FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 57 /POJK.04/2020
CONCERNING
THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to provide funding alternatives for small and medium enterprises as well as startup business actors to obtain funds through the capital market, it is necessary to expand the scope of securities offerings in crowdfunding services; b. that in order to expand the scope of securities offerings in crowdfunding services, it is necessary to replace the Financial Services Authority Regulation Number 37/POJK.04/2018 concerning Crowdfunding Services through Information Technology-Based Stock Offerings (Equity Crowdfunding);
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Offer of Securities through Information Technology-Based Crowdfunding Services;

Recalling:

1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);

DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE OFFER OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES.

CHAPTER I
GENERAL PROVISIONS

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

1. Offer of Securities through Information Technology-Based Crowdfunding Services, hereinafter referred to as Crowdfunding Services, is the provision of securities offering services conducted by an issuer to sell securities directly to investors through an open electronic system network.
2. Securities are negotiable instruments, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, units of participation in collective investment contracts, forward contracts over Securities, and any derivatives of Securities.
3. Electronic System of Financial Services, hereinafter referred to as Electronic System, is a series of electronic devices and procedures that function to prepare, collect, process, analyze, store, display, announce, send, and/or disseminate electronic information in the field of financial services.
4. Information Technology of Financial Services, hereinafter referred to as Information Technology, is a technique to collect, prepare, store, process, announce, analyze, and/or disseminate information in the field of financial services.
5. Crowdfunding Service Organizer, hereinafter referred to as Organizer, is an Indonesian legal entity that provides, manages, and operates Crowdfunding Services.
6. User of Crowdfunding Services, hereinafter referred to as User, is the issuer and the investor.
7. Issuer is an Indonesian business entity, whether in the form of a legal entity or other business entity, that issues Securities through Crowdfunding Services.
8. Investor is a party that purchases Securities of the Issuer through Crowdfunding Services.
9. Project is an activity or work that produces goods, services, and/or other benefits, whether existing or to be created, including investment activities that have been determined which will become the basis for the issuance of debt-type Securities or Sukuk.
10. Sukuk are Sharia-compliant Securities in the form of certificates or proof of ownership that have equal value and represent indivisible or undivided shares (syuyu') over the underlying assets.
11. Depository and Clearing Institution is a party that conducts central custodian activities for custodian banks, securities companies, and other parties.
12. Electronic Document is any electronic information created, forwarded, sent, received, or stored in analog, digital, electromagnetic, optical, or similar forms, which can be seen, displayed, and/or heard through a computer or Electronic System, including but not limited to writing, sound, images, design maps, photos or similar, letters, signs, numbers, access codes, symbols, or perforations that have meaning or significance or can be understood by someone capable of understanding them.
13. Custodian Bank is a general bank that has obtained approval from the Financial Services Authority to conduct business activities as a custodian.

Article 2
(1) Crowdfunding Service activities are financial service activities in the capital market sector.
(2) Parties conducting Crowdfunding Service activities as referred to in paragraph (1) are declared as parties conducting financial service activities in the capital market sector.

Article 3
(1) The offer of Securities by each Issuer through Crowdfunding Services is not considered a public offering as referred to in the Capital Market Law if:
a. the offer of Securities is conducted through an Organizer that has obtained a license from the Financial Services Authority; b. the offer of Securities is conducted within a maximum period of 12 (twelve) months; and
c. the total funds raised through the offer of Securities are at most IDR 10,000,000,000.00 (ten billion rupiah).
(2) Under certain conditions, the Financial Services Authority may determine total fund-raising values other than the value referred to in paragraph (1) letter c.

Article 4
An Issuer is considered a public company as referred to in the Capital Market Law if:
a. the number of Issuer's shareholders exceeds 300 (three hundred) parties; and b. the Issuer's paid-up capital exceeds IDR 30,000,000,000.00 (thirty billion rupiah).

CHAPTER II
CROWDFUNDING SERVICE ORGANIZERS

First Section
Licensing

Article 5
An Organizer intending to conduct Crowdfunding Services must possess a business license from the Financial Services Authority.

Article 6
The Organizer as referred to in Article 5 must be registered as an Electronic System Organizer at the ministry responsible for government affairs in the field of communication and information technology.

Second Section
Business Activities

Article 7
In carrying out activities as an Organizer, the Organizer may cooperate with organizers of information technology-based financial services.

Third Section
Requirements

Paragraph 1
Legal Entity Form

Article 8
The legal entity form of the Organizer is an Indonesian legal entity in the form of:
a. a limited liability company; or b. a cooperative.

Article 9
(1) An Organizer in the form of a limited liability company as referred to in Article 8 letter a may be founded and owned by:
a. Indonesian citizens and/or Indonesian legal entities; and/or b. foreign citizens and/or foreign legal entities.
(2) Share ownership of the Organizer by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b, whether directly or indirectly, is at most 49% (forty-nine percent).

Article 10
The cooperative as referred to in Article 8 letter b is limited to the type of service cooperative.

Paragraph 2
Capital

Article 11
(1) An Organizer as referred to in Article 8 letter a must have paid-up capital of at least IDR 2,500,000,000.00 (two billion five hundred million rupiah) at the time of submitting the licensing application. (2) An Organizer as referred to in Article 8 letter b must have own capital of at least IDR 2,500,000,000.00 (two billion five hundred million rupiah) at the time of submitting the licensing application.

Paragraph 3
Human Resources Qualifications

Article 12
(1) The Organizer must have:
a. human resources with expertise and/or background in Information Technology; and b. human resources with expertise to conduct due diligence on Issuers. (2) The Organizer must improve the quality of human resources through education and training activities supporting the development of Crowdfunding Services.

Fourth Section
Licensing Application Procedures

Article 13
(1) The licensing application by the Organizer as referred to in Article 5 is submitted by the Organizer to the Executive Head of Capital Market Supervision according to the format of the Organizer's Licensing Application contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by at least the following documents:
a. photocopy of the deed of establishment of the legal entity; b. photocopy of the latest deed of amendment of the articles of association, which has been approved or agreed upon by the competent authority or reported to the competent authority, containing business activities of financial services covering Crowdfunding Services;
c. shareholder data, if the Organizer is a limited liability company:

1. for individual shareholders, by attaching:
   a) photocopy of identification cards such as identity cards or passports for foreign citizens, which are still valid; b) photocopy of Taxpayer Identification Number (NPWP); c) curriculum vitae according to the format of the Curriculum Vitae contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by the latest 4x6 cm color passport photo; and d) statement from the shareholder according to the format of the Statement of Individual Shareholder contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
2. for corporate shareholders, by attaching:
   a) photocopy of the deed of establishment of the legal entity and photocopy of the latest deed of amendment of the articles of association, which has been approved or agreed upon by the competent authority or reported to the competent authority; b) statement from the shareholder according to the format of the Statement of Corporate Shareholder contained in the Appendix which is an integral part of this Financial Services Authority Regulation; and c) photocopy of the Taxpayer Identification Number (NPWP) of the legal entity;
3. for central government shareholders, by attaching government regulations regarding state capital participation for the establishment of the company; and
4. for regional government shareholders, by attaching regional regulations regarding regional capital participation for the establishment of the company;
   d. director and board of commissioners data:
5. photocopy of identification cards such as identity cards or passports for foreign citizens, which are still valid;
6. photocopy of Limited Stay Permit Cards or Permanent Stay Permit Cards for foreign citizens;
7. curriculum vitae according to the format of the Curriculum Vitae contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by the latest 4x6 cm color passport photo;
8. photocopy of Taxpayer Identification Number (NPWP); and
9. statement from each member of the board of directors and members of the board of commissioners according to the format of the Statement of Board of Directors Members and Statement of Board of Commissioners Members contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
   e. photocopy of proof of registration as an Electronic System Organizer at the ministry responsible for government affairs in the field of communication and information technology; f. organizational structure of the Organizer; g. guidelines or standard operating procedures related to the implementation of anti-money laundering and counter-terrorism financing programs; h. work plan for the first 1 (one) year containing at least:
10. an overview of the business activities to be conducted;
11. targets and steps taken to achieve the said targets; and
12. projected financial reports for 1 (one) year ahead;
    i. proof of readiness of the Electronic System and data of Organizer's operational activities according to the format of the List of Electronic System Infrastructure Readiness and Operational Activity Data contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
    j. proof of operational readiness in the form of:
13. proof of ownership or control of office buildings, office rooms, or service units, in the form of photocopies of ownership certificates, building use rights, use rights, or agreements for the use of buildings or rooms; and
14. list of office inventory and equipment;
    k. standard operating procedures regarding services to Users;
    l. standard operating procedures regarding the implementation of Securities trading;
    m. photocopy of Taxpayer Identification Number (NPWP) in the name of the Organizer; n. agreement with the Custodian Bank and the Depository and Clearing Institution; o. statement letter stating that it will appoint a party responsible for supervision related to the fulfillment of Sharia principles in the capital market in the event that the Organizer serves the offer of Sukuk by the Issuer through Crowdfunding Services, if the Organizer does not have a Sharia supervisory board; p. recommendation from an association recognized by the Financial Services Authority; and q. proof of expertise and/or background in Information Technology as referred to in Article 12 paragraph (1) letter a and proof of expertise as referred to in Article 12 paragraph (1) letter b. (2) For Organizers that are entities conducting business activities based on Sharia principles, in addition to submitting documents as referred to in paragraph (1), the Organizer must submit at least the following documents:
    a. photocopy of the Organizer's articles of association stating that activities, types of business, and business management are conducted based on Sharia principles; b. resolution of the general meeting of shareholders regarding the appointment of the Sharia supervisory board; and
    c. photocopy of the capital market Sharia expert license held by the Sharia supervisory board.
    (3) The Financial Services Authority conducts due diligence on the licensing application submitted by the Organizer.
    (4) The Financial Services Authority may request information, document completeness, and/or presentation of the Electronic System or other actions from the Organizer. (5) In the event that the Organizer does not fulfill the request as referred to in paragraph (4) within a maximum of 90 (ninety) days from the date of the Financial Services Authority's request letter, the Organizer is deemed to have cancelled the licensing application. (6) The Organizer is deemed not to have cancelled the licensing application as referred to in paragraph (5) if the Organizer can explain to the Financial Services Authority that the fulfillment of the request as referred to in paragraph (4) requires more than 90 (ninety) days. (7) The Financial Services Authority provides approval or rejection of the licensing application within a maximum of 20 (twenty) working days after the complete licensing application documents are received. (8) The licensing application automatically receives approval from the Financial Services Authority if the time period as referred to in paragraph (7) is exceeded.

Article 14
(1) Submission of the Organizer's licensing application to the Financial Services Authority as referred to in Article 13 may be done electronically through the Financial Services Authority's licensing system. (2) Further provisions regarding the submission of licensing applications electronically are established by the Financial Services Authority.

Fifth Section
Ownership Changes

Article 15
(1) The Organizer must report ownership changes to the Financial Services Authority within a maximum of 5 (five) working days since the ownership change occurred. (2) The report as referred to in paragraph (1) must be accompanied by documents as referred to in Article 13 paragraph (1) letter c.

Sixth Section
Obligations and Prohibitions

Article 16
(1) The Organizer is obligated to:
a. conduct due diligence on the Issuer, at least:

1. establishment of the legal entity or documents proving the validity of the establishment of the business entity;
2. organs or managers of the legal entity or business entity;
3. capital aspects;
4. Issuer limitations;
5. licenses related to the Issuer's business activities and/or the Project to be funded with proceeds from the offer of Securities or becoming the basis for the issuance of Securities through Crowdfunding Services; and
6. documents and/or information that must be submitted by the Issuer to the Organizer;
   b. upload documents and/or information as referred to in letter a number 6 online through the Organizer's website at least 2 (two) working days before the start of the offer period;
   c. ensure the implementation of the offer of Securities through Crowdfunding Services until all rights and obligations of Users are fulfilled;
   d. report violations committed by the Issuer during the offer period and violations of the Issuer's obligations directly related to the end of the offer period to the Financial Services Authority; e. implement efforts to increase education and literacy for Users; f. store documents and/or information submitted by the Issuer for the document storage period in accordance with the Company Documents Law; g. ensure that the fund-raising limit through Crowdfunding Services by each Issuer is not exceeded; h. provide online communication facilities between Investors and Issuers;
   i. include risks on the Organizer's website, at least risks:
7. business;
8. investment;
9. liquidity;
10. failure of the Electronic System;
11. scarcity of dividend distribution and/or dilution of share ownership, if the issued Securities are shares; and
12. default on debt-type Securities or Sukuk, if the issued Securities are debt-type Securities or Sukuk;
    j. ensure that Investors intending to invest through Crowdfunding Services have a Securities account specifically for storing Securities and/or funds through Crowdfunding Services; k. have a system to ensure that only Investors who have confirmed the fulfillment of Investor requirements can invest through Crowdfunding Services;
    l. use an Indonesian domain name;
    m. provide complaint handling services in accordance with Financial Services Authority Regulations regarding complaint services; n. include on the Organizer's website information regarding costs and other expenses charged or imposed on Users; o. have a refund mechanism in the event that the offer of Securities through Crowdfunding Services is void ab initio; and p. use office buildings or office rooms, whether owned or based on a building or room lease agreement. (2) In the event that the Issuer issues Sharia-compliant Securities in the form of shares, in addition to the obligations as referred to in paragraph (1), the Organizer is obligated to conduct due diligence on:
    a. the Issuer's articles of association stating that activities, types of business, and business management are conducted based on Sharia principles; and b. the resolution of the general meeting of shareholders regarding the appointment of the Sharia supervisory board. (3) In conducting due diligence as referred to in paragraph (1) letter a, the Organizer must consider credit information from credit information management institutions. (4) The Organizer may use third-party services to conduct due diligence as referred to in paragraph (1) letter a and paragraph (2) on the Issuer. (5) In the event that the third party as referred to in paragraph (4) is a party required to be registered and/or obtain approval from the Financial Services Authority in accordance with laws and regulations in the Capital Market sector, such party must be registered and/or obtain approval from the Financial Services Authority. (6) In the event that the Organizer uses third-party services, the Organizer and the third party, individually or jointly, are responsible for the results of the due diligence conducted by the third party.

Article 17
(1) In the event of material changes regarding documents and/or information as referred to in Article 16 paragraph (1) letter b that can affect the investment decision of Investors, the Organizer is obligated to include information on the Organizer's website. (2) The inclusion on the website as referred to in paragraph (1) must be done within a maximum of 2 (two) working days after the material change occurs.

Article 18
(1) In the event that the Issuer issues debt-type Securities or Sukuk, the Organizer is obligated to conduct due diligence on the legality of the Project that is the basis for the issuance of debt-type Securities or Sukuk through Crowdfunding Services. (2) In the event that the issued Securities are Sukuk, the Organizer is obligated to ensure that the issued Sukuk has obtained a Sharia compliance statement from a team of Sharia experts holding a capital market Sharia expert license. (3) In the event that the Organizer is an entity conducting business activities based on Sharia principles, the Sharia compliance statement as referred to in paragraph (2) may be obtained from the Sharia supervisory board.

Article 19
(1) In the event that the Organizer serves the offer of debt-type Securities or Sukuk by the Issuer, the Organizer is obligated to act as the proxy for Investors. (2) The Organizer as the proxy for Investors as referred to in paragraph (1) is obligated to at least:
a. monitor the development of Project management based on data and/or information obtained directly or indirectly; b. supervise and monitor the implementation of the Issuer's obligations based on agreements regarding the issuance of debt-type Securities or Sukuk;
c. supervise, inspect, and administer guarantees for the payment of obligations to holders of debt-type Securities or Sukuk, if there are guarantees for the payment of obligations to holders of debt-type Securities or Sukuk; and
d. monitor payments made by the Issuer to holders of debt-type Securities or Sukuk.

Article 20
(1) In the event that the Organizer changes the Electronic System for development, the Organizer is obligated to submit a report to the Financial Services Authority within a maximum of 10 (ten) working days before the change. (2) The report as referred to in paragraph (1) must be accompanied by detailed information regarding the system changes to be made.

Article 21
In conducting business activities, the Organizer is prohibited from:
a. conducting business activities other than Crowdfunding Services business activities, except:

1. as an organizer of information technology-based financial services that has obtained a license from the Financial Services Authority; and
2. business activities in the capital market sector that, based on capital market regulations, can conduct business activities as an Organizer;
   b. having an affiliation relationship with an Issuer using Crowdfunding Services;
   c. providing financial assistance to Investors to invest in Securities of Issuers using Crowdfunding Services;
   d. providing investment advice and/or recommendations to Investors and/or potential Investors to invest in Issuers; e. giving gifts or compensation to parties providing information regarding potential Investors; f. receiving and/or storing Investor funds; g. providing different treatment among Users; h. publishing incorrect information related to the Crowdfunding Services conducted;
   i. conducting Crowdfunding Services offers to Users and/or the public through personal communication channels without User consent; and
   j. charging any fees to Users for submitting complaints.

Seventh Section
Reports

Article 22
Organizers that have obtained licenses are obligated to submit reports to the Financial Services Authority, including:
a. semi-annual reports; b. annual reports; and
c. incidental reports.

Article 23
(1) The semi-annual report as referred to in Article 22 letter a must contain at least:
a. summary of important financial data; b. Organizer's operational activity report:

1. for Organizers conducting Crowdfunding Services in the form of equity offers in the form of shares, the report contains at least:

a) the number and name of Issuers; b) the number of Investors in each Issuer; c) the number of Equity Securities in the form of shares offered by each Issuer; and d) the amount of funds raised by each Issuer;
2. for Organizers conducting Crowdfunding Services in the form of Debt Securities or Sukuk offerings, the report must contain at least:
a) the number and name of Issuers; b) the number of Investors in each Issuer; c) the nominal amount and type of Debt Securities or Sukuk offered by each Issuer; d) the price, interest rate, profit-sharing ratio size, margin, service fee, return, or other forms of remuneration established for Debt Securities or Sukuk for each Issuer; and e) the maturity date of each Debt Security or Sukuk offered by each Issuer;
c. user complaint reports accompanied by follow-up on complaint resolution if complaints exist;
d. reports on Issuer violations and actions taken by the Organizer regarding Issuer violations, if the Issuer commits a violation; and e. a statement that the Organizer is responsible for the truthfulness of data and information contained in the semi-annual report.

(2) The semi-annual report referred to in paragraph (1) must be submitted in the form of physical documents and Electronic Documents.
(3) The semi-annual report referred to in paragraph (2) must be submitted to the Head of the Capital Market Supervisory Executive no later than the end of the first month after the semi-annual report date, with a cover letter for the semi-annual report according to the format of the Semi-Annual Report Cover Letter listed in the Appendix which is an inseparable part of this Financial Services Authority Regulation.

Article 24
(1) Organizers are required to submit annual reports as referred to in Article 22 letter b to the Financial Services Authority for the reporting period from January 1 to December 31. (2) Annual reports as referred to in paragraph (1) must contain at least:
a. financial reports including income statements, balance sheets, cash flow statements, and financial ratios; b. reports on the implementation of Crowdfunding Services including:

1. operational activity reports as referred to in Article 23 paragraph (1) letter b; and
2. cooperation reports between the Organizer and information technology-based financial service institutions and/or information technology-based support service providers, if there is cooperation between the Organizer and financial service institutions and/or information technology-based support service providers;
   c. user complaint reports as referred to in Article 23 paragraph (1) letter c;
   d. information regarding the Organizer containing at least:
3. management commentary;
4. shareholder structure for Organizers in the form of limited liability companies;
5. Organizer address; and
6. human resources information;
   e. the organizational structure of the Organizer; f. governance reports containing at least:
7. risk management;
8. complaint handling policies; and
9. the role of the board of directors and board of commissioners in carrying out complaint service functions; and
   g. a statement that the Organizer is responsible for the truthfulness of data and information contained in the annual report.
   (3) Annual reports as referred to in paragraph (1) must be submitted in the form of physical documents and Electronic Documents.
   (4) Annual reports as referred to in paragraph (3) must be submitted to the Head of the Capital Market Supervisory Executive no later than the end of the fourth month after the reporting period ends, using an annual report cover letter according to the format of the Annual Report Cover Letter listed in the Appendix which is an inseparable part of this Financial Services Authority Regulation. (5) The Financial Services Authority may establish:
   a. that financial reports included in annual reports as referred to in paragraph (2) letter a must be accompanied by accountant reports in the context of audits of financial reports; and b. submission deadlines for annual reports in relation to accountant obligations in the context of audits of the aforementioned financial reports.

Article 25
(1) Organizers are required to submit incidental reports as referred to in Article 22 letter c if there are material events or information related to the implementation of Crowdfunding Services. (2) Incidental reports as referred to in paragraph (1) must be submitted to the Head of the Capital Market Supervisory Executive no later than 2 (two) working days after the occurrence of material events or information related to the implementation of Crowdfunding Services.

Part Eight
Return of License by Organizer
Article 26
(1) Organizers who have obtained licenses and declare they will not continue their operational activities can return the license by submitting an application to the Financial Services Authority. (2) Organizers submitting applications for license return as referred to in paragraph (1) must transfer their Crowdfunding Services to another Organizer and settle all obligations related to Crowdfunding Services. (3) Applications as referred to in paragraph (1) must be submitted according to the format of the Application for Return of License as a Provider of Crowdfunding Services listed in the Appendix which is an inseparable part of this Financial Services Authority Regulation and accompanied by documents containing at least:
a. proof of transfer of Crowdfunding Services to other Crowdfunding Service Providers conducting similar Crowdfunding Services activities; b. proof of settlement of rights and obligations with the Depository and Clearing Institution, Custodian Bank, and other parties; and
c. a statement letter from the Organizer that the Organizer has settled all obligations of the Organizer to Users according to the format of the Statement of Settlement Regarding User Rights and Obligations listed in the Appendix which is an inseparable part of this Financial Services Authority Regulation.
(4) The Financial Services Authority revokes the Organizer's license no later than 20 (twenty) working days after the Organizer fulfills all requirements as referred to in paragraph (3). (5) The return of the license as referred to in paragraph (1) does not immediately eliminate unfulfilled obligations and responsibilities of the Organizer, including obligations arising from legislation and/or decisions of the Financial Services Authority that arise while the Organizer's license has not yet been revoked as referred to in paragraph (4).

CHAPTER III
CROWDFUNDING SERVICES
Part One
Organizer Statements
Article 27
In Crowdfunding Services, Organizers are required to include on the Organizer's website, statements in capital letters that directly attract the attention of Investors as follows:
a. "THE FINANCIAL SERVICES AUTHORITY DOES NOT GIVE APPROVAL FOR THE ISSUER AND DOES NOT GIVE A STATEMENT OF APPROVAL OR DISAPPROVAL FOR THIS SECURITY, NOR DOES IT STATE THE TRUTH OR SUFFICIENCY OF INFORMATION IN THIS CROWDFUNDING SERVICE. ANY STATEMENT CONTRARY TO THIS IS AN ILLEGAL ACT."; b. "INFORMATION IN THIS CROWDFUNDING SERVICE IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF THERE IS DOUBT ABOUT THE ACTION TO BE TAKEN, IT IS BETTER TO CONSULT WITH THE ORGANIZER."; and
c. "ISSUERS AND ORGANIZERS, EITHER SEPARATELY OR TOGETHER, ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION CONTAINED IN THIS CROWDFUNDING SERVICE.".

Part Two
Securities That Can Be Offered Through Crowdfunding Services
Article 28
(1) Securities that can be offered through Crowdfunding Services include:
a. Equity Securities; b. Debt Securities; or
c. Sukuk.
(2) Equity Securities as referred to in paragraph (1) letter a can be in the form of shares or other Equity Securities that must be converted into shares. (3) The Financial Services Authority may establish other types of Securities that can be offered through Crowdfunding Services besides those referred to in paragraph (1).

Article 29
(1) For Organizers that are entities conducting business activities based on Sharia principles, Organizers may establish Equity Securities as referred to in Article 28 paragraph (1) letter a offered through their Crowdfunding Services as Sharia Securities. (2) Organizers as referred to in paragraph (1) must have a Sharia supervisory board and have mechanisms and procedures for establishing Equity Securities as Sharia Securities. (3) Further provisions regarding the establishment of Equity Securities as Sharia Securities as referred to in paragraph (1) and mechanisms and procedures as referred to in paragraph (2) are established by the Financial Services Authority.

Article 30
(1) Debt Securities or Sukuk offered through Crowdfunding Services must meet the following requirements:
a. issued in Rupiah currency; b. have Projects that serve as the basis for the issuance of Debt Securities or Sukuk;
c. cannot be traded;
d. have a maturity date not exceeding 2 (two) years; e. can be paid off early before maturity, provided approval is obtained from the majority of holders of Debt Securities or Sukuk present at the general meeting of holders of Debt Securities or Sukuk; and f. payment of principal, interest, profit-sharing ratio size, margin, service fee, or return can be done periodically or at maturity. (2) In addition to Sukuk obligations as referred to in paragraph (1), the issuance of Sukuk must obtain a Sharia compliance statement.

Part Three
Limits on Securities Offerings and Fund Raising
Article 31
Issuers of Equity Securities are prohibited from using Crowdfunding Services through more than 1 (one) Organizer.

Article 32
(1) Issuers of Debt Securities or Sukuk must fulfill all obligations to Investors after raising funds through Crowdfunding Services.
(2) Issuers of Debt Securities or Sukuk are prohibited from raising new funds through Crowdfunding Services before the Issuer fulfills all obligations to Investors as referred to in paragraph (1), except when the offering of Debt Securities or Sukuk is conducted in stages.

Article 33
(1) The limit on fund raising through Crowdfunding Services by each Issuer within a period of 12 (twelve) months is at most IDR 10,000,000,000.00 (ten billion rupiah) or other values as referred to in Article 3 paragraph (2). (2) Fund raising as referred to in paragraph (1) can be done in 1 (one) offering or more.

Article 34
(1) Issuers may establish the minimum amount of funds that must be obtained in the offering of Securities through Crowdfunding Services based on agreements contained in the Crowdfunding Service implementation agreement. (2) In the event that the Issuer establishes the minimum amount of funds as referred to in paragraph (1), the Issuer must disclose:
a. plans for the use of funds in connection with obtaining the minimum funds; or b. other sources of funds to implement the plan for the use of funds. (3) Issuers are prohibited from changing the minimum amount of funds as referred to in paragraph (1) during the Securities offering period. (4) If the minimum amount of funds as referred to in paragraph (1) is not fulfilled, the offering of Securities through Crowdfunding Services becomes void ab initio. (5) In the event that the offering of Securities as referred to in paragraph (4) becomes void ab initio, the Organizer is required to return the funds along with all benefits arising from those funds while in the escrow account proportionally to Investors no later than 2 (two) working days after the Securities offering becomes void ab initio.

Part Four
Offering Period
Article 35
The offering period as referred to in Article 33 paragraph (2) is at most 45 (forty-five) days.

Article 36
Issuers may cancel the offering of Securities through Crowdfunding Services before the end of the offering period as referred to in Article 35 by paying a penalty in the amount established in the Crowdfunding Service implementation agreement to the Organizer.

Part Five
Purchase of Securities
Article 37
(1) Organizers are required to use an escrow account at a bank used to receive funds from the results of Securities offerings through Crowdfunding Services. (2) Purchases of Securities by Investors in Securities offerings through Crowdfunding Services are carried out by depositing a certain amount of funds into the escrow account according to the Crowdfunding Service implementation agreement. (3) All funds deposited into the escrow account in a Securities offering are considered held funds from the results of the Securities offering belonging to the Issuer and are deemed received by the Issuer, unless the Securities offering becomes void ab initio or is cancelled by the Issuer. (4) Net benefits from placing funds in the escrow account as referred to in paragraph (2) are the right of Investors and must be returned to Investors proportionally. (5) Organizers are required to provide unique methods for each deposit into the escrow account as referred to in paragraph (2). (6) Funds deposited into the escrow account as referred to in paragraph (5) are prohibited from being transferred except to the Issuer or Investors. (7) Escrow accounts as referred to in paragraph (1) are prohibited from being used except for holding funds for the purchase of Securities by Investors.

Article 38
In the event that Securities offered through Crowdfunding Services are in the form of Sukuk, the escrow account as referred to in Article 37 paragraph (1) must use a Sharia bank.

Article 39
The Financial Services Authority may establish other deposit methods for purchasing Securities besides those referred to in Article 37.

Part Six
Delivery of Funds and Securities
Article 40
(1) In the event that the offered Securities are Equity Securities in the form of shares, the Issuer is required to deposit Securities according to the results of the Securities offering to the Organizer no later than 2 (two) working days after the Securities offering period ends. (2) The end of the offering period as referred to in paragraph (1) includes:
a. a specific date established by the Issuer; or b. a specific date before the date as referred to in letter a but all Securities offered through Crowdfunding Services have been purchased by Investors. (3) The Issuer is required to submit requests for approval and/or notifications to the Minister in connection with changes to the articles of association:
a. capital increase; and b. inclusion of provisions regarding collective custody.
(4) The Issuer is required to sign a Securities registration agreement with the Depository and Clearing Institution and submit a photocopy thereof to the Organizer no later than 10 (ten) working days after the Issuer deposits Securities as referred to in paragraph (1). (5) In the event that the Issuer does not submit a photocopy of the Securities registration agreement within the time period as referred to in paragraph (4), the Securities offering conducted by the Issuer becomes void ab initio. (6) In the event that the Securities offering becomes void ab initio as referred to in paragraph (5), the Organizer is required to return the funds along with all benefits arising from those funds while in the escrow account proportionally to Investors no later than 2 (two) working days after the Securities offering becomes void ab initio. (7) The Organizer is required to deliver funds to the Issuer no later than 2 (two) working days after receiving the photocopy of the Securities registration agreement as referred to in paragraph (4). (8) The Organizer is required to distribute Securities to Investors no later than 2 (two) working days after delivering funds to the Issuer as referred to in paragraph (7).

Article 41
(1) In the event that the offered Securities are Debt Securities or Sukuk, the Issuer is required to deposit the total amount of Securities according to the results of the Securities offering to the Organizer no later than 2 (two) working days after the Securities offering period ends. (2) The end of the offering period as referred to in paragraph (1) includes:
a. a specific date established by the Issuer; or b. a specific date before the date as referred to in letter a but all Securities offered through Crowdfunding Services have been purchased by Investors. (3) The Issuer is required to:
a. sign a Securities registration agreement with the Depository and Clearing Institution; and b. create a notarized debt acknowledgment deed made by a notary, and submit photocopies thereof to the Organizer no later than 10 (ten) working days after the Issuer deposits Securities as referred to in paragraph (1). (4) In the event that the Issuer does not submit:
a. basic project documents or proof of ownership of the Project; and b. documents as referred to in paragraph (3), within the time period as referred to in paragraph (3), the Securities offering conducted by the Issuer becomes void ab initio. (5) In the event that the Securities offering becomes void ab initio as referred to in paragraph (4), the Organizer is required to return the funds along with all benefits arising from those funds while in the escrow account proportionally to Investors no later than 2 (two) working days after the Securities offering becomes void ab initio. (6) The Organizer is required to deliver funds to the Issuer no later than 2 (two) working days after the Issuer submits basic project documents or proof of ownership of the Project and documents as referred to in paragraph (3). (7) The Organizer is required to distribute Securities to Investors no later than 2 (two) working days after delivering funds to the Issuer as referred to in paragraph (6).

Part Seven
Staged Offerings
Article 42
(1) In the event that Securities offered through Crowdfunding Services are Debt Securities or Sukuk, Securities offerings can be conducted in stages. (2) In the event that Debt Securities or Sukuk will be offered in stages as referred to in paragraph (1), staged offerings must meet the following requirements:
a. the plan for staged offerings has been established since the beginning of the offering of Debt Securities or Sukuk; and b. the Issuer has entered into an agreement with the Organizer to conduct Securities offerings through Crowdfunding Services in stages. (3) Staged Securities offerings as referred to in paragraph (1) must follow the fund-raising limits as referred to in Article 3 paragraph (1) letter c. (4) Staged Securities offerings as referred to in paragraph (1) can use more than 1 (one) Project as the basis for the issuance of Debt Securities or Sukuk. (5) In the event that staged Securities offerings are conducted with more than 1 (one) Project as referred to in paragraph (4), the Issuer must disclose all Projects that will serve as the basis for issuance. (6) Before implementing the second and subsequent stages of Debt Securities or Sukuk offerings, no later than 5 (five) working days before the start of the offering period, the Issuer is required to submit a notification of the implementation of the Securities offering accompanied by additional information and supporting documents to the Organizer. (7) The Organizer is required to:
a. announce the implementation of the second and subsequent stages of Debt Securities or Sukuk offerings through the Organizer's website; and b. include additional information and supporting documents on the Organizer's website, no later than 2 (two) working days before the start of the second and subsequent offering periods. (8) Additional information as referred to in paragraph (6) must contain at least:
a. descriptions of Projects serving as the basis for the issuance of Debt Securities or Sukuk; b. the amount of funds already raised;
c. the number of Securities offered;
d. the price, interest rate, profit-sharing ratio size, margin, service fee, or other forms of return established for Debt Securities or Sukuk; e. plans for the use of funds; f. the offering period; and g. a statement from the Issuer stating that the Issuer is not experiencing default up to the submission of additional information.

Part Eight
Implementation of Securities Trading
Article 43
(1) Organizers may provide systems for Investors to trade Issuer Securities sold through the Crowdfunding Services organized by them.
(2) The implementation of Securities trading as referred to in paragraph (1) must be conducted with the following requirements:
a. only applies to Equity Securities in the form of shares that have been distributed for at least 1 (one) year before Securities trading; b. can only be conducted among fellow Investors registered with the Organizer;
c. within a period of 12 (twelve) months, Securities trading can only be conducted 2 (two) times; and
d. the time interval between the implementation of Securities trading and other Securities trading is at least 6 (six) months.
(3) Securities trading as referred to in paragraph (2) letter c is prohibited from being implemented for a period longer than 10 (ten) working days. (4) The system as referred to in paragraph (1) may provide:
a. fair prices as references for sellers and buyers; and b. communication systems for Users that can be used as a means of communication between Users to buy or sell Securities. (5) The Financial Services Authority may establish regulations regarding the implementation of Securities trading besides those referred to in paragraph (2) letter c and letter d and paragraph (3). (6) Organizers are required to submit changes in the Issuer's shareholder data to the Financial Services Authority and announce them on the Organizer's website no later than 2 (two) working days after the end of each implementation of Securities trading as referred to in paragraph (2) letter c.

Article 44
Transfer of rights to shares as a result of trading implementation as referred to in Article 43 paragraph (2) letter c can be done without a transfer deed.

Article 45
Issuer shares can be traded in the implementation of Securities trading as referred to in Article 43 paragraph (2) letter c, provided it does not conflict with the Issuer's articles of association.

CHAPTER IV
USERS OF CROWDFUNDING SERVICES
Part One
Issuers
Article 46
(1) In raising funds through Crowdfunding Services, Issuers are prohibited from being:
a. business entities controlled directly or indirectly by a business group or conglomerate; b. publicly listed companies or subsidiary companies of publicly listed companies; and
c. business entities with net assets exceeding IDR 10,000,000,000.00 (ten billion rupiah), excluding land and business premises buildings.
(2) The Financial Services Authority may establish limitations as Issuers besides the limitations regulated in paragraph (1).

Article 47
(1) In raising funds through Crowdfunding Services, Issuers are required to submit documents and/or information to the Organizer containing at least:
a. for Issuers that are business entities in the form of legal entities, consisting of the deed of establishment of the Issuer's legal entity, along with the latest amendments to the articles of association, which have been approved or agreed upon by the competent authority or notified to the competent authority; b. for Issuers in the form of other business entities, consisting of information on the form of the business entity and the name of the business entity, along with the latest deed of establishment and articles of association which have been approved or agreed upon by the competent authority or notified to the competent authority;

c. information related to the capital structure before and after the collection of funds;
d. a list of biographies of founding shareholders, the Board of Directors, and the Board of Commissioners, if the Issuer is a limited liability company, or a list of biographies of equivalent parties for legal entities other than limited liability companies and other business entities; e. information related to the type and quantity of Securities offered; f. the amount of funds to be collected in the Securities offering and the purpose of using the proceeds from the Securities offering through Crowdfunding Services; g. the minimum amount of funds that must be obtained in the Securities offering through Crowdfunding Services, if the Issuer sets a minimum amount of funds that must be obtained; h. business plans or Projects and revenue projections;
i. permits related to the business activities of the Issuer and/or Projects to be financed with the proceeds from the Securities offering through Crowdfunding Services;
j. financial reports prepared at a minimum based on accounting standards for micro, small, and medium-sized entities; k. a statement of willingness to enter into an agreement with the Settlement and Custody Institution regarding the registration of Securities in collective custody;
l. other material information that needs to be provided to potential Investors, if any;
m. the main risks faced by the Issuer; and n. information regarding the illiquidity of the offered Securities.

(2) Issuers issuing equity-type Securities in the form of shares, in addition to submitting the documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. approval from the General Meeting of Shareholders approving the capital increase through the Securities offering and amendments to the Articles of Association containing provisions on collective custody; b. dividend policies; and
c. share pricing mechanisms.

(3) Issuers issuing debt-type Securities or Sukuk, in addition to submitting the documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. a summary of the rights of holders of debt-type Securities or Sukuk; b. approval of the offering of debt-type Securities or Sukuk, if required;
c. conditions that may cause default, including the resolution method;
d. reasons and procedures for holding a General Meeting of Holders of debt-type Securities or Sukuk; e. an explanation of the Projects forming the basis for the issuance of debt-type Securities or Sukuk, at least regarding the type, permits, basis of construction or proof of ownership of the Project, and the project duration; f. the rating of debt-type Securities or Sukuk, if the debt-type Securities or Sukuk are rated; g. the type of Shariah contract and Shariah transaction scheme, if the issued Securities are Sukuk; h. the price, interest rate, profit-sharing ratio, margin, service fee, or other forms of remuneration set for debt-type Securities or Sukuk; and
i. a statement that the Issuer has no obligations to other Organizers.

(4) The project construction basis document or proof of ownership of the Project as referred to in paragraph (3) letter e may be submitted to the Organizer no later than 10 (ten) working days after the Issuer deposits the Securities by submitting a photocopy of the Securities registration agreement with the Settlement and Custody Institution and the debt acknowledgment deed as referred to in Article 41 paragraph (3).

(5) Issuers issuing debt-type Securities that must be converted into shares, in addition to submitting the documents and/or information as referred to in paragraph (1), are also required to submit documents and/or information:
a. a summary of the rights of holders of debt-type Securities that must be converted into shares; b. the conversion procedure into shares, including the conversion price;
c. share conversion projections;
d. conversion schedule; e. the rating of debt-type Securities that must be converted, if the debt-type Securities that must be converted are rated; and f. the price and interest rate set for debt-type Securities that must be converted into shares.

(6) For Issuers that are entities conducting business activities based on Shariah principles that will offer Shariah-compliant Securities in the form of shares through Crowdfunding Services, in addition to the documents and/or information as referred to in paragraph (1) and paragraph (2), the Issuer is required to submit documents:
a. a photocopy of the Articles of Association stating the activities and types of business, as well as the management method, based on Shariah principles; and b. the resolution of the General Meeting of Shareholders regarding the appointment of the Shariah Supervisory Board.

(7) The approval of the General Meeting of Shareholders as referred to in paragraph (2) letter a must be submitted no later than 2 (two) working days before the start of the offering period.

Article 48
The time limit between the date of the financial report as referred to in Article 47 paragraph (1) letter j and the date the offering period of the Securities begins is at most 6 (six) months.

Second Section
Proof of Ownership of Securities

Article 49
(1) Investors who purchase Securities through the Organizer receive proof of ownership in the form of securities ownership records contained in the Securities account at the Custodian Bank.

(2) The Custodian Bank as referred to in paragraph (1) is required to submit a securities ownership report to the Investor 1 (one) time each month.

(3) The securities ownership report as referred to in paragraph (2) must be submitted no later than on the 10th of the following month.

(4) In the event that the time limit as referred to in paragraph (3) falls on a holiday, the securities ownership report must be submitted no later than 1 (one) working day thereafter.

Third Section
Issuer Reports

Article 50
(1) Issuers issuing equity-type Securities in the form of shares are required to submit annual reports to the Organizer no later than 6 (six) months after the Issuer's fiscal year ends.

(2) The Organizer is required to include the Issuer's annual report as referred to in paragraph (1) on the Organizer's website.

(3) The annual report as referred to in paragraph (1) is submitted for the first time if the time limit between the date of distribution of equity-type Securities in the form of shares and the end of the Issuer's fiscal year in the current year is at least 3 (three) months.

(4) In addition to containing annual report information in accordance with Laws regarding limited liability companies, the annual report as referred to in paragraph (1) is required to contain information on the realization of the use of proceeds from the offering of equity-type Securities in the form of shares through Crowdfunding Services.

(5) Information on the realization of fund usage as referred to in paragraph (4) must be submitted and announced until the proceeds from the offering of equity-type Securities in the form of shares through Crowdfunding Services have been fully used.

Article 51
(1) Issuers issuing debt-type Securities or Sukuk are required to submit periodic reports every 3 (three) months, in March, June, September, and December, to the Organizer.

(2) The submission of reports as referred to in paragraph (1) must be done no later than 5 (five) working days in the following month.

(3) The Organizer is required to include the Issuer's report as referred to in paragraph (1) on the Organizer's website no later than 2 (two) working days after receiving the report.

(4) Reports as referred to in paragraph (1) are submitted for the first time if the time limit between the date of distribution of debt-type Securities or Sukuk and each end of the periodic reporting month is at least 15 (fifteen) days.

(5) Reports as referred to in paragraph (1) are required to contain information on at least:
a. the realization of the use of proceeds from the offering of debt-type Securities or Sukuk through Crowdfunding Services; and b. project developments, including obstacles, if there are obstacles.

(6) The obligation to submit reports by the Issuer as referred to in paragraph (1) and the obligation to include them on the website as referred to in paragraph (3) apply until the debt-type Securities or Sukuk mature and/or the Issuer has fulfilled all its obligations to Investors.

Article 52
(1) In addition to submitting reports as referred to in Article 50 and Article 51, Issuers are required to submit incidental reports if there are events or material information that can affect the continuity of the Issuer's business or the Issuer's ability to return funds.

(2) Incidental reports as referred to in paragraph (1) must be submitted to the Organizer and announced to the public through the Organizer's website no later than 2 (two) working days after the important information or event occurs.

Article 53
In the event that the Issuer no longer meets the net asset criteria as an Issuer as referred to in Article 46 paragraph (1) letter c, the financial reports contained in the annual report as referred to in Article 50 paragraph (1) must use at a minimum accounting standards for entities without public accountability.

Article 54
Issuers offering equity-type Securities in the form of shares may request the Organizer to be exempted from the obligation to submit annual reports as referred to in Article 50 paragraph (1) if:
a. the Issuer has submitted at least 3 (three) annual reports after the offering of equity-type Securities in the form of shares through Crowdfunding Services and the number of shareholders is less than 50 (fifty) parties; or b. all equity-type Securities in the form of shares sold through Crowdfunding Services are repurchased by the Issuer or purchased by other parties.

Fourth Section
Register of Shareholders

Article 55
In the event that Securities issued through Crowdfunding Services are equity-type Securities in the form of shares, the Issuer is required to record the ownership of Investors' shares in the register of shareholders.

Fifth Section
Investors

Article 56
(1) Investors who purchase Securities through Crowdfunding Services must:
a. have a Securities account at a Custodian Bank specifically for storing Securities and/or funds through Crowdfunding Services; b. have the ability to purchase the Issuer's Securities; and
c. meet the Investor criteria and purchase limits for Securities.

(2) In the event that an Investor purchases Securities through more than 1 (one) Organizer, the Investor is required to use different Securities accounts as referred to in paragraph (1) letter a for each Organizer.

(3) Investor criteria and purchase limits for Securities as referred to in paragraph (1) letter c include:
a. each Investor with income up to Rp500,000,000.00 (five hundred million rupiah) per year may purchase Securities through Crowdfunding Services at most 5% (five percent) of annual income; and b. each Investor with income exceeding Rp500,000,000.00 (five hundred million rupiah) per year may purchase Securities through Crowdfunding Services at most 10% (ten percent) of annual income.

(4) In the event that the Investor is:
a. a legal entity; and b. a party with investment experience in the capital market proven by owning a Securities account for at least 2 (two) years before the Securities offering, the Investor criteria and purchase limits for Securities as referred to in paragraph (3) do not apply.

Article 57
(1) In the event that Securities issued through Crowdfunding Services are debt-type Securities or Sukuk secured or guaranteed with a guarantee value or guarantee amount of at least 125% (one hundred twenty-five percent) of the amount of funds collected, the Investor criteria and purchase limits for Securities as referred to in Article 56 paragraph (3) do not apply.

(2) The guarantee value as referred to in paragraph (1) is determined based on the results of an assessment by an appraiser or based on reference documents that can be accounted for.

(3) The appraiser as referred to in paragraph (2) must be a party registered with the Financial Services Authority.

Article 58
(1) Investors may cancel their plan to purchase Securities through Crowdfunding Services no later than within 48 (forty-eight) hours after purchasing the Securities as referred to in Article 37 paragraph (2).

(2) In the event that an Investor cancels their plan to purchase Securities as referred to in paragraph (1), the Organizer is required to return the funds to the Investor no later than 2 (two) working days after the Investor's order cancellation.

Sixth Section
Projects

Article 59
(1) Projects forming the basis for the issuance of debt-type Securities or Sukuk through Crowdfunding Services must have economic benefits.

(2) Projects as referred to in paragraph (1) may be owned by the Issuer or be an order from another party.

(3) In the event that Projects as referred to in paragraph (1) form the basis for the issuance of Sukuk, the Projects must not conflict with Shariah principles in the capital market.

Article 60
In the event that the issuance of debt-type Securities or Sukuk is secured by the Issuer's assets or other forms of guarantee or guaranteed, the encumbrance of guarantees or guarantees must be implemented in accordance with applicable laws and regulations.

CHAPTER V
CROWDFUNDING SERVICES AGREEMENTS

Article 61
In organizing Crowdfunding Services, the Organizer is required to enter into at least the following agreements:
a. a crowdfunding services agreement with the Issuer; b. as the agent of Investors, a debt-type Securities or Sukuk issuance agreement with the Issuer; and
c. a crowdfunding services agreement with the Investors.

First Section
Crowdfunding Services Agreement between Organizer and Issuer

Article 62
(1) The crowdfunding services agreement between the Organizer and the Issuer as referred to in Article 61 letter a must be stipulated in a deed.

(2) The deed as referred to in paragraph (1) may be a notarial deed.

(3) The deed as referred to in paragraph (1) may be in the form of an Electronic Document.

(4) Agreements as referred to in paragraph (1) must contain at least:
a. agreement number; b. agreement date;
c. identity of the parties;
d. provisions regarding the rights and obligations of the parties; e. term or termination of the agreement; f. the amount of funds to be collected and the Securities to be offered; g. the minimum amount of funds, if a minimum amount of funds to be obtained is set; h. the amount of commissions and fees;
i. provisions regarding penalties;
j. dispute resolution mechanisms; and k. resolution mechanisms in the event that the Organizer cannot continue operational activities.

(5) In the event that the Issuer issues equity-type Securities in the form of shares, the agreement as referred to in paragraph (4) must contain a prohibition for the Issuer to offer equity-type Securities in the form of shares to other Crowdfunding Service Organizers.

(6) In the event that the Issuer issues debt-type Securities or Sukuk, the agreement as referred to in paragraph (4) must contain at least:
a. the rights and obligations of the Organizer as the agent of Investors; b. the principal amount and/or nominal value, maturity, and interest, profit-sharing ratio, margin, or service fee amounts;
c. guarantees, if there are guarantees;
d. the Issuer's failure to fulfill obligations related to Shariah aspects, if issuing Sukuk; e. repurchase of debt-type Securities or Sukuk; f. use of funds; g. Issuer default; h. provisions regarding phased offerings if the offering of debt-type Securities or Sukuk is conducted in phases; and
i. a prohibition for the Issuer to conduct new offerings of debt-type Securities or Sukuk before the Issuer has fulfilled all its obligations based on fund collection through Crowdfunding Services previously conducted, except if the offering of debt-type Securities or Sukuk is conducted in phases.

Article 63
(1) The debt-type Securities or Sukuk issuance agreement between the Organizer as the agent of Investors and the Issuer as referred to in Article 61 letter b must be stipulated in a deed.

(2) The deed as referred to in paragraph (1) may be a notarial deed.

(3) The deed as referred to in paragraph (1) may be in the form of an Electronic Document.

(4) Agreements as referred to in paragraph (1) must contain at least:
a. agreement number; b. agreement date;
c. identity of the parties;
d. provisions regarding the rights and obligations of the parties; e. the principal amount and/or nominal value, maturity, and interest, profit-sharing ratio, margin, or service fee amounts; f. guarantees, if there are guarantees; g. the Issuer's failure to fulfill obligations related to Shariah aspects, if issuing Sukuk; h. early settlement of debt-type Securities or Sukuk;
i. use of funds;
j. Issuer default; k. General Meeting of Holders of debt-type Securities or Sukuk; and
l. a prohibition for the Issuer to conduct new offerings of debt-type Securities or Sukuk before the Issuer has fulfilled all its obligations based on fund collection through Crowdfunding Services, except if the offering of debt-type Securities or Sukuk is conducted in phases.

(5) The Organizer is required to include the main points of the agreement as referred to in paragraph (4) on the Organizer's website no later than 2 (two) working days before the start of the offering period.

Second Section
Crowdfunding Services Agreement between Organizer and Investors

Article 64
(1) The crowdfunding services agreement between the Organizer and Investors as referred to in Article 61 letter c may be stipulated in a standard agreement meeting the principles of balance, justice, and fairness.

(2) The binding nature of the agreement as referred to in paragraph (1) occurs when the Investor states electronic approval of the content of the agreement regarding Crowdfunding Services.

(3) In the event that the Organizer offers equity-type Securities in the form of shares, the agreement as referred to in paragraph (1) may contain provisions regarding the granting of authority to the Organizer to represent Investors as shareholders of the Issuer, including in the Issuer's General Meeting of Shareholders and signing deeds and other related documents.

(4) In the event that the Organizer offers debt-type Securities or Sukuk, the agreement as referred to in paragraph (1) must contain at least provisions regarding the granting of authority to the Organizer to represent the interests of Investors as holders of debt-type Securities or Sukuk.

Third Section
Electronic Signatures

Article 65
Agreements as referred to in Article 62, Article 63, and Article 64 may be signed using electronic signatures or other forms accessible to Users through the Organizer's Electronic System in accordance with applicable laws and regulations.

CHAPTER VI
RISK MITIGATION

Article 66
Organizers and Users are required to perform risk mitigation.

Article 67
Organizers are required to operate the Electronic System reliably and securely and are responsible for the operation of the Electronic System in accordance with laws and regulations in the field of communications and informatics.

Article 68
(1) Organizers may cooperate and exchange data with information technology-based support service organizers to improve the quality of Crowdfunding Services.

(2) Cooperation and data exchange as referred to in paragraph (1) must be conducted while considering the confidentiality of data to be provided to information technology-based support service organizers.

CHAPTER VII
GOVERNANCE OF INFORMATION TECHNOLOGY SYSTEMS FOR CROWDFUNDING SERVICES

First Section
Data Centers and Disaster Recovery Centers

Article 69
(1) Organizers are required to use data centers and disaster recovery centers.

(2) Disaster recovery centers as referred to in paragraph (1) must be located in Indonesia.

Second Section
Data Confidentiality

Article 70
Organizers are required to:
a. maintain the confidentiality, integrity, and availability of personal data, transaction data, and financial data managed by the Organizer from the time the data is obtained until the data is destroyed; b. ensure the availability of authentication, verification, and validation processes supporting non-repudiation in accessing, processing, and executing personal data, transaction data, and financial data managed by the Organizer;
c. guarantee that the acquisition, use, utilization, and disclosure of personal data, transaction data, and financial data obtained by the Organizer are based on the consent of the owners of the personal data, transaction data, and financial data, unless otherwise determined by applicable laws and regulations;
d. provide other communication media besides the Crowdfunding Electronic System to ensure the continuity of Investor services, which may include email, call centers, or other communication media; and e. notify in writing the owners of personal data, transaction data, and financial data if there is a failure in protecting the confidentiality of personal data, transaction data, and financial data managed by the Organizer.

Third Section
Audit Trails

Article 71
(1) Organizers are required to provide audit trails for all activities within the Crowdfunding Electronic System.

(2) Organizers are required to ensure that the information technology system equipment used supports the provision of audit trails.

(3) Audit trails as referred to in paragraph (1) are used for supervision, law enforcement, dispute resolution, verification, testing, and other examinations.

CHAPTER VIII
EDUCATION AND PROTECTION OF CROWDFUNDING SERVICE USERS

Article 72
Organizers are required to apply basic User protection principles consisting of:
a. transparency; b. fair treatment;
c. reliability;
d. confidentiality and data security; and e. simple, fast, and affordable User dispute resolution.

Article 73
(1) Organizers are required to provide and/or transmit current information regarding Crowdfunding Services that is accurate, honest, clear, and not misleading.

(2) Information as referred to in paragraph (1) is placed on the Organizer's website.

Article 74
(1) Organizers are required to inform Users about the acceptance, postponement, or rejection of Crowdfunding Service requests.

(2) In the event that the Organizer transmits information regarding the postponement or rejection of Crowdfunding Service requests as referred to in paragraph (1), the Organizer is required to provide the reasons for the postponement or rejection.

Article 75
(1) Organizers must use simple terms, phrases, and/or sentences in the Indonesian language that are easy to read and understand by Users in every Electronic Document.

(2) The Indonesian language in documents as referred to in paragraph (1) may be paired with other languages.

(3) In the event of differences in interpretation and/or information presented in other languages compared to that presented in the Indonesian language as referred to in paragraph (2), the Indonesian language used in the interpretation and/or information prevails.

Article 76
Organizers must support activities aimed at increasing financial literacy and inclusion.

Article 77
Service Providers are required to include and/or mention in every offer or promotion of services consisting of:
a. the name and/or logo of the Service Provider; and b. a statement that the Service Provider is registered and supervised by the Financial Services Authority.

Article 78
(1) In the event that the Service Provider uses standard agreements, standard agreements must be drafted in accordance with the provisions of applicable legislation. (2) Standard agreements as referred to in paragraph (1) are prohibited from:
a. stating the transfer of responsibility or obligations of the Service Provider to the User; and b. stating that the User is subject to new, additional, subsequent, and/or changes made unilaterally by the Service Provider during the period of use of the Crowdfunding Services by the User.

Article 79
Service Providers are responsible for losses suffered by Users arising from errors and/or negligence of the board of directors, employees, and/or other parties working for the Service Provider.

Article 80
Service Providers are required to include operational standards regarding services to Users on the Service Provider's website.

Article 81
(1) Service Providers are prohibited from providing data and/or information regarding Users and/or prospective Users to third parties in any manner. (2) In the event that:
a. the User and/or prospective User provides consent; b. executing a request from the police, prosecutor, or judge for the interests of criminal case proceedings;
c. executing a Court decision; and/or
d. mandated by provisions of applicable legislation, the prohibition as referred to in paragraph (1) is excluded.
(3) Service Providers are prohibited from establishing the consent of the User and/or prospective User as referred to in paragraph (2) letter a as a requirement for the use of Crowdfunding Services. (4) Users and/or prospective Users may cancel or change part of the consent as referred to in paragraph (2) letter a. (5) Cancellation or partial change of consent regarding the disclosure of data and/or information as referred to in paragraph (4) is carried out electronically by the User and/or prospective User in the form of an Electronic Document.

CHAPTER IX
PRINCIPLES OF KNOWING THE CUSTOMER

Article 82
Service Providers are required to implement anti-money laundering and counter-terrorism financing programs in the financial services sector for Users in accordance with the provisions of applicable legislation regarding the implementation of anti-money laundering and counter-terrorism financing programs.

CHAPTER X
OTHER PROVISIONS

Article 83
Service Providers are required to be registered as members of an association recognized by the Financial Services Authority.

Article 84
The issuance of debt securities or Sukuk conducted through Crowdfunding Services as regulated in this Financial Services Authority Regulation is not subject to the provisions as regulated in the Financial Services Authority Regulation regarding the issuance of debt securities and/or Sukuk conducted without a public offering.

CHAPTER XI
ADMINISTRATIVE SANCTIONS

Article 85
(1) Any party that violates the provisions as referred to in Article 5, Article 12 paragraph (1), Article 15, Article 16 paragraph (1), paragraph (2), paragraph (3), and paragraph (5), Article 17, Article 18 paragraph (1) and paragraph (2), Article 19, Article 20 paragraph (1), Article 21, Article 22, Article 23 paragraph (1) and paragraph (3), Article 24 paragraph (1), paragraph (2), and paragraph (4), Article 25, Article 26 paragraph (2), Article 27, Article 29 paragraph (2), Article 30, Article 31, Article 32, Article 34 paragraph (2), paragraph (3), and paragraph (5), Article 37 paragraph (1), paragraph (4), paragraph (5), paragraph (6), and paragraph (7), Article 38, Article 40 paragraph (1), paragraph (3), paragraph (4), paragraph (6), paragraph (7), and paragraph (8), Article 41 paragraph (1), paragraph (3), paragraph (5), paragraph (6), and paragraph (7), Article 42 paragraph (2), paragraph (3), paragraph (6), paragraph (7), and paragraph (8), Article 43 paragraph (2), paragraph (3), and paragraph (6), Article 46 paragraph (1), Article 47 paragraph (1), paragraph (2), paragraph (3), paragraph (5), and paragraph (6), Article 49 paragraph (2), paragraph (3), and paragraph (4), Article 50 paragraph (1), paragraph (2), paragraph (4), and paragraph (5), Article 51 paragraph (1), paragraph (2), paragraph (3), and paragraph (5), Article 52, Article 53, Article 55, Article 56 paragraph (2), Article 57 paragraph (3), Article 58 paragraph (2), Article 59 paragraph (1) and paragraph (3), Article 60, Article 61, Article 62 paragraph (4), paragraph (5), and paragraph (6), Article 63 paragraph (4) and paragraph (5), Article 64 paragraph (4), Article 66, Article 67, Article 68 paragraph (2), Article 69, Article 70, Article 71 paragraph (1) and paragraph (2), Article 72, Article 73 paragraph (1), Article 74, Article 77, Article 78, Article 79, Article 80, Article 81 paragraph (1) and paragraph (3), Article 82, Article 83, shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on parties who 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 warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; and/or g. cancellation of registration.
(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 a written warning 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 procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of applicable legislation.

Article 86
In addition to administrative sanctions as referred to in Article 85 paragraph (4), the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 87
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 85 paragraph (4) and specific actions as referred to in Article 86 to the public.

CHAPTER XII
TRANSITIONAL PROVISIONS

Article 88
(1) Service Providers who have obtained a license as a Service Provider for Crowdfunding Services through the Offering of Shares Based on Information Technology (Equity Crowdfunding) before the implementation of this Financial Services Authority Regulation must expand their business activities by adjusting to meet the requirements and submit an application to the Financial Services Authority no later than 1 (one) year after this Financial Services Authority Regulation is promulgated. (2) Service Providers who have submitted a licensing application as a Service Provider and at the time this Financial Services Authority Regulation comes into effect have not yet obtained a license from the Financial Services Authority may:
a. continue to follow the licensing requirements as regulated in Financial Services Authority Regulation Number 37/POJK.04/2018 regarding Crowdfunding Services through the Offering of Shares Based on Information Technology (Equity Crowdfunding); or b. adjust to meet the licensing requirements as a Service Provider as regulated in this Financial Services Authority Regulation. (3) In the event that the Service Provider continues to follow the licensing requirements as referred to in paragraph (2) letter a, the Service Provider must expand its business activities by adjusting to meet the requirements and submit an application to the Financial Services Authority no later than 1 (one) year after obtaining a license as a Service Provider for Crowdfunding Services through the offering of shares based on Information Technology (Equity Crowdfunding).

Article 89
(1) Service Providers who have been recorded or registered in the Financial Services Authority's Digital Financial Innovation (Inovasi Keuangan Digital Otoritas Jasa Keuangan) and conduct business activities for project financing or other similar business activities that will continue their business activities must apply for a license as a Service Provider in accordance with the provisions of this Financial Services Authority Regulation no later than 1 (one) year from the time this Financial Services Authority Regulation comes into effect. (2) Since this Financial Services Authority Regulation comes into effect, Service Providers who have been recorded or registered in the Financial Services Authority's Digital Financial Innovation as referred to in paragraph (1) are not allowed to make new contracts for project financing or other similar business activities before obtaining a license from the Financial Services Authority. (3) In the event that the Service Provider does not apply for a license within the maximum period of 1 (one) year as referred to in paragraph (1), the Service Provider's business activities are declared as unlicensed and unsupervised business activities by the Financial Services Authority.

CHAPTER XIII
CLOSING PROVISIONS

Article 90
The provisions regarding the implementation of anti-money laundering and counter-terrorism financing programs in the financial services sector as referred to in Article 82 shall come into effect after 2 (two) years counted from the date this Financial Services Authority Regulation is promulgated.

Article 91
At the time this Financial Services Authority Regulation comes into effect, Financial Services Authority Regulation Number 37/POJK.04/2018 regarding Crowdfunding Services through the Offering of Shares Based on Information Technology (Equity Crowdfunding) (State Gazette of the Republic of Indonesia Year 2018 Number 262, Supplement to the State Gazette of the Republic of Indonesia Number 6288) is repealed and declared invalid.

Article 92
This Financial Services Authority Regulation comes into effect on the date of promulgation.

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

In order that everyone may know it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Determined in Jakarta on 10 December 2020 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed WIMBOH SANTOSO

Promulgated in Jakarta on 11 December 2020
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2020 NUMBER 281

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 57 /POJK.04/2020
REGARDING
OFFERING OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES

I. GENERAL
The development of Information Technology has also influenced the development of the financial services industry. The utilization of Information Technology has been carried out by business actors to obtain funding through the Capital Market through the organization of Crowdfunding Services for the offering of shares based on Information Technology (Equity Crowdfunding). Through these Crowdfunding Services, it is expected to broaden access to financing for small and medium enterprises (SMEs) and new business actors (start-up companies) to obtain funding through the Capital Market. In its development, Equity Crowdfunding cannot meet the financing needs of small and medium enterprises (SMEs) and new business actors (start-up companies) considering that the legal entity form underlying the establishment of SMEs is not entirely in the form of limited liability companies, so that Financial Services Authority Regulation Number 37/POJK.04/2018 regarding Crowdfunding Services through the Offering of Shares Based on Information Technology (Equity Crowdfunding) has not been utilized to the maximum extent by SMEs as one of the funding sources for SMEs. In relation to this matter, in order to broaden the scope of Issuers in Crowdfunding Services and broaden the scope of Crowdfunding Services so that it can include the offering of other securities besides equity securities in the form of shares, it is necessary to replace Financial Services Authority Regulation Number 37/POJK.04/2018 regarding Crowdfunding Services through the Offering of Shares Based on Information Technology (Equity Crowdfunding). Based on the background above, in order to broaden access to financing for small and medium enterprises (SMEs) and new business actors (start-up companies) through fundraising through Crowdfunding Services, it is necessary to issue a Financial Services Authority Regulation regarding the Offering of Securities Through Information Technology-Based Crowdfunding Services. The Offering of Securities Through Information Technology-Based Crowdfunding Services is hereinafter referred to as Securities Crowdfunding.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Paragraph (1)
Clear enough.
Paragraph (2)
Specific conditions include cases where a higher value is needed to develop the industry.

Article 4
Example: An Issuer is a public company if it has 350 (three hundred fifty) shareholders and paid-up capital of Rp31,000,000,000.00 (thirty-one billion rupiah). Example: An Issuer is not a public company if:

1. it has 280 (two hundred eighty) shareholders and paid-up capital of Rp31,000,000,000.00 (thirty-one billion rupiah); or
2. it has 350 (three hundred fifty) shareholders and paid-up capital of Rp29,000,000,000.00 (twenty-nine billion rupiah).

Article 5
Clear enough.

Article 6
Clear enough.

Article 7
Information Technology-based financial services providers include, among others, information technology-based financial services providers in the fields of payment systems, insurance, and microfinance institutions.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Clear enough.

Article 11
Paragraph (1)
Clear enough.
Paragraph (2)
What is meant by "own capital" is principal savings, mandatory savings, reserve funds, and donations as referred to in the Law regarding cooperatives.

Article 12
Paragraph (1)
Letter a
What is meant by "expertise and/or background in the field of Information Technology" includes the development and maintenance of applications, as well as database security. Letter b What is meant by "having the expertise to conduct an examination of the Issuer" includes, among others:

1. having expertise in the field of law to conduct an examination of the legality of the Issuer; and
2. having expertise in the field of accounting to conduct an examination of the Issuer's financial reports.
   Paragraph (2)
   The implementation of educational and training activities that support the development of Crowdfunding Services can be carried out, among others, through private education centers or at the Financial Services Authority's Digital Financial Innovation Center (Otoritas Jasa Keuangan Innovation Centre for Digital Financial Technology).

Article 13
Paragraph (1)
Letter a
Clear enough.
Letter b
Clear enough.
Letter c
Number 1
Clear enough.
Number 2
Clear enough.
Number 3
Clear enough.
Number 4
What is meant by "local government" is Provincial Local Government or Regency/City Local Government.
Letter d
What is meant by "board of directors" is:
a. for Service Providers in the form of a limited liability company, the board of directors as referred to in the Law regarding limited liability companies; or b. for Service Providers in the form of a cooperative legal entity, the management as referred to in the Law regarding cooperatives. What is meant by "board of commissioners" is:
a. for Service Providers in the form of a limited liability company, the board of commissioners as referred to in the Law regarding limited liability companies; or b. for Service Providers in the form of a cooperative legal entity, the supervisors as referred to in the Law regarding cooperatives. Letter e Clear enough. Letter f Clear enough. Letter g Clear enough. Letter h Clear enough. Letter i Clear enough. Letter j Clear enough. Letter k Clear enough. Letter l Clear enough. Letter m Clear enough. Letter n Clear enough. Letter o Clear enough. Letter p Clear enough. Letter q Expertise and/or background in the field of Information Technology as referred to is evidenced, among others, by having an expertise certificate or a letter of work experience for at least 1 (one) year in the field of Information Technology. Paragraph (2) Clear enough. Paragraph (3) In conducting an examination of the Service Provider's licensing application, the Financial Services Authority, among others, conducts:
a. examination and verification of documents; b. requests for presentations on the design concept and blueprint of the Electronic System and the Service Provider's business process;
c. verification of the substance and readiness of the Electronic System;
d. requests to conduct presentations on the Electronic System; e. assessment and testing of the Service Provider; and f. conducting visits to the Service Provider's office. Paragraph (4) Examples of other actions include, among others, moving the office to a building or office room according to its purpose and requirements. Paragraph (5) What is meant by "day" is calendar day. Paragraph (6) Clear enough. Paragraph (7) Letters of approval or rejection of licensing applications are addressed to the Service Provider with a copy to the Depository and Clearing Institution. What is meant by "complete" is complete in terms of document completeness as well as complete in terms of substance in accordance with the requirements in this Financial Services Authority Regulation. Paragraph (8) Clear enough.

Article 14
Clear enough.

Article 15
Paragraph (1)
What is meant by "change of ownership" is a change in the ownership of the Service Provider that results in a change in control.
Paragraph (2)
Clear enough.

Article 16
Paragraph (1)
Letter a
Number 1
Clear enough.
Number 2
Clear enough.
Number 3
Clear enough.
Number 4
What is meant by "Issuer limits" is the limits on the Issuer's assets and ownership criteria for the Issuer as regulated in this Financial Services Authority Regulation. Number 5 Clear enough. Number 6 What is meant by "documents and/or information" is documents and/or information that must be submitted by the Issuer to the Service Provider as regulated in this Financial Services Authority Regulation. Letter b Clear enough. Letter c Clear enough. Letter d Clear enough. Letter e The implementation of efforts to increase education and literacy for Users can be carried out through the Service Provider's website or by using educational program applications. Examples of the implementation of efforts to increase education and literacy include, among others, organizing seminars, both physical and webinars, in the fields of investment, financial management, and other fields related to Crowdfunding Services. Letter f Clear enough. Letter g Clear enough. Letter h Examples of online communication facilities include chat features, forums, discussion columns, or other communication features. Letter i Clear enough. Letter j Clear enough. Letter k Clear enough. Letter l The use of Indonesian domains is carried out in accordance with the provisions of applicable legislation. Letter m Clear enough. Letter n Clear enough. Letter o Clear enough. Letter p Clear enough. Paragraph (2) Clear enough. Paragraph (3) Clear enough. Paragraph (4) Clear enough. Paragraph (5) Clear enough. Paragraph (6) Clear enough.

Article 17
Clear enough.

Article 18
Paragraph (1)
Clear enough.
Paragraph (2)
What is meant by "Sharia expert team" is a team responsible for the Sharia compliance of Sharia products or services in the capital market issued or issued by parties conducting Sharia activities in the capital market. Paragraph (3) Clear enough.

Article 19
Clear enough.

Article 20
Paragraph (1)
Clear enough.
Paragraph (2)
Examples of providing detailed information include, among others, conveying the architecture and configuration of the system resulting from the development of the Service Provider's Electronic System.

Article 21
Letter a
Clear enough.
Letter b
What is meant by "affiliation" is:
a. family relationships due to marriage and descent up to the second degree, both horizontally and vertically; b. relationships between parties with employees, members of the board of directors, or members of the board of commissioners of such parties;
c. relationships between 2 (two) companies where there are one or more members of the board of directors or board of commissioners that are the same;
d. relationships between companies and parties, directly or indirectly, controlling or controlled by such companies; e. relationships between 2 (two) companies controlled, directly or indirectly, by the same party; or f. relationships between companies and major shareholders. Letter c Clear enough. Letter d Clear enough. Letter e Clear enough. Letter f Clear enough. Letter g Clear enough. Letter h Clear enough. Letter i What is meant by "personal communication facilities" is personal communication tools not in the name of the Service Provider for the interests of the Service Provider. Letter j Clear enough.

Article 22
Clear enough.

Article 23
Paragraph (1)
Letter a
Clear enough.
Letter b
Number 1
Letter a)
Clear enough.
Letter b)
What is meant by "number of Investors in each Issuer" is the number of Investors who purchase equity securities in each Issuer through Crowdfunding Services, both purchases in the primary market or purchases in securities trading, and the founding shareholders of the Issuer. Letter c) Clear enough. Letter d) Clear enough. Number 2 Letter a) Clear enough. Letter b) What is meant by "number of Investors in each Issuer" is the number of Investors who purchase debt securities or Sukuk in each Issuer through Crowdfunding Services. Letter c) Clear enough. Letter d) Clear enough. Letter e) Clear enough. Letter c Clear enough. Letter d Clear enough. Letter e Clear enough. Paragraph (2) Clear enough. Paragraph (3) Clear enough.

Article 24
Paragraph (1)
Clear enough.
Paragraph (2)
Letter a
Financial reports are prepared based on generally accepted accounting principles.
Letter b
Clear enough.
Letter c
Clear enough.
Letter d
Clear enough.
Letter e
Clear enough.
Letter f
Clear enough.
Letter g
Clear enough.
Paragraph (3)
Clear enough.
Paragraph (4)
Clear enough.
Paragraph (5)
This provision is intended so that in the event that business activities as a Service Provider become increasingly complex along with the development of the Crowdfunding Services industry, if deemed necessary, the Financial Services Authority may determine that the Service Provider's financial reports be audited by an accountant and determine different deadlines for the submission of financial reports.

Article 25
Paragraph (1)
What is meant by "material events or information related to the organization of Crowdfunding Services" is important information or events that occur to the Service Provider and/or Issuer. Examples:

1. there are material events or information that can affect the continuity of the Issuer's business or the Issuer's ability to return funds;
2. default of debt securities or Sukuk;
3. change of most of the members of the Service Provider's board of directors;
4. legal cases faced by the Service Provider;
5. failure or disruption of the Service Provider's Electronic System that causes disruption of Crowdfunding Services; and
6. change of address of the Service Provider.
   Paragraph (2)
   What is meant by "2 (two) working days" is 2 (two) working days after the occurrence of material events or information at the Service Provider or 2 (two) working days after the Service Provider receives information from the Issuer regarding material events or information.

Article 26
Clear enough.

Article 27
Clear enough.

Article 28
Clear enough.

Article 29
Paragraph (1)
Clear enough.
Paragraph (2)
What is meant by "mechanisms and procedures" includes, among others:
a. mechanisms, procedures for setting and announcing equity securities designated as Sharia securities; b. mechanisms, procedures for periodic examination to ensure that equity securities designated as Sharia securities continue to meet the criteria as Sharia securities, and their announcement, including the announcement of equity securities designated as Sharia securities that no longer meet the criteria as Sharia securities; and
c. consequences of equity securities designated as Sharia securities in the event that the Service Provider, which is a Sharia entity, returns its license as a Service Provider.
Paragraph (3)
Clear enough.

Article 30
Paragraph (1)
Letter a
Clear enough.
Letter b
What is meant by "having Projects that form the basis of its issuance" also includes conducting refinancing of Projects that form the basis of the issuance of debt securities or Sukuk. Letter c Clear enough. Letter d Clear enough.

Letter e
Clearly stated.
Letter f
Clearly stated.
Paragraph (2)
Clearly stated.
Article 31
Clearly stated.
Article 32
Clearly stated.
Article 33
Clearly stated.
Article 34
What is meant by "escrow account" is an account opened by a bank for specific purposes to hold funds based on specific requirements in accordance with a written agreement.
Article 35
Clearly stated.
Article 36
Clearly stated.
Article 37
Paragraph (1)
The purpose of the obligation to use an escrow account in the implementation of Crowdfunding Services is to fulfill regulations prohibiting Providers from receiving and/or storing Investor funds.

Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
The unique bank deposit method is intended to identify Investors who make payments for the purchase of Securities through Crowdfunding Services. This unique bank deposit method includes, among other things, providing virtual accounts for each Investor. Paragraph (6) In the event that the Securities offering is completed, the funds will be transferred to the Issuer. In the event that the Securities offering is cancelled, the funds will be transferred to the Investors. Paragraph (7) Clearly stated.
Article 38
Clearly stated.
Article 39
Clearly stated.
Article 40
Paragraph (1)
Clearly stated.
Paragraph (2)
Examples of specific dates that have been established include:
a. the end date of the offering period set by the Issuer; or b. the end date of the offering period falling on the 45th (forty-fifth) day.

Paragraph (3)
What is meant by "Minister" is the Minister who handles government affairs in the field of law and human rights.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.
Paragraph (6)
Clearly stated.
Paragraph (7)
Clearly stated.
Paragraph (8)
Clearly stated.
Article 41
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.
Paragraph (6)
The transfer of funds to the Issuer cannot be carried out before the basic project documents or proof of ownership of the Project, photocopies of the Securities registration agreement, and photocopies of the debt acknowledgment deed are received by the Provider. Paragraph (7) Clearly stated.

Article 42
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
What is meant by "disclosing all Projects that will form the basis for issuance" is, in addition to disclosing Projects in the first stage of debt or Sukuk Securities offerings, also disclosing Projects planned to form the basis for the issuance of debt or Sukuk Securities in the second stage and subsequent stages. Paragraph (6) Clearly stated. Paragraph (7) Clearly stated. Paragraph (8) Clearly stated.
Article 43
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
What is meant by "providing fair prices" is a mechanism for determining fair, consistent, and transparent prices based on the Provider's trading system.

Paragraph (5)
Clearly stated.
Paragraph (6)
Clearly stated.
Article 44
Clearly stated.
Article 45
What is meant by "as long as it does not conflict with the Issuer's Articles of Association" is as long as the Issuer's Articles of Association do not contain obligations to offer first to other shareholders in the event of a transfer of rights over shares.
Article 46
Paragraph (1)
Letter a
What is meant by "conglomerate" is a company that is within one group or cluster due to ownership and/or control linkages.
Letter b
Clearly stated.
Letter c
Clearly stated.
Paragraph (2)
The determination referred to is made in the event that changes to the limitations as an Issuer are subsequently required.
Article 47
Paragraph (1)
Letter a
Clearly stated.

Letter b
What is meant by "other business entities" is limited partnerships, general partnerships, and civil partnerships.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
Clearly stated.
Letter j
Clearly stated.
Letter k
Clearly stated.
Letter l
Clearly stated.
Letter m
Clearly stated.
Letter n
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.
Paragraph (6)
Clearly stated.
Paragraph (7)
Clearly stated.
Article 48
Clearly stated.
Article 49
Clearly stated.
Article 50
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Example:

1. In the event that the distribution of equity Securities in the form of shares is carried out in October 2020, the Issuer is required to submit the first annual report in the 2021 fiscal year.
2. However, if the distribution of equity Securities in the form of shares is carried out in September 2020, the Issuer is required to submit the first annual report at the end of the 2020 fiscal year.
   Paragraph (4)
   Clearly stated.
   Paragraph (5)
   Clearly stated.
   Article 51
   Paragraph (1)

Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Example:

1. In the event that the distribution of debt or Sukuk Securities is carried out on March 20, 2020, the Issuer is required to submit the first periodic report in June 2020.
2. However, if the distribution of debt or Sukuk Securities is carried out on March 5, 2020, the Issuer is required to submit the first periodic report in March 2020.
   Paragraph (5)
   Clearly stated.
   Paragraph (6)
   Clearly stated.
   Article 52
   Clearly stated.
   Article 53
   Clearly stated.
   Article 54
   Letter a
   Clearly stated.
   Letter b
   Examples of purchases by other parties include strategic investors who will purchase all shares of the Issuer.
   Article 55
   Clearly stated.

Article 56
Clearly stated.
Article 57
Paragraph (1)
Clearly stated.
Paragraph (2)
Examples of certain documents that can be accounted for include, for assets in the form of land, based on the Taxable Object Value in the Land and Building Tax document. Paragraph (3) Clearly stated.
Article 58
Clearly stated.
Article 59
Paragraph (1)
Clearly stated.
Paragraph (2)
What is meant by "owned by itself or is the order of another party" is that the Issuer owns the Project it is working on itself or works on the Project on behalf of another party, so that it is not possible for the Issuer to be an intermediary. Paragraph (3) Clearly stated.
Article 60
Clearly stated.
Article 61
Clearly stated.

Article 62
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
Clearly stated.
Letter j
What is meant by "dispute resolution mechanism" is a dispute resolution mechanism either through the court or through internal dispute resolution and external dispute resolution. Letter k Clearly stated.

Paragraph (5)
Clearly stated.
Paragraph (6)
Letter a
Rights and obligations of the Provider as Investor's agent include:
a. supervising, inspecting, and administering assets that serve as collateral for the payment of obligations to holders of debt or Sukuk Securities, if there are assets that serve as collateral for the payment of obligations to holders of debt or Sukuk Securities; and b. monitoring payments made by the Issuer to holders of debt or Sukuk Securities. Letter b Clearly stated. Letter c Clearly stated. Letter d Clearly stated. Letter e Clearly stated. Letter f Clearly stated. Letter g Clearly stated. Letter h Clearly stated. Letter i Clearly stated.
Article 63
Clearly stated.

Article 64
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Other related documents aim to anticipate the need for the granting of authority by the Issuer's shareholders, who are Investors, to the Provider so as not to conflict with Laws regarding limited liability companies. Paragraph (4) What is meant by "granting authority to the Provider" is the granting of authority to represent the interests of holders of debt or Sukuk Securities based on agreements regarding the issuance of debt or Sukuk Securities or authority to take legal actions related to the interests of holders of debt or Sukuk Securities, including filing lawsuits for the rights of holders of debt or Sukuk Securities both inside and outside the court without requiring a special power of attorney from the holders of debt or Sukuk Securities.
Article 65
What is meant by "other forms" includes, among other things, by choosing features available in the Provider's Electronic System.
What is meant by "electronic signature" is a signature consisting of electronic information attached, associated, or related to other electronic information used as a verification and authentication tool.
Article 66
What is meant by "risk mitigation" is mitigation of all risks present in Crowdfunding Services, including business risk, investment loss risk, liquidity shortage risk, scarcity of dividend distribution risk, and share ownership dilution risk.
Article 67
What is meant by "reliable and safe" is meeting minimum standards in accordance with laws and regulations in the field of communications and informatics.
Article 68
Paragraph (1)
What is meant by "using data centers and disaster recovery centers" can be done by cooperating with other parties.
Paragraph (2)
Clearly stated.
Article 69
Paragraph (1)
What is meant by "using other examinations" includes, among other things, examinations for the purpose of mitigation or emergency handling.
Article 72
Clearly stated.
Article 73
Clearly stated.
Article 74
Paragraph (1)
Clearly stated.
Paragraph (2)
Reasons for postponement or rejection include, among other things, based on examination by the Provider, finding inconsistencies between User needs and capabilities and the services offered to Users.
Article 75
Paragraph (1)
What is meant by "easy to read and understand" is the use of letters, writing, symbols, diagrams, signs, terms, phrases, and/or sentences that can provide ease, clarity, and understanding for Users. The obligation to use simple terms, phrases, and/or sentences in Indonesian that are easy to read and understand applies to documents that:
a. contain the rights and obligations of Users; b. can be used by Users to make decisions; and

c. contain requirements and can legally bind Users.
Paragraph (2)
Other languages include regional languages or foreign languages that are easy for consumers to understand.
Paragraph (3)
Clearly stated.
Article 76
What is meant by "supporting the implementation of activities aimed at increasing financial literacy and inclusion" is participating in activities that increase financial literacy and inclusion, both directly and indirectly.
Article 77
Letter a
Clearly stated.
Letter b
What is meant by "registered" is obtaining business licenses, approvals, registrations, confirmations, or effective statements from the Financial Services Authority.
Article 78
Paragraph (1)
What is meant by "standard form agreement" is a written agreement established unilaterally by the Provider and containing standard clauses regarding content, form, and/or method of creation, and used to offer services to Users on a mass scale. Paragraph (2) Letter a Examples of prohibited statements include the use of standard clauses stating that the service used by the User is not the responsibility of the Provider if there are problems.

Letter b
Examples of prohibited statements include the use of standard clauses stating that "Users of Crowdfunding Services are subject to the terms and conditions applicable to the Provider along with all changes forming an inseparable part of this application form." Based on the principle of reasonableness, the parties are bound by the terms of the agreement that should have been known beforehand. The parties cannot possibly know and understand terms that do not yet exist.
Article 79
What is meant by "errors and/or negligence" is errors and/or negligence in carrying out the Provider's business activities, whether carried out by directors, employees, and/or other parties working for the Provider.
Article 80
Operational standards for complaint services and resolution include mechanisms for carrying out complaint services and resolution that are communicated to Users. Complaint service and resolution mechanisms also include dispute resolution between Users and Providers related to the implementation of the rights and obligations of the parties that occur after the User's complaint is received. Complaint service and resolution mechanisms are carried out by prioritizing the "interactive" principle, namely in resolving services and resolutions for Users actively and informatively. Examples of operational standards include, among other things, regarding the submission and resolution of complaints, illustrations or simulations of investments, and the posting of Frequently Asked Questions (FAQ).

Article 81
Paragraph (1)
What is meant by "prospective User" is an Investor or Issuer who cancels the use of Crowdfunding Services.
Paragraph (2)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Examples required by laws and regulations are to fulfill regulations regarding the implementation of anti-money laundering and counter-terrorism financing programs. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated.
Article 82
Clearly stated.
Article 83
Clearly stated.
Article 84
Clearly stated.
Article 85
Clearly stated.

Article 86
What is meant by "certain actions" includes, among other things, suspending the trading of equity Securities by the Provider for a certain period.
Article 87
Clearly stated.
Article 88
Clearly stated.
Article 89
Clearly stated.
Article 90
Clearly stated.
Article 91
Clearly stated.
Article 92
Clearly stated.
SUPPLEMENT TO THE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6594

APPENDIX
REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 57 /POJK.04/2020 CONCERNING THE OFFERING OF SECURITIES THROUGH INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES APPLICATION FORM FOR CROWDFUNDING SERVICE PROVIDER LICENSING Number : ....., ................ 20... Attachment :
Subject : Application for Crowdfunding Service Provider License To The Executive Head of Capital Market Supervision in Jakarta Pursuant to Regulation of the Financial Services Authority Number ... /POJK.04/2020 concerning the Offering of Securities Through Information Technology-Based Crowdfunding Services, we hereby submit an application to obtain a business license as a Provider:
Applicant Name : ....................................................
Applicant Position : ....................................................
Applicant Address : ....................................................
City .....
Province .....
Postal Code .....
Applicant Telephone Number : ....................................................
Applicant Mobile Phone Number
: ....................................................
Applicant Email : ....................................................

Company Name : PT/Cooperative*)/.....)
Company Address : ....................................................
City .....
Province .....
Postal Code .....
Company Telephone/Fax Number : ....................................................
Company Website Address
: ....................................................
Company Email : ....................................................
To complete the aforementioned application, we hereby submit the following documents:
a. photocopy of the deed of establishment of the legal entity; b. photocopy of the latest amended Articles of Association, which have been approved or agreed upon by the competent authority or reported to the competent authority, containing at least:

1. name and domicile;
2. business activities of financial services covering Crowdfunding Services;
3. capital;
4. ownership; and
5. authority, responsibilities, and term of office of the board of directors and board of commissioners or management and supervisors.
   c. shareholder data, if the Provider is a limited liability company:
6. for individual shareholders, by attaching:
   a) photocopy of identification in the form of an identity card or passport for foreign citizens, which is still valid; b) photocopy of the Taxpayer Identification Number; c) curriculum vitae completed with a recent 4x6 cm color photo; and d. stamped declaration letter stating:

1. capital contributions to the Provider do not come from loans;

2. capital contributions to the Provider do not come from financial crimes;

3. not listed in the bad credit list managed by the Financial Services Authority;

4. never convicted of criminal offenses in the field of financial services and/or the economy based on a court decision that has acquired permanent legal force within the last 5 (five) years;

5. never convicted of criminal offenses based on a court decision that has acquired permanent legal force within the last 5 (five) years;

6. never declared bankrupt or guilty causing a company/business to be declared bankrupt based on a court decision that has acquired permanent legal force within the last 5 (five) years; and

7. never been a controlling shareholder, member of the board of directors, or member of the board of commissioners, in a financial services company whose business license was revoked due to violations within the last 5 (five) years;

2. for shareholders that are legal entities, by attaching:
   a) photocopy of the deed of establishment of the legal entity along with a photocopy of the latest amended Articles of Association, which have been approved or agreed upon by the competent authority or reported to the competent authority; b) shareholder declaration letter stating that:

1. capital contributions to the Provider do not come from loans;
2. capital contributions to the Provider do not come from financial crimes;
3. not listed in the bad credit list managed by the Financial Services Authority; and
   c) photocopy of the Taxpayer Identification Number of the legal entity;

3. for the central government, by attaching government regulations regarding state capital participation for the establishment of companies; and
4. for local governments, by attaching regional regulations regarding regional capital participation for the establishment of companies;

d. director and commissioner data:

1. photocopy of identification in the form of an identity card or passport for foreign citizens, which is still valid;

2. photocopy of Limited Stay Permit or Permanent Stay Permit for foreign citizens;

3. curriculum vitae completed with a recent 4x6 cm color photo;

4. photocopy of the Taxpayer Identification Number; and

5. stamped declaration letter from each member of the board of directors, and members of the board of commissioners stating:
   a) not listed in the bad credit list managed by the Financial Services Authority; b) never convicted of criminal offenses in the field of financial services and/or the economy based on a court decision that has acquired permanent legal force within the last 5 (five) years; c) never convicted of criminal offenses based on a court decision that has acquired permanent legal force within the last 5 (five) years; d) never declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has acquired permanent legal force within the last 5 (five) years; and e) never been a shareholder, member of the board of directors, or member of the board of commissioners in a financial services company whose business license was revoked due to violations within the last 5 (five) years; e. photocopy of proof of registration as an Electronic System Provider at the ministry handling government affairs in the field of communications and informatics; f. organizational structure of the Provider; g. guidelines or operational standards regarding the implementation of anti-money laundering and counter-terrorism financing programs; h. work plan for the first 1 (one) year containing at least:

6. description of business activities to be carried out;

7. targets and steps taken to achieve the aforementioned targets; and

8. financial report projections for 1 (one) year ahead;
   i. proof of Electronic System readiness and Provider operational activity data;
   j. proof of operational readiness consisting of:

9. proof of ownership or control of office buildings, office rooms, or service units, in the form of photocopies of ownership certificates, building use rights, use rights, or agreements for the use of buildings or rooms; and

10. list of office inventory and equipment;
    k. operational standards regarding services to Users;
    l. operational standards regarding the execution of Securities trading;
    m. photocopy of the Taxpayer Identification Number in the name of the Provider; n. agreement with Custodian Banks and the Securities Clearing and Settlement Institution; o. declaration letter stating that it will appoint a party responsible for supervision regarding the fulfillment of Sharia principles in the capital market in the event that the Provider serves Sukuk offerings by Issuers through Crowdfunding Services, if the Provider does not have a Sharia supervisory board; p. recommendation from an association recognized by the Financial Services Authority; and q. proof of expertise and/or background in the field of Information Technology as well as proof of expertise in the field of law or accounting. We hereby submit our application and thank you for your attention, Sir/Madam*), Sincerely, Director/Manager PT/Cooperative*)/...............) Stamp
    .................................................
    (Clear Name and Signature)
    *) Strike out what is not necessary
    ) Specify

CURRICULUM VITAE

Personal Data

Name : .........................................................................
National ID Number (NIK) : …………………………………………………………….
Place/Date of Birth : .........................................................................
Gender : .........................................................................
Religion : .........................................................................
Citizenship : .........................................................................
Full Address : .........................................................................
City .....
Province .....
Postal Code .....
Telephone Number : .........................................................................
Mobile Phone Number : .........................................................................

Individual Licenses Owned

: 1) .....................................................................
2) .....................................................................

Educational History

1. Formal Education

Education Level	Major/Specialization	Name/Place	Year of Graduation

2. Non-Formal (Certified)

Course/Seminar	Organizer	Year

3. Professional Education (Profession)

Certification	Organizer	Year of Graduation

Work History

Company Name	Position	Main Duties	Start Date of Employment	End Date of Employment	Reason for Leaving

.....,............ 20.....

Applicant
Stamp
................................................
(Clear Name and Signature)

---

DECLARATION LETTER OF INDIVIDUAL SHAREHOLDER

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Occupation : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby declare truthfully that:

1. capital deposits to the Organizer do not originate from loans;

2. capital deposits to the Organizer do not originate from the proceeds of financial crimes;

3. are not listed in the bad credit list managed by the Financial Services Authority (OJK);

4. have never been sentenced for committing criminal offenses in the field of financial services and/or the economy based on a court decision that has acquired permanent legal force within the last 5 (five) years;

5. have never been sentenced for committing criminal acts based on a court decision that has acquired permanent legal force within the last 5 (five) years;

6. have never been declared bankrupt or guilty causing a corporation/company to be declared bankrupt based on a court decision that has acquired permanent legal force within the last 5 (five) years; and

7. have never been a controlling shareholder, member of the Board of Directors, or member of the Board of Commissioners, in a financial services company whose business license was revoked due to violations within the last 5 (five) years.

This declaration letter is made truthfully so that it may be used as appropriate.

.....,............ 20.....

Stamp
.................................................
(Clear Name and Signature)

---

DECLARATION LETTER OF CORPORATE SHAREHOLDER

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby declare truthfully that:

1. capital deposits to the Organizer do not originate from loans;
2. capital deposits to the Organizer do not originate from the proceeds of financial crimes; and
3. are not listed in the bad credit list managed by the Financial Services Authority (OJK).

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Director/Manager
PT/Cooperative*)/...............

Stamp
.................................................
(Clear Name and Signature)

*) Strike out what is not necessary
) Specify

---

DECLARATION LETTER OF BOARD OF DIRECTORS MEMBER

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby declare truthfully that I:

1. am not listed in the bad credit list managed by the Financial Services Authority (OJK);
2. have never been sentenced for committing criminal offenses in the field of financial services and/or the economy based on a court decision that has acquired permanent legal force within the last 5 (five) years;
3. have never been sentenced for committing criminal acts based on a court decision that has acquired permanent legal force within the last 5 (five) years;
4. have never been declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has acquired permanent legal force within the last 5 (five) years; and
5. have never been a shareholder, member of the Board of Directors, or member of the Board of Commissioners, in a financial services company whose business license was revoked due to violations within the last 5 (five) years.

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Director/Manager
PT/Cooperative*)/...............

Stamp
.................................................
(Clear Name and Signature)

*) Strike out what is not necessary
) Specify

---

DECLARATION LETTER OF BOARD OF COMMISSIONERS MEMBER

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby declare truthfully that I:

1. am not listed in the bad credit list managed by the Financial Services Authority (OJK);
2. have never been sentenced for committing criminal offenses in the field of financial services and/or the economy based on a court decision that has acquired permanent legal force within the last 5 (five) years;
3. have never been sentenced for committing criminal acts based on a court decision that has acquired permanent legal force within the last 5 (five) years;
4. have never been declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has acquired permanent legal force within the last 5 (five) years; and
5. have never been a shareholder, member of the Board of Directors, or member of the Board of Commissioners, in a financial services company whose business license was revoked due to violations within the last 5 (five) years.

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Member of the Board of Commissioners/Supervisor
PT/Cooperative*)/...............

Stamp
.................................................
(Clear Name and Signature)

*) Strike out what is not necessary
) Specify

---

LIST OF ELECTRONIC SYSTEM AND DATA INFRASTRUCTURE READINESS FOR OPERATIONAL ACTIVITIES

Completeness of Infrastructure and Data Center Facilities

1. The Organizer's domain must use an Indonesian top-level domain.
   The Organizer must attach proof of domain ownership by the domain service provider.

2. The Organizer must have two separate, synchronized, and high-availability data center locations.

3. Each data center used by the Crowdfunding Service Provider candidate must have separate application servers and database servers.

4. The Organizer must submit the utilization level of the server and network devices used.
   The current utilization level must not exceed 50% (fifty percent).

5. The Organizer must submit information regarding the current application response time.
   Application response times, including login, logout, submit, update, and cancel order during peak time, must not exceed 10 seconds.

6. The Organizer must submit the architecture topology used in accordance with items 1 and 2 above.

7. The Organizer must submit a list of third parties used (if any).

8. The Organizer must submit the Cooperation Agreement (PKS) document with each data center provider and/or other third parties.
   The information that must be included in the PKS at a minimum:
   a. Parties involved in the PKS; b. Type and specifications of services;
   c. Service Level Agreement (SLA) for each service provided;
   d. Service usage duration; e. Rights and obligations in service provision; and f. Service extension and/or termination.

Explanation:
Service Level Agreement (SLA) is a contract between the service provider and the user that provides a guarantee of the expected level of service.

Backup and Recovery System

9. The Organizer must submit a backup strategy documented in Standard Operational Procedures (SOP) documents, including:
   a. Data backup and restore methods, including backup strategies such as full backup or delta backup; b. Frequency of data backup and restore;
   c. Data retention;
   d. Restored data exercises; e. Backup data storage media; and f. Transparency regarding backup strategies.

10. The Organizer must submit a Business Continuity Plan document for system operational continuity in the face of disruptions and disasters, including:
    a. Parties involved in handling disruptions and disasters; b. Minimum systems and services provided during a disaster, such as call center services and Crowdfunding Service backup;
    c. Information regarding Recovery Point Objective (RPO), which is the maximum valid time period of systems/data before an incident for each system and service;
    d. Information regarding Recovery Time Objective (RTO), which is the maximum availability time period of systems/data after an incident for each system and service; and e. Business Continuity Plan simulation plans and execution.

Security and Data Protection

11. The Organizer must submit documents regarding concepts, policies, and technologies used for User (Issuer and Investor) data protection in the Crowdfunding Service system, as well as transaction data, including at least:
    a. Database security; b. Application security;
    c. Infrastructure security; and
    d. Physical access security, such as office spaces and company documents.

12. The Organizer must submit documents used for applying cyber-security on cloud or on premise (depending on the type of infrastructure used), such as DDoS, Worm, and virus anticipation.

13. The Organizer must submit proof of using certified digital signatures in the Investor and Issuer onboarding process.

14. The Organizer must submit the scope, methods, and documents resulting from the Vulnerability Assessment (VA) and Penetration Test (Pentest) conducted by a third party.

Explanation: a. Vulnerability Assessment (penilaian kerentanan) is the process of identifying, measuring, and prioritizing (or ranking) vulnerabilities in a system. b. Penetration Test is an activity where a person attempts to simulate attacks that could be carried out against a specific organization's/company's network to find weaknesses in that network system.

15. The Organizer must submit proof of ISO 27001 certification by an external party and a plan for periodic review processes of said certification by internal or external parties.

Helpdesk and Monitoring

16. The Organizer must submit information and documents related to the helpdesk, including at least:
    a. Helpdesk mechanisms, both online and offline; b. Helpdesk response time; and
    c. Escalation procedures for unresolved User complaints.

17. The Organizer must submit information in document form regarding the mechanism or method of monitoring activities, including at least:
    a. Operational aspects regarding availability and performance; b. Security aspects regarding systems and documents; and
    c. System configuration changes, including server configuration, network configuration, and database configuration.

---

LETTER SUBMITTING INTERIM/ANNUAL REPORTS *)

Number : ....., ................ 20...
Attachments :
Subject : Submission of Interim/Annual Reports *)

....... (Name of Organizer)

To
The Executive Head of the Capital Market Supervisor in Jakarta

Referring to Financial Services Authority Regulation Number ... /POJK.04/2020 concerning Offering Securities Through Information Technology-Based Crowdfunding Services, we hereby submit the Interim/Annual Reports *) from:

Organizer Name : ....................................................
Organizer Address : ....................................................
City .....
Province .....
Postal Code .....
Organizer Telephone/Fax Number : ....................................................
Organizer Website Address : ....................................................
Organizer Email : ....................................................

This is submitted, and we thank you for your attention, Sir/Madam*).

Sincerely,
Director/Manager
PT/Cooperative*)/...............

Stamp
.................................................
(Clear Name and Signature)

Copy to:
Member of the Board of Commissioners for Education and Consumer Protection.

*) Strike out what is not necessary
) Specify

---

DECLARATION LETTER

COMPLETION OF USER RIGHTS AND OBLIGATIONS

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby declare truthfully that I have fulfilled all obligations to Crowdfunding Service Users due to the inability to continue electronic system operational activities for the Crowdfunding Service.

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Director/Manager
PT/Cooperative*)...............

Stamp
.................................................
(Clear Name and Signature)

*) Strike out what is not necessary
) Specify

---

LETTER REQUESTING RETURN OF LICENSE AS A CROWDFUNDING SERVICE PROVIDER

To
The Executive Head of the Capital Market Supervisor in Jakarta

I, the undersigned below:

Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................

hereby return the business license as a Crowdfunding Service Provider due to not continuing electronic system operational activities for the Crowdfunding Service. Attached to this letter, we submit:
a. proof of handing over the Crowdfunding Service to another Crowdfunding Service Provider operating similar Crowdfunding Service activities; b. proof of settlement of rights and obligations with the Settlement and Custody Institution, Custodian Bank, and other parties; and
c. a declaration letter from the Organizer stating that the Organizer has fulfilled all obligations to Users.

This request letter is made, and we thank you for your attention, Sir/Madam*).

This copy is in accordance with the original.

Legal Director 1
Legal Department signed
Mufli Asmawidjaja

Sincerely,
Director/Manager
PT/Cooperative*)/...............

Stamp
.................................................
(Clear Name and Signature)

*) Strike out what is not necessary
) Specify

Established in Jakarta on December 10, 2020

CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
WIMBOH SANTOSO