Financial Services Authority Regulation Number 5 of 2021 Concerning Capital Market Sharia Experts

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 5 /POJK.04/2021
CONCERNING
CAPITAL MARKET SHARIA EXPERTS
BY THE GRACE OF GOD THE ALMIGHTY
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to align with changes in policy regarding the regulation of the implementation of certification for securities company representatives and parties conducting activities in the sharia capital market; b. that in order to create a more effective and efficient supervision mechanism for capital market sharia experts and anticipate the dynamics of the development of the sharia capital market industry, it is necessary to replace the Financial Services Authority regulation regarding capital market sharia experts;
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 Capital Market Sharia Experts;

Recalling:

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);
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
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 CAPITAL MARKET SHARIA EXPERTS.

CHAPTER I
GENERAL PROVISIONS

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

Capital Market Sharia Expert, hereinafter abbreviated as ASPM, is an individual who has knowledge and experience in the sharia field and has a license to provide advice and/or supervise the implementation of sharia principles in the capital market by parties conducting sharia activities in the capital market and/or provide sharia compliance statements for sharia products or services in the capital market.
Sharia Supervisory Board, hereinafter abbreviated as DPS, is a board responsible for providing advice and suggestions and supervising the fulfillment of sharia principles in the capital market towards parties conducting sharia activities in the capital market.
Sharia Expert Team, hereinafter abbreviated as TAS, is a team responsible for the sharia compliance of sharia products or services in the capital market issued or released by parties conducting sharia activities in the capital market.
National Sharia Board - Indonesian Ulema Council is an Islamic institution with the task and function to establish fatwas and supervise their implementation in order to grow and develop the sharia finance, business, and economy sector in Indonesia.
Sharia Activities in the Capital Market are activities related to the public offering of sharia securities, trading of sharia securities, sharia investment management in the capital market, and issuers or public companies related to the sharia securities they issue, securities companies whose business is based on sharia principles, as well as institutions and professions related to sharia securities.
Sharia Principles in the Capital Market are Islamic legal principles in Sharia Activities in the Capital Market based on fatwas of the National Sharia Board - Indonesian Ulema Council, insofar as the aforementioned fatwa does not conflict with this Financial Services Authority Regulation and/or other Financial Services Authority Regulations based on fatwas of the National Sharia Board - Indonesian Ulema Council.
National Professional Certification Body is an independent institution established to implement work competency certification.
Professional Certification Institution, hereinafter abbreviated as LSP, is a professional certification implementation institution that receives a license from the National Professional Certification Body.
State Official is a state official as referred to in the Law concerning civil servants.

CHAPTER II
LICENSING AND ASPM REQUIREMENTS

Article 2
Individuals who:
a. provide advice and/or supervise the implementation of Sharia Principles in the Capital Market by parties conducting Sharia Activities in the Capital Market; and/or b. provide sharia compliance statements for sharia products or services in the capital market, must have an ASPM license from the Financial Services Authority.

Article 3
(1) Applicants for an ASPM license must meet integrity and competency requirements.
(2) Integrity requirements as referred to in paragraph (1) must at least include:
a. legal capacity to perform legal acts; b. good character and morality;
c. in the last 5 (five) years prior to submitting the ASPM license application, never:

committed disgraceful acts and/or been sentenced for proven criminal offenses in the financial field; and
been declared bankrupt or become a manager declared guilty causing a company to be declared bankrupt;
d. in the last 3 (three) years prior to submitting the ASPM license application, never:
received sanctions in conducting sharia activities in the financial services sector due to non-compliance with sharia principles; and
received sanctions of license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority;
e. have a commitment to comply with statutory regulations; f. have a commitment to the development of the sharia capital market; and g. have an independent attitude in conducting activities in the capital market field. (3) Competency requirements as referred to in paragraph (1) must at least include:
a. education at a minimum of Bachelor's degree (Strata 1) or equivalent; and b. a valid ASPM competency certificate issued by an LSP registered with the Financial Services Authority. (4) The ASPM competency certificate issued by the LSP as referred to in paragraph (3) letter b must include competency in the capital market field and sharia supervisor competency. (5) The LSP as referred to in paragraph (4) must recognize capital market competency from applicants who have:
a. work experience at a capital market supervisory institution and/or an organization authorized by Law to regulate and/or supervise the capital market industry, with a minimum of 2 (two) years in a managerial position or a minimum of 5 (five) years in an operational position; b. an individual license from the Financial Services Authority as a securities underwriter representative, securities broker representative, or investment manager representative; or
c. a registration certificate from the Financial Services Authority as a capital market supporting profession.
(6) The LSP as referred to in paragraph (4) must recognize sharia supervisor competency from applicants who have muamalah maliyah experience, proven by work experience evidence of at least 5 (five) years in a position at the executive body of the National Sharia Board - Indonesian Ulema Council.

Article 4
ASPMs who have obtained a license from the Financial Services Authority must meet integrity and competency requirements.

CHAPTER III
PROCEDURE FOR ASPM LICENSE APPLICATION

Article 5
(1) Applications for an ASPM license are submitted by the applicant to the Financial Services Authority according to the format of the Capital Market Sharia Expert License Application Letter contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The application as referred to in paragraph (1) must be accompanied by complete documents:
a. the latest curriculum vitae signed by the applicant using the Curriculum Vitae format contained in the Appendix which is an integral part of this Financial Services Authority Regulation; b. a statement letter of fulfillment of integrity requirements with sufficient stamp duty and signed using the Integrity Requirements Statement Letter format contained in the Appendix which is an integral part of this Financial Services Authority Regulation, stating that the applicant:

has legal capacity to perform legal acts;
has good character and morality;
in the last 5 (five) years prior to the ASPM license application:
a) has never committed disgraceful acts and/or been sentenced for proven criminal offenses in the financial field; and b) has never been declared bankrupt or become a manager declared guilty causing a company to be declared bankrupt;
in the last 3 (three) years prior to the ASPM license application:
a) has never been sanctioned in conducting sharia activities in the financial services sector due to non-compliance with sharia principles; and b) has never been sanctioned with license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority;
has a commitment to comply with statutory regulations;
has a commitment to the development of the sharia capital market; and
has an independent attitude in conducting activities in the capital market field;
c. photocopy of the valid ASPM competency certificate issued by an LSP registered with the Financial Services Authority as referred to in Article 3 paragraph (3) letter b;
d. photocopy of the formal education diploma at a minimum of Bachelor's degree (Strata 1) or equivalent; e. photocopy of the identity card; f. domicile letter from the official and/or competent agency if there is a difference between the domicile address and the identity card address; g. latest 4x6 cm photograph with a red background, 1 (one) sheet; h. name difference letter from the competent official or agency, if there is a difference between the applicant's name and the attached documents; and
i. answers to the integrity questionnaire according to the Integrity Questionnaire format contained in the Appendix which is an integral part of this Financial Services Authority Regulation.

Article 6
In processing the ASPM license application, the Financial Services Authority is authorized to:
a. review the completeness of documents submitted by the applicant; and/or b. request additional information and/or completeness documents from the applicant, to ensure the fulfillment of requirements as referred to in Article 3 and to ensure the truthfulness of documents as referred to in Article 5 paragraph (2).

Article 7
(1) The ASPM license is issued by the Financial Services Authority at the latest 21 (twenty-one) working days since the receipt of the ASPM license application that meets completeness requirements. (2) In the event that the ASPM license application upon receipt does not meet completeness requirements, at the latest 21 (twenty-one) working days since receipt, the Financial Services Authority issues a notification letter to the applicant stating that:
a. the licensing application is incomplete; or b. the application is rejected because it does not meet requirements.
(3) In the event that the Financial Services Authority states that the licensing application is incomplete as referred to in paragraph (2) letter a, the applicant must submit additional information and/or documents at the latest 21 (twenty-one) working days after the date of the notification letter. (4) The submission of additional information and/or documents as referred to in paragraph (3) is deemed received by the Financial Services Authority on the date the additional information and/or documents are received in the Financial Services Authority licensing system. (5) Since the receipt of additional information and/or documents as referred to in paragraph (4) in the Financial Services Authority licensing system, the ASPM license application is deemed newly received by the Financial Services Authority and processed as referred to in paragraph (1). (6) Applicants who do not respond to requests for additional information and/or documents within the time limit as referred to in paragraph (3) are deemed to have cancelled the ASPM license application already submitted to the Financial Services Authority.

CHAPTER IV
VALIDITY PERIOD AND ASPM LICENSE RENEWAL

Article 8
(1) The ASPM license has a validity period of 5 (five) years and can be extended.
(2) In the event that at the time of the license renewal application as referred to in paragraph (1), the ASPM still has obligations to the Financial Services Authority based on statutory regulations in the financial services sector and/or Financial Services Authority decisions that have not been fulfilled, the Financial Services Authority may reject the ASPM license renewal application.

Article 9
The ASPM license is not valid if:
a. the ASPM dies; b. the validity period of the ASPM license has expired but the ASPM has not submitted an ASPM license renewal application;
c. the validity period of the ASPM license has expired and the ASPM license renewal application is rejected because it does not meet requirements;
d. the competency certificate as referred to in Article 3 paragraph (3) letter b is no longer valid; or e. the ASPM license is revoked by the Financial Services Authority.

Article 10
(1) The ASPM license renewal application as referred to in Article 8 paragraph (1) must be submitted to the Financial Services Authority at least 90 (ninety) days before the validity period of the ASPM license expires. (2) The ASPM license renewal application as referred to in paragraph (1) is submitted using the format of the Capital Market Sharia Expert License Renewal Application Letter contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by complete document requirements:
a. latest 4x6 cm photograph with a red background, 1 (one) sheet; b. photocopy of the latest formal education diploma, if there is a change in the diploma owned; and
c. photocopy of the valid competency certificate issued by an LSP registered with the Financial Services Authority as referred to in Article 3 paragraph (3) letter b.
(3) ASPMs who have obtained a license before this Financial Services Authority Regulation comes into force must have a competency certificate from an LSP registered with the Financial Services Authority as referred to in paragraph (2) letter c as proof of fulfillment of competency requirements when submitting the ASPM license renewal application.

Article 11
The provisions of Article 6 and Article 7 apply mutatis mutandis to ASPM license renewal applications.

Article 12
(1) If the validity period of the ASPM license has expired but the renewal application has been submitted to the Financial Services Authority before the validity period of the ASPM license expires, the validity period of the ASPM license is extended for a maximum of 21 (twenty-one) working days since the ASPM license expires. (2) If the 21 (twenty-one) working day time limit as referred to in paragraph (1) has been exceeded, the ASPM license renewal process cannot be carried out and the ASPM license becomes expired.

CHAPTER V
TASKS, RESPONSIBILITIES, AND AUTHORITY

Article 13
(1) ASPMs can be appointed or designated by parties conducting Sharia Activities in the Capital Market as members of the DPS and/or members of the TAS upon recommendation from the National Sharia Board - Indonesian Ulema Council. (2) In providing recommendations to ASPMs as referred to in paragraph (1), the National Sharia Board - Indonesian Ulema Council considers the integrity of the recommended ASPM. (3) In conducting activities as DPS and/or TAS as referred to in paragraph (1), ASPMs must provide:
a. advice and/or supervise the implementation of Sharia Principles in the Capital Market by parties conducting Sharia Activities in the Capital Market; and/or b. sharia compliance statements for sharia products or services in the Capital Market, according to their tasks, responsibilities, and authority. (4) In conducting activities as referred to in paragraph (3), ASPMs must base their actions on Sharia Principles in the Capital Market.

Article 14
(1) In the event that an ASPM is appointed or designated as DPS as referred to in Article 13 paragraph (1), the appointment or designation of the ASPM as DPS becomes effective from:
a. the date of the implementation of the general meeting of shareholders or the date of the implementation of other mechanisms equivalent to the general meeting of shareholders that appoints the ASPM as DPS; b. the date of appointment by the board of directors and/or board of commissioners based on authority from the general meeting of shareholders; or
c. the date of designation by the board of directors.
(2) ASPMs appointed or designated as DPS as referred to in paragraph (1) cease to be DPS from:
a. the date the term of office of the DPS ends as decided in the general meeting of shareholders or the date the term of office of the DPS ends as decided in other mechanisms equivalent to the general meeting of shareholders; b. another date determined by the board of directors and/or board of commissioners based on authority from the general meeting of shareholders; or
c. the date the term of office of the DPS ends according to the agreement in the DPS contract.
(3) In the event that there is an ASPM submitting a resignation, the ASPM ceases to be DPS:
a. at the latest 21 (twenty-one) working days since the date of the resignation application letter; or b. since the date of the resignation approval letter, if before 21 (twenty-one) working days as referred to in letter a, the party conducting Sharia Activities in the Capital Market issues a resignation approval letter.

Article 15
In conducting activities as DPS as referred to in Article 13 paragraph (3), the ASPM has the following tasks, responsibilities, and authority:
a. provide advice and suggestions to the board of directors and board of commissioners or other equivalent organs of the party conducting Sharia Activities in the Capital Market regarding matters related to Sharia Principles in the Capital Market; b. supervise the implementation of Sharia Principles in the Capital Market by parties conducting Sharia Activities in the Capital Market;
c. conduct periodic reviews of the implementation of Sharia Principles in the Capital Market by parties conducting Sharia Activities in the Capital Market;
d. issue written warnings and request the board of directors or other equivalent organs of the party conducting Sharia Activities in the Capital Market to take corrective measures, at the latest 2 (two) working days after the discovery of deviations, with copies to the Financial Services Authority and the board of commissioners or other equivalent organs of the party conducting Sharia Activities in the Capital Market; e. maintain the confidentiality of documents, data, and information of the party conducting Sharia Activities in the Capital Market that is supervised and advised; f. request data and information from the party conducting Sharia Activities in the Capital Market in the framework of supervising the implementation of Sharia Principles in the Capital Market; g. accompany or represent the party conducting Sharia Activities in the Capital Market in discussions with the National Sharia Board - Indonesian Ulema Council; and h. provide sharia compliance statements regarding Sharia Principles in the Capital Market for sharia products or services in the capital market.

Article 16
The board of directors or other equivalent organs of the party conducting Sharia Activities in the Capital Market must take corrective measures as referred to in Article 15 letter d at the latest 10 (ten) working days after the written warning is received.

Article 17
In conducting activities as TAS as referred to in Article 13 paragraph (3), the ASPM has the following tasks, responsibilities, and authority:
a. review the fulfillment of Sharia Principles in the Capital Market for sharia products or services issued by parties conducting Sharia Activities in the Capital Market; b. provide opinions and provide sharia compliance statements regarding Sharia Principles in the Capital Market for sharia products or services in the capital market; and
c. request data and information from the party conducting Sharia Activities in the Capital Market in the framework of providing sharia compliance statements.

CHAPTER VI
RECERTIFICATION

Article 18
(1) ASPMs must undergo recertification organized by an LSP registered with the Financial Services Authority.
(2) The obligation as referred to in paragraph (1) does not apply to ASPMs who have obtained a license before this Financial Services Authority Regulation comes into force and the aforementioned ASPMs do not yet have a competency certificate issued by an LSP registered with the Financial Services Authority. (3) The LSP as referred to in paragraph (1) must submit a report on the implementation of recertification activities to the Financial Services Authority at the latest 14 (fourteen) days calculated from the end of each recertification activity implementation. (4) If the deadline for submitting the recertification activity implementation report as referred to in paragraph (3) falls on a holiday, the aforementioned report must be submitted at the latest on the next 1 (one) working day. (5) If the LSP submits the recertification activity implementation report after the time limit as referred to in paragraph (4), the calculation of the number of days of delay in submitting the recertification activity implementation report is calculated from the first day after the deadline for submitting the recertification activity implementation report as referred to in paragraph (4). (6) The implementation of recertification follows the provisions on the implementation of recertification established by the National Professional Certification Body.

CHAPTER VII
REPORTING

Article 19
(1) ASPMs must submit:
a. data change reports; and b. annual activity reports.
(2) In addition to the reports as referred to in paragraph (1), for ASPMs conducting activities as DPS, annual supervision result reports must be submitted to the party conducting Sharia Activities in the Capital Market.

Article 20
(1) Data change reports as referred to in Article 19 paragraph (1) letter a must be submitted by the ASPM to the Financial Services Authority using the Capital Market Sharia Expert Data Change Report format contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) Data change reports as referred to in paragraph (1) must be submitted at the latest 14 (fourteen) days calculated from when the concerned party:
a. starts and ceases to be a DPS accompanied by supporting documents showing the effective date of starting or ceasing to be a DPS; and/or b. moves or there is a change in address.

Article 21
(1) ASPMs must submit annual activity reports as referred to in Article 19 paragraph (1) letter b to the Financial Services Authority for the activity period from January 1 to December 31 of each year. (2) Annual activity reports as referred to in paragraph (1) must be submitted at the latest on January 31 of the following year. (3) In the event that the ASPM license is obtained after January 1, the annual activity report as referred to in paragraph (1) covers activities in the period from the date the ASPM license was obtained until December 31.

(4) The report referred to in paragraph (1) must include:
a. for Capital Market Sharia Experts (ASPM) conducting activities as Sharia Supervisory Board (DPS) members, at least containing information regarding:

the name of the party conducting Sharia Activities in the Capital Market where the ASPM is appointed;
the period of work; and
the number and date of:
a) the holding of the General Meeting of Shareholders or the date of the implementation of other mechanisms equivalent to the General Meeting of Shareholders; b) appointment by the Board of Directors and/or the Board of Commissioners based on authority from the General Meeting of Shareholders; or c) appointment by the Board of Directors; and b. for Capital Market Sharia Experts (ASPM) conducting activities as Sharia Product Supervisory Board (TAS) members, at least containing information regarding:
the name of the party conducting Sharia Activities in the Capital Market where the ASPM is appointed;
the number and date of the decision letter/appointment letter/appointment;
the product name.

(5) In addition to containing information as referred to in paragraph (4), the report referred to in paragraph (1) must also include a recapitulation of work as members of the Board of Directors or other equivalent organs, officials, and employees at the party conducting Sharia Activities in the Capital Market, at least containing:
a. information on the name of the party conducting Sharia Activities in the Capital Market where the ASPM is appointed; and b. the period of work.

Article 22
(1) The annual supervision result report as referred to in Article 19 paragraph (2) must contain the results of the ASPM's supervision as DPS members regarding compliance with Sharia Principles in the Capital Market at the party conducting Sharia Activities in the Capital Market under supervision. (2) The report as referred to in Article 19 paragraph (2) is submitted by the party conducting Sharia Activities in the Capital Market to the Financial Services Authority (OJK) as a report on the fulfillment of Sharia Principles in the Capital Market as referred to in the Financial Services Authority regulations regarding the implementation of Sharia Principles in the Capital Market. (3) The submission of the report as referred to in paragraph (2) is done no later than together with the deadline for submission:
a. annual reports, for issuers or public companies; b. annual financial reports, for investment management products;
c. annual reports which are the results of operational audits by public accountants, for custodian banks;
d. activity reports of the party issuing the Sharia securities list, for the party issuing the Sharia securities list; or e. other reports for parties conducting Sharia Activities in the Capital Market. (4) In the event that an ASPM obtains an assignment as DPS after the beginning of the fiscal year, the supervision result report as referred to in paragraph (1) must cover supervision results for the period starting from the date of obtaining the assignment until the end of the fiscal year.

CHAPTER VIII
TEMPORARY INACTIVITY APPLICATIONS

Article 23
(1) An ASPM may submit an application for temporary inactivity to the Financial Services Authority, stating the period of temporary inactivity along with the reasons. (2) The application for temporary inactivity as referred to in paragraph (1) must be submitted no later than 21 (twenty-one) working days before the planned temporary inactivity, according to the format of the Temporary Inactivity Application Letter contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (3) The application for temporary inactivity as referred to in paragraph (2) must be accompanied by:
a. an approval letter from the party conducting Sharia Activities in the Capital Market where the ASPM conducts activities as a DPS member; and b. an annual activity report as referred to in Article 21 for the period from January 1 or since the ASPM license was obtained until the date of submission of the ASPM temporary inactivity letter. (4) The period of temporary inactivity as referred to in paragraph (1) is at least 1 (one) year and at most until the expiration of the ASPM license validity period. (5) An ASPM currently subject to administrative sanctions from the Financial Services Authority in the form of license suspension for activities cannot submit an application for temporary inactivity as referred to in paragraph (1).

Article 24
(1) An ASPM may extend or shorten the period of temporary inactivity.
(2) If an ASPM intends to extend the period of temporary inactivity as referred to in paragraph (1), the application for extension of the temporary inactivity period must be accompanied by reasons and submitted to the Financial Services Authority no later than 10 (ten) working days before the expiration date of the temporary inactivity period. (3) If an ASPM intends to shorten the period of temporary inactivity as referred to in paragraph (1), the application to shorten the temporary inactivity period must be accompanied by reasons and submitted to the Financial Services Authority no later than 10 (ten) working days before the expiration date of the new requested temporary inactivity period. (4) Applications as referred to in paragraph (2) and paragraph (3) must be submitted according to the format of the Application Letter to Extend/Shorten the Period of Temporary Inactivity contained in the Appendix which is an integral part of this Financial Services Authority Regulation.

Article 25
(1) The Financial Services Authority reviews the applications as referred to in Article 23 paragraph (1) and Article 24 paragraph (2) and paragraph (3), and communicates approval or rejection of the said applications via a notification letter. (2) In the event that the Financial Services Authority approves the ASPM's temporary inactivity application as referred to in Article 23 paragraph (1), the ASPM is declared temporarily inactive. (3) If the Financial Services Authority has not issued the notification letter as referred to in paragraph (1) no later than:
a. 21 (twenty-one) working days since the submission of the application as referred to in Article 23 paragraph (2); or b. 10 (ten) working days since the submission of the application as referred to in Article 24 paragraph (2) or paragraph (3), the Financial Services Authority is deemed to have approved the said application.

Article 26
ASPMs currently undergoing a period of temporary inactivity:
a. are prohibited from conducting activities as DPS members and/or TAS members; and b. are exempted from the obligation to submit reports as referred to in Article 19.

Article 27
In the event that the reason for an ASPM's application for temporary inactivity as referred to in Article 23 paragraph (1) is due to being appointed and/or established as a State Official, the period of temporary inactivity for the said ASPM may follow the term of office as a State Official.

Article 28
(1) In the event that the ASPM's temporary inactivity period has ended and it will resume activities as an ASPM, the ASPM must submit an application letter to the Financial Services Authority with the format of the Active Again Application Letter contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by:
a. a valid competence certificate issued by an LSP registered with the Financial Services Authority as referred to in Article 3 paragraph (3) letter b; and b. a list of data and information changes from the ASPM accompanied by supporting evidence including:

move and address change, if there is an address change;
a recent 4x6 cm photo with a red background, 1 (one) sheet; and
a photocopy of the latest formal education diploma, if there is a change in the diploma owned.
(2) In the event that an ASPM who obtained a license before this Financial Services Authority Regulation came into force does not yet have a competence certificate issued by an LSP registered with the Financial Services Authority, the provision on submitting a competence certificate as referred to in paragraph (1) letter a does not apply to the said ASPM. (3) The application for active return as referred to in paragraph (1) is submitted to the Financial Services Authority no later than 90 (ninety) days since the time the temporary inactivity period ended. (4) If the application for active return is not submitted within the time period as referred to in paragraph (3), the ASPM as referred to in paragraph (1) is deemed to have returned the license.

Article 29
(1) Approval for the ASPM's active return is given by the Financial Services Authority no later than 21 (twenty-one) working days since the receipt of the complete application documents for active return as referred to in Article 28 paragraph (1). (2) In the event that the application for ASPM active return approval upon receipt does not meet the completeness requirements, no later than 21 (twenty-one) working days since the receipt of the application, the Financial Services Authority issues a notification letter to the applicant stating that:
a. the active return application is incomplete; or b. the application is rejected because it does not meet the requirements.
(3) In the event that the Financial Services Authority states that the active return application is incomplete as referred to in paragraph (2) letter a, the applicant must submit additional information and/or documents no later than 21 (twenty-one) working days after the date of the notification letter. (4) In the event that additional information and/or documents as referred to in paragraph (3) have been received by the Financial Services Authority, the Financial Services Authority issues:
a. approval for the ASPM license active return, if the additional information and/or documents submitted meet the requirements; or b. rejection of the ASPM license active return approval, if the additional information and/or documents submitted do not meet the requirements, no later than 21 (twenty-one) working days since the receipt of the additional information and/or documents submitted. (5) An applicant who does not complete the requirements as referred to in paragraph (3) is deemed to have returned the ASPM license.

Article 30
ASPMs that have received approval for active return from the Financial Services Authority must submit an annual activity report as referred to in Article 21 for the nearest reporting period.

Article 31
(1) If the validity period of the ASPM license has expired but the ASPM appointed and/or established as a State Official as referred to in Article 27 is still undergoing temporary inactivity, the application for ASPM license extension can be done together with the application for active return. (2) If an ASPM submits an application for ASPM license extension and an application for active return as referred to in paragraph (1), the Financial Services Authority will issue a new license for the said ASPM that has met the provisions as referred to in Article 28 and Article 29.

CHAPTER IX
RETURN OF ASPM LICENSES

Article 32
(1) An ASPM may return its license to the Financial Services Authority according to the format of the Capital Market Sharia Expert License Return Letter contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The return of the ASPM license as referred to in paragraph (1), Article 28 paragraph (4), and Article 29 paragraph (5) does not eliminate the obligations and responsibilities of the ASPM regarding provisions of financial services sector legislation and/or decisions of the Financial Services Authority that have not been fulfilled arising while the individual held the ASPM license.

CHAPTER X
DUAL ROLES

Article 33
(1) An ASPM conducting activities as a DPS member is prohibited from holding dual roles as a DPS member in more than 4 (four) other institutions or parties supervised by the Financial Services Authority. (2) An ASPM is prohibited from holding dual roles as a member of the Board of Directors or other equivalent organs, officials, and employees at the party conducting Sharia Activities in the Capital Market where the ASPM conducts activities as a DPS and/or TAS member.

CHAPTER XI
ELECTRONIC SUBMISSION OF APPLICATIONS AND REPORTS

Article 34
(1) In the event that the Financial Services Authority has provided an electronic system, the submission of:
a. ASPM license applications as referred to in Article 5 paragraph (1); b. ASPM license extension applications as referred to in Article 10 paragraph (1);
c. temporary inactivity applications as referred to in Article 23 paragraph (1);
d. applications to extend the period of temporary inactivity as referred to in Article 24 paragraph (2); e. applications to shorten the period of temporary inactivity as referred to in Article 24 paragraph (3); f. active return applications as referred to in Article 28 paragraph (1); and g. ASPM license return applications as referred to in Article 32 paragraph (1), must be submitted to the Financial Services Authority through the electronic system. (2) In the event that the Financial Services Authority has provided an electronic system, the submission of:
a. reports on the implementation of re-certification activities as referred to in Article 18 paragraph (3); b. data change reports as referred to in Article 20 paragraph (1); and
c. annual activity reports as referred to in Article 21 paragraph (1),
must be submitted to the Financial Services Authority through the electronic system.
(3) In the event that the electronic system as referred to in paragraph (1) and paragraph (2) experiences technical disturbances or force majeure occurs, the applications and/or reports as referred to in paragraph (1) and paragraph (2) may be submitted to the Financial Services Authority offline accompanied by supporting documents in electronic document form.

CHAPTER XII
ADMINISTRATIVE SANCTIONS

Article 35
(1) Any party that violates the provisions as referred to in Article 2, Article 4, Article 13 paragraph (3), paragraph (4), Article 16, Article 18 paragraph (1), paragraph (3), paragraph (4), Article 19, Article 20, Article 21 paragraph (1), paragraph (2), paragraph (4), paragraph (5), Article 22 paragraph (1), paragraph (4), Article 26 letter a, Article 30, Article 33, and Article 34 paragraph (2) is 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 in the form of an obligation to pay a certain amount of money;
c. restriction of activity licenses;
d. suspension of activity licenses; e. revocation of activity licenses; f. cancellation of approvals; and/or g. cancellation of registrations.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, letter f, or letter g may be imposed with or without being preceded by the imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a. (6) 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) letter c, letter d, letter e, letter f, or letter g. (7) The procedures for imposing sanctions as referred to in paragraph (3) are carried out in accordance with the provisions of legislation.

Article 36
In addition to administrative sanctions as referred to in Article 35 paragraph (4), the Financial Services Authority may take certain actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 37
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 35 paragraph (4) and certain actions as referred to in Article 36 to the public.

CHAPTER XIII
TRANSITIONAL PROVISIONS

Article 38
Applications for ASPM licenses and license extensions that have been submitted to the Financial Services Authority before this Financial Services Authority Regulation comes into force and have not yet obtained licenses or approval for license extensions, the said ASPM license and extension applications follow Financial Services Authority Regulation Number 16/POJK.04/2015 concerning Capital Market Sharia Experts.

Article 39
(1) In the event that at the time this Financial Services Authority Regulation comes into force there are no LSPs registered with the Financial Services Authority then:
a. the Financial Services Authority may establish certain policies or appoint specific parties or institutions to conduct competence certification as referred to in Article 3 paragraph (3) letter b and re-certification as referred to in Article 18 paragraph (1); and b. the provision on obtaining recommendations from the National Sharia Council – Indonesian Ulema Council for ASPMs to be appointed or designated as DPS members and/or TAS members as referred to in Article 13 paragraph (1) is not yet required. (2) As long as there are no LSPs as referred to in paragraph (1), recommendations from the National Sharia Council – Indonesian Ulema Council as referred to in paragraph (1) letter b must be submitted as one of the licensing requirement documents as referred to in Article 5.

Article 40
(1) ASPMs that have obtained licenses before this Financial Services Authority Regulation comes into force must adjust to the provisions on the limit of dual roles as referred to in Article 33 paragraph (1). (2) In the event that an ASPM exceeds the limit of dual roles as referred to in Article 33 paragraph (1), the ASPM as referred to in paragraph (1) must adjust to comply with the dual role provisions no later than 1 (one) year after this Financial Services Authority Regulation comes into force.

CHAPTER XIV
CLOSING PROVISIONS

Article 41
At the time this Financial Services Authority Regulation comes into force, Financial Services Authority Regulation Number 16/POJK.04/2015 concerning Capital Market Sharia Experts (State Gazette of the Republic of Indonesia Year 2015 Number 267, Supplement to the State Gazette of the Republic of Indonesia Number 5756) is repealed and declared invalid.

This copy is in accordance with the original
Director of Law 1
Law Department signed
Mufli Asmawidjaja

Article 42
This Financial Services Authority Regulation comes into force on the date of its promulgation.

To ensure 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 12 March 2021
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Promulgated in Jakarta on 17 March 2021
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2021 NUMBER 79

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 5 /POJK.04/2021
CONCERNING
CAPITAL MARKET SHARIA EXPERTS

I. GENERAL

The background for the issuance of Financial Services Authority Regulation Number 16/POJK.04/2015 concerning Capital Market Sharia Experts aims to build market trust so that the Sharia capital market can grow stably and sustainably. With the existence of Capital Market Sharia Experts (ASPM), which are parties licensed by the Financial Services Authority to provide advice and conduct supervision regarding the implementation of Sharia Principles in the Capital Market, it is expected to provide assurance to market participants that Sharia Principles in the Capital Market are implemented consistently and sustainably.

However, in anticipating dynamics occurring in practice and developments in regulations regarding professions conducting activities in the capital market, particularly professions licensed by the Financial Services Authority, it is necessary to adjust POJK Number 16/POJK.04/2015 concerning Capital Market Sharia Experts.

In addition to the adjustments as referred to above, to accommodate the needs of the Sharia capital market industry in general and ASPMs in particular, and to create a supervision mechanism for ASPMs that is more effective and efficient, it is also necessary to make several changes to the substance and/or add new regulatory substance in POJK 16/POJK.04/2015 concerning Capital Market Sharia Experts, among others related to the elimination of provisions for corporate ASPMs, provisions regarding competence requirements, acceleration of Service Level Agreement (SLA), electronic submission of documents, reporting, temporary inactivity provisions, and dual roles.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Number 1
The term "last 5 (five) years" refers to the period from the date the ASPM license applicant is declared free from criminal punishment until the date the ASPM license application is submitted to the Financial Services Authority.

Number 2
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
Clear enough.

Letter g
The "independent attitude" requirement for ASPMs is intended so that ASPMs in providing advice and conducting supervision of Sharia Principles implementation in the Capital Market are done independently, i.e., professionally and free from the influence of the party assigning and using the ASPM's services and/or its affiliates, so that the opinions or assessments given are objective and fair.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Letter a
The term "capital market supervisory institutions and/or organizations authorized by Law to regulate and/or supervise the capital market industry" refers to the Financial Services Authority, Stock Exchanges, Clearing and Guarantee Institutions, and Settlement and Custody Institutions. The term "managerial position" refers to a position at least at the level of sub-division head or equivalent.

Letter b
Clear enough.

Letter c
Clear enough.

Paragraph (6)
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Clear enough.

Article 7
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
The term "incomplete licensing application" includes, among others, submitted documents that are insufficient and/or information submitted that is incomplete.

Letter b
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Clear enough.

Paragraph (6)
Clear enough.

Article 8
Paragraph (1)
Clear enough.

Paragraph (2)
Examples of unfulfilled obligations to the Financial Services Authority include unfulfilled obligations to submit periodic reports or unfulfilled obligations to pay administrative sanctions in the form of fines by the ASPM.

Article 9
Clear enough.

Article 10
Paragraph (1)
ASPM license extension applications cannot be made after the validity period of the said ASPM license has expired.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Article 11
Clear enough.

Article 12
Clear enough.

Article 13
Paragraph (1)
The term "party conducting Sharia Activities in the Capital Market" includes, among others, parties conducting activities related to the public offering of Sharia securities, trading of Sharia securities, Sharia investment management in the capital market, and issuers or public companies related to Sharia securities issued by them, providers of technology-based crowdfunding services, securities companies whose business is based on Sharia principles in whole or in part, and institutions and professions related to Sharia securities.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Article 14
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
The end date of the DPS member's term of office according to the agreement in the DPS contract also covers if the DPS contract ends earlier.

Paragraph (3)
Clear enough.

Article 15
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
Clear enough.

Letter g
To represent the party conducting Sharia Activities in the Capital Market in discussions with the National Sharia Council - Indonesian Ulema Council, the ASPM needs to obtain a power of attorney from the party conducting Sharia Activities in the Capital Market.

Letter h
Clear enough.

Article 16
Clear enough.

Article 17
It is clear enough.

Article 18
Paragraph (1)
Re-certification organized by the Competency Assessment Agency (LSP) aims to extend the validity period of the competency certificate.

Paragraph (2)
It is clear enough.

Paragraph (3)
It is clear enough.

Paragraph (4)
It is clear enough.

Paragraph (5)
It is clear enough.

Paragraph (6)
Implementation provisions for re-certification established by the National Professional Certification Agency include, among others, the duties of the LSP in organizing re-certification and considerations for setting the re-certification period.

Article 19
It is clear enough.

Article 20
It is clear enough.

Article 21
Paragraph (1)
It is clear enough.

Paragraph (2)
It is clear enough.

Paragraph (3)
Example:

ASPM A receives a license after January 1, 2020, for example on December 2, 2020, then ASPM A is required to submit an annual activity report for the ASPM period of December 2 – December 31, 2020 no later than January 31, 2021.
ASPM B receives a license after January 1, 2020, for example on January 2, 2020, then ASPM B is required to submit an annual activity report for the ASPM period of January 2 – December 31, 2020 no later than January 31, 2021.

Paragraph (4)
It is clear enough.

Paragraph (5)
It is clear enough.

Article 22
Paragraph (1)
It is clear enough.

Paragraph (2)
It is clear enough.

Paragraph (3)
Letter a
It is clear enough.

Letter b
It is clear enough.

Letter c
It is clear enough.

Letter d
It is clear enough.

Letter e
Example "other reports for parties conducting Sharia activities in the Capital Market" includes, among others, annual reports of technology-based crowdfunding service providers.

Paragraph (4)
It is clear enough.

Article 23
Paragraph (1)
"Temporarily inactive" refers to not conducting activities for a temporary period.

Paragraph (2)
It is clear enough.

Paragraph (3)
It is clear enough.

Paragraph (4)
It is clear enough.

Paragraph (5)
It is clear enough.

Article 24
It is clear enough.

Article 25
It is clear enough.

Article 26
It is clear enough.

Article 27
It is clear enough.

Article 28
It is clear enough.

Article 29
It is clear enough.

Article 30
Example:

ASPM A receives approval to become active again on December 2, 2020, then ASPM A is required to submit an annual activity report for the ASPM period of December 2 – December 31, 2020 no later than January 31, 2021.
ASPM B receives approval to become active again on January 2, 2020, then ASPM B is required to submit an annual activity report for the ASPM period of January 2 – December 31, 2020 no later than January 31, 2021.

Article 31
Paragraph (1)
It is clear enough.

Paragraph (2)
Example:
A new license for ASPM has a validity period, namely 5 years from the expiration of the ASPM license.
ASPM Fulan receives an ASPM license from the Financial Services Authority (OJK) on December 29, 2017.
The ASPM license is valid until December 29, 2022.
ASPM Fulan submits a request for temporary inactivity because appointed and/or designated as a State Official for 5 years, which was approved by the Financial Services Authority on October 26, 2020, so that ASPM Fulan's license becomes temporarily inactive until October 26, 2025. ASPM Fulan submits a request to become active again on December 10, 2025 (not exceeding 90 days from October 26, 2025) and the Financial Services Authority issues a notification letter stating that ASPM Fulan's license becomes active again on December 31, 2025. The Financial Services Authority will issue a new license to ASPM Fulan using the previous license extension mechanism which ended on December 29, 2022, then extended for 5 years to December 29, 2027.

Article 32
It is clear enough.

Article 33
Paragraph (1)
Institutions or other parties supervised by the Financial Services Authority include institutions or parties that have received licenses, approvals, effectiveness of registration statements, registration certificates, and/or approvals from the Financial Services Authority. Concurrent positions must consider the level of complexity of business activities, products, and services of the company. Example:
Provisions prohibiting ASPMs from holding concurrent positions as members of the Sharia Supervisory Board (DPS) on more than 4 (four) institutions or other parties supervised by the Financial Services Authority, namely:
Fulan is an ASPM license holder acting as DPS on Investment Manager A.
Then Fulan can hold concurrent positions as:

DPS on Investment Manager B;
DPS on Investment Manager C;
DPS on Investment Manager D; and
DPS on Sharia Commercial Bank E.

Paragraph (2)
It is clear enough.

Article 34
Paragraph (1)
It is clear enough.

Paragraph (2)
It is clear enough.

Paragraph (3)
Submission of request letters and/or reports to the Financial Services Authority is addressed to the Executive Head of Capital Market Supervision.

Article 35
It is clear enough.

Article 36
"Specific actions" include, among others, postponing the granting of ASPM license extensions.

Article 37
It is clear enough.

Article 38
It is clear enough.

Article 39
It is clear enough.

Article 40
It is clear enough.

Article 41
It is clear enough.

Article 42
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6669

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 5 /POJK.04/2021
ABOUT
CAPITAL MARKET SHARIA EXPERTS
CAPITAL MARKET SHARIA EXPERT LICENSE APPLICATION
.......... , .............................
Attachment :
Subject : Capital Market Sharia Expert License Application To The Executive Head Capital Market Supervision Financial Services Authority in Jakarta

Hereby I apply for an ASPM license. As consideration material, I submit the following data:

Applicant Name : ......................................................................
Applicant Address : ......................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Applicant Phone Number
/Email : ......................................................................

To complete this application, I attach the following documents:

latest signed curriculum vitae;
integrity requirement statement letter with sufficient stamp and signed;
photocopy of the valid ASPM competency certificate issued by an LSP registered with the Financial Services Authority;
photocopy of the latest formal education diploma;
photocopy of the identity card (KTP);
domicile letter from the competent official and/or institution
(if there is a difference between the domicile address and the identity card address);
latest 4x6 cm photo with a red background, 1 (one) sheet;
name difference letter from the competent official or institution, if there is a difference between the applicant's name and the attached documents; and
answers to the applicant integrity questionnaire according to the signed integrity questionnaire list.

This application is submitted, and I thank you for your attention.
Applicant,
..............................................
(full name and signature)
Stamp

CURRICULUM VITAE
Personal Data

Name : .......................................................................
Place & Date of
Birth : .......................................................................
Gender : .......................................................................
Religion : .......................................................................
Nationality : .......................................................................
Address : .......................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number : .......................................................................
Mobile Phone Number : .......................................................................
Email : .......................................................................
Individual Licenses
Held : 1) ..................................................................

..................................................................

Educational History

Formal
Level of Education Major/Specialization Name/Place Year of Graduation
Non-Formal (Certified)
Course/Seminar Organizer Year
Professional Education (Profession)
Certification Organizer Year of Graduation
Work History
Company Name Position
Description of Duties Start Date
End Date Reason for Leaving
.............., ..................................
(place and date)
..................................................
(full name and signature)

INTEGRITY REQUIREMENT STATEMENT LETTER
I, the undersigned below:

Name : ................................................................................
Full Address : ................................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number
/Email : ................................................................................
hereby state that I:
a. are competent to perform legal acts; b. have good character and morals;
c. have never committed disgraceful acts and/or been sentenced for proven criminal acts in the financial services sector within the last 5 (five) years;
d. have never been sanctioned for conducting Sharia activities in the financial services sector that did not comply with Sharia principles within the last 3 (three) years; e. have never been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority within the last 3 (three) years; f. have never been declared bankrupt or been a manager declared guilty causing a company to be declared bankrupt within the last 5 (five) years; g. have a commitment to comply with applicable laws and regulations; h. have a commitment to the development of the Sharia capital market; and
i. have an independent attitude in conducting activities in the capital market.

This statement is made truthfully for use as appropriate.
.............., ...............................
(place and date)
Applicant
...............................................
(full name and signature)
Stamp

INTEGRITY QUESTIONNAIRE LIST
I. INSTRUCTIONS FOR ANSWERING QUESTIONS

All questions must be answered by the applicant.
Place a check mark √ in the box in front of the word "Yes" if your answer is "Yes", or place a check mark √ in the box in front of the word "No" if your answer to the following questions is "No".
For every "Yes" answer, the applicant is required to provide a detailed and clear answer on a separate sheet which includes among others:
a. The institutions concerned; b. The case and date of the action taken;
c. The court or institution taking the action; and
d. The actions and sanctions taken.

II. APPLICANT INTEGRITY
Definition
Investment is an activity regarding Securities, banking, insurance, pension funds, cooperatives, other financial institutions, including activities, whether direct or indirect, related to Securities Companies, Investment Advisors, Banks or other companies engaged in the financial sector, and/or other investment activities in the real sector such as housing or real estate businesses.

Answer the following questions:

In the last 10 (ten) years, have you ever been sentenced for:
a. criminal acts related to investment?

yes □ no
b. or other crimes?
yes □ no

Has the court ever:
a. declared you bankrupt?

yes □ no
b. in the last 10 (ten) years, prohibited you from engaging in activities related to investment?
yes □ no
c. declared you guilty of being involved in legal violations (criminal acts) related to investment and/or involved in legal violations of laws and regulations in the financial services sector?
yes □ no
d. frozen/stopped temporarily, restricted, or revoked licenses (or other permits similar to licenses) that you hold?
yes □ no

Has the Financial Services Authority ever:
a. stated and/or found you making false, misleading, or dishonest, unfair or unethical statements, or negligent in providing information that should have been provided?

yes □ no
b. stated and/or found you involved in violations of laws and regulations in the capital market sector?
yes □ no
c. declared you guilty of being involved in investment activities so that the business license (or other permits similar to business licenses) held by another company was frozen, restricted, or revoked/cancelled?
yes □ no
d. rejected your license, Approval, or Registration/Registration Certificate application?
yes □ no
e. imposed sanctions by freezing, restricting activities, or revoking/cancelling licenses, Approvals, or Registration/Registration Certificates that you hold, for example, Registration Certificates as capital market supporting professions such as Accountants, Legal Consultants, Valuers, or Notaries?
yes □ no

Have other competent authorities ever:
a. stated and/or found you making false, misleading, or dishonest, unfair or unethical statements?

yes □ no
b. stated and/or found you involved in violations of laws and regulations concerning investment activities?
yes □ no
c. stated and/or found you causing a company related to Investment whose business license application was rejected or business license (or other permits similar to business licenses) to be frozen/stopped temporarily, restricted, or revoked?
yes □ no
d. ordered to prohibit you from engaging in activities related to investment in the last 10 (ten) years?
yes □ no
e. rejected license applications (other permits similar to licenses), or frozen/stopped temporarily, restricted, or revoked licenses (other permits similar to licenses) that you hold to engage in investment activities?
yes □ no
f. rejected license applications (other permits similar to licenses), or frozen/stopped temporarily, restricted, or revoked licenses (other permits similar to licenses) that you hold to engage in activities other than investment, for example, Registration Certificates as capital market supporting professions such as Accountants, Legal Consultants, Valuers, or Notaries?
yes □ no

Has the Stock Exchange ever:
a. stated and/or found you making false, misleading, or dishonest, unfair or unethical statements, or negligent in providing information that should have been provided?

yes □ no
b. stated and/or found you involved in violations of Stock Exchange Regulations?
yes □ no
c. disciplined you by issuing or temporarily stopping the Securities Company where you work from membership of a Stock Exchange caused by your error, by restricting or temporarily stopping the relationship of the said Securities Company with other Stock Exchange members.
yes □ no

Has a foreign court ever declared you guilty due to criminal charges or civil lawsuits related to investment?

yes □ no

Are you currently a party to a lawsuit in court?

yes □ no

Do you have commitments, specific ties, or conditional obligations to third parties whose cases are being processed or have obtained a decision from the court?

yes □ no
.............., ...............................
(place and date)
Applicant
...............................................
(full name and signature)
Stamp

APPLICATION LETTER FOR EXTENSION OF CAPITAL MARKET SHARIA EXPERT LICENSE
.......... , .............................
Attachment :
Subject : ASPM License Extension Application
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta

Hereby we apply for an ASPM license extension in accordance with the Decision of the Commissioners of the Financial Services Authority Number .................. dated ................... As consideration material, we submit the following data:

Applicant Name : ...................................................................................
Full Address : ...................................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number
/Email : ...................................................................................

To complete this application, I attach the following documents:
a. latest 4x6 cm photo with a red background, 1 (one) sheet; b. photocopy of the latest formal education diploma, if there is a change in the diploma held; and
c. photocopy of the valid ASPM competency certificate issued by an LSP registered with the Financial Services Authority.

This application is submitted, and I thank you for your attention.
Applicant,
...............................................
(full name and signature)
Stamp

CAPITAL MARKET SHARIA EXPERT DATA CHANGE REPORT
.......... , .............................
Attachment :
Subject : ASPM Data Change Report
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta

I, the undersigned below:

Name : ...................................................................................
Full Address : ...................................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number
/Email : ...................................................................................
ASPM License Decision Number : ...................................................................................
ASPM License Decision Date : ...................................................................................
according to Article ... of Financial Services Authority Regulation Number ............. about Capital Market Sharia Experts dated ……………., report that I*):
a. started working as a DPS member at ….……….(company name); b. stopped working as a DPS member from ….……….(company name); and/or
c. moved address to ………....................................................….(new address)
since date ………...........…. (date/month/year).

In relation to this, I submit supporting documents for the above data changes.
This is submitted, and I thank you for your attention.
............................................
(full name and signature)
Note:
*) filled according to the data changes that occurred

TEMPORARILY INACTIVE APPLICATION LETTER
.......... , .............................
Attachment :
Subject : ASPM Temporary Inactivity Application To The Executive Head Capital Market Supervision Financial Services Authority in Jakarta

I, the undersigned below:

Name : ................................................................................
Full Address : .............................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number
/Email : ................................................................................
ASPM License Decision Number : ................................................................................
ASPM License Decision Date : ................................................................................
hereby intend to apply for temporary inactivity as an ASPM for a period of .................years from ........................ (date, month, year) to ..........................(date, month, year). The reason I am applying for temporary inactivity is
.................................................................................................................

To complete this application, I attach the following documents:
a. approval letter from the company where I work as a DPS (if currently working as a DPS); and b. annual activity report for the period from January 1 or since the ASPM license was obtained until the date of submission of the ASPM temporary inactivity letter.

This application is submitted, and I thank you for your attention.
.............., ...............................
(place and date)
Applicant
...............................................
(full name and signature)

APPLICATION LETTER TO EXTEND/SHORTEN*) TEMPORARILY INACTIVE PERIOD
.......... , .............................
Attachment :
Subject : ASPM Temporary Inactivity Application To The Executive Head Capital Market Supervision Financial Services Authority in Jakarta

I, the undersigned below:

Name : ................................................................................
Full Address : .............................................................................
(street name and number)
............................................... - □□□□□ (city and postal code)
Phone Number
/Email : ................................................................................
ASPM License Decision Number : ................................................................................
ASPM License Decision Date : ................................................................................
hereby intend to extend/shorten*) the temporarily inactive period as an ASPM which was originally .....................(date, month, year) to .....................(date, month, year). The reason I am extending/shortening*) temporary inactivity is
.....................................................

APPLICATION FOR REACTIVATION
.......... , .............................
Attachment :
Subject : Application for Reactivation
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/email
: ................................................................................
ASPM License Decree Number
: ................................................................................
ASPM License Decree Date
: ................................................................................
hereby intend to apply for reactivation from temporary inactivity as an ASPM, starting from .....................(date, month, year) or in accordance with the approval of the Financial Services Authority. Attached herewith are:
a. a valid ASPM competency certificate issued by an LSP registered with the Financial Services Authority; and b. a list of data and information changes along with supporting documents including:
i. change and update of address *);
ii. a recent 4x6 cm photograph with a red background, 1 (one) copy; and
iii. a photocopy of the latest formal education diploma, if there is a change in the diploma held

This application is submitted, thank you for your attention, Sir/Madam.
.............., ...............................
(place and date)
Applicant
...............................................
(full name and signature)

Note:
*) in case of changes

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja

RETURN OF CAPITAL MARKET SHARIA EXPERT LICENSE
.......... , .............................
Attachment :
Subject : Return of ASPM License
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/email
: ................................................................................
hereby voluntarily return the ASPM license that has been granted by the Financial Services Authority to me. The reason for my return of the aforementioned license is ...............................................................
In relation to this matter, attached herewith is the original Commissioner Decree of the Financial Services Authority Number ................... dated ............... regarding the Granting of Capital Market Sharia Expert License to me.

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

Established in Jakarta on March 12, 2021
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Financial Services Authority Regulation Number 5 of 2021 Concerning Capital Market Sharia Experts

Lineage: In force