Financial Services Authority Regulation Number 44/POJK.03/2015 Concerning Work Competency Certification for Board of Directors and Board of Commissioners of Rural Credit Banks and Sharia Rural Credit Banks

FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 44 /POJK.03/2015
CONCERNING
WORK COMPETENCY CERTIFICATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF RURAL CREDIT BANKS AND SHARIA RURAL CREDIT BANKS

BY THE GRACE OF THE ALMIGHTY GOD,
THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to support the optimal and sustainable growth of the Indonesian economy, it is necessary to increase the resilience and competitiveness of the national banking industry; b. that in order to increase the role and contribution of the Rural Credit Bank and Sharia Rural Credit Bank industry to the regional economy, and strengthen the competitiveness of Rural Credit Banks and Sharia Rural Credit Banks, efforts are needed to improve the competency of the members of the Board of Directors and members of the Board of Commissioners of Rural Credit Banks and Sharia Rural Credit Banks through a certification program;
c. based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Work Competency Certification for members of the Board of Directors and members of the Board of Commissioners of Rural Credit Banks and Sharia Rural Credit Banks;

Considering:

1. Law Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia Year 1992 Number 31, Supplement to the State Gazette of the Republic of Indonesia Number 3472) as amended by Law Number 10 of 1998 (State Gazette of the Republic of Indonesia Year 1998 Number 182, Supplement to the State Gazette of the Republic of Indonesia Number 3790);
2. Law Number 21 of 2008 concerning Sharia Banking (State Gazette of the Republic of Indonesia Year 2008 Number 94, Supplement to the State Gazette of the Republic of Indonesia Number 4867);
3. 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);
4. Financial Services Authority Regulation Number 20/POJK.03/2014 concerning Rural Credit Banks (State Gazette of the Republic of Indonesia Year 2014 Number 351, Supplement to the State Gazette of the Republic of Indonesia Number 5629);

DECIDES:

To Establish: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING WORK COMPETENCY CERTIFICATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF RURAL CREDIT BANKS AND SHARIA RURAL CREDIT BANKS.

CHAPTER I
GENERAL PROVISIONS

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

1. Rural Credit Bank, hereinafter abbreviated as BPR, is a Bank that conducts conventional business activities which in its activities do not provide payment circulation services as referred to in Law Number 7 of 1992 concerning Banking as amended by Law Number 10 of 1998 concerning the amendment of Law Number 7 of 1992 concerning Banking.
2. Sharia Rural Credit Bank, hereinafter abbreviated as BPRS, is a Sharia Bank which in its activities does not provide payment circulation services as referred to in Law Number 21 of 2008 concerning Sharia Banking.
3. Board of Directors:
   a. for BPR and BPRS incorporated as a Limited Liability Company (Perseroan Terbatas), is the Board of Directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies; b. for BPR incorporated as a Regional Company (Perusahaan Daerah), is the Board of Directors as referred to in Law Number 23 of 2014 concerning Regional Governments;
   c. for BPR incorporated as a Cooperative (Koperasi), is the management as referred to in Law Number 25 of 1992 concerning Cooperatives.
4. Board of Commissioners:
   a. for BPR and BPRS incorporated as a Limited Liability Company (Perseroan Terbatas), is the Commissioner as referred to in Law Number 40 of 2007 concerning Limited Liability Companies; b. for BPR incorporated as a Regional Company (Perusahaan Daerah), is the Supervisor as referred to in Law Number 23 of 2014 concerning Regional Governments;
   c. for BPR incorporated as a Cooperative (Koperasi), is the Supervisor as referred to in Law Number 25 of 1992 concerning Cooperatives;
5. National Professions Certification Body, hereinafter abbreviated as BNSP, is an independent institution as referred to in applicable legislation.
6. Work Competency Certification for BPR and BPRS, hereinafter called Work Competency Certification, is the process of issuing competency certificates conducted systematically and objectively through competency tests referring to the applicable National Work Competency Standards for BPR and BPRS.
7. National Work Competency Standards, hereinafter abbreviated as SKKNI, is a statement of work ability covering aspects of knowledge, skills and/or expertise, and work attitudes relevant to the implementation of tasks and job requirements established in accordance with applicable legislation.
8. Professions Certification Institution is a implementing institution of Work Competency Certification that has obtained a license from BNSP.
9. Work Competency Maintenance Program, hereinafter called Maintenance Program, is a program to update the work competency of members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS holding Work Competency Certificates.

CHAPTER II
WORK COMPETENCY CERTIFICATION OBLIGATIONS FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF BPR AND BPRS

Article 2
The purpose of Work Competency Certification is:
a. to ensure and maintain the work competency of BPR and BPR human resources, covering aspects of knowledge, skills and/or expertise, and work attitudes relevant to the implementation of tasks and job requirements established; and b. to improve the quality and competitiveness of BPR and BPR human resources towards the creation of a healthy, strong, efficient, and sustainable BPR and BPR industry.

Article 3
(1) BPR and BPRS must apply governance, including competency-based human resource management, effectively and systematically.
(2) In order to apply governance, including human resource management, effectively and systematically, BPR and BPRS must fill positions on the Board of Directors and Board of Commissioners with human resources who have competency relevant to their field of work.

Article 4
(1) BPR or BPRS is required to have members of the Board of Directors and members of the Board of Commissioners who all hold Work Competency Certificates issued by a Professions Certification Institution.
(2) The obligation to hold a Work Competency Certificate for members of the Board of Directors and members of the Board of Commissioners of BPR as referred to in paragraph (1) is one of the requirements for candidates for members of the Board of Directors and candidates for members of the Board of Commissioners. (3) The obligation to hold a Work Competency Certificate for members of the Board of Directors and members of the Board of Commissioners of BPRS as referred to in paragraph (1) refers to the Financial Services Authority regulations concerning BPRS.

CHAPTER III
LEVELS OF WORK COMPETENCY CERTIFICATION FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF BPR AND BPRS

Article 5
(1) Work Competency Certificates for members of the Board of Directors as referred to in Article 4 paragraph (1) are established in 2 (two) levels based on the total assets of BPR and BPRS, namely Level 1 Work Competency Certificate and Level 2 Work Competency Certificate. (2) Work Competency Certificates for members of the Board of Commissioners as referred to in Article 4 paragraph (1) are established in 1 (one) level and do not take into account the total assets of BPR and BPRS.

Article 6
(1) Level 1 Work Competency Certificates as referred to in Article 5 paragraph (1) must be held by members of the Board of Directors of BPR and BPRS with total assets of less than IDR 300,000,000,000.00 (three hundred billion rupiah). (2) Level 2 Work Competency Certificates as referred to in Article 5 paragraph (1) must be held by members of the Board of Directors of BPR and BPRS with total assets of at least IDR 300,000,000,000.00 (three hundred billion rupiah).

Article 7
Members of the Board of Directors of BPR and BPRS who hold valid Level 1 Work Competency Certificates may obtain Level 2 Work Competency Certificates by adding the number of competency units required in Level 2 Work Competency Certificates in accordance with the SKKNI not covered in the competency units to obtain Level 1 Work Competency Certification.

Article 8
(1) In the event that BPR and BPRS experience an increase in total assets to at least IDR 300,000,000,000.00 (three hundred billion rupiah) for 6 (six) consecutive months, members of the Board of Directors of BPR and BPRS are required to hold Level 2 Work Competency Certificates. (2) Members of the Board of Directors of BPR and BPRS are required to hold Level 2 Work Competency Certificates no later than 12 (twelve) months since the total assets of BPR and BPRS meet the criteria as referred to in paragraph (1). (3) In the event that there is a difference in the remaining time limit for fulfilling the obligation to hold Level 2 Work Competency Certificates for members of the Board of Directors of BPRS as referred to in paragraph (2) with Financial Services Authority regulations concerning BPRS institutions, the fulfillment of Level 2 Work Competency Certificates for members of the Board of Directors of BPRS may use the longer remaining time limit.

Article 9
(1) For BPR and BPRS that based on monthly reports experience a decrease in total assets after meeting the criteria as referred to in Article 8 paragraph (1), members of the Board of Directors of BPR and BPRS remain required to hold Level 2 Work Competency Certificates. (2) The obligation to hold Level 2 Work Competency Certificates for BPRs that experience a decrease in total assets as referred to in paragraph (1) also applies to candidates for members of the Board of Directors of BPR.

CHAPTER IV
PROVISION OF WORK COMPETENCY CERTIFICATION

Article 10
Professions Certification Institutions that can conduct Work Competency Certification must be registered with the Financial Services Authority.

Article 11
(1) To fulfill the registration obligation as referred to in Article 10, Professions Certification Institutions must meet at least the following requirements:
a. established by industry associations and/or banking profession associations that conduct Work Competency Certification for BPR and BPR human resources; b. have a license from BNSP;
c. have a vision, mission, and strategy that support the improvement of BPR and BPR human resource work competency;
d. be a legal entity separate from its founders and able to act professionally and independently, including towards the BPR and BPR industry; e. have an organizational structure consisting of at least advisory units and independent executive units that do not concurrently serve as members of the Board of Directors, members of the Board of Commissioners, and/or members of the Sharia Supervisory Board, as well as BPR and BPR employees; and f. be a national-level organization located within the territory of the Republic of Indonesia. (2) Professions Certification Institutions that meet the requirements as referred to in paragraph (1) submit registration to the Financial Services Authority c.q. Licensing and Banking Information Department, by attaching documents as follows:
a. photocopy of the Articles of Association of the Professions Certification Institution; b. photocopy of the valid license from BNSP covering the scope of certification activities by the Professions Certification Institution;
c. organizational structure and operational area of the Professions Certification Institution;
d. certification scheme of the Professions Certification Institution; and e. policies and procedures in the implementation of the certification process.

Article 12
(1) Based on research on the requirements and completeness of documents as referred to in Article 11, the Financial Services Authority includes the name of the Professions Certification Institution in the list of Professions Certification Institutions conducting Work Competency Certification. (2) The Financial Services Authority announces the name of the Professions Certification Institution registered with the Financial Services Authority as referred to in paragraph (1) on the Financial Services Authority website.

Article 13
Professions Certification Institutions are required to meet the requirements as referred to in Article 11 while implementing the Work Competency Certification program.

Article 14
The work competency standards used in the implementation of competency tests for Work Competency Certification are the SKKNI implemented for BPR and BPRS based on applicable legislation.

Article 15
(1) Professions Certification Institutions must apply competency test methods and procedures as established in the certification scheme.
(2) The implementation of competency tests as referred to in paragraph (1) uses methods that ensure objective and systematic assessment.

Article 16
Professions Certification Institutions have the duties and responsibilities:
a. to develop and document written policies and procedures necessary to ensure the entire certification process is carried out well and to take corrective action if weaknesses or violations are found; b. to issue Work Competency Certificates on behalf of BNSP which include among others the name of the certificate holder, qualification level, field of work or profession, competency units, and certificate validity period;
c. to adjust the content of Work Competency Certification tests with developments in knowledge and needs in the BPR and BPR industry; and
d. to submit reports on activities related to the implementation of Work Competency Certification when required by the Financial Services Authority.

Article 17
Further provisions regarding the membership, duties, authorities, and responsibilities of the advisory units and executive units are established by the Professions Certification Institution taking into account BNSP regulations.

CHAPTER V
MAINTENANCE PROGRAM

Article 18
(1) BPR and BPRS are required to include every member of the Board of Directors and member of the Board of Commissioners of BPR and BPRS who already holds a Work Competency Certificate in the Work Competency Maintenance Program periodically. (2) The time limit for the Maintenance Program as referred to in paragraph (1) is implemented during the validity period of the Work Competency Certificate as one of the requirements for extending the validity period of the Work Competency Certificate. (3) The Maintenance Program as referred to in paragraph (1) must be attended by members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS at least 1 (one) time in 5 (five) years since the Work Competency Certificate becomes effective. (4) BPR and BPRS are required to systematically administer documents of the Maintenance Program for members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS.

CHAPTER VI
OTHERS

Article 19
(1) The Financial Services Authority has the authority to:
a. coordinate with BNSP in evaluating the quality of Work Competency Certification standards and materials tested in Work Competency Certification; and b. include or remove the name of Professions Certification Institutions from the list of Professions Certification Institutions at OJK and on the Financial Services Authority website. (2) Professions Certification Institutions are required to submit reports regarding the implementation of Work Competency Certification programs requested by the Financial Services Authority as referred to in Article 16 letter d.

CHAPTER VII
SANCTIONS

Article 20
(1) BPR and BPRS that do not fulfill the provisions as referred to in Article 4 paragraph (1), Article 6, Article 8, and/or Article 9 may be subject to administrative sanctions in the form of:
a. written reprimand; b. reduction of the health level of BPR and BPRS by one rating;
c. prohibition on opening office networks and Foreign Exchange Trader (PVA) activities; and/or
d. temporary suspension of part of BPR and BPRS operational activities.
(2) Professions Certification Institutions that do not fulfill the provisions as referred to in Article 13 and/or Article 19 paragraph (2) may be subject to sanctions in the form of removal of the name of the Professions Certification Institution from the list of Professions Certification Institutions at the Financial Services Authority and in announcements on the Financial Services Authority website. (3) The imposition of sanctions as referred to in paragraph (2) is carried out after the Financial Services Authority has issued 3 (three) warning letters with a grace period for each warning letter of 1 (one) month.

Article 21
Members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS who do not participate in the Maintenance Program within the time limit as referred to in Article 18 paragraph (2) resulting in the Work Competency Certificate held becoming invalid, are subject to sanctions requiring participation in competency tests to obtain Work Competency Certificates.

CHAPTER VIII
TRANSITIONAL PROVISIONS

Article 22
Since this Financial Services Authority Regulation comes into force, valid Work Competency Certificates for members of the Board of Directors and Board of Commissioners of BPR and BPRS based on SKKNI for BPR and BPRS are recognized as Level 1 Work Competency Certificates.

Article 23
Professions Certification Institutions that have conducted Work Competency Certification activities before the implementation of this Financial Services Authority Regulation are required to submit registration to the Financial Services Authority c.q. Licensing and Banking Information Department no later than 6 (six) months since the implementation of this Financial Services Authority Regulation, by attaching documents as referred to in Article 11 paragraph (1).

CHAPTER IX
CLOSING PROVISIONS

Article 24
At the time this Financial Services Authority Regulation comes into force:

1. Bank Indonesia Circular Letter Number 6/34/DPBPR dated August 13, 2004 concerning Certification Institutions for Rural Credit Banks; and
2. Bank Indonesia Circular Letter Number 8/23/DPbS dated October 20, 2006 concerning Certification Institutions for Rural Credit Banks Based on Sharia Principles,
   are repealed and declared invalid.

Article 25
This Financial Services Authority Regulation comes into force on January 1, 2017.

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

Established in Jakarta
On December 21, 2015
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY, signature
MULIAMAN D. HADAD

Promulgated in Jakarta
On December 29, 2015
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signature
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2015 NUMBER 397 Copy in accordance with the original Legal Director 1 Legal Department signature Sudarmaji

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 44 /POJK.03/2015
CONCERNING
WORK COMPETENCY CERTIFICATION FOR THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS OF RURAL CREDIT BANKS (BPR) AND SHARIA RURAL CREDIT BANKS (BPRS)

I. GENERAL
In order to encourage national economic growth and support the development of dynamic businesses, a strong national banking industry is needed, including a healthy, strong, productive, and competitive Rural Credit Bank industry, so that it is able to serve the public, especially micro and small entrepreneurs. Consistent with the vision of the national banking system to achieve a healthy, strong, and efficient banking system to create financial system stability, efforts are needed to increase the resilience and competitiveness of BPR and BPRS through the improvement of the competency of the Board of Directors and Board of Commissioners of BPR and BPRS through certification. In addition, in order to align the competency of BPR and BPRS Directors with business volume and risk management, it is necessary to apply a tiered certification program for BPR and BPRS based on business complexity and risk levels of BPR and BPRS calculated based on the total assets of BPR and BPRS. To maintain the continuity of the quality of competency of the Board of Directors and Board of Commissioners of BPR and BPRS, it is necessary to apply an obligation for BPR and BPRS to include every Director and Commissioner of BPR and BPRS in a work competency certificate maintenance program periodically. With the existence of Government Regulation Number 23 of 2004 concerning the National Professions Certification Body (BNSP), it is necessary to adjust the provisions regarding the institutional structure of Professions Certification Institutions and adjust the provisions regarding Professions Certification Institutions that conduct Work Competency Certification. In addition, it is necessary to harmonize Work Competency Certification provisions with Financial Services Authority regulations concerning BPR and BPRS, which contain provisions regarding the obligation for Directors and Commissioners to hold work competency certificates issued by Professions Certification Institutions. Therefore, it is necessary to establish provisions concerning Work Competency Certification for members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Paragraph (1)
Clear enough.
Paragraph (2)
What is meant by relevant competency in their field of work can be proven by previous work history and/or supporting documents such as diplomas and certificates.

Article 4
Paragraph (1)
Clear enough.
Paragraph (2)
One of the requirements to hold a work competency certificate for candidates for members of the Board of Directors and candidates for members of the Board of Commissioners is as regulated in Financial Services Authority regulations concerning Rural Credit Banks. Paragraph (3) Current provisions concerning BPRS require the fulfillment of certification for BPRS no later than 2 (two) years after members of the Board of Directors and members of the Board of Commissioners take office.

Article 5
Paragraph (1)
The difference between Level 1 Work Competency Certificates and Level 2 Work Competency Certificates, among others, is established based on the scope of competency units in the SKKNI, namely the number of Level 2 competency units is greater than Level 1. Paragraph (2) The scope and number of competency units for members of the Board of Commissioners differ from the scope and number of competency units for members of the Board of Directors.

Article 6
Clear enough.

Article 7
Ownership of Level 1 work competency can be proven by holding a Level 1 Work Competency Certificate or not holding a Level 1 Work Competency Certificate but holding a Level 2 Work Competency Certificate indicating that the person has passed the entire scope and number of Level 1 work competency units.

Article 8
Paragraph (1)
The obligation to hold Level 2 Work Competency Certificates starts from the 7th (seven) month.
Paragraph (2)
The calculation of the time limit for the obligation to hold Level 2 Work Competency Certificates starts in the month following the sixth month report until 12 (twelve) months later.
Example: based on monthly reports submitted by BPR or BPRS to the Financial Services Authority, it is known that since January 2017 to June 2017, BPR or BPRS has total assets above IDR 300,000,000.00 (three hundred billion rupiah). Based on the BPR or BPRS monthly report for June 2017 received in July 2017, members of the Board of Directors of BPR and BPRS are required to hold Level 2 Work Competency Certificates from the end of July 2017 to no later than the end of June 2018. Paragraph (3) Example 1: BPRS A has assets of less than IDR 300,000,000,000.00 (three hundred billion rupiah). The Board of Directors of BPRS A effectively took office on January 1, 2017. The assets of BPRS A as of September 1, 2017 increased to IDR 300,000,000,000.00 (three hundred billion rupiah) for 6 (six) consecutive months until March 1, 2018. The obligation of the Board of Directors to fulfill Level 2 Work Competency Certificates is as follows:
a. Based on Financial Services Authority regulations concerning BPRS, the relevant Board of Directors is required to hold Level 2 Work Competency Certificates no later than 24 (twenty-four) months since January 1, 2017, i.e., January 1, 2019. b. Based on this Financial Services Authority Regulation,

The relevant Directors are required to hold a Level 2 Certificate of Competency no later than 12 (twelve) months from March 1, 2018, namely on March 1, 2019.

For members of the Board of Directors of Sharia Rural Banks (BPRS), the deadline to fulfill the certification obligation can be chosen as the one with the longest remaining time, namely based on the provisions of the Financial Services Authority Regulation, namely March 1, 2019.

Example 2: BPRS B has assets of less than Rp300,000,000,000.00 (three hundred billion rupiah). The Board of Directors of BPRS B took office effectively on January 1, 2017. The assets of BPRS B as of February 1, 2017 increased to Rp300,000,000,000.00 (three hundred billion rupiah) for 6 (six) consecutive months, namely until August 1, 2017. The obligation of the Board of Directors to fulfill the Level 2 Certificate of Competency is as follows:

a. Based on the Financial Services Authority Regulation governing BPRS, the relevant Directors are required to hold a Level 2 Certificate of Competency no later than 24 (twenty-four) months from January 1, 2017, namely on January 1, 2019. b. Based on this Financial Services Authority Regulation, the relevant Directors are required to hold a Level 2 Certificate of Competency no later than 12 (twelve) months from August 1, 2017, namely August 1, 2018.

The deadline to fulfill the certification obligation is chosen as the one with the longest remaining time, namely based on the Financial Services Authority Regulation governing BPRS, namely January 1, 2019.

Article 9
It is clear enough.

Article 10
It is clear enough.

Article 11
Paragraph (1)
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
It is clear enough.
Letter d
The term "acting professionally and independently" refers to taking actions and making decisions related to competency testing objectively, professionally, without being controlled, and free from the influence of other parties, including from the founders of the professional certification institution (industry association and/or professional association). Letter e The term "Sharia Supervisory Board" refers to a board tasked with providing advice and suggestions to the Board of Directors of BPRS and supervising BPRS activities to ensure compliance with Sharia principles. Letter f The term "national level" means having a work area covering the entire territory of the Republic of Indonesia. Paragraph (2) It is clear enough.

Article 12
It is clear enough.

Article 13
It is clear enough.

Article 14
It is clear enough.

Article 15
Paragraph (1)
The certification scheme is a package of competencies and specific requirements established by the National Certification Agency (BNSP) related to specific job categories or skills of BPR and BPRS human resources. Paragraph (2) In implementing competency testing for members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS, the Professional Certification Body may use devices to conduct such competency testing, including but not limited to records of task implementation, written question lists, interview question lists, simulations, case studies, and/or other competency testing tools established by the BNSP.

Article 16
It is clear enough.

Article 17
It is clear enough.

Article 18
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (3)
The term "from the effective date of the Certificate of Competency" refers to from the date of issuance or from the date of the last renewal of the Certificate of Competency.

Paragraph (4)
It is clear enough.

Article 19
Paragraph (1)
It is clear enough.
Paragraph (2)
The report of the Professional Certification Body contains information and data regarding the implementation of the Competency Certification Program, including the frequency of competency testing, the number of members of the Board of Directors and members of the Board of Commissioners of BPR and BPRS who participated in the competency testing and the pass rate, participants in the Maintenance Program, and the plan for the Competency Certification Program.

Article 20
Paragraph (1)
It is clear enough.
Paragraph (2)
Certificates of Competency for members of the Board of Directors and members of the Board of Commissioners that have been issued before the Professional Certification Body is removed from the Financial Services Authority website remain valid until the validity period of the Certificate of Competency expires. The Maintenance Program to extend the validity period of the Certificate of Competency, issued by the Professional Certification Body removed from the Financial Services Authority website, can be conducted at other Professional Certification Bodies as registered on the Financial Services Authority website. Paragraph (3) It is clear enough.

Article 21
Competency testing is carried out by members of the Board of Directors and members of the Board of Commissioners according to the last certification level owned.

Article 22
Certificates of Competency declared to remain valid are Certificates of Competency that have been recognized by the Financial Services Authority before the effective date of this Financial Services Authority Regulation.

Article 23
It is clear enough.

Article 24
It is clear enough.

Article 25
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5815 ---