Financial Services Authority Regulation Number 31/POJK.04/2018 Concerning Investment Manager Representative Licensing

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 31/POJK.04/2018
CONCERNING
INVESTMENT MANAGER REPRESENTATIVE LICENSING
BY THE GRACE OF GOD THE ALMIGHTY
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to increase efficiency in license applications, license renewals, and reporting by Investment Manager Representatives, and to optimize supervision of Investment Manager Representatives, the Financial Services Authority needs to encourage the use of information and communication technology systems; b. that in order to provide ease and flexibility in the renewal of Investment Manager Representative licenses, the Financial Services Authority needs to regulate again the provisions regarding the validity period and license renewal mechanism contained in Financial Services Authority Regulation Number 25/POJK.04/2014 concerning Investment Manager Representative Licensing with this Financial Services Authority Regulation;
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 Investment Manager Representative Licensing;

FINANCIAL SERVICES AUTHORITY
OF THE REPUBLIC OF INDONESIA

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:
Establish: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING INVESTMENT MANAGER REPRESENTATIVE LICENSING.

CHAPTER I
GENERAL PROVISIONS

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

1. Investment Manager is a Party whose business activities manage Securities Portfolios for clients or manage collective investment portfolios for a group of clients, except insurance companies, pension funds, and banks that conduct their own business activities based on legislation.
2. Securities Company is a Party that conducts business as a Securities Underwriter, Securities Broker, and/or Investment Manager.
3. Investment Manager Representative is an individual who acts on behalf of the interests of a Securities Company that conducts business as an Investment Manager.
4. Individual License as an Investment Manager Representative, hereinafter referred to as Investment Manager Representative License, is a license granted by the Financial Services Authority to an individual to act on behalf of the interests of a Securities Company that conducts business as an Investment Manager.
5. Capital Market is activities related to Public Offerings and Trading of Securities, Public Companies related to the Securities they issue, and institutions and professions related to Securities.
6. Professional Certification Institution is an institution implementing work competency certification that obtains a license from the National Professional Certification Agency.

CHAPTER II
REQUIREMENTS AND LICENSING OF INVESTMENT MANAGER REPRESENTATIVES

Article 2
Investment Manager Representatives are required to have an Investment Manager Representative License from the Financial Services Authority.

Article 3
The obligation to have an Investment Manager Representative License as referred to in Article 2 does not apply to:
a. individuals who work for an Investment Manager but are not required to have an Investment Manager Representative License as regulated in Financial Services Authority Regulations regarding guidelines for the implementation of Investment Manager functions; and/or b. parties who work for the interests of an Investment Manager limited to advertising Investment Manager products and do not represent the Investment Manager in selling products and/or entering into agreements with clients and/or prospective clients even if such advertisements are broadcast on television or in newspapers.

Article 4
Investment Manager Representatives are required to meet the following requirements:
a. integrity requirements including:

1. having good character and morality;
2. being competent to perform legal acts;
3. never having committed disgraceful acts and/or being punished for proven criminal offenses in the financial services sector;
4. never having been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years;
5. never having been declared bankrupt or having been a manager declared at fault causing a company to be declared bankrupt in the 5 (five) years prior to the application for the Investment Manager Representative License; and
6. having a high commitment to comply with legislative regulations;
   b. competency requirements including:
7. having an education level of at least Diploma Three (D3);
8. having adequate knowledge and expertise in the Capital Market sector, proven by:
   a) holding an expertise certificate as an Investment Manager Representative issued by a Professional Certification Institution registered with the Financial Services Authority; or b) having work experience at a Capital Market supervisory institution and/or an organization authorized by Law regarding the Capital Market to regulate and/or supervise the Capital Market industry with the following conditions:

1. at least 2 (two) years in a managerial position; or
2. at least 5 (five) years in an operational position,
   in job duties and functions related to the regulation and/or supervision of investment management;
   c. working for a financial services institution in Indonesia, for foreign citizens; and
   d. not working for more than one Securities Company and/or other financial services institutions.

Article 5
The expertise certificate as referred to in Article 4 letter b number 2 letter a) may be used for the application for an Investment Manager Representative License as long as it is not older than 3 (three) years calculated from the date of issuance until the time of applying for the Investment Manager Representative License.

CHAPTER III
PROCEDURE FOR APPLICATION FOR INVESTMENT MANAGER REPRESENTATIVE LICENSE

Article 6
(1) Applications for an Investment Manager Representative License are submitted by the applicant to the Financial Services Authority according to the application letter format for the Investment Manager Representative License contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) Applications for an Investment Manager Representative License must be submitted electronically through the Financial Services Authority licensing system. (3) The procedure for submitting applications for an Investment Manager Representative License electronically through the Financial Services Authority licensing system as referred to in paragraph (2) refers to the provisions regulated in Financial Services Authority Circular Letters regarding the electronic submission of licensing applications, registration, recording, approval, and reporting for actors in the investment management sector. (4) Applications for an Investment Manager Representative License as referred to in paragraph (1) must be accompanied by the following complete documents:
a. photocopy of diploma or graduation certificate of the latest formal education; b. photocopy of identity card or valid passport;
c. proof of having knowledge and expertise in the Capital Market sector in the form of:

1. photocopy of expertise certificate as an Investment Manager Representative issued by a Professional Certification Institution registered with the Financial Services Authority; or
2. photocopy of work experience letter from a Capital Market supervisory institution and/or an organization authorized by Law regarding the Capital Market to regulate and/or supervise the Capital Market industry as referred to in Article 4 letter b number 2 letter b);
   d. employment letter from a financial services institution in Indonesia, for foreign citizens; and e. photocopy of work permit for foreign workers issued by the competent authority, for foreign citizens working at financial services institutions. (5) The Investment Manager Representative License as referred to in paragraph (1) is granted by the Financial Services Authority electronically through the Financial Services Authority licensing system and/or the applicant's email address for the Investment Manager Representative License contained in the Financial Services Authority licensing system if the applicant has met the requirements as referred to in paragraph (4).

Article 7
In processing applications for an Investment Manager Representative License, the Financial Services Authority is authorized to:
a. conduct research on the completeness of documents submitted by the applicant as referred to in Article 6 paragraph (4); and/or b. request information from the applicant, to ensure compliance with the requirements as referred to in Article 6.

Article 8
(1) The Investment Manager Representative License is granted by the Financial Services Authority no later than 21 (twenty-one) working days from the receipt of the application for the Investment Manager Representative License that meets the requirements. (2) In the event that the application for an Investment Manager Representative License does not meet the requirements upon receipt, no later than 21 (twenty-one) working days from the receipt of the application, the Financial Services Authority provides an electronic notification letter through the Financial Services Authority licensing system to the applicant stating that:
a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.
(3) The applicant must complete the deficiencies required in the notification letter as referred to in paragraph (2) letter a no later than 21 (twenty-one) working days after the date of the notification letter. (4) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (3) is deemed to have been received by the Financial Services Authority on the date the document changes, additional information, and/or completion of requirement deficiencies are received in the Financial Services Authority licensing system. (5) Since the receipt of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (4) in the Financial Services Authority licensing system, the application for the Investment Manager Representative License is deemed to have been newly received by the Financial Services Authority and processed as referred to in paragraph (1). (6) An applicant who does not complete the deficiencies required within the time limit as referred to in paragraph (3) is deemed to have canceled the application for the Investment Manager Representative License already submitted to the Financial Services Authority.

CHAPTER IV
VALIDITY PERIOD AND RENEWAL OF INVESTMENT MANAGER REPRESENTATIVE LICENSE

Article 9
The Investment Manager Representative License has a validity period of 3 (three) years according to the date and month of birth of the License Holder and can be renewed.

Article 10
(1) Applications for renewal of the Investment Manager Representative License as referred to in Article 9 must be submitted to the Financial Services Authority before the validity period of the Investment Manager Representative License expires with the provision that it can be submitted at the earliest 90 (ninety) days before the validity period of the Investment Manager Representative License expires. (2) Applications for renewal of the Investment Manager Representative License cannot be made after the validity period of the Investment Manager Representative License has expired. (3) Applications for renewal of the Investment Manager Representative License as referred to in paragraph (1) are prepared according to the format of the application letter for renewal of the Investment Manager Representative License contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by the following complete documents:
a. photocopy of work permit for foreign workers issued by the competent authority, for foreign citizens working at financial services institutions; b. photocopy of membership card of the association that accommodates Investment Manager Representatives which has received recognition from the Financial Services Authority and is still valid; and
c. photocopy of continuing education documents conducted between the start date and the end date of the Investment Manager Representative License.
(4) Applications for renewal of the Investment Manager Representative License must be submitted electronically through the Financial Services Authority licensing system for the renewal application of the Investment Manager Representative License.

Article 11
(1) Renewal of the Investment Manager Representative License is granted by the Financial Services Authority no later than 21 (twenty-one) working days from the receipt of the application for renewal of the Investment Manager Representative License that meets the requirements. (2) In the event that the application for renewal of the Investment Manager Representative License does not meet the requirements upon receipt, no later than 21 (twenty-one) working days from the receipt of the application, the Financial Services Authority provides an electronic notification letter through the Financial Services Authority licensing system to the applicant stating that:
a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.
(3) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (2) letter a is deemed to have been received by the Financial Services Authority on the date the document changes, additional information, and/or completion of requirement deficiencies are received. (4) An applicant for renewal of the Investment Manager Representative License who does not complete the deficiencies required before the validity period of the Investment Manager Representative License expires is deemed to have canceled the application for renewal of the Investment Manager Representative License already submitted to the Financial Services Authority.

Article 12
(1) In the event that the validity period of the Investment Manager Representative License has expired but the renewal application has been submitted to the Financial Services Authority before the validity period of the Investment Manager Representative License expires, the Investment Manager Representative License remains valid until there is:
a. approval for the renewal of the Investment Manager Representative License from the Financial Services Authority; or b. notification to the applicant stating that the application is rejected because it does not meet the requirements. (2) In the event that the validity period of the Investment Manager Representative License has expired but the renewal application has been submitted to the Financial Services Authority before the validity period of the Investment Manager Representative License expires, the Investment Manager Representative License remains valid during the renewal process even if there is a notification letter to the applicant stating that the application does not yet meet the requirements. (3) Approval as referred to in paragraph (1) letter a, rejection as referred to in paragraph (1) letter b, and notification letter as referred to in paragraph (2) are provided by the Financial Services Authority no later than 5 (five) working days from the expiration of the validity period of the Investment Manager Representative License. (4) The applicant must complete the deficiencies required in the notification letter as referred to in paragraph (2) no later than 5 (five) working days from the date of the notification letter. (5) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (4) is deemed to have been received by the Financial Services Authority on the date the document changes, additional information, and/or completion of requirement deficiencies are received. (6) Since the receipt of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (5), the application for the Investment Manager Representative License is deemed to have been newly received by the Financial Services Authority. (7) In the event that document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (6) have been received by the Financial Services Authority, within 5 (five) working days the Financial Services Authority provides approval or rejection of the renewal of the Investment Manager Representative License. (8) An applicant who does not complete the deficiencies required within the time limit as referred to in paragraph (4) is deemed to have canceled the application for the Investment Manager Representative License already submitted to the Financial Services Authority.

Article 13
The validity period of the Investment Manager Representative License that receives approval for renewal is 3 (three) years from the date the approval is granted by the Financial Services Authority and such validity period ends exactly on the birth date of the License Holder.

Article 14
If at the time of the application for renewal of the Investment Manager Representative License, the License Holder still has obligations based on legislative provisions in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled, the Financial Services Authority is authorized to reject the application for renewal of the Investment Manager Representative License.

CHAPTER V
OBLIGATIONS AND PROHIBITIONS FOR INVESTMENT MANAGER REPRESENTATIVES

First Section
Obligations

Article 15
Investment Manager Representatives are required to:
a. understand and comply with the provisions of Indonesian Capital Market legislative regulations; b. act and behave professionally and have broad knowledge in the Capital Market sector; and
c. become members of the association that accommodates Investment Manager Representatives which has received recognition from the Financial Services Authority.

Article 16
Investment Manager Representatives are required to attend continuing education organized by the association that accommodates Investment Manager Representatives or other parties recognized by the Financial Services Authority at least 1 (one) time in 3 (three) years.

Second Section
Prohibitions

Article 17
(1) Investment Manager Representatives are prohibited from holding concurrent positions at more than one Securities Company and/or other financial services institutions.
(2) The prohibition on holding concurrent positions as referred to in paragraph (1) does not apply to Investment Manager Representatives who hold positions as members of the board of directors of a Securities Company that conducts business as an Investment Manager to concurrently hold positions as commissioners of stock exchanges, clearing and guarantee institutions, or depository and settlement institutions.

CHAPTER VI
ASSOCIATIONS

Article 18
(1) Associations as referred to in Article 15 letter c have duties including:
a. drafting codes of ethics for members; b. implementing continuing education for holders of Investment Manager Representative Licenses; and
c. implementing education and/or other training to improve the competence of Investment Manager Representatives.
(2) The implementation of association activities as referred to in paragraph (1) is reported every 6 (six) months to the Financial Services Authority.
(3) Associations that accommodate Investment Manager Representatives as referred to in paragraph (1) and paragraph (2) refer to the provisions regulated in Financial Services Authority Circular Letters regarding Recognition of Investment Manager Representative Associations.

CHAPTER VII
REPORTING

Article 19
(1) Individuals who hold an Investment Manager Representative License are required to submit reports on starting work, stopping work, or changing jobs, no later than 14 (fourteen) days calculated from when the individual starts working, stops working, or changes jobs to the Financial Services Authority. (2) In the event that the deadline for submitting reports as referred to in paragraph (1) falls on a holiday, reports on starting work, stopping work, or changing jobs are submitted no later than 1 (one) working day thereafter.

Article 20
Reports as referred to in Article 19 paragraph (1) are submitted to the Financial Services Authority electronically through the Financial Services Authority licensing system.

CHAPTER VIII
RETURN OF INVESTMENT MANAGER REPRESENTATIVE LICENSE

Article 21
(1) Holders of an Investment Manager Representative License may return their Investment Manager Representative License to the Financial Services Authority using a return letter for the Investment Manager Representative License according to the format contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The return of the Investment Manager Representative License as referred to in paragraph (1) does not immediately eliminate the obligations and responsibilities regarding legislative provisions in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled which arose while the individual held the Investment Manager Representative License.

CHAPTER IX
OTHER PROVISIONS

Article 22
In the event of certain conditions that cause the Financial Services Authority licensing system to be unable to function properly, applications for an Investment Manager Representative License or applications for renewal of an Investment Manager Representative License may be submitted in the form of printed documents to the Financial Services Authority.

CHAPTER X
SANCTION PROVISIONS

Article 23
(1) Any party that violates the provisions as referred to in Article 4, Article 15, Article 16, Article 17, Article 18 paragraph (2), and Article 19, shall be subject to administrative sanctions.
(2) Sanctions as referred to in paragraph (1) are also imposed on parties that 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) consist of:
a. written warnings; 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 licenses; f. cancellation of approvals; and/or g. cancellation of registration.
(5) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with legislative regulations.
(6) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, f, or g may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a. (7) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letters c, d, e, f, or g.

Article 24
In addition to administrative sanctions as referred to in Article 23 paragraph (4), the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 25
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 23 paragraph (4) and specific actions as referred to in Article 24 to the public.

CHAPTER XI
TRANSITIONAL PROVISIONS

Article 26
(1) Provisions regarding expertise certificates as referred to in Article 6 paragraph (4) letter c number 1 shall become effective in accordance with the provisions in Financial Services Authority Regulations regarding Professional Certification Institutions registered with the Financial Services Authority. (2) Expertise certificates as Investment Manager Representatives issued by the professional standards committee and institutions

special education in the Capital Market sector remains valid in accordance with the provisions in the Financial Services Authority Regulation regarding the registration of Professional Certification Institutions in the Capital Market sector.

Article 27
(1) The validity period of Investment Manager Representative Licenses issued or renewed prior to the implementation of this Financial Services Authority Regulation is automatically adjusted to 3 (three) years in accordance with the date and month of birth of the License holder. (2) The validity period of the Investment Manager Representative License as referred to in paragraph (1) is as follows:
a. for holders of Investment Manager Representative Licenses whose birth date is before the date and month the validity period of the Investment Manager Representative License expires, the validity period of the Investment Manager Representative License ends precisely on the date and month of birth of the holder in the fourth year; and b. for holders of Investment Manager Representative Licenses whose birth date is after the date and month the validity period of the Investment Manager Representative License expires, the validity period of the Investment Manager Representative License ends precisely on the birth date of the holder in the third year.

Article 28
Applications for Investment Manager Representative Licenses submitted to the Financial Services Authority prior to the implementation of this Financial Services Authority Regulation shall be resolved based on the Financial Services Authority Regulation Number 25/POJK.04/2014 concerning the Authorization of Investment Manager Representatives.

CHAPTER XII
FINAL PROVISIONS

Article 29
Upon the implementation of this Financial Services Authority Regulation, the Financial Services Authority Regulation Number 25/POJK.04/2014 concerning the Authorization of Investment Manager Representatives (State Gazette of the Republic of Indonesia Year 2014 Number 360, Supplement to the State Gazette of the Republic of Indonesia Year 2014 Number 5634) is repealed and declared invalid.

Article 30
Upon the implementation of this Financial Services Authority Regulation:

1. Financial Services Authority Circular Letter Number 16/SEOJK.04/2016 concerning Recognition of Investment Manager Representative Associations;
2. Financial Services Authority Circular Letter Number 7/SEOJK.04/2017 concerning Submission of Licensing, Registration, Recording, Approval, and Reporting Electronically for Actors in the Investment Management Sector,
   are declared to remain valid insofar as they do not conflict with this Financial Services Authority Regulation.

Article 31
This Financial Services Authority Regulation shall come into force on the date of its promulgation.

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

To ensure that everyone knows it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 11 December 2018
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Promulgated in Jakarta on 27 December 2018
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2018 NUMBER 252

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 31 /POJK.04/2018
CONCERNING
AUTHORIZATION OF INVESTMENT MANAGER REPRESENTATIVES

I. GENERAL
To increase efficiency, both in terms of applications for Investment Manager Representative Licenses, renewal of Investment Manager Representative Licenses, and reporting by Investment Manager Representatives, as well as to optimize supervision over Investment Manager Representatives, the Financial Services Authority strives to encourage the use of information and communication technology which is increasingly developing today.

Furthermore, the Financial Services Authority has an initiative to provide ease and flexibility in the renewal of Investment Manager Representative Licenses, including by re-regulating the provisions regarding documents for new and renewed Investment Manager Representative License applications, extending the validity period of Investment Manager Representative Licenses from the previous 2 (two) years to 3 (three) years, and optimizing the use of electronic systems in the Investment Manager Representative License process.

Furthermore, to provide a legal basis for the aforementioned efforts, it is necessary to amend the Financial Services Authority Regulation Number 25/POJK.04/2014 concerning the Authorization of Investment Manager Representatives through the enactment of this Financial Services Authority Regulation.

II. ARTICLE BY ARTICLE

Article 1
Clearly sufficient.

Article 2
Clearly sufficient.

Article 3
Clearly sufficient.

Article 4
Letter a
Number 1
What is meant by "good character and morality" includes not violating the moral norms prevailing in society.
Number 2
Clearly sufficient.
Number 3
Clearly sufficient.
Number 4
Clearly sufficient.
Number 5
Clearly sufficient.
Number 6
Clearly sufficient.
Letter b
Number 1
Clearly sufficient.
Number 2
Letter a)
What is meant by "Professional Certification Institution" is a Professional Certification Institution as regulated in the Financial Services Authority Regulation Number 79/POJK.04/2017 concerning the Registration of Professional Certification Institutions in the Capital Market Sector.

Letter b)
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Clearly sufficient.

Article 5
Clearly sufficient.

Article 6
Paragraph (1)
Clearly sufficient.
Paragraph (2)
The Financial Services Authority no longer requires the submission of Investment Manager Representative License applications in the form of printed documents if the application has been submitted electronically through the Financial Services Authority's licensing system. Paragraph (3) Clearly sufficient. Paragraph (4) Clearly sufficient. Paragraph (5) Clearly sufficient.

Article 7
Letter a
In conducting research on the completeness of documents submitted by the applicant, the Financial Services Authority may, among other things, request the applicant to show the original documents from the photocopies of documents included to meet the requirements for the Investment Manager Representative License application. Letter b Clearly sufficient.

Article 8
Clearly sufficient.

Article 9
The validity period of the Investment Manager Representative License for 3 (three) years is calculated from the date and month of issuance of the Investment Manager Representative License and ends in the 3rd (third) year according to the date and month of birth of the holder of the Investment Manager Representative License. As an example:
A was born on October 10, 1990. If A applies for an Investment Manager Representative License and A's Investment Manager Representative License is issued on July 1, 2018, then A's Investment Manager Representative License becomes valid starting from July 1, 2018 and ends on October 10, 2021. Similarly, if A's Investment Manager Representative License is issued on December 11, 2018, then A's Investment Manager Representative License becomes valid starting from December 11, 2018 and ends on October 10, 2021.

Article 10
Clearly sufficient.

Article 11
Clearly sufficient.

Article 12
In the event that the validity period of the Investment Manager Representative License has expired but the renewal application has been submitted to the Financial Services Authority before the validity period of the Investment Manager Representative License expires, the Investment Manager Representative License remains valid for a maximum of 15 (fifteen) working days.

Article 13
Clearly sufficient.

Article 14
Clearly sufficient.

Article 15
Clearly sufficient.

Article 16
Clearly sufficient.

Article 17
Paragraph (1)
What is meant by "financial service institution" is an institution that carries out activities in the Banking, Capital Market, Insurance, Pension Fund, Financing Institution, and Other Financial Service Institution sectors as referred to in Article 1 number 4 of Law Number 21 of 2011 concerning the Financial Services Authority. Paragraph (2) Clearly sufficient.

Article 18
Clearly sufficient.

Article 19
Clearly sufficient.

Article 20
Clearly sufficient.

Article 21
Clearly sufficient.

Article 22
What is meant by "certain circumstances" is an event and/or situation that occurs outside the will and/or ability of the electronic system and/or the applicant, which causes the process of the Investment Manager Representative License application or the renewal of the Investment Manager Representative License application electronically through the Financial Services Authority's licensing system to not function as it should. What is meant by "submitted in the form of printed documents" is submitting an Investment Manager Representative License application or an Investment Manager Representative License renewal application by means such as:

1. handed in directly to the Financial Services Authority office; or
2. sent via courier service to the Financial Services Authority office.
   The proof of submission is in the form of a receipt letter from the Financial Services Authority.

Article 23
Clearly sufficient.

Article 24
What is meant by "certain actions" includes, among other things, the postponement of the granting of the renewal of the Investment Manager Representative License.

Article 25
Clearly sufficient.

Article 26
Clearly sufficient.

Article 27
Paragraph (1)
Clearly sufficient.
Paragraph (2)
Letter a
As an example:

1. Brother A
   a. born on March 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2016, then the Investment Manager Representative License owned by Brother A becomes valid until March 3, 2020.
2. Brother B
   a. born on March 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2017, then the Investment Manager Representative License owned by Brother A becomes valid until March 3, 2021.
3. Brother C
   a. born on March 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2018, then the Investment Manager Representative License owned by Brother A becomes valid until March 3, 2022. Letter b As an example:
4. Brother D
   a. born on December 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2016, then the Investment Manager Representative License owned by Brother A becomes valid until December 3, 2019.
5. Brother E
   a. born on December 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2017, then the Investment Manager Representative License owned by Brother A becomes valid until December 3, 2020.
6. Brother F
   a. born on December 3, 1986; and b. obtained an Investment Manager Representative License or renewed the Investment Manager Representative License on November 10, 2018, then the Investment Manager Representative License owned by Brother A becomes valid until December 3, 2021.

Article 28
Clearly sufficient.

Article 29
Clearly sufficient.

Article 30
Clearly sufficient.

Article 31
Clearly sufficient.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6282

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 31 /POJK.04/2018
CONCERNING
AUTHORIZATION OF INVESTMENT MANAGER REPRESENTATIVES

APPLICATION FOR INVESTMENT MANAGER REPRESENTATIVE LICENSE Subject: Application for License Investment Manager Representative To The Executive Head Capital Market Supervisor of the Financial Services Authority in Jakarta

Hereby I apply for an Investment Manager Representative License. As consideration material, I submit the following data:

1. Applicant Name : ...........................................................
2. Place & Date of Birth : ...........................................................
3. Gender : ...........................................................
4. ID Card/Passport Number : ...........................................................
5. Religion : ...........................................................
6. Nationality : ...........................................................
7. Applicant Address : ...........................................................
   .................. (street name and number)
   ......... - (city and postal code)
8. Applicant Phone Number : ...........................................................
9. Company : ...........................................................
10. Company Address : ...........................................................
    .................. (street name and number)
    ......... - (city and postal code)
11. Company Phone Number : ...........................................................

[Photo of applicant, latest, with red background]

12. Formal Education History
    Level of Education (last)
    Major/Specialization
    Name/Place
    Diploma Number or Graduation Certificate Number
13. Work History
    Company Name
    Position
    Date Started Working
    Date Stopped Working
14. DECLARATION
    I declare:
    a. willing not to work for more than one Securities Company and/or other financial service institutions. b. currently I (do not work or work at PT ......... or only work at PT ...... (for financial service institutions*)) *Choose one.
    c. Have integrity:

• have good character and morality;
• capable of performing legal acts;
• have never committed disgraceful acts and/or been punished for proven criminal acts in the financial service sector;
  If ever, specify .....................
• have never been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years;
  If ever, specify .....................
• have never been declared bankrupt or become a manager who is declared guilty causing a company to be declared bankrupt in the last 5 (five) years before submitting the Investment Manager Representative License application;
  If ever, specify .....................
• have never been subjected to sanctions by other competent authorities;
  If ever, specify .....................
• have a high commitment to comply with laws and regulations.

Thus, I submit this application. Every statement, document, and information I submit in this application is true and can be accounted for. Thank you for your attention.
.........., ..................... 20.....
(place and date)
Applicant, stamp
.............................................
(full name and signature)

Note:
The stamp and signature of the applicant on this form are only required if the Financial Services Authority's licensing system still uses the document download system. If an input format for this application form is already available, the applicant is considered to have consciously submitted the application after the document was sent through the Financial Services Authority's licensing system.

APPLICATION FOR RENEWAL OF INVESTMENT MANAGER REPRESENTATIVE LICENSE Subject: Application for Renewal of License Investment Manager Representative To The Executive Head Capital Market Supervisor of the Financial Services Authority in Jakarta

Hereby I apply for the renewal of the Investment Manager Representative License. As consideration material, I submit the following data:

1. Applicant Name : ...........................................................
2. Place & Date of Birth : ...........................................................
3. Gender : ...........................................................
4. Religion : ...........................................................
5. Nationality : ...........................................................
6. Applicant Address : ...........................................................
   ................... (street name and number)
   .......... - (city and postal code)
7. Applicant Phone Number : ...........................................................
8. Company : ...........................................................
9. Company Address : ...........................................................
   .................. (street name and number)
   ......... - (city and postal code)
10. Company Phone Number : ...........................................................
11. Association Member Number : ...........................................................
12. Formal Education History
    Level of Education (last)
    Major/Specialization
    Name/Place
    Diploma Number or Graduation Certificate Number [Photo of applicant, latest, with red background]
13. Work History in Financial Service Sector
    Company Name
    Position
    Date Started Working
    Date Stopped Working

Thus, I submit this application. Every statement, document, and information I submit in this application is true and can be accounted for. Thank you for your attention.
........., ...................... 20.....
(place and date)
Applicant, stamp
..............................................
(full name and signature)

Note:
The stamp and signature of the applicant on this form are only required if the Financial Services Authority's licensing system still uses the document download system. If an input format for this application form is already available, the applicant is considered to have consciously submitted the application after the document was sent through the Financial Services Authority's licensing system.

RETURN OF INVESTMENT MANAGER REPRESENTATIVE LICENSE
Subject: Return of License ........, ................... 20.....
Investment Manager Representative
To
The Executive Head
Capital Market Supervisor
Financial Services Authority in Jakarta

I, the undersigned:
Name : .............................................................
Full Address : .............................................................
.............................................................
.............................................................
..........................(street name and number) .................. (city and postal code)
Phone Number : ...............................................................
hereby voluntarily return the Investment Manager Representative License that has been granted by the Financial Services Authority to me.
In connection with this matter, I enclose the original Decree of the Commissioners Board of the Financial Services Authority Number ..... dated ..... concerning the Granting of Investment Manager Representative License to me.

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

Thus submitted, thank you for your attention.
.......................................
(full name and signature)

Established in Jakarta on 11 December 2018
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO