Financial Services Authority Regulation Number 5/POJK.05/2018 on Periodic Reports of Pension Funds

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2018
ON
PERIODIC REPORTS OF PENSION FUNDS
BY THE GRACE OF THE ALMIGHTY GOD
THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that to implement an integrated regulatory and supervisory system for all activities in the pension fund sector, up-to-date, accurate, more comprehensive, high-quality, and fast data and information on pension program operational activities and other benefits are required; b. that to facilitate pension funds in fulfilling their reporting obligations, report simplification is needed;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation on Periodic Reports of Pension Funds;
Recalling:

1. Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Supplement to the State Gazette of the Republic of Indonesia Number 3477);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
3. Government Regulation Number 76 of 1992 concerning Employer Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 126, Supplement to the State Gazette of the Republic of Indonesia Number 3507);
4. Government Regulation Number 77 of 1992 concerning Financial Institution Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 127, Supplement to the State Gazette of the Republic of Indonesia Number 3508);
   DECIDING:
   Establishing: FINANCIAL SERVICES AUTHORITY REGULATION ON PERIODIC REPORTS OF PENSION FUNDS.

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

1. Pension Fund is a legal entity that manages and implements a program promising pension benefits, including Pension Funds that implement all or part of their business using Sharia principles.
2. Employer Pension Fund, hereinafter abbreviated as DPPK, is a Pension Fund established by a person or entity that employs employees, as the founder, to implement a defined benefit pension program or a defined contribution pension program, for the benefit of some or all of its employees as participants, and which creates obligations for the employer.
3. Financial Institution Pension Fund, hereinafter abbreviated as DPLK, is a Pension Fund established by a bank or life insurance company to implement a defined contribution pension program for individuals, both employees and self-employed workers, which is separate from the DPPK for employees of the respective bank or life insurance company.
4. Sharia Unit is a unit established by a DPPK to implement a pension program based on Sharia principles.
5. Periodic Report is a report prepared by a Pension Fund for the benefit of the Financial Services Authority during a specific period.
6. Monthly Report is a report prepared by a Pension Fund for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant month.
7. Annual Report is a report prepared by a Pension Fund for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant year.
8. Other Report is a report prepared by a Pension Fund for the benefit of the Financial Services Authority other than Monthly Reports and Annual Reports, submitted during a specific period.
9. Periodic Actuarial Report is an actuarial report submitted periodically to the Financial Services Authority, not for the approval of the establishment of a Pension Fund or changes to the Pension Fund regulations.
10. Management is the management of a Pension Fund.
11. Acting Management is an official from the founder of a DPLK assigned to carry out the operational activities of a DPLK.
12. Supervisory Board is the supervisory board of a Pension Fund.
13. 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 implementation of pension programs based on Sharia principles.

CHAPTER II
PREPARATION OF PERIODIC REPORTS
Article 2
(1) Pension Funds are required to prepare Periodic Reports completely and on time in accordance with the provisions of this Financial Services Authority Regulation.
(2) Periodic Reports as referred to in paragraph (1) are divided into the following types of reports:
a. Monthly Report; b. Annual Report; and
c. Other Report.

Section One
Periodic Reports of Employer Pension Funds
Article 3
Monthly Reports as referred to in Article 2 paragraph (2) letter a for DPPK contain information related to monthly financial reports and other necessary information.

Article 4
(1) Annual Reports as referred to in Article 2 paragraph (2) letter b for DPPK consist of:
a. annual financial reports; and b. technical reports.
(2) Annual financial reports as referred to in paragraph (1) letter a consist of annual financial reports that have been audited by a public accountant and electronic data.
(3) For DPPK whose establishment was approved by the Financial Services Authority within a period of 3 (three) months before the end of the annual financial reporting period, the public accountant's audit of the annual financial reports for the period when the DPPK was approved may be conducted simultaneously in the next annual financial reporting period.

Article 5
Technical reports as referred to in Article 4 paragraph (1) letter b for DPPK consist of:
a. investment performance evaluation reports of the Pension Fund by the Supervisory Board as referred to in the Financial Services Authority Regulation concerning Pension Fund investments; b. risk level assessment result reports as referred to in the Financial Services Authority Regulation concerning risk level assessment of non-bank financial service institutions;
c. follow-up plans for risk level assessments as referred to in the Financial Services Authority Regulation concerning risk level assessment of non-bank financial service institutions;
d. self-assessment result reports on the implementation of risk management as referred to in the Financial Services Authority Regulation concerning the implementation of risk management for non-bank financial service institutions; e. Pension Fund governance implementation reports as referred to in the Financial Services Authority Regulation concerning Pension Fund governance; f. DPS supervision result reports as referred to in the Financial Services Authority Regulation concerning the implementation of pension programs based on Sharia principles; g. certificates or other evidence showing that the principal party has met the sustainability requirements as referred to in the Financial Services Authority Regulation concerning the assessment of competence and propriety for principal parties in insurance companies, Pension Funds, financing companies, and guarantee companies; h. evidence of fulfillment of sustainability requirements for Management and employees handling investments as referred to in the Financial Services Authority Regulation concerning Pension Fund investments; and
i. other reports.

Article 6
Other Reports as referred to in Article 2 paragraph (2) letter c for DPPK consist of:
a. consumer complaint reports and follow-up on service and resolution of consumer complaints as referred to in the Financial Services Authority Regulation concerning consumer protection in the financial services sector; b. reports on the appointment of public accountants and/or public accounting firms in audits of annual historical financial information as referred to in the Financial Services Authority Regulation concerning the use of public accountants and public accounting firms in financial services activities;
c. audit committee evaluation result reports on the implementation of audit services for annual historical financial information by public accountants and/or public accounting firms as referred to in the Financial Services Authority Regulation concerning the use of public accountants and public accounting firms in financial services activities;
d. Periodic Actuarial Reports as referred to in the Financial Services Authority Regulation concerning Pension Fund funding; e. Pension Fund business plans as referred to in the Financial Services Authority Regulation concerning Pension Fund governance; and f. other reports.

Section Two
Periodic Reports of Financial Institution Pension Funds
Article 7
Monthly Reports as referred to in Article 2 paragraph (2) letter a for DPLK contain information related to monthly financial reports and other necessary information.

Article 8
(1) Annual Reports as referred to in Article 2 paragraph (2) letter b for DPLK consist of:
a. annual financial reports; and b. technical reports.
(2) Annual financial reports as referred to in paragraph (1) letter a consist of annual financial reports that have been audited by a public accountant and electronic data.
(3) For DPLK whose establishment was approved by the Financial Services Authority within a period of 3 (three) months before the end of the annual financial reporting period, the public accountant's audit of the annual financial reports for the period when the DPLK was approved may be conducted simultaneously in the next annual financial reporting period.

Article 9
DPLK is required to announce annual financial reports that have been audited by a public accountant as referred to in Article 8 paragraph (2) on the DPLK website and/or daily newspapers in Indonesian circulating nationally no later than 1 (one) month after the deadline for submitting the aforementioned annual financial reports.

Article 10
Technical reports as referred to in Article 8 paragraph (1) letter b for DPLK consist of:
a. risk level assessment result reports as referred to in the Financial Services Authority Regulation concerning risk level assessment of non-bank financial service institutions; b. follow-up plans for risk level assessments as referred to in the Financial Services Authority Regulation concerning risk level assessment of non-bank financial service institutions;
c. self-assessment result reports on the implementation of risk management as referred to in the Financial Services Authority Regulation concerning the implementation of risk management for non-bank financial service institutions;
d. Pension Fund governance implementation reports as referred to in the Financial Services Authority Regulation concerning Pension Fund governance; e. DPS supervision result reports as referred to in the Financial Services Authority Regulation concerning the implementation of pension programs based on Sharia principles; f. certificates or other evidence showing that the principal party has met the sustainability requirements as referred to in the Financial Services Authority Regulation concerning the assessment of competence and propriety for principal parties in insurance companies, Pension Funds, financing companies, and guarantee companies; g. evidence of fulfillment of sustainability requirements for Acting Management and employees handling investments as referred to in the Financial Services Authority Regulation concerning Pension Fund investments; and h. other reports.

Article 11
Other Reports as referred to in Article 2 paragraph (2) letter c for DPLK consist of:
a. consumer complaint reports and follow-up on service and resolution of consumer complaints as referred to in the Financial Services Authority Regulation concerning consumer protection in the financial services sector; b. reports on the appointment of public accountants and/or public accounting firms in audits of annual historical financial information as referred to in the Financial Services Authority Regulation concerning the use of public accountants and public accounting firms in financial services activities;
c. audit committee evaluation result reports on the implementation of audit services for annual historical financial information by public accountants and/or public accounting firms as referred to in the Financial Services Authority Regulation concerning the use of public accountants and public accounting firms in financial services activities;
d. reports on the schedule of data updating activities as referred to in the Financial Services Authority Regulation concerning the implementation of anti-money laundering and counter-terrorism financing programs in the financial services sector; e. reports on the realization of data updating activities as referred to in the Financial Services Authority Regulation concerning the implementation of anti-money laundering and counter-terrorism financing programs in the financial services sector; f. Periodic Actuarial Reports as referred to in the Financial Services Authority Regulation concerning Pension Fund funding; g. Pension Fund business plans as referred to in the Financial Services Authority Regulation concerning Pension Fund governance; h. evidence of the announcement of annual financial reports that have been audited by a public accountant on the DPLK website and/or daily newspapers in Indonesian circulating nationally as referred to in Article 9; and
i. other reports.

Section Three
Responsibility for the Preparation of Periodic Reports
Article 12
(1) DPPK Management and Acting Management are responsible for the preparation and presentation of Periodic Reports.
(2) DPPK Management and Acting Management as referred to in paragraph (1) may appoint employees or staff as reporting officers to prepare, verify, and submit Periodic Reports to the Financial Services Authority.

Article 13
Provisions regarding the format and structure of Monthly Reports, Annual Reports, and Other Reports as referred to in Articles 2 through 12 are regulated in a Financial Services Authority Circular.

CHAPTER III
SUBMISSION OF PERIODIC REPORTS
Article 14
(1) Pension Funds are required to submit Periodic Reports to the Financial Services Authority as follows:
a. Monthly Reports as referred to in Article 2 paragraph (2) letter a are submitted no later than the 10th of the following month; b. Annual Reports as referred to in Article 2 paragraph (2) letter b are submitted no later than April 30 of the following year; and
c. Other Reports as referred to in Article 2 paragraph (2) letter c are submitted in accordance with the time limit provisions regulated in the Financial Services Authority Regulation or other statutory provisions requiring the submission of such reports.
(2) If the final deadline for submitting reports as referred to in paragraph (1) falls on a holiday, the final deadline for submitting reports is the next working day.
(3) Provisions regarding the procedure for submitting Periodic Reports as referred to in paragraph (1) are regulated in a Financial Services Authority Circular.

CHAPTER IV
ADMINISTRATIVE SANCTIONS
Article 15
(1) Pension Funds that do not comply with the provisions as referred to in Article 2 paragraph (1), Article 9, and Article 14 paragraph (1) are subject to administrative sanctions in the form of written warnings. (2) The imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) for each report is imposed at most 3 (three) times consecutively with a maximum duration of 1 (one) month each. (3) For Pension Funds, the late submission of Annual Reports as referred to in Article 14 paragraph (1) letter b, in addition to administrative sanctions as referred to in paragraph (1), is subject to additional sanctions in the form of late fees.

Article 16
(1) The imposition of administrative sanctions in the form of late fees as referred to in Article 15 paragraph (3) applies if a Pension Fund is late or fails to submit Annual Reports as referred to in Article 4 paragraph (1) for DPPK and Article 8 paragraph (1) for DPLK. (2) The obligation to pay administrative sanctions in the form of late fees as referred to in paragraph (1) is imposed on the founder of the Pension Fund and paid through the Pension Fund. (3) The imposition of administrative sanctions in the form of late fees for each Annual Report imposes a fine of Rp100,000.00 (one hundred thousand rupiah) per day of delay and at most Rp36,000,000.00 (thirty-six million rupiah). (4) The imposition of administrative sanctions in the form of late fees is calculated from the first day after the final deadline for submitting reports as referred to in Article 14 paragraph (1) letter b until the date of submission of the Annual Report. (5) The notice of imposition of administrative sanctions in the form of late fees is submitted by the Financial Services Authority to the Pension Fund and the founder of the Pension Fund. (6) In the event that the founder of the Pension Fund has not paid the late fee as referred to in paragraph (2), the late fee is declared as a debt of the founder of the Pension Fund to the Financial Services Authority and must be included in the relevant financial reports. (7) The procedure for collecting administrative fine sanctions follows the Financial Services Authority Regulation concerning the procedure for collecting administrative sanctions in the form of fines in the financial services sector.

Article 17
In addition to administrative sanctions as referred to in Article 15 paragraph (1) and/or sanctions for late fees as referred to in Article 15 paragraph (3) having been imposed, the Financial Services Authority may impose additional sanctions in the form of:
a. reduction of risk assessment results; b. re-assessment of the competence and propriety of the Supervisory Board, DPS, DPPK Management, and/or Acting Management; and/or
c. issuance of written orders to the founder of the Pension Fund to replace the Supervisory Board, DPS, DPPK Management, and/or Acting Management.

Article 18
(1) Pension Funds that have been dissolved and still have obligations to pay fines for the late submission of Periodic Reports remain obligated to pay fines as referred to in Article 16 paragraph (1) and paragraph (2). (2) For Pension Funds that have been dissolved and do not submit Periodic Reports as referred to in paragraph (1), the calculation of the number of days of delay is calculated from the final deadline for submitting Periodic Reports until 1 (one) day before the date of dissolution.

CHAPTER V
CLOSING PROVISIONS
Article 19
At the time this Financial Services Authority Regulation comes into force:
a. Financial Services Authority Regulation Number 3/POJK.05/2013 concerning Monthly Reports of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 150, Supplement to the State Gazette of the Republic of Indonesia Number 5443) is declared not applicable to Pension Funds; b. provisions regarding the time limit for submitting certificates or other evidence showing that the principal party has met the sustainability requirements as referred to in Article 21 paragraph (5) of Financial Services Authority Regulation Number 4/POJK.05/2013 concerning the Assessment of Competence and Propriety for Principal Parties in Insurance Companies, Pension Funds, Financing Companies, and Guarantee Companies (State Gazette of the Republic of Indonesia Year 2013 Number 231, Supplement to the State Gazette of the Republic of Indonesia Number 5474) are declared not applicable to Pension Funds;
c. provisions regarding the time limit for submitting year-end risk level assessment result reports as referred to in Article 7 paragraph (1) letter a and the time limit for submitting follow-up plans for year-end risk level assessments as referred to in Article 8 paragraph (4) letter b of Financial Services Authority Regulation Number 10/POJK.05/2014 concerning Risk Level Assessment of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2014 Number 197, Supplement to the State Gazette of the Republic of Indonesia Number 5575) are declared not applicable to Pension Funds;
d. provisions regarding the time limit for submitting self-assessment result reports on the implementation of risk management as referred to in Article 6 paragraph (2) of Financial Services Authority Regulation Number 1/POJK.05/2015 concerning the Implementation of Risk Management for Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2015 Number 69, Supplement to the State Gazette of the Republic of Indonesia Number 5682) are declared not applicable to Pension Funds; e. provisions regarding the format and structure of annual investment reports as referred to in Article 21 paragraph (5) and audit results of public accountants on annual investment reports as referred to in Article 26 paragraph (1) and paragraph (2) of Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2015 Number 82, Supplement to the State Gazette of the Republic of Indonesia Number 5692) are repealed and declared not applicable; f. Article 24 paragraph (4) of Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2015 Number 82, Supplement to the State Gazette of the Republic of Indonesia Number 5692) is repealed and declared not applicable; and g. Financial Services Authority Regulation Number 17/POJK.05/2016 concerning Technical Reports of Pension Funds (State Gazette of the Republic of Indonesia Year 2016 Number 41, Supplement to the State Gazette of the Republic of Indonesia Number 5855) is repealed and declared not applicable.

Article 20
(1) At the time this Financial Services Authority Regulation comes into force, administrative sanctions that have been imposed on Pension Funds before the coming into force of this Financial Services Authority Regulation are declared valid and applicable. (2) Pension Funds that have not been able to overcome the causes of the imposition of administrative sanctions as referred to in paragraph (1) are subject to further sanctions in accordance with the provisions of this Financial Services Authority Regulation.

Article 21
At the time this Financial Services Authority Regulation comes into force, provisions regulating the obligation to submit reports, format and structure, and procedures for submitting Periodic Reports for Pension Funds are subject to this Financial Services Authority Regulation.

Article 22
This Financial Services Authority Regulation comes into force on December 31, 2018.

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 April 4, 2018
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY, signature
WIMBOH SANTOSO
Promulgated in Jakarta on April 4, 2018
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signature
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2018 NUMBER 45 This copy is consistent with the original Director of Legal Affairs 1 Legal Department signature Yuliana

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2018
ON
PERIODIC REPORTS OF PENSION FUNDS

I. GENERAL
The Financial Services Authority, as an independent institution, has the functions, duties, and authority for regulation, supervision, examination, and investigation. The Financial Services Authority implements regulatory and supervisory duties regarding financial services activities in the banking, capital market, insurance, Pension Fund, financing, and other financial service sectors. In carrying out supervisory duties, the Financial Services Authority conducts direct (onsite) supervision and indirect (offsite) supervision. One of the tools for this supervision is Periodic Reports submitted by the financial services industry to the Financial Services Authority. Pension Funds are currently required to submit reports to the Financial Services Authority with varying frequencies and scattered across several separate regulations. Given the variety of report types that the Pension Fund industry must submit to the Financial Services Authority, it is necessary to evaluate the number and types of reporting. This is expected to eliminate duplication of report requests and integrate Pension Fund reporting information, thereby facilitating Pension Fund business actors and the Financial Services Authority in preparing and analyzing reports.

Furthermore, with the establishment of the Financial Services Authority Regulation Number 5/POJK.05/2017 concerning Contributions, Pension Benefits, and Other Benefits administered by Pension Funds, which substantively permits Pension Funds to administer other benefits to Pension Fund participants, and the obligation requiring separate recording between pension benefits and other benefits, refinement of the financial reporting format is very necessary to accommodate accounting recording for the administration of other benefits conducted by Pension Funds as regulated in the Financial Services Authority Regulation Number 5/POJK.05/2017 concerning Contributions, Pension Benefits, and Other Benefits.

From the perspective of report submission, several types of reports will be submitted through the Financial Services Authority's data communication network (e-reporting), which is useful for facilitating report submission by Pension Funds; on the other hand, for the Financial Services Authority, it is useful for automating the data collection process, yet it does not immediately reduce the prudential and risk-based aspects of Pension Fund supervision.

II. ARTICLE BY ARTICLE EXPLANATION

Article 1

Sufficiently clear.

Article 2

Paragraph (1)

What is meant by "complete" is containing all elements of Periodic Reports and not eliminating material information or facts.

What is meant by "on time" is in accordance with the submission deadline for reports established in this Financial Services Authority Regulation.

Paragraph (2)

Sufficiently clear.

Article 3

What is meant by "other information required" is information required by the Financial Services Authority other than monthly financial reports and included in the form and structure of monthly financial reports, such as asset and liability summaries.

Article 4

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Annual financial reports audited by public accountants contain information regarding notes to financial statements, which among others contain information regarding financial position reports (balance sheets), income statement reports, investment reports, cash flow reports, and funding wealth reports.

What is meant by "electronic data" is financial data referring to financial reports audited by public accountants and can be used for electronic data processing using specific formats, for example using Microsoft Excel, Microsoft Word, portable document file (PDF), or other formats.

Paragraph (3)

Sufficiently clear.

Article 5

Letter a

Sufficiently clear.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

Sufficiently clear.

Letter e

Sufficiently clear.

Letter f

DPS supervision results reports are only submitted by DPPK administering pension programs based on Sharia principles, including Sharia Units.

Letter g

Sufficiently clear.

Letter h

Sufficiently clear.

Letter i

Other reports are intended to accommodate other material required to be reported based on Financial Services Authority Regulations.

Article 6

Letter a

Sufficiently clear.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

Sufficiently clear.

Letter e

In the business plan, it also includes information regarding financial literacy and inclusion plans and the realization of financial literacy and inclusion.

Letter f

Other reports are intended to accommodate other material required to be reported based on Financial Services Authority Regulations.

Article 7

What is meant by "other information required" is information required by the Financial Services Authority other than monthly financial reports and included in the form and structure of monthly financial reports, such as asset and liability summaries.

Article 8

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Annual financial reports audited by public accountants contain information regarding notes to financial statements, which among others contain information regarding financial position reports (balance sheets), income statement reports, investment reports, cash flow reports, and funding wealth reports.

What is meant by "electronic data" is financial data referring to financial reports audited by public accountants and can be used for electronic data processing using specific formats, for example using Microsoft Excel, Microsoft Word, portable document file (PDF), or other formats.

Paragraph (3)

Sufficiently clear.

Article 9

Information announced on the DPLK website and national Indonesian-language daily newspapers contains information including net asset reports, net asset change reports, cash flow reports, financial position reports, and funding wealth reports.

Article 10

Letter a

For DPLK selling Sharia investment packages, the assessment and results reports of the risk level for Sharia investment packages become part of the DPLK's risk level assessment and results reports.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

Sufficiently clear.

Letter e

DPS supervision results reports are only submitted by DPLK administering pension programs based on Sharia principles, including DPLK that have Sharia investment packages.

Letter f

Sufficiently clear.

Letter g

Sufficiently clear.

Letter h

Other reports are intended to accommodate other material required to be reported based on Financial Services Authority Regulations.

Article 11

Letter a

Sufficiently clear.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

Sufficiently clear.

Letter e

Sufficiently clear.

Letter f

Sufficiently clear.

Letter g

In the business plan, it also includes information regarding financial literacy and inclusion plans and the realization of financial literacy and inclusion.

Letter h

Sufficiently clear.

Letter i

Other reports are intended to accommodate other material required to be reported based on Financial Services Authority Regulations.

Article 12

Sufficiently clear.

Article 13

Sufficiently clear.

Article 14

Paragraph (1)

Sufficiently clear.

Paragraph (2)

For example, if the 10th is the final submission deadline and falls on a Saturday, the final submission deadline is the first working day, which is the following Monday.

Paragraph (3)

Sufficiently clear.

Article 15

Paragraph (1)

The imposition of administrative sanctions does not eliminate the obligation to apply the provisions of this Financial Services Authority Regulation.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

Sufficiently clear.

Article 16

Sufficiently clear.

Article 17

The imposition of additional sanctions on Pension Funds can also be caused by the Pension Fund having received a third written warning.

Article 18

Sufficiently clear.

Article 19

Sufficiently clear.

Article 20

Sufficiently clear.

Article 21

Sufficiently clear.

Article 22

Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6195