Financial Services Authority Regulation Number 61/POJK.04/2017 Regarding Registration Statement Documents for the Public Offering of Regional Bonds and/or Regional Sukuk

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 61 /POJK.04/2017
REGARDING
REGISTRATION STATEMENT DOCUMENTS FOR THE PUBLIC OFFERING OF REGIONAL BONDS AND/OR REGIONAL SUKUK BY THE GRACE OF THE ALMIGHTY GOD THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering :
a. that in order to support the improvement of the national economy through comprehensive infrastructure development throughout the Indonesian territory, Regional Governments need to utilize funding sources from the capital market; b. that in order to utilize funding sources from the capital market which can be done through the issuance of regional bonds and/or regional sukuk, it is necessary to align the registration statement documents for the public offering of regional bonds and/or regional sukuk with the registration statement documents for public offerings currently in force;
c. that in order to provide a legal basis and legal certainty to Regional Governments that will conduct public offerings of regional bonds and/or regional sukuk, regulations regarding registration statement documents for the public offering of regional bonds and/or regional sukuk are needed;
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA

d. that based on the considerations as referred to in letters a, b, and c, it is necessary to establish a Financial Services Authority Regulation regarding Registration Statement Documents for the Public Offering of Regional Bonds and/or Regional Sukuk; Recalling :

1. Law Number 8 of 1995 concerning Capital Markets (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 REGARDING REGISTRATION STATEMENT DOCUMENTS FOR THE PUBLIC OFFERING OF REGIONAL BONDS AND/OR REGIONAL SUKUK.

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

1. Capital Market is activities concerning public offerings and trading of Securities, public companies related to the Securities they issue, as well as institutions and professions related to Securities.
2. Registration Statement is a document that must be submitted to the Financial Services Authority by the issuer in the context of a public offering or by a public company.
3. Issuer is a party conducting a public offering.
4. Public Offering is the activity of offering Securities conducted by the Issuer to sell Securities to the public based on procedures regulated in Law Number 8 of 1995 concerning Capital Markets and its implementing regulations.
5. Regional Bond is a regional bond as referred to in Government Regulations regarding regional loans.
6. Regional Sukuk is a Sharia-compliant security in the form of certificates or ownership evidence of equal value representing an inseparable or undivided (syuyu’/undivided share) portion of the underlying assets, issued by the Regional Government.
7. Prospectus is any written information in connection with a Public Offering with the aim for other parties to purchase Securities.
8. Initial Prospectus for Regional Bonds and/or Regional Sukuk, hereinafter referred to as Initial Prospectus, is a written document containing all information in the Prospectus submitted to the Financial Services Authority as part of the Registration Statement, except information regarding nominal value, quantity and price of offered securities, underwriting of securities issuance, interest rate of bonds and/or yield of sukuk, or other matters related to offering requirements that have not yet been determined.
9. Summary Prospectus is a summary of the contents of the Initial Prospectus.
10. Regional Government is the regional head as a component of regional government administration who leads the implementation of government affairs within the authority of autonomous regions.
11. Regional Head is the governor for provincial regions, or the regent for regency regions, or the mayor for city regions.
12. Activity is a part of a program consisting of a set of actions to mobilize resources, whether in the form of human resources, capital goods, including equipment and technology, funds, or a combination of some or all types of such resources as inputs to produce outputs in the form of goods or services.
13. Trust Agreement is an agreement between the Issuer and the trustee in the context of issuing debt and/or sukuk securities, made in the form of a notarial deed.
14. Securities Issuance Underwriter is a party that makes a contract with the Issuer to conduct a Public Offering on behalf of the Issuer with or without the obligation to purchase remaining unsold Securities.
15. Stock Exchange is a party that organizes and provides systems and/or facilities to match buy and sell offers of Securities from other parties with the aim of trading Securities among them.
16. Party is an individual, company, joint venture, association, or organized group.
17. Website is a collection of web pages containing information or data that can be accessed through an internet network system.

Article 2
(1) This Financial Services Authority Regulation applies to Issuers who submit Registration Statements in the context of Public Offerings of Regional Bonds and/or Regional Sukuk. (2) Issuers conducting Public Offerings of Regional Bonds and/or Regional Sukuk must comply with provisions of legislation in the Capital Market sector regulating Registration Statements, Public Offerings, issuance and requirements for sukuk, and/or other relevant regulations, unless otherwise specifically regulated in this Financial Services Authority Regulation. (3) Issuers conducting Public Offerings of Regional Bonds and/or Regional Sukuk are not required to obtain credit ratings for Regional Bonds and/or Regional Sukuk as regulated in provisions of legislation in the Capital Market sector regulating credit ratings for debt and/or sukuk securities.

Article 3
(1) Public Offerings of Regional Bonds and/or Regional Sukuk may be conducted in stages.
(2) In the event that Public Offerings of Regional Bonds and/or Regional Sukuk are conducted in stages, they may be executed in accordance with periods regulated in Regional Regulations.

CHAPTER II
REGISTRATION STATEMENT DOCUMENTS
Article 4
In the context of submitting the Registration Statement as referred to in Article 2 paragraph (1), the Issuer must submit documents consisting of at least:
a. a cover letter for the Registration Statement in accordance with the format of the Registration Statement Cover Letter as stated in the Appendix which is an integral part of this Financial Services Authority Regulation; b. Prospectus;
c. Summary Prospectus;
d. Initial Prospectus, if any; and e. other documents submitted as part of the Registration Statement.

Article 5
The Prospectus and Summary Prospectus as referred to in Article 4 letters b and c must be prepared in accordance with provisions as regulated in Financial Services Authority Regulations regarding the form and content of Prospectuses and Summary Prospectuses in the context of Public Offerings of Regional Bonds and/or Regional Sukuk.

Article 6
Other documents as referred to in Article 4 letter e include:
a. approval from the minister in charge of financial affairs regarding the issuance of Regional Bonds and/or Regional Sukuk; b. Regional Regulations regarding the issuance of Regional Bonds and/or Regional Sukuk;
c. other requirements related to the Issuance of Regional Bonds and/or Regional Sukuk;
d. schedule of the Public Offering; e. example of security certificates; f. audited financial reports of the Regional Government audited by the Audit Board of the Republic of Indonesia; g. examination reports and legal opinions regarding the legal aspects of the Public Offering of Regional Bonds and/or Regional Sukuk, including Activities to be financed by them; h. biographies of the Regional Head and Deputy Regional Head;
i. Trust Agreement;
j. securities issuance underwriting agreements, if any; k. ratings issued by securities rating agencies over Regional Bonds and/or Regional Sukuk, if any;
l. guarantee agreements, if any;
m. statements from the Issuer in form and content in accordance with the format of the Issuer’s Statement as stated in the Appendix which is an integral part of this Financial Services Authority Regulation; n. statements from supporting capital market professionals in accordance with the format of Supporting Capital Market Professional’s Statement as stated in the Appendix which is an integral part of this Financial Services Authority Regulation; o. statements from the executing securities issuance underwriter (if any) in accordance with the format of the Executing Securities Issuance Underwriter’s Statement as stated in the Appendix which is an integral part of this Financial Services Authority Regulation; and p. documents containing other information as requested by the Financial Services Authority deemed necessary in the review of the Registration Statement, provided they can be announced to the public without harming the interests of the Issuer.

Article 7
Examination reports and legal opinions as referred to in Article 6 letter g include at least:
a. legal aspects of the Public Offering of Regional Bonds and/or Regional Sukuk, including:
1. principal approvals required for the implementation of Public Offerings of Regional Bonds and/or Regional Sukuk, namely:
a) approval from the Regional House of Representatives; b) approval from the minister in charge of financial affairs; c) other requirements related to the issuance of Regional Bonds and/or Regional Sukuk; and d) Regional Regulations related thereto; and
2. the validity of agreements in the context of Public Offerings of Regional Bonds and/or Regional Sukuk; and
b. scope related to Activities to be financed by Regional Bonds and/or Regional Sukuk, including:
1. principal permits required for the implementation of Activities;
2. ownership or control status and disputes over regional assets related to Activities; and
3. other important agreements related to Activities.

Article 8
The time period between the effective date of the Registration Statement and the date of the Regional Government’s financial reports as referred to in Article 6 letter f shall not exceed 12 (twelve) months.

Article 9
(1) The Regional Government’s financial reports as referred to in Article 6 letter f must be available on the Issuer’s Website.
(2) The Regional Government’s financial reports as referred to in paragraph (1) must be available on the Issuer’s Website no later than before the Financial Services Authority issues a statement that the Issuer may announce the Summary Prospectus.

Article 10
(1) The Financial Services Authority may request information and/or other documents from the Issuer that are not part of the Registration Statement and are not intended to be announced to the public, including:
a. statements from Parties assisting in the preparation of the Prospectus, if any:

1. statements of consent to include the name of such Parties in the Prospectus; and/or
2. withdrawal statements in the event that such Parties withdraw their consent;
   b. other information required by the Financial Services Authority from Parties assisting in the Public Offering to support the adequacy and accuracy of mandatory disclosures, if any; and/or
   c. other necessary documents.
   (2) Withdrawal of consent as referred to in paragraph (1) letter a number 2 may only be done before the Registration Statement becomes effective.

CHAPTER III
PHASED PUBLIC OFFERINGS OF REGIONAL BONDS AND/OR REGIONAL SUKUK
Article 11
Issuers conducting Public Offerings of Regional Bonds and/or Regional Sukuk in stages are not required to comply with Financial Services Authority Regulations regarding continuous offerings of debt and/or sukuk securities.

Article 12
(1) In the event that Public Offerings of Regional Bonds and/or Regional Sukuk are conducted in stages as referred to in Article 3, no later than 20 (twenty) working days before the start of the second and subsequent stages of the Public Offering period, the Issuer must:
a. submit notifications of the implementation of the second and subsequent stages of Public Offerings of Regional Bonds and/or Regional Sukuk, accompanied by additional information and supporting documents, to the Financial Services Authority; and b. announce the implementation notifications of Public Offerings of Regional Bonds and/or Regional Sukuk, along with additional information as referred to in letter a, at least through:

1. 1 (one) daily newspaper in Indonesian with national circulation or the Stock Exchange Website; and
2. the Issuer’s Website.
   (2) Evidence of announcements as referred to in paragraph (1) letter b number 1 must be submitted to the Financial Services Authority no later than 2 (two) working days after the said announcements.

Article 13
Additional information as referred to in Article 12 paragraph (1) letters a and b must include at least:
a. the amount of funds raised in the Public Offering of Regional Bonds and/or Regional Sukuk; b. the quantity of Regional Bonds and/or Regional Sukuk offered;
c. the interest rate of Regional Bonds/yield of Regional Sukuk;
d. credit ratings over Regional Bonds and/or Regional Sukuk or changes in credit ratings over Regional Bonds and/or Regional Sukuk, if any; e. schedule of Public Offerings of Regional Bonds and/or Regional Sukuk; f. plans for the use of funds or changes in the use of funds; g. Securities Issuance Underwriters, if any; h. statements from the Issuer that all Material Information or Material Facts have been disclosed and such Information or Material Facts are not misleading;
i. statements in bold typeface that:

1. “THIS OFFERING IS A PUBLIC OFFERING OF REGIONAL BONDS AND REGIONAL SUKUK STAGE ... FROM A PHASED PUBLIC OFFERING OF REGIONAL BONDS AND REGIONAL SUKUK THAT HAS BECOME EFFECTIVE”;
2. “THIS OFFERING IS A PUBLIC OFFERING OF REGIONAL BONDS STAGE ... FROM A PHASED PUBLIC OFFERING OF REGIONAL BONDS THAT HAS BECOME EFFECTIVE”; or
3. “THIS OFFERING IS A PUBLIC OFFERING OF REGIONAL SUKUK STAGE ... FROM A PHASED PUBLIC OFFERING OF REGIONAL SUKUK THAT HAS BECOME EFFECTIVE”; and
   j. changes and/or additions to information in the Prospectus in the context of Public Offerings of Regional Bonds and/or Regional Sukuk, if any.

Article 14
(1) In the event that funds raised during the period of Public Offerings of Regional Bonds and/or Regional Sukuk are less than planned, no later than 5 (five) working days after the end of the Public Offering period of Regional Bonds and/or Regional Sukuk, the Issuer must:
a. submit information regarding the total amount of funds raised to the Financial Services Authority, accompanied by reasons for the failure to achieve the target funds to be raised; and b. announce to the public regarding the total amount of funds raised, accompanied by reasons for the failure to achieve the target funds to be raised, at least through:

1. 1 (one) daily newspaper in Indonesian with national circulation or the Stock Exchange Website; and
2. the Issuer’s Website.
   (2) Evidence of announcements as referred to in paragraph (1) letter b number 1 must be submitted to the Financial Services Authority no later than 2 (two) working days after the date of the said announcements.

Article 15
(1) In the event that the Issuer will terminate Public Offerings of Regional Bonds and/or Regional Sukuk before the end of the period regulated in the Regional Regulation, no later than 2 (two) working days after the decision regarding the termination of Public Offerings of Regional Bonds and/or Regional Sukuk is taken, the Issuer must:
a. submit information regarding the termination of Public Offerings of Regional Bonds and/or Regional Sukuk to the Financial Services Authority, accompanied by reasons for termination and the total amount of funds raised; and b. announce to the public regarding the termination of Public Offerings of Regional Bonds and/or Regional Sukuk, accompanied by reasons for termination and the total amount of funds raised, at least through:

1. 1 (one) daily newspaper in Indonesian with national circulation or the Stock Exchange Website; and
2. the Issuer’s Website.
   (2) Evidence of announcements as referred to in paragraph (1) letter b number 1 must be submitted to the Financial Services Authority no later than 2 (two) working days after the said announcements.

CHAPTER IV
SANCTION PROVISIONS
Article 16
(1) Without prejudice to criminal provisions in the capital market sector, the Financial Services Authority has the authority to impose administrative sanctions on any party violating provisions of this Financial Services Authority Regulation, including parties causing the violation, in the form of:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. restrictions on business activities;
d. suspension of business activities; e. revocation of business licenses; f. revocation of approvals; and/or g. cancellation of registrations.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, or g may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a. (3) Administrative sanctions in the form of fines as referred to in paragraph (1) letter b may be imposed independently or together with the imposition of administrative sanctions as referred to in paragraph (1) letters c, d, e, f, or g.

Article 17
In addition to administrative sanctions as referred to in Article 16 paragraph (1), the Financial Services Authority may take certain actions against any party violating provisions of this Financial Services Authority Regulation.

Article 18
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 16 paragraph (1) and certain actions as referred to in Article 17 to the public.

CHAPTER V
CLOSING PROVISIONS
Article 19
The obligation to submit Registration Statements electronically as regulated in Financial Services Authority Regulations regarding the submission of Registration Statements or the submission of corporate actions electronically does not apply to Issuers who will issue Regional Bonds and/or Regional Sukuk until determined otherwise by the Financial Services Authority.

Article 20
Upon the commencement of this Financial Services Authority Regulation:
a. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-63/BL/2007 concerning Guidelines for the Presentation of Regional Government Financial Reports, along with Regulation Number VIII.G.14 which is its appendix; b. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-64/BL/2007 concerning Guidelines for the Preparation of Comfort Letters in the Context of Public Offerings of Regional Bonds, along with Regulation Number VIII.G.15 which is its appendix;
c. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-65/BL/2007 concerning Guidelines for the Preparation of Statements from Regional Heads in the Field of Accounting in the Context of Public Offerings of Regional Bonds, along with Regulation Number VIII.G.16 which is its appendix; and
d. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-692/BL/2011 concerning Guidelines Regarding the Form and Content of Registration Statement Documents in the Context of Public Offerings of Regional Bonds, along with Regulation Number IX.C.12 which is its appendix, are revoked and declared invalid.

Article 21
This Financial Services Authority Regulation takes effect upon the date of its enactment.

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

In order that everyone knows it, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.
Established in Jakarta on 21 December 2017
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY, signed
WIMBOH SANTOSO

Enacted in Jakarta on 22 December 2017
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 282

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 61 /POJK.04/2017
REGARDING
REGISTRATION STATEMENT DOCUMENTS FOR THE PUBLIC OFFERING OF REGIONAL BONDS AND/OR REGIONAL SUKUK

I. GENERAL
To support balanced national development throughout Indonesia, Regional Governments can utilize funding sources in the Capital Market by conducting Public Offerings of Regional Bonds and/or Regional Sukuk. The issuance of Regional Bonds and/or Regional Sukuk can be conducted through the approval of the Regional House of Representatives and the Minister of Finance, as well as the consideration of the Minister of Home Affairs, before submitting the Registration Statement to the Financial Services Authority. As regulated in Article 70 paragraph (1) of Law Number 8 of 1995 concerning Capital Markets, which essentially regulates that any Party intending to conduct a Public Offering must submit a Registration Statement to the Financial Services Authority and that such Registration Statement has become effective. This obligation also covers Regional Governments in the event of issuing Regional Bonds and/or Regional Sukuk. Based on the authority granted by Law Number 8 of 1995 concerning Capital Markets, the Financial Services Authority has the authority to regulate documents that must be submitted at the time of submitting the Registration Statement. Regulations regarding documents that must be submitted for the submission of Registration Statements in the context of Public Offerings of Regional Bonds and/or Regional Sukuk are currently regulated by Regulation Number IX.C.12, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-692/BL/2011 concerning Guidelines Regarding the Form and Content of Registration Statement Documents in the Context of Public Offerings of Regional Bonds. However, in its development, it is necessary to align with Financial Services Authority Regulations regarding Registration Statement documents in the context of public offerings of equity securities, debt securities, and/or sukuk, and to meet the needs of a dynamic market. The main provisions of this Financial Services Authority Regulation include, among others:
a. affirming that the Regional Government’s financial reports, which are part of the Registration Statement documents, are audited by the Audit Board of the Republic of Indonesia; b. eliminating documents regarding letters from accountants concerning changes in the regional financial situation occurring after the date of the Regional Government’s financial reports (comfort letters) prepared based on Regulation Number VIII.G.15, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-64/BL/2007 concerning Guidelines for the Preparation of Comfort Letters in the Context of Public Offerings of Regional Bonds, as part of the Registration Statement documents submitted to the Financial Services Authority; and
c. eliminating documents regarding statements from Regional Heads in the field of accounting prepared based on Regulation Number VIII.G.16, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-65/BL/2007 concerning Guidelines for the Preparation of Statements from Regional Heads in the Field of Accounting in the Context of Public Offerings of Regional Bonds.

II. ARTICLE BY ARTICLE
Article 1
Sufficiently clear.
Article 2
Sufficiently clear.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Letter a
Clear enough.

Letter b
What is meant by “Regulations on the issuance of Regional Bonds and/or Regional Sukuk” is Regulations governing the issuance of Regional Bonds and/or Regional Sukuk, whether specific Regulations on the issuance of Regional Bonds and/or Regional Sukuk or part of other Regulations.

Letter c
What is meant by “other requirements” includes, among others, considerations from the Minister in charge of domestic government affairs.

Letter d
Clear enough.

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.

Article 7
Letter a
Number 1
Letter a)
Clear enough.

Letter b)
Clear enough.

Letter c)
What is meant by “other requirements” includes, among others, considerations from the Minister in charge of domestic government affairs.

Letter d)
Clear enough.

Number 2
Clear enough.

Letter b
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Information and/or other documents that are not part of the Registration Statement are not intended to be announced to the public as this may harm the interests of the Issuer.

Article 11
Clear enough.

Article 12
Clear enough.

Article 13
Clear enough.

Article 14
Clear enough.

Article 15
Clear enough.

Article 16
Clear enough.

Article 17
What is meant by “specific actions” includes, among others, the postponement of the granting of effectiveness for the Registration Statement in the framework of the General Offering of Regional Bonds and/or Regional Sukuk.

Article 18
The announcement of the imposition of administrative sanctions and specific actions by the Financial Services Authority can be carried out, among others, through the Financial Services Authority Website or the Financial Services Authority annual report.

Article 19
Clear enough.

Article 20
Clear enough.

Article 21
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6150

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 61 /POJK.04/2017
REGARDING
REGISTRATION STATEMENT DOCUMENTS IN THE FRAMEWORK OF GENERAL OFFERINGS OF REGIONAL BONDS AND/OR REGIONAL SUKUK

COVER LETTER FOR REGISTRATION STATEMENT
Number : ... (domicile), ... (date/month/year) Attachment :
Subject : Cover Letter for
Registration Statement in the framework of General Offering of Regional Bonds and/or Regional Sukuk* Issuer Name To Honorable Board of Commissioners Financial Services Authority Attention : Executive Head Capital Market Supervisor in Jakarta

Hereby we submit the Registration Statement in the framework of the General Offering of Regional Bonds and/or Regional Sukuk* in ... copies as follows:

1. Issuer : ……………………………………………………………...
   a. Full Name : ……………………………………………………………... b. Full Address : ……………………………………………………………...
   c. Approval from the Minister
   of Finance : ……………………………………………………………...
2. Planned Schedule of General
   Offering : ……………………………………………………………...
3. List of attached
   documents : a. …...............................................................
   b. …...............................................................
   c. …...............................................................

THE STATEMENTS OR INFORMATION CONTAINED IN THE REGISTRATION STATEMENT ARE TRUE AND THERE ARE NO MATERIAL FACTS OMITTED FROM THE REGISTRATION STATEMENT THAT ARE NECESSARY FOR THE REGISTRATION STATEMENT NOT TO BE MISLEADING.

Regional Head
(Issuer Name)
…………………..
(full name and signature)

• filled in according to the General Offering conducted
  filled in according to the Issuer Name
  Stamp

ISSUER DECLARATION
We, whose signatures are below, the Regional Head (Governor/Mayor/Regent) of:
Issuer : ................................................................................
Address : ................................................................................
Telephone and fax : .................................................................................
In the framework of the General Offering of Regional Bonds and/or Regional Sukuk* in the amount of ....................., state truly that:

1. The Registration Statement in the framework of the General Offering of Regional Bonds and/or Regional Sukuk* that has been submitted to the Financial Services Authority on date .............................., is complete and in accordance with the requirements stipulated in the laws and regulations in the Capital Market sector.
2. We are confident that the submitted Registration Statement does not contain statements, information, or facts that are untrue or misleading.
3. We are confident that all Information or Material Facts necessary for investors to make investment decisions have been fully disclosed, are true, and are not misleading.
4. We will take necessary actions to perfect or complete the Registration Statement that has been submitted to the Financial Services Authority. In the event that untrue, misleading information or facts are found, or information or facts that should have been disclosed are not disclosed, so that the information in the Registration Statement and Prospectus for the General Offering of Regional Bonds and/or Regional Sukuk* does not provide a misleading picture, we promise to promptly correct and submit such information or facts to the Financial Services Authority, both before and after the Registration Statement becomes effective.
5. In the event that untrue, misleading information or facts are found, or information or facts that should have been disclosed are not disclosed, upon the order of the Financial Services Authority, we are willing to take the following actions:
   a. amend the Registration Statement and re-disseminate the corrected Prospectus that contains true, non-misleading information or facts, or does not contain true information or facts necessary for the Prospectus not to provide a misleading picture; b. suspend the General Offering of Regional Bonds and/or Regional Sukuk*; and/or
   c. cancel the General Offering of Regional Bonds and/or Regional Sukuk*.
6. We are responsible for all civil and criminal claims that may arise as a result of untrue, misleading information or facts, or the omission of Information or Material Facts necessary so that the information in the Registration Statement and Prospectus for the General Offering of Regional Bonds and/or Regional Sukuk* does not provide a misleading picture.
7. We do not make other agreements with the Underwriter in the framework of this General Offering other than agreements disclosed in the Registration Statement.
8. We promise to provide the same information or facts to both Indonesian and foreign prospective investors at the same time.
9. We are able to submit all required information or reports requested by the Financial Services Authority in accordance with the laws and regulations in the Capital Market sector.
10. We promise to manage the proceeds from the issuance of Regional Bonds and/or Regional Sukuk as best as possible for the benefit of all holders of Regional Bonds and/or Regional Sukuk.
    ... (domicile), … (date/month/year)
    Regional Head
    (Issuer Name)
    ………………..
    (full name and signature)

• filled in according to the General Offering conducted
  Stamp

DECLARATION OF THE SECURITIES ISSUANCE UNDERWRITER We, whose signatures are below, members of the Board of Directors and members of the Board of Commissioners, each representing the Board of Directors and the Board of Commissioners from:
Securities Issuance Underwriter : ...............................................................
Address : ...............................................................
In the framework of the General Offering of Regional Bonds and/or Regional Sukuk* in the amount of ............. with a total value of Rp.......…(…rupiah), state truly that:

1. The Registration Statement in the framework of the General Offering of Regional Bonds and/or Regional Sukuk* that has been submitted to the Financial Services Authority on date .............................., is complete and in accordance with the requirements stipulated in the laws and regulations in the Capital Market sector.
2. We are confident that the submitted Registration Statement does not contain statements, information, or facts that are untrue or misleading.
3. We are confident that all Information or Material Facts necessary for investors to make investment decisions have been fully disclosed, are true, and are not misleading.
4. We have conducted a review of the Registration Statement and have submitted questions and requested information in writing from the Issuer and capital market supporting professions whose names are listed in the Registration Statement.
   These questions and requests for information have been answered in writing and have covered all Information or Material Facts that must be known by investors as a consideration for making investment decisions to buy or sell the offered securities.
5. We have conducted a review of all information or facts provided by the Issuer and capital market supporting professions. Based on our review of all answers and information or facts provided by the Issuer and capital market supporting professions, we conclude that the information or facts submitted are complete and true.
6. We are fully aware that there is a possibility of civil lawsuits or criminal charges if it turns out that there is untrue, misleading information or facts, or the omission of Information or Material Facts in the Registration Statement in connection with this General Offering.
7. We do not make other agreements with the Issuer or other Underwriters in the framework of this General Offering other than agreements disclosed in the Registration Statement.
8. We are able to submit all required information or reports requested by the Financial Services Authority in accordance with the laws and regulations in the Capital Market sector.
9. We promise to provide the same information to both Indonesian and foreign prospective investors at the same time.
   ... (domicile), … (date/month/year)
   Board of Commissioners Board of Directors
   (full name and signature) (full name and signature)

• filled in according to the General Offering conducted
  Stamp Stamp

DECLARATION OF CAPITAL MARKET SUPPORTING PROFESSIONS (Notary/Legal Consultant) We, whose signatures are below:
1. Name of Capital Market Supporting Profession : ............................................
2. Name of Directors/Partners : ............................................
3. Address : ............................................
4. STTD Number : ............................................
acting as a capital market supporting profession notary/legal consultant in the framework of the General Offering of Regional Bonds and/or Regional Sukuk* in the amount of ....................... conducted by (Issuer Name) state truly that:
1. We are responsible for the opinions we provide, which are part of the Registration Statement.
2. As capital market supporting professions in carrying out our duties, we have acted in accordance with professional norms or standards and the code of ethics of the profession ............. notary/legal consultant.
3. As capital market supporting professions in carrying out our duties, we have acted independently and have no conflict of interest with the Issuer and other Capital Market Supporting Professions.
4. We are responsible for the review of the Registration Statement and have submitted questions and requested information in writing from the Issuer and requested information or facts from other parties as deemed necessary. Answers have been received from other parties and in writing from the Issuer. The procedures we have carried out are in accordance with our professional norms or standards and the laws and regulations in the Capital Market sector.
5. We are confident that the submitted Registration Statement does not contain statements, information, or facts that are untrue and/or misleading, and/or discloses Information or Material Facts necessary so that the information in the Registration Statement and Prospectus for the General Offering of Regional Bonds and/or Regional Sukuk* does not provide a misleading picture.
6. We are confident that there are no obstacles to the implementation of this General Offering.
7. We are responsible for the opinions we make in the framework of this General Offering, and we have also read the entire Prospectus
This copy is in accordance with the original
Legal Director 1
Legal Department signed
Yuliana and Registration Statement documents, especially to see whether the information or facts contained do not contradict our opinions.
8. In the event that untrue, misleading information or facts are found, or information or facts that should have been disclosed are not or have not been disclosed, so that in the Prospectus and other Registration Statement documents in the framework of the General Offering of Regional Bonds and/or Regional Sukuk* this does not provide a misleading picture, we promise to promptly submit such information or facts to the Financial Services Authority, both before and after the Registration Statement becomes effective.
................. (place), ............... (date, month, year) Capital Market Supporting Profession (Notary/Legal Consultant) ………………..
(full name and signature)
1. Specifically for notaries, the meaning of professional standards as referred to in this declaration refers to the Notary Office Regulation (Notaris Reglement) and the Notary Code of Ethics.
2. For Notaries, the declaration should be adjusted for relevance.

• filled in according to the General Offering conducted
  cross out what is not needed.

Established in Jakarta on date 21 December 2017 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY, signed WIMBOH SANTOSO Stamp