Guidelines for Collective Investment Contracts for Accumulating People's Housing Savings Funds

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 66/POJK.04/2020
CONCERNING
GUIDELINES FOR COLLECTIVE INVESTMENT CONTRACTS FOR ACCUMULATING PEOPLE'S HOUSING SAVINGS FUNDS BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in order to gather and provide long-term cheap funds to support housing financing, the implementation of people's housing savings (Tapera) has been mandated, covering the activities of mobilization, accumulation, and utilization; b. that the implementation of accumulating people's housing savings funds in the capital market sector requires guidelines for its implementation to provide legal certainty and guidelines for investment managers and custodian banks involved in the activity of accumulating people's housing savings funds;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Guidelines for Collective Investment Contracts for Accumulating People's Housing Savings Funds;

Considering:

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);
3. Law Number 4 of 2016 concerning People's Housing Savings (State Gazette of the Republic of Indonesia Year 2016 Number 55, Supplement to the State Gazette of the Republic of Indonesia Number 5863);
4. Government Regulation Number 25 of 2020 concerning the Implementation of People's Housing Savings (State Gazette of the Republic of Indonesia Year 2020 Number 136, Supplement to the State Gazette of the Republic of Indonesia Number 6517);

DECIDING:
Establishing: FINANCIAL SERVICES AUTHABILITY REGULATION CONCERNING GUIDELINES FOR COLLECTIVE INVESTMENT CONTRACTS FOR ACCUMULATING PEOPLE'S HOUSING SAVINGS FUNDS.

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

1. People's Housing Savings (Tapera), hereinafter abbreviated as Tapera, is a periodic savings made by participants for a certain period, which can only be utilized for housing financing and/or returned along with the results of its accumulation after the membership ends.
2. Tapera Funds are trust funds owned by all participants, which are a collection of savings along with the results of its accumulation.
3. Tapera Management Agency (BP Tapera), hereinafter called BP Tapera, is a legal entity established to manage Tapera.
4. Securities are negotiable instruments, namely debt acknowledgment letters, commercial papers, shares, bonds, debt certificates, units of participation in collective investment contracts, futures contracts on securities, and any derivatives of securities.
5. Investment Manager is a party whose business activities manage securities portfolios for customers or manage collective investment portfolios for a group of customers, except insurance companies, pension funds, and banks that conduct their own business activities based on legislation.
6. Custodian is a party that provides securities depository services and other assets related to securities, as well as other services, including receiving dividends, interest, and other rights, settling securities transactions, and representing account holders who are its customers.
7. Custodian Bank is a general bank that has received approval from the Financial Services Authority to conduct business activities as a Custodian.
8. Units of Participation are measurement units that indicate the interest portion of each party in a collective investment portfolio.
9. Collective Investment Contract for Accumulating Tapera Funds is a contract between an Investment Manager and a Custodian Bank that binds unit holders, where the Investment Manager is authorized to manage the collective investment portfolio and the Custodian Bank is authorized to execute collective depository, which is exclusively intended for the management of Tapera Funds accumulation investments.
10. Collective Investment Contract for Accumulating Tapera Funds Disclosure Document is any written information containing material information or facts in the context of issuing a Collective Investment Contract for Accumulating Tapera Funds, with the aim that other parties purchase Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds.
11. Units of Participation Transaction is a transaction in the context of selling, repurchasing, settling, and/or transferring Units of Participation of a Collective Investment Contract for Accumulating Tapera Funds to Units of Participation of another Collective Investment Contract for Accumulating Tapera Funds managed by the same Investment Manager.
12. Fair Market Value of Securities is the value that can be obtained from securities transactions conducted between independent parties not due to coercion or liquidation.
13. Net Asset Value is the fair market value of securities and other assets of a Collective Investment Contract for Accumulating Tapera Funds minus all its liabilities.
14. Integrated Investment Management System, hereinafter called S-INVEST, is an integrated electronic system or facility that integrates all investment product transaction processes, underlying asset transactions, and reporting in the investment management industry.
15. S-INVEST Users are Investment Managers, securities trading intermediaries that conduct underlying asset transactions, mutual fund sales agents, Custodian Banks, banks as dealers, and other parties designated by the Financial Services Authority that are registered with the S-INVEST provider.
16. Capital Market Sharia Principles are Islamic legal principles in Sharia activities in the capital market based on fatwas of the National Sharia Council - Indonesian Ulema Council, provided that such fatwas do not conflict with Financial Services Authority regulations regarding the application of Sharia principles in the capital market and/or other Financial Services Authority Regulations based on fatwas of the National Sharia Council - Indonesian Ulema Council.
17. Sharia Supervisory Board is a board responsible for providing advice and suggestions and supervising the fulfillment of Capital Market Sharia Principles towards parties conducting Sharia activities in the capital market.
18. Stock Exchange Day is the day securities trading is held at the Stock Exchange, namely Monday to Friday, except if such day is a national holiday or declared as a Stock Exchange holiday by the Stock Exchange.

Article 2
Regulations in this Financial Services Authority Regulation cover:
a. the implementation of accumulating Tapera Funds in the form of a Collective Investment Contract for Accumulating Tapera Funds; and b. the use of S-INVEST for Collective Investment Contracts for Accumulating Tapera Funds.

CHAPTER II
COLLECTIVE INVESTMENT CONTRACT FOR ACCUMULATING TAPERA FUNDS First Section Establishment of Collective Investment Contract for Accumulating Tapera Funds
Article 3
(1) A Collective Investment Contract for Accumulating Tapera Funds is signed by an Investment Manager and a Custodian Bank designated by BP Tapera.
(2) The Collective Investment Contract for Accumulating Tapera Funds as referred to in paragraph (1) is not offered through a public offering and is exclusively intended for investment management for accumulating Tapera Funds. (3) The Collective Investment Contract for Accumulating Tapera Funds as referred to in paragraph (1) may be a Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles. (4) Guidelines for managing a Collective Investment Contract for Accumulating Tapera Funds apply to Collective Investment Contracts for Accumulating Tapera Funds based on Sharia principles, unless otherwise regulated in this Financial Services Authority Regulation. (5) A Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles meets Capital Market Sharia Principles if the agreement, management method, and portfolio do not conflict with Capital Market Sharia Principles according to Financial Services Authority regulations regarding the application of Sharia principles in the capital market.

Article 4
(1) Accumulating Tapera Funds is done by placing Tapera Funds in a Collective Investment Contract for Accumulating Tapera Funds according to a specific percentage composition established by BP Tapera.
(2) Regulations regarding investment policy in a Collective Investment Contract for Accumulating Tapera Funds are in accordance with regulations established by BP Tapera.
(3) In investing in a Collective Investment Contract for Accumulating Tapera Funds, Tapera Fund participants' investments are represented by BP Tapera.
(4) Transactions of Units of Participation in a Collective Investment Contract for Accumulating Tapera Funds are prohibited before the Collective Investment Contract for Accumulating Tapera Funds obtains recording from the Financial Services Authority.

Second Section
Regulations for Collective Investment Contract for Accumulating Tapera Funds
Article 5
The Investment Manager of a Collective Investment Contract for Accumulating Tapera Funds is prohibited from being affiliated with the Custodian Bank, except for affiliation arising from government ownership or capital participation of the Republic of Indonesia.

Article 6
(1) A Collective Investment Contract for Accumulating Tapera Funds and its amendments must be made in the form of a notarial deed by a notary registered with the Financial Services Authority.
(2) The Investment Manager must submit the Collective Investment Contract for Accumulating Tapera Funds to the Financial Services Authority for recording no later than 10 (ten) working days after the date of signing the notarized Collective Investment Contract for Accumulating Tapera Funds. (3) Amendments to the Collective Investment Contract for Accumulating Tapera Funds as referred to in paragraph (1) must be submitted by the Investment Manager to the Financial Services Authority no later than 10 (ten) working days after the date of signing the amendment to the Collective Investment Contract for Accumulating Tapera Funds. (4) The name of a Collective Investment Contract for Accumulating Tapera Funds must describe:
a. the name of the Investment Manager; b. a name reflecting the investment policy of the Collective Investment Contract for Accumulating Tapera Funds; and
c. the denomination of foreign currency used if using a currency other than Rupiah.
(5) The name of a Collective Investment Contract for Accumulating Tapera Funds is prohibited from:
a. being the same as the name of another Collective Investment Contract for Accumulating Tapera Funds; b. containing expressions stating that the Collective Investment Contract for Accumulating Tapera Funds has certain benefits that are not necessarily true;
c. containing expressions stating that the Investment Manager has certain advantages that are not necessarily true; and/or
d. being inconsistent with the investment policy of the Collective Investment Contract for Accumulating Tapera Funds.

Article 7
(1) The Investment Manager managing a Collective Investment Contract for Accumulating Tapera Funds must include in the Collective Investment Contract for Accumulating Tapera Funds at least:
a. the name and address of the Investment Manager; b. the name and address of the Custodian Bank;
c. investment objectives, investment policy, investment strategy, and investment limitations in the investment portfolio of the Collective Investment Contract for Accumulating Tapera Funds;
d. the duration of the Collective Investment Contract for Accumulating Tapera Funds, if there is a duration; e. the minimum and maximum number of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds to be issued; f. actions prohibited by the Collective Investment Contract for Accumulating Tapera Funds; g. obligations and responsibilities of the Investment Manager; h. obligations and responsibilities of the Custodian Bank;
i. rights of holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds;
j. procedures for processing Transactions of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; k. investment distribution policy of the Collective Investment Contract for Accumulating Tapera Funds;
l. initial Net Asset Value of the Collective Investment Contract for Accumulating Tapera Funds;
m. procedures for calculating the Fair Market Value of Securities as the basis for determining the Net Asset Value of the Collective Investment Contract for Accumulating Tapera Funds; n. submission of annual financial reports of the Collective Investment Contract for Accumulating Tapera Funds; o. regulations regarding procedures for resignation and/or replacement of the Investment Manager or Custodian Bank in the Collective Investment Contract for Accumulating Tapera Funds; p. force majeure circumstances beyond the ability of the Investment Manager and/or Custodian Bank that cause the parties to be unable to perform their duties and obligations; q. dissolution and liquidation of the Collective Investment Contract for Accumulating Tapera Funds; r. costs borne by the Investment Manager, the Collective Investment Contract for Accumulating Tapera Funds, and holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; and s. appointment of an alternative dispute resolution institution in the financial services sector as an institution to resolve civil disputes between the Investment Manager and the Custodian Bank. (2) In addition to the provisions as referred to in paragraph (1), a Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles must include:
a. the Investment Manager and Custodian Bank are representatives (wakil/in) acting on behalf of the holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds as principals (muwakil), where the Investment Manager is authorized to manage the collective investment portfolio and the Custodian Bank is authorized to execute collective depository; b. the agreement, management method, and portfolio of the Collective Investment Contract for Accumulating Tapera Funds do not conflict with Capital Market Sharia Principles;
c. members of the Sharia Supervisory Board of the Investment Manager;
d. members of the Sharia Supervisory Board, members of the board of directors, or persons responsible for activities mandated by the board of directors, who have adequate knowledge and/or experience in Sharia finance, along with their duties and responsibilities, for the Custodian Bank; e. mechanisms for purifying the assets of the Collective Investment Contract for Accumulating Tapera Funds from elements conflicting with Capital Market Sharia Principles; f. the word "Sharia" in the name of the issued Collective Investment Contract for Accumulating Tapera Funds; g. investments in the Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles in the form of securities listed in the list of Sharia securities issued by the issuer of the list of Sharia securities; and h. mechanisms for purifying the assets of the Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles from non-halal portions of dividend income received by the Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles for those implementing asset purification policies. (3) Regulations contained in a Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles as referred to in paragraph (2) must be included as additional information in the Disclosure Document of the Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles. (4) The application of Sharia principles for Collective Investment Contracts for Accumulating Tapera Funds is implemented in accordance with Financial Services Authority regulations regarding the issuance and requirements of Sharia mutual funds, unless otherwise regulated in this Financial Services Authority Regulation.

Article 8
Regulations regarding the obligations and responsibilities of the Investment Manager as referred to in Article 7 paragraph (1) letter g include at least:
a. bookkeeping and reporting; b. the Investment Manager's responsibility for any losses arising from its errors;
c. prohibition of stopping the management of the Collective Investment Contract for Accumulating Tapera Funds before a replacement Investment Manager is appointed;
d. separation of the assets of the Collective Investment Contract for Accumulating Tapera Funds from the Investment Manager's assets; e. procedures for Transactions of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; f. calculation of the Fair Market Value of Securities in the investment portfolio of the Collective Investment Contract for Accumulating Tapera Funds every Stock Exchange Day and its submission to the Custodian Bank; g. implementation of investments in accordance with the investment objectives, investment policy, investment strategy, and investment limitations established in the Collective Investment Contract for Accumulating Tapera Funds; h. repurchase of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds on behalf of the Collective Investment Contract for Accumulating Tapera Funds for the benefit of the Collective Investment Contract for Accumulating Tapera Funds account;
i. sending data and information on the management of the Collective Investment Contract for Accumulating Tapera Funds to S-INVEST; and
j. preparation and submission of annual financial reports to holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds and the Financial Services Authority.

Article 9
Regulations regarding the obligations and responsibilities of the Custodian Bank as referred to in Article 7 paragraph (1) letter h include at least:
a. bookkeeping and reporting; b. the Custodian Bank's responsibility for any losses arising from its errors;
c. calculation of the Net Asset Value of the Collective Investment Contract for Accumulating Tapera Funds every Stock Exchange Day and its availability for holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds;
d. settlement of securities transactions in accordance with the Investment Manager's instructions for the benefit of the Collective Investment Contract for Accumulating Tapera Funds; e. payment of management fees and other costs charged to the Collective Investment Contract for Accumulating Tapera Funds according to the contract; f. payment to holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds for each cash distribution related to the contract, if the Collective Investment Contract for Accumulating Tapera Funds establishes an investment distribution policy to holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; g. storage and maintenance of separate records showing all changes in the number of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds owned by each holder of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds, name, nationality, address, and other identity details of holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; h. certainty that Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds are issued only upon receipt of funds from prospective holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds;
i. processing Transactions of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds;
j. separation of the assets of the Collective Investment Contract for Accumulating Tapera Funds from the Custodian Bank's assets; k. providing collective depository and Custodian services regarding the assets of the Collective Investment Contract for Accumulating Tapera Funds;
l. registering or recording the assets of the Collective Investment Contract for Accumulating Tapera Funds in the name of the Custodian Bank for the benefit of the Collective Investment Contract for Accumulating Tapera Funds in accordance with legislation;
m. sending data and information on the administrative management of the Collective Investment Contract for Accumulating Tapera Funds to S-INVEST; n. preparation and submission of reports to the Investment Manager, the Financial Services Authority, and holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; and o. rejection of the Investment Manager's written instructions with a copy to the Financial Services Authority and holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds if the Investment Manager's instructions upon receipt by the Custodian Bank clearly violate regulations in the capital market sector and/or the Collective Investment Contract for Accumulating Tapera Funds.

Article 10
Regulations regarding the rights of holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds as referred to in Article 7 paragraph (1) letter i include at least the right to:
a. receive confirmation of ownership of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; b. obtain annual financial reports of the Collective Investment Contract for Accumulating Tapera Funds;
c. obtain information regarding daily Net Asset Value per Unit of Participation in the Collective Investment Contract for Accumulating Tapera Funds;
d. resell and transfer part or all of the Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds; e. receive investment distribution, if there is investment distribution; and f. obtain a share of liquidation results.

Article 11
Regulations regarding the dissolution of the Collective Investment Contract for Accumulating Tapera Funds as referred to in Article 7 paragraph (1) letter q include at least:
a. reasons for the dissolution of the Collective Investment Contract for Accumulating Tapera Funds; and b. actions taken for the dissolution of the Collective Investment Contract for Accumulating Tapera Funds.

Article 12
Regulations regarding costs in the Collective Investment Contract for Accumulating Tapera Funds as referred to in Article 7 paragraph (1) letter r include at least:
a. costs borne by the Investment Manager managing the Collective Investment Contract for Accumulating Tapera Funds, including:

1. costs for the establishment of the Collective Investment Contract for Accumulating Tapera Funds;

2. costs for the management administration of the Collective Investment Contract for Accumulating Tapera Funds;

3. costs for printing the Disclosure Document of the Collective Investment Contract for Accumulating Tapera Funds, account opening forms, and Units of Participation Transaction forms for the Collective Investment Contract for Accumulating Tapera Funds;

4. costs for Sharia Supervisory Board services and/or Sharia expert teams related to the management of the Collective Investment Contract for Accumulating Tapera Funds based on Sharia principles, in case there are costs for Sharia Supervisory Board services and/or Sharia expert teams; and

5. other costs established in the Collective Investment Contract for Accumulating Tapera Funds;
   b. costs borne by the Collective Investment Contract for Accumulating Tapera Funds, including:

6. Investment Manager management fees;

7. Custodian Bank fees;

8. portfolio insurance costs in the Collective Investment Contract for Accumulating Tapera Funds, in case the investment portfolio is insured;

9. transaction costs for purchasing and/or selling portfolios in the investment assets of the Collective Investment Contract for Accumulating Tapera Funds;

10. costs for accounting services related to the examination of annual financial reports of the Collective Investment Contract for Accumulating Tapera Funds;

11. costs for using S-INVEST services; and

12. other costs established in the Collective Investment Contract for Accumulating Tapera Funds;
    c. costs borne by holders of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds, including:

13. sales costs, in case there are sales costs;

14. repurchase and/or settlement costs, in case there are repurchase and/or settlement costs;

15. transfer costs from Units of Participation of one Collective Investment Contract for Accumulating Tapera Funds to Units of Participation of another Collective Investment Contract for Accumulating Tapera Funds, in case there are transfer costs;

16. fund transfer costs related to Transactions of Units of Participation in the Collective Investment Contract for Accumulating Tapera Funds, in case there are fund transfers; and

17. other costs established in the Collective Investment Contract for Accumulating Tapera Funds; and
    d. costs other than those referred to in letters a, b, and c, in case there are other costs in the management of the Collective Investment Contract for Accumulating Tapera Funds, at least costs for:

18. legal consultants;

19. notaries; and/or

20. accountants,
    which become the cost burden of the Investment Manager, Custodian Bank, and/or the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) according to the party receiving the benefit or the party committing the error, thus requiring the aforementioned professional services.

Third Section
Net Asset Value of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 13
(1) The Custodian Bank is required to calculate the Net Asset Value per Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) every Trading Day. (2) The Net Asset Value calculation report showing the financial position of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be submitted to the Financial Services Authority every Trading Day in accordance with the time limits and format as specified in the Financial Services Authority regulations regarding mutual fund reports. (3) The Custodian Bank is required to submit the financial information of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) to the Investment Manager every Trading Day in accordance with the time limits and format as specified in the applicable legislation regarding mutual fund reports. (4) The report referred to in paragraph (2) must be submitted electronically to the Financial Services Authority through the reporting system provided by the Financial Services Authority. (5) The Net Asset Value calculation reported by the Custodian Bank as referred to in paragraph (2) must be available for holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) in the facility provided by S-INVEST.

Article 14
(1) The initial Net Asset Value for each Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be set at IDR 1,000.00 (one thousand rupiah). (2) The initial Net Asset Value for each Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) using foreign currency denominations must be set at US$ 1 (one US Dollar) or EUR 1 (one Euro), or in a specific amount of other foreign currencies after obtaining approval from the Financial Services Authority. (3) The subsequent Net Asset Value of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is determined based on the Fair Market Value of Securities in the portfolio of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) at the end of the respective Trading Day.

Article 15
(1) For the calculation of the Net Asset Value of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) by the Custodian Bank, the Investment Manager is required to calculate the Fair Market Value of Securities in the investment portfolio of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) every Trading Day and submit it to the Custodian Bank no later than 17:00 Western Indonesia Time. (2) The calculation of the Fair Market Value of Securities in the investment portfolio of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) must be carried out by the Investment Manager based on the methods in the applicable legislation in the capital market sector regarding the Fair Market Value of Securities in mutual fund portfolios, unless otherwise regulated in this Financial Services Authority Regulation.

Fourth Section
Transactions of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 16
The Investment Manager is required to compile the procedures for Transactions of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

Article 17
(1) Transaction orders for Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) from holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) received in complete form by the Investment Manager with the following provisions:
a. up to 13:00 Western Indonesia Time must be processed based on the Net Asset Value of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) determined at the end of the Trading Day; or b. after 13:00 Western Indonesia Time must be processed based on the Net Asset Value of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) determined at the end of the following Trading Day. (2) The Custodian Bank is required to ensure that funds for the purchase of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) are received in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) account at the Custodian Bank on the same Trading Day since the receipt of the complete purchase order for Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

Article 18
(1) Transactions for the transfer of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) are prohibited from being conducted from one Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) to another Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) unless managed by the same Investment Manager. (2) The transaction for the transfer of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) is conducted through the following transaction mechanisms:
a. repurchase of the original Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and b. sale of the target Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), at the same time using the Net Asset Value per Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) from each Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) according to the time the complete transfer order is received. (3) The Custodian Bank is required to ensure that funds from the results of the transfer transaction of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (2) are received in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) account at the Custodian Bank no later than 4 (four) Trading Days after the receipt of the complete transfer order.

Article 19
(1) Payment for the repurchase or redemption of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be made no later than 7 (seven) Trading Days after the receipt of the complete repurchase or redemption order by the Investment Manager. (2) The Custodian Bank is required to ensure that payment for the repurchase or redemption of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) is delivered to the account under the name of the holder of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

Fifth Section
Confirmation of Ownership and Reports of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 20
(1) The Custodian Bank is required to issue and deliver a letter or proof of confirmation of ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) to the holder of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (2) The delivery of the letter or proof of confirmation of ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) must be implemented:
a. no later than 7 (seven) Trading Days after the Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) are issued; or b. no later than 7 (seven) Trading Days after the receipt of the complete repurchase order for Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (3) The delivery of the letter or proof of confirmation of ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) is implemented through the facility for delivering letters or proof of confirmation of ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) and periodic reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) at S-INVEST.

Article 21
(1) The Custodian Bank is required to deliver monthly reports on the ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) to the holder of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (2) The delivery of the monthly report as referred to in paragraph (1) is conducted through the facility for delivering letters or proof of confirmation of Transactions of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) and periodic reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) at S-INVEST.

Article 22
The Custodian Bank is required to ensure the validity and correctness of the data delivered in:
a. letters or proof of confirmation of ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and b. monthly reports on the ownership of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

Sixth Section
Storage, Recording, and Accounting of Assets of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 23
(1) The Investment Manager is required to store all assets of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) at the Custodian Bank.
(2) The Custodian Bank administering the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is required to:
a. provide collective depositary and Custodian services regarding the assets of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and b. register or record the assets of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) in the name of the Custodian Bank for the benefit of the holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) in accordance with the applicable legislation. (3) The Custodian Bank is required to take necessary actions regarding the registration or recording of assets as referred to in paragraph (2) letter b.

Article 24
(1) The Investment Manager managing the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is required to:
a. store and maintain all accounting books and important records in accordance with its duties and responsibilities based on the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), which relate to:

1. financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and
2. management of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera),
   for at least 5 (five) years since the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is dissolved; and b. separate the accounting books and records as referred to in letter a from the accounting books and records of the Investment Manager. (2) The Custodian Bank of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is required to store and maintain separate records showing:
   a. all accounting books and important records in accordance with its duties and responsibilities based on the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), which relate to:
3. financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and
4. management of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera),
   for at least 5 (five) years since the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is dissolved; b. all changes in the number of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) for at least 5 (five) years since the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is dissolved; and
   c. the number of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) of the holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), names, citizenship, addresses, and other identities of the holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) for at least 5 (five) years since the account of the holder of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is closed.

Seventh Section
Replacement of the Custodian Bank of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) and Changes in Board of Directors, Commissioners, and Shareholders of the Investment Manager

Article 25
(1) The Investment Manager may propose the replacement of the Custodian Bank on the condition that the Custodian Bank:
a. is proven to have committed errors or negligence in implementing the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) or applicable legislation; and/or b. no longer has legal capacity or ability to perform duties and obligations based on the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (2) The replacement of the Custodian Bank as referred to in paragraph (1) is conducted after obtaining approval and the appointment of a replacement Custodian Bank from BP Tapera. (3) The replacement of the Custodian Bank as referred to in paragraph (2) is reported by the Investment Manager to the Financial Services Authority no later than 10 (ten) working days after the appointment of the replacement Custodian Bank.

Article 26
In the event of a replacement of the Custodian Bank as referred to in Article 25 paragraph (1), the Custodian Bank is required to be responsible for its duties as Custodian Bank until the arrival of the replacement Custodian Bank.

Article 27
(1) The Investment Manager is required to notify in writing to BP Tapera and the Custodian Bank whenever there are changes in the members of the Board of Directors, Commissioners, and/or controlling shareholders of the Investment Manager, with a copy to the Financial Services Authority. (2) The Custodian Bank is required to notify in writing to BP Tapera and the Investment Manager whenever there are changes in the person in charge, members of the Board of Directors, Commissioners, and/or controlling shareholders of the bank serving as the Custodian Bank, with a copy to the Financial Services Authority.

Eighth Section
Annual Financial Reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 28
(1) The Investment Manager and Custodian Bank are required to be responsible for the preparation of the annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) in accordance with their respective duties and obligations as referred to in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (2) The fiscal year for the annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) starts from January 1 and ends on December 31. (3) The annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be audited by an accountant registered with the Financial Services Authority. (4) The annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be signed by the Director of the Investment Manager and the person in charge of the Custodian Bank. (5) The annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (3) must be submitted to the Financial Services Authority by the Investment Manager no later than the end of the third month after the end of the annual financial report date and be available to holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera). (6) In the event that the deadline for the submission of the annual financial reports of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (5) falls on a Saturday, Sunday, or national holiday, the annual financial reports must be submitted no later than 1 (one) working day thereafter.

Ninth Section
Disclosure Documents of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 29
The Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must contain up-to-date information.

Article 30
The Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must:
a. cover all important and relevant information or facts regarding events, occurrences, and material facts that can influence the decisions of investors, prospective investors, or other parties interested in such information or facts, which are known or should be known by the Investment Manager and/or Custodian Bank; b. contain complete, sufficient, objective, clear, and easy-to-understand information; and
c. disclose a summary of the most important facts and considerations in the initial part of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), with the order of fact disclosure in the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) determined by the relevance of those facts to specific issues.

Article 31
(1) The disclosure of material facts in the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) can be adjusted and is not limited only to material facts. (2) The disclosure of material facts as referred to in paragraph (1) is conducted clearly with emphasis appropriate to the disclosure conditions of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), so that the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is not misleading. (3) The Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is prohibited from:
a. containing incorrect information about material facts, use of photos, diagrams, and/or tables; and/or b. omitting material facts that are needed, so that the information contained in the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) does not provide a misleading picture. (4) The Investment Manager, Custodian Bank, and/or capital market supporting professions, individually or jointly, are responsible for ensuring that the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera):
a. does not contain incorrect information or material facts; b. does not omit information or material facts; and/or
c. discloses information in accordance with the provisions as referred to in Article 29 and Article 30.

Article 32
The Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must contain at least:
a. information that must be presented or disclosed on the outer cover of the front of the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), at least:

1. name of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
2. legal basis of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
3. address, logo, telephone number, and facsimile of the Investment Manager and Custodian Bank;
4. registration date;
5. offering period of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), if there is an offering period;
6. minimum and/or maximum number of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) offered, if there is a limitation on the number of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
7. final allocation date, if there is a final allocation date;
8. refund date for subscription money, if there is a refund date for subscription money;
9. brief explanation regarding investment objectives, investment policy, investment strategy, and investment limitations in the investment portfolio of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
10. duration of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), if there is a duration of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
11. offering price equals the Net Asset Value per Participation Unit of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
12. full name of the Securities Underwriter, if there is a Securities Underwriter;
13. full name of the Investment Manager;
14. full name of the Custodian Bank;
15. place and date the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is issued;
16. attention column stating: "BEFORE INVESTORS DECIDE TO PURCHASE THESE PARTICIPATION UNITS, INVESTORS MUST FIRST STUDY THE PAGE" (which refers to the inner page of the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) regarding investment policy, risk factors, and the Investment Manager); and
17. the following statement printed in capital letters: "THE FINANCIAL SERVICES AUTHORITY DOES NOT GIVE A STATEMENT OF APPROVAL OR DISAPPROVAL OF THIS SECURITY, NOR DOES IT STATE THE TRUTH OR SUFFICIENCY OF THE CONTENT OF THIS DISCLOSURE DOCUMENT. ANY STATEMENT CONTRARY TO THIS IS A VIOLATION OF THE LAW";
    b. information that must be disclosed on the inner part of the front cover of the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera): "THE COLLECTIVE INVESTMENT CONTRACT FOR THE ACCUMULATION OF PEOPLE'S HOUSING SAVINGS FUNDS (TAPERA) IS NOT INCLUDED IN INVESTMENT INSTRUMENTS GUARANTEED BY THE GOVERNMENT, BANK INDONESIA, OR OTHER INSTITUTIONAL PARTIES. BEFORE PURCHASING PARTICIPATION UNITS, INVESTORS MUST FIRST STUDY AND UNDERSTAND THE DISCLOSURE DOCUMENT AND OTHER OFFERING DOCUMENTS. THE CONTENT OF THE DISCLOSURE DOCUMENT AND OTHER OFFERING DOCUMENTS IS NOT A GOOD ADVICE FROM A BUSINESS, LEGAL, OR TAX PERSPECTIVE". "THE COLLECTIVE INVESTMENT CONTRACT FOR THE ACCUMULATION OF PEOPLE'S HOUSING SAVINGS FUNDS (TAPERA) IS ONLY INTENDED FOR THE MANAGEMENT OF THE ACCUMULATION OF PEOPLE'S HOUSING SAVINGS FUNDS (TAPERA)". "PARTICIPANT INVESTMENTS IN THE COLLECTIVE INVESTMENT CONTRACT FOR THE ACCUMULATION OF PEOPLE'S HOUSING SAVINGS FUNDS (TAPERA) ARE NOT CONDUCTED DIRECTLY BUT ARE REPRESENTED BY BP TAPERA";
    c. table of contents;
    d. terms and definitions, containing at least:
18. definition of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
19. legal form of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
20. definition of Investment Manager;
21. definition of Custodian Bank;
22. definition of Securities;
23. definition of proof of ownership of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) or Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
24. definition of Net Asset Value; and
25. other matters considered material to be explained;
    e. information regarding the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), at least:
26. establishment of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
27. offering of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera);
28. explanation of returns obtained from investments in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); and
29. management of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), at least:
    a) investment committee; b) investment management team; c) information regarding the Investment Manager, at least:

1. brief description of the Investment Manager;
2. experience of the Investment Manager; and
3. Parties affiliated with the Investment Manager;
   d) information regarding the Custodian Bank; e) information regarding the appraiser, if there is an appraiser; f) information about other capital market supporting professions related to the formation of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) and the issuance of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); g) investment objectives, investment policy, investment strategy, and investment limitations in the investment portfolio of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); h) portfolio valuation method in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); i) cost allocation borne by the Investment Manager, Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera), Custodian Bank, and holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); j) taxation; k) main risk factors; l) rights of holders of Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); m) legal opinion from a legal consultant registered with the Financial Services Authority; n) requirements and procedures for ordering or purchasing Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); o) information regarding the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) and the ordering or purchasing form for Participation Units of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); p) structure of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); q) agreements related to the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); r) applicable legislation related to the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera); s) other material information to be known by investors, if there is other material information to be known by investors; and t) dissolution and liquidation of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

Article 33
(1) The Investment Manager managing the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) is required to issue an update of the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) if there are changes in material facts. (2) The update of the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) as referred to in paragraph (1) can be in the form of an insertion of changes to the Disclosure Document of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) by stating, "THIS INSERTION IS AN UPDATE AND AN INTEGRAL PART OF THE DISCLOSURE DOCUMENT".

Tenth Section
Guidelines for the Management of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera)

Article 34
(1) Investment objectives, investment policy, investment strategy, investment limitations, and portfolio composition of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) must be stated in the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera).

(2) Investment objectives, investment policies, investment strategies, investment limits, and the portfolio composition of the Collective Investment Contract for the Accumulation of People's Housing Savings Funds (Tapera) may change during:
a. compliance with applicable laws and regulations; b. obtaining approval from the Tapera Management Agency (BP Tapera) for the best interests of Tapera Fund participants; and
c. being stipulated in the amendment to the Collective Investment Contract for the Accumulation of Tapera Funds and the Disclosure Document of the Collective Investment Contract for the Accumulation of Tapera Funds.

Article 35
The investment portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds must consist of:
a. deposits at general banks; b. debt securities issued by the Government of the Republic of Indonesia;
c. debt securities issued by regional governments;
d. housing and residential area securities that have at least an investment-grade rating from a Securities Rating Agency licensed by the Financial Services Authority (OJK) or equivalent criteria; and/or e. other safe and profitable investment forms in accordance with applicable laws and regulations that have at least an investment-grade rating from a Securities Rating Agency licensed by the Financial Services Authority (OJK) or equivalent criteria.

Article 36
The investment portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds implemented based on Sharia principles must consist of:
a. Sharia bank deposits; b. Sukuk issued by the Government of the Republic of Indonesia;
c. Sukuk issued by regional governments;
d. Sharia securities in the housing and residential area sector that have at least an investment-grade rating from a Securities Rating Agency licensed by the Financial Services Authority (OJK) or equivalent criteria; and/or e. other safe and profitable Sharia investment forms in accordance with applicable laws and regulations that have at least an investment-grade rating from a Securities Rating Agency licensed by the Financial Services Authority (OJK) or equivalent criteria.

Article 37
(1) The Investment Manager must act professionally, with integrity, and independently in selecting portfolio securities and managing investments for the benefit of the Collective Investment Contract for the Accumulation of Tapera Funds. (2) In selecting portfolio securities and managing investments for the benefit of the Collective Investment Contract for the Accumulation of Tapera Funds, the Investment Manager must:
a. have rational reasons for every investment decision made and documented for the best interests of the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds; b. conduct due diligence before direct investment placement is carried out;
c. apply investment risk management in carrying out investment placement; and
d. apply liquidity management adjusted to the liquidity needs of the Collective Investment Contract for the Accumulation of Tapera Funds.

Article 38
(1) The Investment Manager managing the Collective Investment Contract for the Accumulation of Tapera Funds is prohibited from causing each Collective Investment Contract for the Accumulation of Tapera Funds managed by them to:
a. purchase securities from prospective or Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds and/or affiliated parties of prospective or Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds; b. engage in activities other than investment, reinvestment, or trading of securities as referred to in this Financial Services Authority Regulation; and/or
c. invest outside the territory of the Republic of Indonesia.
(2) The provisions as referred to in paragraph (1) apply mutatis mutandis to Collective Investment Contracts for the Accumulation of Tapera Funds based on Sharia principles.

Part Eleven
Fair Market Value of Securities in the Portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds

Article 39
(1) The Investment Manager managing the Collective Investment Contract for the Accumulation of Tapera Funds must calculate the Fair Market Value of securities in the portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds and submit it to the Custodian Bank no later than 17:00 Western Indonesia Time on every Trading Day. (2) The value of securities in the Collective Investment Contract for the Accumulation of Tapera Funds must be valued based on the Fair Market Value of securities calculated based on methods in accordance with applicable laws and regulations regarding the Fair Market Value of securities in the portfolio of mutual funds, unless otherwise regulated in this Financial Services Authority Regulation.

Article 40
(1) The Investment Manager may access the price of securities issued by a Securities Pricing Agency without being charged fees.
(2) In the event that the Securities Pricing Agency does not issue a fair market price for securities that are part of the investment portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds, the Investment Manager must calculate the Fair Market Value of the securities based on generally accepted accounting principles in good faith and with full responsibility.

Article 41
(1) The determination of the Fair Market Value of securities in the portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds:
a. debt securities and/or Sukuk issued by the Government of the Republic of Indonesia; b. debt securities and/or Sukuk issued by regional governments; and/or
c. securities/Sharia securities in the housing and residential area sector,
can use the amortized cost method.
(2) The determination of the Fair Market Value of securities using the amortized cost method as referred to in paragraph (1) may be carried out as long as:
a. the securities as referred to in paragraph (1) in the portfolio are not transferred until the maturity date; and b. there is no opportunity for Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds to resell Units of the Collective Investment Contract for the Accumulation of Tapera Funds until the maturity of the Collective Investment Contract for the Accumulation of Tapera Funds.

Part Twelve
Registration of the Collective Investment Contract for the Accumulation of Tapera Funds

Article 42
(1) To register the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 6 paragraph (2), the Investment Manager must submit a registration request to the Financial Services Authority in duplicate (2) copies in accordance with the format of the registration request for the issuance of the Collective Investment Contract for the Accumulation of Tapera Funds contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The registration request as referred to in paragraph (1) is accompanied by:
a. the Collective Investment Contract for the Accumulation of Tapera Funds made by a notarial deed by a notary registered with the Financial Services Authority; b. the final draft of the Disclosure Document of the Collective Investment Contract for the Accumulation of Tapera Funds which is stamped and signed by all parties;
c. agreements related to the Collective Investment Contract for the Accumulation of Tapera Funds;
d. documents appointing the Investment Manager and Custodian Bank of the Collective Investment Contract for the Accumulation of Tapera Funds from BP Tapera; e. audit reports from the legal aspect and legal opinions made by legal consultants registered with the Financial Services Authority regarding the issuance of the Collective Investment Contract for the Accumulation of Tapera Funds; and f. all registration documents and/or information in digital format of the Collective Investment Contract for the Accumulation of Tapera Funds using compact disc media or other media.

Article 43
(1) In processing the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 42 paragraph (1), the Financial Services Authority examines the completeness of the application documents. (2) To support the examination of the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds, the Financial Services Authority has the authority to:
a. request the Investment Manager managing the Collective Investment Contract for the Accumulation of Tapera Funds to present; b. request documents of changes and/or additional information related to the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds; and/or
c. conduct on-site examinations regarding the completeness and readiness of the Investment Manager and/or Custodian Bank in managing the Collective Investment Contract for the Accumulation of Tapera Funds.

Article 44
(1) The Investment Manager managing the Collective Investment Contract for the Accumulation of Tapera Funds submits documents of changes and/or additional information related to the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 43 paragraph (2) letter b no later than 45 (forty-five) days after the date of the letter requesting documents of changes and/or additional information from the Financial Services Authority. (2) The Investment Manager managing the Collective Investment Contract for the Accumulation of Tapera Funds who does not complete documents of changes and/or additional information within the time period as referred to in paragraph (2) is deemed to have cancelled the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds that has been submitted to the Financial Services Authority. (3) The Investment Manager must submit the final printed Disclosure Document of the Collective Investment Contract for the Accumulation of Tapera Funds along with the digital format of the document to the Financial Services Authority no later than 30 (thirty) working days after the date of registration of the Collective Investment Contract for the Accumulation of Tapera Funds.

Article 45
No later than 45 (forty-five) days since the receipt of the registration request as referred to in Article 42, the Financial Services Authority provides a notification letter to the applicant stating:
a. the registration request for the Collective Investment Contract for the Accumulation of Tapera Funds does not yet meet the requirements; or b. the Collective Investment Contract for the Accumulation of Tapera Funds has been registered by the Financial Services Authority.

Article 46
In the event that the Financial Services Authority has provided an electronic system regarding the submission of registration requests for the Collective Investment Contract for the Accumulation of Tapera Funds, registration requests for the Collective Investment Contract for the Accumulation of Tapera Funds must be submitted through the electronic system.

Part Thirteen
Authority of the Financial Services Authority to Protect the Interests of Unit Holders of the Collective Investment Contract for the Accumulation of Tapera Funds

Article 47
To protect the interests of Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds, the Financial Services Authority has the authority to:
a. transfer, freeze, and/or secure the assets of the Collective Investment Contract for the Accumulation of Tapera Funds; b. dissolve the Collective Investment Contract for the Accumulation of Tapera Funds; and/or
c. take other actions regarding the Collective Investment Contract for the Accumulation of Tapera Funds.

Part Fourteen
Dissolution and Liquidation of the Collective Investment Contract for the Accumulation of Tapera Funds

Article 48
The Collective Investment Contract for the Accumulation of Tapera Funds must be dissolved if:
a. ordered by the Financial Services Authority in accordance with applicable laws and regulations in the capital market sector; and/or b. the Investment Manager and Custodian Bank have agreed to dissolve the Collective Investment Contract for the Accumulation of Tapera Funds and obtained approval from BP Tapera.

Article 49
In the event that the Collective Investment Contract for the Accumulation of Tapera Funds is dissolved due to conditions as referred to in Article 48 letter a, the Investment Manager must:
a. submit a dissolution plan to the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds no later than 5 (five) Trading Days after being ordered by the Financial Services Authority and on the same day notify in writing to the Custodian Bank to stop calculating the Net Asset Value of the Collective Investment Contract for the Accumulation of Tapera Funds; b. instruct the Custodian Bank no later than 5 (five) Trading Days after being ordered by the Financial Services Authority, to pay funds or assets from the liquidation of the investment portfolio of the Collective Investment Contract for the Accumulation of Tapera Funds which are the rights of the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds with the condition that the liquidation results of the investment portfolio are received by the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds no later than 7 (seven) Trading Days after liquidation is completed; and
c. submit a report on the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds to the Financial Services Authority no later than 60 (sixty) Trading Days after the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds is ordered by the Financial Services Authority accompanied by documents:

1. opinions from legal consultants registered with the Financial Services Authority;
2. financial reports of the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds audited by accountants registered with the Financial Services Authority; and
3. deed of dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds from a notary registered with the Financial Services Authority.

Article 50
In the event that the Collective Investment Contract for the Accumulation of Tapera Funds is dissolved due to conditions as referred to in Article 48 letter b, the Investment Manager must:
a. submit a report on the agreement to dissolve the Collective Investment Contract for the Accumulation of Tapera Funds to the Financial Services Authority no later than 2 (two) Trading Days after obtaining approval from BP Tapera by attaching the approval letter from BP Tapera; b. notify in writing to the Custodian Bank to stop calculating the Net Asset Value of the Collective Investment Contract for the Accumulation of Tapera Funds no later than 5 (five) Trading Days after obtaining approval from BP Tapera;
c. instruct the Custodian Bank no later than 5 (five) Trading Days after obtaining approval from BP Tapera, to pay assets from liquidation which are the rights of the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds with the condition that such assets are received by the Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds no later than 7 (seven) Trading Days after liquidation is completed; and
d. submit a report on the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds to the Financial Services Authority no later than 60 (sixty) Trading Days after obtaining approval from BP Tapera accompanied by documents:

1. opinions from legal consultants registered with the Financial Services Authority;
2. financial reports of the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds audited by accountants registered with the Financial Services Authority; and
3. deed of dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds from a notary registered with the Financial Services Authority.

Article 51
Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds cannot resell after the dissolution plan of the Collective Investment Contract for the Accumulation of Tapera Funds is established.

Article 52
The financial report of the dissolution of the Collective Investment Contract for the Accumulation of Tapera Funds contains at least:
a. financial position reports; b. comprehensive income statements; and
c. notes to the financial statements.

CHAPTER III
USE OF S-INVEST FOR COLLECTIVE INVESTMENT CONTRACTS FOR THE ACCUMULATION OF TAPERA FUNDS

Article 53
(1) The Collective Investment Contract for the Accumulation of Tapera Funds is established as an investment product in accordance with Financial Services Authority regulations regarding S-INVEST.
(2) The Investment Manager and Custodian Bank of the Collective Investment Contract for the Accumulation of Tapera Funds must fulfill their obligations as Users of S-INVEST in accordance with Financial Services Authority regulations regarding S-INVEST.

Article 54
Users of S-INVEST acting as Custodian Banks of the Collective Investment Contract for the Accumulation of Tapera Funds must submit:
a. Net Asset Value calculation reports showing financial positions as referred to in Article 13 paragraph (2) of each Collective Investment Contract for the Accumulation of Tapera Funds to the Financial Services Authority; b. financial information reports of the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 13 paragraph (3) to the Investment Manager;
c. letters or confirmation evidence regarding the execution of orders for sales, repurchase/redemption, and/or transfer of Units of the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 20 to Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds; and
d. monthly reports to Unit holders of the Collective Investment Contract for the Accumulation of Tapera Funds regarding changes in ownership of Units of the Collective Investment Contract for the Accumulation of Tapera Funds and ownership positions of Units of the Collective Investment Contract for the Accumulation of Tapera Funds as referred to in Article 21 paragraph (1), through S-INVEST.

CHAPTER IV
ADMINISTRATIVE SANCTIONS

Article 55
(1) Every party that violates and/or causes violations of the provisions as referred to in Article 5, Article 6, Article 7 paragraph (1), paragraph (2), and paragraph (3), Article 13, Article 14 paragraph (1) and paragraph (2), Article 15, Article 16, Article 17, Article 18 paragraph (1) and paragraph (3), Article 19, Article 20 paragraph (1) and paragraph (2), Article 21 paragraph (1), Article 22, Article 23, Article 24, Article 26, Article 27, Article 28 paragraph (1), paragraph (3), paragraph (4) and paragraph (5), Article 29, Article 30, Article 31 paragraph (3), Article 32, Article 33 paragraph (1), Article 34 paragraph (1), Article 35, Article 36, Article 37, Article 38 paragraph (1), Article 39, Article 40 paragraph (2), Article 44 paragraph (3), Article 46, Article 48, Article 49, Article 50, Article 53 paragraph (2), and Article 54 are 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 warnings; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. freezing of business activities; e. revocation of business licenses; f. cancellation of approvals; and/or g. cancellation of registrations.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, letter f, or letter g may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, letter e, letter f, or letter g. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with applicable laws and regulations.

Article 56
In addition to administrative sanctions as referred to in Article 55 paragraph (4), the Financial Services Authority may take certain actions against every party that violates and/or causes violations of the provisions of this Financial Services Authority Regulation.

Article 57
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 55 paragraph (4) and certain actions as referred to in Article 56 to the public.

CHAPTER V
CLOSING PROVISIONS

Article 58
This Financial Services Authority Regulation comes into force on the date of enactment.

This copy is consistent with the original.
Acting Director of Law 1
Legal Department signed
Wiwit Puspasari

To ensure 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 December 29, 2020
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Enacted in Jakarta on December 30, 2020
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2020 NUMBER 313

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 66 /POJK.04/2020
REGARDING
GUIDELINES FOR COLLECTIVE INVESTMENT CONTRACTS FOR THE ACCUMULATION OF PEOPLE'S HOUSING SAVINGS FUNDS

I. GENERAL
That the management of People's Housing Savings Funds (Dana Tabungan Perumahan Rakyat or Tapera) is a mandate from the birth of Law Number 4 of 2016 concerning People's Housing Savings Funds. Tapera is a storage made by participants periodically for a certain period which can only be utilized for housing financing and/or returned along with the results of accumulation after membership ends. Tapera aims to gather and provide cheap, long-term, sustainable funds for housing financing in order to meet the needs of decent and affordable housing for participants.

That in managing People's Housing Savings Funds, there is an accumulation mechanism carried out to increase the value of People's Housing Savings Funds. This accumulation mechanism is carried out by Investment Managers through the establishment of Collective Investment Contracts for the Accumulation of Tapera Funds based on applicable laws and regulations. Furthermore, in the operational management of People's Housing Savings Funds, an integrated investment management system is needed to support operational facilities and increase the transparency of management carried out. Based on the background of thought and aspects thereof, to provide legal basis and guidelines for the implementation of accumulation by Investment Managers and Custodian Banks through the Collective Investment Contract scheme, and to provide legal basis for the operational implementation of integrated investment management systems, it is necessary to issue laws and regulations in the capital market sector regulating the Guidelines for Collective Investment Contracts for the Accumulation of People's Housing Savings Funds.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
What is meant by "affiliation relationship" is both directly and indirectly.

Article 6
Clear enough.

Article 7
Paragraph (1)
Clear enough.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Financial Services Authority regulations regarding the issuance and requirements of Sharia Mutual Funds are Financial Services Authority Regulation Number 33/POJK.04/2019 concerning the Issuance and Requirements of Sharia Mutual Funds.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Clear enough.

Article 11
Clear enough.

Article 12
Letter a
Number 1
Clear enough.

Number 2
Clear enough.

Number 3
Clear enough.

Number 4
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 released by parties conducting Sharia activities in the capital market.

Number 5
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Article 13
Paragraph (1)
Clear enough.

Paragraph (2)
Financial Services Authority regulations regarding mutual fund reports are Financial Services Authority Regulation Number 56/POJK.04/2020 concerning Reporting and Accounting Guidelines for Mutual Funds.

Paragraph (3)
Clear enough.

Paragraph (4)
The reporting system provided by the Financial Services Authority is connected to S-INVEST.

Paragraph (5)
Clear enough.

Article 14
Clear enough.

Article 15
Paragraph (1)
Clear enough.

Paragraph (2)
Applicable laws and regulations in the capital market sector regarding the Fair Market Value of securities in the portfolio of mutual funds are the Decision of the Chairman of the Capital Market and Financial Institution Supervisory Board Number: KEP-367/BL/2012 along with the Appendix of the Decision of the Chairman of Bapepam and LK Number: Kep- 367/Bl/2012 dated: July 9, 2012 Regulation Number IV.C.2 concerning the Fair Market Value of Securities in the Portfolio of Mutual Funds.

Article 16
Clearly stated.

Article 17
Clearly stated.

Article 18
Paragraph (1)
Examples of transfers of Units of Collective Investment Contracts for the Accumulation of Tapera Funds from one Unit of Collective Investment Contract for the Accumulation of Tapera Funds to another include the transfer of Units of Collective Investment Contracts for the Accumulation of Conventional Tapera Funds to Units of Collective Investment Contracts for the Accumulation of Tapera Funds with Sharia principles, or the transfer of Units of Collective Investment Contracts for the Accumulation of Tapera Funds with more aggressive investment policies to Units of Collective Investment Contracts for the Accumulation of Tapera Funds with more conservative investment policies.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Article 19
Clearly stated.

Article 20
Clearly stated.

Article 21
Clearly stated.

Article 22
Clearly stated.

Article 23
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Examples of required actions include registering deposits in the name of the Custodian Bank for the benefit of the holders of Units of Collective Investment Contracts for the Accumulation of Tapera Funds.

Article 24
Clearly stated.

Article 25
Clearly stated.

Article 26
Clearly stated.

Article 27
Clearly stated.

Article 28
Clearly stated.

Article 29
Clearly stated.

Article 30
Letter a
The term "other parties" includes the Financial Services Authority (OJK) as the regulator, legal consultants, notaries, and accountants.

Letter b
Clearly stated.

Letter c
Clearly stated.

Article 31
Clearly stated.

Article 32
Clearly stated.

Article 33
Clearly stated.

Article 34
Clearly stated.

Article 35
Letter a
Deposits are savings that can only be withdrawn at a specific time based on an agreement between the depositor and the bank.
A commercial bank is as referred to in Law Number 7 of 1992 concerning Banking, as amended by Law Number 10 of 1998.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Securities in the field of housing and residential areas refer to Securities related to and/or issued in the context of financing activities in the field of housing and residential areas.

Letter e
Other safe and profitable investment forms in accordance with applicable laws and regulations include, but are not limited to, Securities issued for infrastructure financing, asset-backed securities, and real estate investment funds.

Article 36
Letter a
Sharia banking is as referred to in Law Number 21 of 2008 concerning Sharia Banking.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Sharia securities in the field of housing and residential areas refer to Sharia Securities related to and/or issued in the context of financing activities in the field of housing and residential areas.

Letter e
Other safe and profitable Sharia investment forms in accordance with applicable laws and regulations include, but are not limited to, Securities issued for Sharia infrastructure financing, Sharia asset-backed securities, and Sharia real estate investment funds.

Article 37
Clearly stated.

Article 38
Paragraph (1)
Letter a
The term "buying Securities" refers to buying Securities previously owned by the candidate or holder of Units of Collective Investment Contracts for the Accumulation of Tapera Funds and/or affiliated parties of the candidate or holder of Units of Collective Investment Contracts for the Accumulation of Tapera Funds.

Letter b
Clearly stated.

Letter c
Clearly stated.

Paragraph (2)
Clearly stated.

Article 39
Clearly stated.

Article 40
Clearly stated.

Article 41
Clearly stated.

Article 42
Clearly stated.

Article 43
Clearly stated.

Article 44
Clearly stated.

Article 45
Clearly stated.

Article 46
Clearly stated.

Article 47
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Other actions include:

1. suspending the issuance of new Units of Collective Investment Contracts for the Accumulation of Tapera Funds from such Collective Investment Contract for the Accumulation of Tapera Funds; and
2. prohibiting certain Securities transactions.

Article 48
Clearly stated.

Article 49
Clearly stated.

Article 50
Clearly stated.

Article 51
Clearly stated.

Article 52
Clearly stated.

Article 53
Paragraph (1)
The Financial Services Authority Regulation regarding S-INVEST is Financial Services Authority Regulation Number 28/POJK.04/2016 concerning the Integrated Investment Management System.

Paragraph (2)
Clearly stated.

Article 54
Clearly stated.

Article 55
Clearly stated.

Article 56
The term "specific actions" may include a prohibition on issuing new Units in the Collective Investment Contract for the Accumulation of Tapera Funds.

Article 57
Clearly stated.

Article 58
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6612

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 66 /POJK.04/2020
CONCERNING GUIDELINES FOR COLLECTIVE INVESTMENT CONTRACTS FOR THE ACCUMULATION OF RAKYAT HOUSING SAVINGS FUNDS

REGISTRATION FORM FOR COLLECTIVE INVESTMENT CONTRACTS FOR THE ACCUMULATION OF TAPERA FUNDS

(Place), (date)/(month)/(year)
Number : …
Attachment : …
Subject : Application for Registration of Collective Investment Contract for the Accumulation of Tapera Funds … (name)

To
The Executive Head of Capital Market Supervision in Jakarta

Hereby we submit the Application for Registration of Collective Investment Contract for the Accumulation of Tapera Funds … (name), amounting to … units with a value of Rp …

I. Investment Manager

1. Name : …
2. Address : …
3. Number and date of the establishment deed including amendments to the articles of association : …
4. Number and date of approval from the Minister of Law and Human Rights : …
5. Number and date of announcement in the State Gazette of the Republic of Indonesia : …
6. Number and date of business license from the Financial Services Authority : …
7. Company Tax Identification Number (NPWP) : …
8. Board of Directors and Board of Commissioners members : …

Board of Directors
No. Name Citizenship Address
1.
2.
3.
4.

Board of Commissioners
No. Name Citizenship Address
1.
2.
3.
4.

II. Custodian Bank

1. Name : …
2. Address : …
3. Number and date of the establishment deed including amendments to the articles of association : …
4. Number and date of approval from the Minister of Law and Human Rights : …
5. Number and date of announcement in the State Gazette of the Republic of Indonesia : …
6. Number and date of approval from the Financial Services Authority : …
7. Company Tax Identification Number (NPWP) : …
8. Board of Directors and Board of Commissioners members : …

Board of Directors
No. Name Citizenship Address
1.
2.
3.
4.

Board of Commissioners
No. Name Citizenship Address
1.
2.
3.
4.

III. Notary

1. Name : …
2. Address : …
3. Company Tax Identification Number (NPWP) : …
4. Number and date of registration from the Financial Services Authority : …

IV. Legal Consultant

1. Name : …
2. Address : …
3. Company Tax Identification Number (NPWP) : …
4. Number and date of registration from the Financial Services Authority : …

V. List of attached documents:

1. Collective Investment Contract for the Accumulation of Tapera Funds made by a notary deed by a notary registered with the Financial Services Authority;
2. the final draft of the Disclosure Document for the Collective Investment Contract for the Accumulation of Tapera Funds, stamped and signed by all parties;
3. agreements related to the Collective Investment Contract for the Accumulation of Tapera Funds;
4. documents appointing the Investment Manager and Custodian Bank for the Collective Investment Contract for the Accumulation of Tapera Funds from the Tapera Management Agency (BP Tapera);
5. legal examination reports and legal opinions prepared by legal consultants registered with the Financial Services Authority regarding the issuance of the Collective Investment Contract for the Accumulation of Tapera Funds; and
6. all registration documents and/or information for the Collective Investment Contract for the Accumulation of Tapera Funds in digital format using compact discs or other digital media.

This copy is consistent with the original
Acting Director of Legal Affairs 1
Legal Department signed
Wiwit Puspasari

STATEMENT OR INFORMATION CONTAINED IN THE REGISTRATION APPLICATION IS TRUE AND THERE ARE NO MATERIAL FACTS OMITTED FROM THE REGISTRATION APPLICATION THAT WOULD MAKE THE REGISTRATION APPLICATION MISLEADING.

INVESTMENT MANAGER,
Stamp
...................................
Full Name

Established in Jakarta on 29 December 2020

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