulation regarding the procedure for issuing Written Orders to FSIs and/or Specific Parties applicable to all financial service sectors is required. Regulations regarding the procedure for issuing Written Orders are necessary so that the implementation of Written Orders for all financial service sectors can run harmoniously, through regulations regarding supervisory duties that can be carried out based on the authority of the Financial Services Authority, namely in the form of Written Orders that have criminal sanctions in accordance with Laws concerning the Financial Services Authority, and supervisory actions other than Written Orders, among others, as referred to in Article 244 of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and other related aspects.

With the existence of this Financial Services Authority Regulation regarding the procedure for issuing Written Orders, it is hoped that it will be able to improve the supervisory function of the financial service sector by the Financial Services Authority, both in prudential supervision and market conduct supervision, so that all activities within the financial service sector are carried out in an orderly, fair, transparent, and accountable manner, in realizing a financial system that grows sustainably and stably, and supporting consumer and public protection.

Furthermore, it must be realized that the issuance of Written Orders in the implementation of the supervisory duties of the Financial Services Authority against FSIs and/or Specific Parties to carry out or not carry out certain activities to comply with statutory regulations in the financial service sector and/or to prevent and reduce losses to consumers, the public, and the financial service sector, may not run as expected, among others, due to changes in internal and external conditions in the compliance with Written Orders by FSIs and/or Specific Parties. Therefore, in the event that FSIs and/or Specific Parties have been issued a Written Order but other supervisory actions are still required to improve the conditions of the FSI and/or Specific Party and/or there are other problems, the Financial Services Authority may establish other supervisory actions in accordance with statutory regulations.

In relation to this, an update of regulations that become the basis for the mechanism, procedure for issuance, and implementation of Written Orders to FSIs and/or Specific Parties applicable to all financial service sectors in a Financial Services Authority Regulation is required.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Paragraph (1)
Clear enough.

Paragraph (2)
Clear enough.

Paragraph (3)
Letter a
The term "principal party" refers to the principal party as per the Financial Services Authority Regulation regarding the re-evaluation of principal parties of financial service institutions.

Letter b
The term "party having a relationship with the FSI" refers to a party having a relationship, among others, legal, ownership (direct or indirect), and/or financial relationship with the FSI, whether an individual, a legal entity business, a non-legal entity business, an association, or an organized group.

Parties having a relationship with the FSI, among others, alternative dispute resolution institutions in the financial service sector, statutory administrators, and parties providing services to the FSI in accordance with statutory regulations.

Parties providing services to the FSI, among others, public accountants, accounting firms, notaries, appraisers, legal consultants, other consultants, parties preparing reports for the FSI, representatives of mutual fund sales agents, and representatives of securities companies.

Letter c
The term "financial service business actors other than FSIs" refers to financial service business actors other than FSIs that are:
a. parties carrying out business activities of fund collection, fund disbursement, and/or fund management in the financial service sector; and b. other financial service business actors, in accordance with statutory regulations in the financial service sector.

Letter d
Issuers or public companies include members of the board of directors, members of the board of commissioners, shareholders, and/or investors of the issuer or public company.

Paragraph (4)
Clear enough.

Article 3
Paragraph (1)
Letter a
The term "Written Order to FSI to carry out Takeover" refers to a Written Order to an FSI to be taken over by another FSI.

Letter b
The term "Written Order to FSI to receive Takeover" refers to a Written Order to an FSI to take over another FSI.

Paragraph (2)
Clear enough.

Article 4
This is clear.

Article 5
Letter a
The term "written instruction" refers to the grouping or categorization of supervisory actions other than Written Orders to Financial Service Institutions (FSIs) and/or Specific Parties, including specific commands or actions to FSIs and/or Specific Parties for consumer protection, to carry out or not carry out certain activities, where FSIs and/or Specific Parties who ignore, do not comply with, do not fulfill, do not execute, and/or hinder the implementation of the Financial Services Authority's authority may be subject to administrative sanctions.

The term "consumer protection" refers to all efforts that ensure legal certainty to provide protection to consumers in accordance with Financial Services Authority Regulations regarding consumer and community protection in the financial services sector.

Letter b
Written Orders without prior written instructions with specific considerations are carried out based on the authority to implement supervisory tasks of the Financial Services Authority, including the need to:

1. accelerate the handling of problems of FSIs and/or Specific Parties, in relation to:
   a) the urgency of supervisory actions, including the existence of problems of FSIs and/or Specific Parties that potentially threaten the condition of the financial services industry and/or financial system stability; and/or b) the significance or materiality of problems of FSIs and/or Specific Parties to the performance of the financial services industry, which considers, among other things, aspects of liquidity problems, solvency/capital, the number of regulatory violations, and/or financial and non-financial losses;
2. resolve consumer complaints harmed by FSIs and/or Specific Parties;
3. law enforcement; and/or
4. the implementation of attributive authority originating from statutory regulations to issue Written Orders.

Article 6
Specific considerations for not setting a time limit in Written Orders include, among others, Written Orders to FSIs and/or Specific Parties not to hinder the process of resolving problems of FSIs and/or Specific Parties.

Article 7
This is clear.

Article 8
This is clear.

Article 9
Paragraph (1)
The submission of action plans, reports on the progress of the implementation of action plans, and/or reports on the fulfillment of Written Orders are signed by the official of the FSI and/or Specific Party who has the authority in accordance with the internal regulations of the FSI and/or Specific Party.

Paragraph (2)
The term "submission through the Financial Services Authority reporting system in accordance with statutory regulations" refers to submission through the Financial Services Authority reporting system, including, among others, in accordance with Financial Services Authority Regulations regarding reporting of rural credit banks and sharia rural financing banks through the Financial Services Authority reporting system and Financial Services Authority Regulations regarding reporting of general banks through the Financial Services Authority reporting system.

The term "submission in other forms adjusted to the supervisory needs of the Financial Services Authority" refers to submission other than through the Financial Services Authority reporting system, including, among others, via electronic mail.

Paragraph (3)
This is clear.

Article 10
Supervisory actions taken by the Financial Services Authority consider, among others:
a. developments or follow-up actions carried out by FSIs and/or Specific Parties in fulfilling Written Orders; and/or b. requests from FSIs and/or Specific Parties regarding efforts to fulfill Written Orders.

Other supervisory actions are supervisory actions other than Written Orders that are necessary according to supervisory needs, both related to the scope of problems of Written Orders and other problems that affect the efforts of FSIs and/or Specific Parties in fulfilling Written Orders.

Article 11
Paragraph (1)
This is clear.

Paragraph (2)
This is clear.

Paragraph (3)
Letter a
This is clear.

Letter b
The Financial Services Authority's considerations regarding the time limit are based on:

1. developments or follow-up actions carried out by FSIs and/or Specific Parties in fulfilling Written Orders; and/or
2. requests from FSIs and/or Specific Parties regarding efforts to fulfill Written Orders.

Paragraph (4)
This is clear.

Article 12
Financial Services Authority Regulations applicable to each FSI and statutory regulations, including:
a. Laws regarding limited liability companies; b. Laws regarding the development and strengthening of the financial sector;
c. Financial Services Authority Regulations regarding mergers, consolidations, takeovers, integration, and/or conversion for general banks; and
d. Financial Services Authority Regulations regarding assessment of competence and propriety for key parties of financial service institutions.

Article 13
Policies in fulfilling the provisions on Mergers, Consolidations, Takeovers, Integration, and/or Conversion include, among others, accelerating the process, reducing costs, and/or other related aspects in the handling of FSI problems.

Article 14
This is clear.

Article 15
This is clear.

Article 16
Included in Financial Services Authority Regulations and other regulations are derivative regulations of relevant Financial Services Authority Regulations, and regulations that are still in the form of documents from Bank Indonesia, the Ministry of Finance, and the Capital Market and Financial Institution Supervisory Agency, which are owned and/or used in regulatory and supervisory activities in the financial services sector, in connection with the transfer of functions, duties, and authorities for the regulation and supervision of financial services activities in the banking, capital market, insurance, pension fund, financing institution, and other financial service institution sectors from Bank Indonesia, the Minister of Finance, and the Capital Market and Financial Institution Supervisory Agency to the Financial Services Authority.

Documents refer to data and information, whether in written or electronic form, owned and/or used in regulatory and supervisory activities in the financial services sector.

Used refers to being able to be utilized, managed, and/or maintained by the Financial Services Authority.

Included in written instructions in Financial Services Authority Regulations and other regulations prior to the implementation of this Financial Services Authority Regulation are regulations containing the phrases "Written Order," "written order," "order," and/or other phrases or terminology that are equated, which in the event that FSIs and/or Specific Parties ignore, do not comply with, do not fulfill, do not execute, and/or hinder the implementation of the Financial Services Authority's authority through such written instructions are subject to administrative sanctions.

Included in Written Orders in Financial Services Authority Regulations and other regulations prior to the implementation of this Financial Services Authority Regulation are regulations containing the phrases "Written Order," "written order," "order," and/or other phrases or terminology that are equated, which in the event that FSIs and/or Specific Parties intentionally ignore, do not fulfill, or hinder the implementation of the Financial Services Authority's authority in issuing Written Orders to FSIs and/or Specific Parties, or FSIs and/or Specific Parties intentionally ignore and/or do not execute Written Orders, are subject to sanctions as referred to in Article 53 or Article 54 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.

Article 17
This is clear.

Article 18
This is clear.

Article 19
This is clear.

Article 20
This is clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 111/OJK ---