Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Collective Investment Contracts

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 65 /POJK.04/2017
CONCERNING
GUIDELINES FOR THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS BY THE GRACE OF GOD ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that to optimize financial asset securitization as a financing channel through the capital market, it is necessary to establish a Financial Services Authority Regulation concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Collective Investment Contracts; Recalling: 1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA

RESOLVING:
Decreeing: GUIDELINES FOR THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS.

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

1. Collective Investment Contract for Asset-Backed Securities, hereinafter abbreviated as KIK-EBA, is a contract between the investment manager and the custodian bank binding security holders, whereby the investment manager is authorized to manage the collective investment portfolio and the custodian bank is authorized to perform collective custody.
2. Collective Investment Contract is a contract between the investment manager and the custodian bank binding unit holders, whereby the investment manager is authorized to manage the collective investment portfolio and the custodian bank is authorized to perform collective custody.
3. Investment Manager is a party whose business activities involve managing a portfolio of securities for clients or managing a collective investment portfolio for a group of clients, except insurance companies, pension funds, and banks conducting their own business activities based on legislation.
4. Custodian is a party providing securities custody 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 clients.
5. Custodian Bank is a general bank that has obtained approval from the Financial Services Authority as a Custodian.
6. Securities are negotiable instruments, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, units of participation in Collective Investment Contracts, forward contracts over Securities, and any derivatives of Securities.
7. Asset-Backed Securities are Securities issued by KIKEBA whose portfolio consists of financial assets.
8. Fixed Cash Flow Asset-Backed Securities are Asset-Backed Securities that provide holders with specific income, similar to holders of debt-type Securities.
9. Variable Cash Flow Asset-Backed Securities are Asset-Backed Securities that promise holders variable income, similar to holders of equity-type Securities.
10. Credit Enhancement Facility is a facility intended to improve the quality of the collective investment portfolio for payment purposes to holders of Asset-Backed Securities.
11. Party refers to an individual, company, joint venture, association, or organized group.
12. Originator is a Party that has transferred its financial assets to the holders of Asset-Backed Securities collectively, where such financial assets were obtained by the relevant Party due to lending, sales, and/or provision of other services related to its business.
13. Servicer is a Party responsible for processing and monitoring payments made by debtors, taking initial actions such as warnings or other measures because debtors are late or fail to meet their obligations, negotiating, resolving claims against debtors, and providing other services stipulated in the contract.
14. Public Offering is the activity of offering Securities conducted by the Issuer to sell Securities to the public based on procedures regulated in the Law regarding the capital market and its implementing regulations.
15. Registration Statement is a document that must be submitted to the Financial Services Authority by the Issuer in the context of a Public Offering or Public Company.
16. Asset-Backed Securities Disclosure Document is any written information containing material information or facts about Asset-Backed Securities in the context of issuing Asset-Backed Securities offered not through a Public Offering, with the aim for other Parties to purchase Asset-Backed Securities.
17. Material Information or Facts of Asset-Backed Securities are important and relevant information or facts regarding events, occurrences, or facts that can influence the price of Asset-Backed Securities and/or the decision-making of investors, potential investors, or other interested Parties regarding such information or facts.
18. Asset-Backed Securities Prospectus is any written information containing Material Information or Facts of Asset-Backed Securities in the context of a Public Offering of Asset-Backed Securities, with the aim for other Parties to purchase Asset-Backed Securities.

CHAPTER II
ISSUANCE OF ASSET-BACKED SECURITIES IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS First Section Securitization of Financial Assets in KIK-EBA
Article 2
(1) Financial assets in the KIK-EBA investment portfolio may consist of:
a. receivables arising from commercial paper; b. credit card receivables;
c. receivables arising subsequently;
d. receivables arising from the provision of credit; e. debt-type Securities guaranteed by the Government; f. Credit Enhancement Facilities; g. future cash flows or securities representing rights to future cash flows; h. future income or securities representing rights to future income; and/or
i. equivalent financial assets and other financial assets related to such financial assets.
(2) Credit Enhancement Facilities as referred to in paragraph (1) letter f may consist of:
a. subordination of a certain class of Asset-Backed Securities relative to another class of Asset-Backed Securities concerning the same Collective Investment Contract; b. letter of credit (L/C);
c. guarantee funds;
d. allowance for doubtful accounts; e. insurance; f. interest rate guarantees; g. liquidity availability guarantees at maturity; h. tax payment guarantees;
i. options; or
j. "swap" agreements on interest rates or foreign exchange rates.
(3) Requirements for financial assets in the KIK-EBA investment portfolio:
a. must be financial assets that possess or generate cash flows; b. financial assets must be legally owned or under the control of the Originator; and
c. financial assets must be freely transferable to KIK-EBA.
(4) Financial assets forming the KIK-EBA portfolio are obtained from the Originator through sale or true legal sale/exchange with KIK-EBA. (5) Sale or true legal sale/exchange as referred to in paragraph (4) must meet the following criteria:
a. financial assets must be ensured to be separated from the Originator's assets, and there must be efforts by the Investment Manager to believe or ensure that financial assets do not enter the bankruptcy estate in the event of the Originator's bankruptcy; b. the Originator must transfer all rights and obligations (if any) related to the financial assets to KIK-EBA and is prohibited from retaining any benefits from such financial assets;
c. the Originator no longer acts as the holder of rights over such financial assets;
d. the Originator must not be in a position as the controller of KIK-EBA in the financial asset securitization transaction; e. KIK-EBA does not have the right to request recourse from the Originator for losses caused by such financial assets; f. in the event the Originator also acts as a Servicer, services provided as a Servicer must be given based on an arm's length basis; g. in the event the Originator also acts as a paying agent, there must be no obligation imposed on the Originator to provide funds to KIK-EBA except until such funds are received from the debtor; and h. despite the criteria set forth in letters a through g, the sale agreement from the Originator to KIK-EBA must regulate the Originator's rights to include at least:

1. in the event the value of KIK-EBA's financial assets has declined to an uneconomical scale, the Originator has the first right to repurchase or refuse repurchase of the financial assets in KIK-EBA at fair value; or
2. the Originator may repurchase financial assets from KIK-EBA if the Originator, based on the securitization transaction, has an obligation to repurchase due to breach of conditions or warranties in the securitization transaction.
   (6) Fulfillment of sale or true legal sale/exchange as referred to in paragraph (4) must be supported by a legal opinion from a consultant registered with the Financial Services Authority. (7) The transfer of financial assets from the Originator to KIK-EBA as referred to in paragraph (4) may be accompanied by the fulfillment of sale or true legal sale/exchange in accounting. (8) In the event the transfer of financial assets from the Originator to KIK-EBA is accompanied by the fulfillment of sale or true legal sale/exchange in accounting as referred to in paragraph (7), the accounting treatment for such fulfillment must be performed consistently and supported by an opinion from an accountant registered with the Financial Services Authority.

Article 3
The Originator may only buy back or exchange true sale up to a maximum of 10% (ten percent) of the value of financial assets already transferred to KIK-EBA.

Article 4
Financial assets forming the KIK-EBA portfolio obtained by the Investment Manager are recorded in the name of the Custodian Bank for the benefit of Asset-Backed Security holders.

Second Section
KIK-EBA Guidelines
Article 5
KIK-EBA must be created in the form of a notarial deed by a notary registered with the Financial Services Authority.

Article 6
KIK-EBA must contain at least:
a. the name of the Investment Manager; b. the name of the Custodian Bank;
c. the name and obligations of the Servicer providing services over specific financial assets in the KIK-EBA portfolio;
d. the name of the securities rating agency in the event Asset-Backed Securities are offered through a Public Offering; e. the name of the accountant registered with the Financial Services Authority appointed to audit financial reports at least once (1) within one (1) year; f. the name of the legal consultant registered with the Financial Services Authority appointed to issue a legal opinion regarding the transfer of financial assets constituting the KIK-EBA portfolio; g. provisions regarding the duration of KIK-EBA; h. obligations and responsibilities of the Investment Manager;
i. obligations and responsibilities of the Custodian Bank;
j. rights of Asset-Backed Security holders; k. provisions regarding the prohibition of reselling Asset-Backed Securities to the Investment Manager and/or Custodian Bank representing Asset-Backed Security holders;
l. provisions regarding the replacement of the Investment Manager, Custodian Bank, accountant, Servicer, securities rating agency, legal consultant, notary, and other Parties related to KIK-EBA;
m. service fees to be received by the Parties appointed as referred to in letters a through f; n. dissolution and liquidation of KIK-EBA; and o. appointment of an alternative dispute resolution institution in the capital market sector, or other alternative dispute resolution institutions, as the body to resolve disputes and civil disagreements between the Investment Manager and Custodian Bank.

Article 7
KIK-EBA may:
a. contain the presence or absence of classes of Asset-Backed Securities with different rights, where such differentiation may be based on the following:
1. order and schedule of payments to Asset-Backed Security holders;
2. class of Fixed Cash Flow Asset-Backed Securities;
3. determination of payments for specific Asset-Backed Securities originating from interest or other cash flows;
4. determination of payments for specific Asset-Backed Securities originating from principal loans;
5. accelerated payment determination for a certain class of Asset-Backed Securities due to certain conditions;
6. payment determination changing according to changes in interest rates or other market indicators;
7. determination of guarantee levels or priority rights over financial assets or cash flows from the Collective Investment Contract; and
8. determination of limited liability for the repayment of a certain class of Asset-Backed Securities;
b. stipulate requirements that Asset-Backed Securities from a certain class may be transferred to other Parties;
c. stipulate provisions regarding the dissolution and liquidation of KIK-EBA, including the distribution of financial assets to some or all classes of Asset-Backed Security holders, at specific times or under specific conditions; and
d. stipulate the presence or absence of:
1. insurance on financial assets forming the KIK-EBA portfolio covering various risks;
2. rating of some or all classes of Asset-Backed Securities;
3. third-party guarantees;
4. Credit Enhancement Facilities;
5. specific cash flows retained and reinvested in the KIK-EBA portfolio; and
6. additional issuance of Asset-Backed Securities that can be held by investors other than holders of previously issued Asset-Backed Securities.

Article 8
Each KIK-EBA must be given a name consisting of the Investment Manager's name, preceded by the words "COLLECTIVE INVESTMENT CONTRACT FOR ASSET-BACKED SECURITIES" and a number assigned by the Investment Manager, with the following provisions:
a. in the event of a change in Investment Manager, the name of KIK-EBA must change according to the new Investment Manager's name; b. in the event there is more than one (1) class of specific Asset-Backed Securities, KIK-EBA must mention each class in capital letters and add descriptions explaining each class of Asset-Backed Securities; and
c. the name of KIK-EBA may be added with the type of financial assets forming the KIK-EBA portfolio.

Fourth Section
Asset-Backed Securities Certificates
Article 9
(1) Asset-Backed Securities are evidenced by certificates.
(2) Certificates as referred to in paragraph (1) may be issued in the form of collective Asset-Backed Securities certificates. (3) Collective Asset-Backed Securities certificates as referred to in paragraph (2) must contain at least:
a. the name of KIK-EBA; b. the name of the Asset-Backed Security holder;
c. the quantity of Asset-Backed Securities;
d. brief description of material rights concerning the class of Asset-Backed Securities; e. brief description of KIK-EBA; f. payment schedule for such Asset-Backed Securities; g. name and address of the Investment Manager; h. statement by the Investment Manager regarding the availability of the latest Asset-Backed Securities Disclosure Document;
i. name and address of the Custodian Bank;
j. name and address of the securities administration bureau, if any; and k. place, date, and name of the notary who created KIK-EBA.

Fifth Section
Offering of Asset-Backed Securities
Article 10
Asset-Backed Securities may be offered through a Public Offering or not through a Public Offering.

Article 11
(1) In the event Asset-Backed Securities are offered through a Public Offering, the Investment Manager must submit a Registration Statement to the Financial Services Authority. (2) Public Offering of Asset-Backed Securities may only be conducted after the Asset-Backed Securities Registration Statement becomes effective.

Article 12
(1) In the event Asset-Backed Securities are offered not through a Public Offering, the Investment Manager is not required to submit a Registration Statement to the Financial Services Authority. (2) Investment Managers managing Asset-Backed Securities not offered through a Public Offering must submit the following documents to the Financial Services Authority no later than 10 (ten) days since the date of signing of KIK-EBA:
a. Asset-Backed Securities Disclosure Document; b. KIK-EBA; and
c. specimen of Asset-Backed Securities certificate.

Article 13
(1) In conducting the offering of Asset-Backed Securities, the Investment Manager may cooperate with other Parties.
(2) In the event the other Party as referred to in paragraph (1) is a domestic Party, such Party must possess a license or registration certificate as a mutual fund sales agent from the Financial Services Authority. (3) Investment Managers using the services of other Parties to conduct the offering of Asset-Backed Securities must:
a. have written policies and procedures regarding the offering of Asset-Backed Securities through other Parties; and b. ensure that the offering of Asset-Backed Securities by other Parties does not constitute a Public Offering, in the event the Asset-Backed Securities offered are products not offered through a Public Offering.

Article 14
The Registration Statement in the context of a Public Offering of Asset-Backed Securities is submitted by the Investment Manager to the Financial Services Authority as follows:
a. submitting a Registration Statement prepared using the format of the Registration Statement in the Context of Public Offering of Asset-Backed Securities as contained in the Appendix which is an integral part of this Financial Services Authority Regulation; and b. attaching documents at least:

1. KIK-EBA created with a notarial deed by a notary registered with the Financial Services Authority; and
2. the final draft Prospectus stamped and signed by the Parties.

Article 15
In the context of the Asset-Backed Securities Registration Statement, the Investment Manager must create, store, and administer the following documents:
a. KIK-EBA created with a notarial deed by a notary registered with the Financial Services Authority; b. other agreements related to Asset-Backed Securities;
c. the final draft Prospectus stamped and signed by the Parties;
d. example of Asset-Backed Securities certificate; e. audit report and legal opinion regarding the issuance of Asset-Backed Securities; f. accountant's opinion regarding the accounting aspects of Asset-Backed Securities issuance, if any; and g. documents containing the rating results from a securities rating company that has obtained a license from the Financial Services Authority.

Article 16
(1) In the event the Registration Statement as referred to in Article 14 does not meet requirements, the Financial Services Authority provides a notification letter to the applicant stating that the Registration Statement is incomplete. (2) In the event the Registration Statement as referred to in Article 14 meets requirements, the Financial Services Authority provides a notification letter to the applicant stating that the Registration Statement is declared effective.

Article 17
(1) The Asset-Backed Securities Registration Statement becomes effective on the 45th (forty-fifth) day since receipt of the complete Registration Statement or on an earlier date if declared effective by the Financial Services Authority. (2) Within the period as referred to in paragraph (1), the Financial Services Authority may request changes and/or additional information from the Investment Manager. (3) In the event the Investment Manager submits changes and/or additional information, the Registration Statement is considered resubmitted on the date of receipt of such changes and/or additional information. (4) The Asset-Backed Securities Registration Statement cannot become effective until changes and/or additional information as referred to in paragraph (2) are received and meet the requirements established by the Financial Services Authority.

Sixth Section
Guidelines on the Form and Content of Prospectus in the Context of Public Offering of Asset-Backed Securities
Article 18
KIK-EBA must submit a Prospectus containing current information when offering KIK-EBA to the public.

Article 19
(1) The Asset-Backed Securities Prospectus must contain all details of Material Information or Facts regarding Asset-Backed Securities and information and/or statements required in this Financial Services Authority Regulation. (2) The Prospectus is prohibited from containing incorrect statements about material facts or omitting correct statements about material facts necessary so that the Prospectus does not give a misleading impression. (3) The Prospectus must be drafted clearly and communicatively. (4) Presentation and delivery of important information in the Prospectus must not be obscured by less important information resulting in such important information being overlooked by readers. (5) The most important facts and considerations must be summarized and disclosed in the early part of the Prospectus. (6) The order of presenting facts in the Prospectus is determined based on fact relevance and is not determined based on the order stated in this Financial Services Authority Regulation. (7) Disclosure of Material Information or Facts and/or use of photos, diagrams, and/or tables in the Prospectus is prohibited from giving a misleading impression.

Article 20
The Asset-Backed Securities Prospectus must contain at least the following information:
a. information that must be included or disclosed on the outside cover of the Prospectus:
1. full name, address, logo (if any), telephone/telex/fax number, and postal box address of the Investment Manager and Custodian Bank offices;
2. effective date;
3. offering period;
4. allocation date, if any;
5. refund date for subscription money, if any;
6. date of delivery of Asset-Backed Securities certificates;
7. name of the stock exchange and planned listing date, if any;
8. brief explanation of the type of assets forming the portfolio of Asset-Backed Securities;
9. nature, quantity, price, and brief description of the rights of Asset-Backed Security holders;
10. full name of the lead underwriter and co-underwriter, if any;
11. full name of the Investment Manager;
12. full name of the Custodian Bank;
13. place and date of Prospectus issuance;
14. rating results of Asset-Backed Securities from a securities rating company licensed by the Financial Services Authority;
15. the following statement printed in capital letters:
FINANCIAL SERVICES AUTHORITY DOES NOT GIVE A STATEMENT APPROVING OR DISAPPROVING THIS SECURITY, NOR DOES IT STATE THE TRUTH OR ADEQUACY OF THE CONTENT OF THIS PROSPECTUS. ANY STATEMENT CONTRARY TO THESE MATTERS IS AN ILLEGAL ACT;

16. statement of the Investment Manager and the Issuance Underwriter (if any), printed in capital letters as follows:
INVESTMENT MANAGER AND ISSUANCE UNDERWRITER (if any) ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION OR MATERIAL FACTS, AS WELL AS THE HONESTY OF OPINIONS CONTAINED IN THIS PROSPECTUS; and
17. a brief statement printed in capital letters that immediately attracts the reader's attention regarding the risk factors of the offered Securities;
b. table of contents;
c. brief description of the most important matters regarding the Asset-Backed Securities, accompanied by references indicating the page number of the Prospectus where further explanation of the matter can be found;
d. information regarding the Asset-Backed Securities, at least containing:
1. cash flow projections and financial projections of the KIK-EBA;
2. initial financial statements of the KIK-EBA audited by an accountant registered with the Financial Services Authority and the opinion of such accountant;
3. information regarding the Initial Creditor (Originator) related to the financial assets in the Collective Investment Contract portfolio, accompanied by historical data on the payment of such financial assets;
4. estimated portfolio results of the KIK-EBA, for each class of Asset-Backed Securities, and for each unit of Asset-Backed Securities under various economic conditions, including extreme conditions;
5. information regarding the weighted average maturity of the portfolio's financial assets and the possibility of prepayment of the financial assets in the KIK-EBA portfolio;
6. provisions regarding the reinvestment of KIK-EBA cash flows, if any;
7. information that the Asset-Backed Securities are suitable for investment by certain types of institutional investors;
8. reporting procedures to the holders of Asset-Backed Securities;
9. accounting treatment/standards used and the frequency of examination by accountants; and
10. description of the allocation method for Asset-Backed Securities, if any;
e. experience of the Investment Manager regarding Asset-Backed Securities; f. experience of the Custodian Bank regarding Asset-Backed Securities; g. insurance and other guarantees, if any; h. taxation related to Asset-Backed Securities, including taxation for investors both domestic and foreign;
i. rating results from the Securities Rating Agency that has obtained a license from the Financial Services Authority;
j. opinion from a legal consultant registered with the Financial Services Authority, at least covering:
1. the validity of agreements related to the Asset-Backed Securities;
2. the rights and obligations of holders of Asset-Backed Securities for each class of Asset-Backed Securities;
3. the suitability of each class of Asset-Backed Securities for certain investors; and
4. matters related to the financial assets in the KIK-EBA portfolio;
k. name, address, and responsibilities of the Initial Creditor (Originator), Servicer, and Securities Rating Agency;
l. name, address, and responsibilities of the securities administration bureau, if any;
m. risk factors; n. Credit Enhancement Facilities, if any; o. rights of holders of Asset-Backed Securities; and p. procedures and requirements for ordering Asset-Backed Securities.

CHAPTER III
OBLIGATIONS OF THE INVESTMENT MANAGER AND CUSTODIAN BANK OF KIK-EBA

First Section
Obligations of the Investment Manager

Article 21
The Investment Manager managing the KIK-EBA must meet the following requirements:
a. have at least 2 (two) employees who have at least 6 (six) months of work experience in the management of Collective Investment Contracts; and b. not have an affiliation relationship with the Initial Creditor (Originator), except for affiliation relationships arising from government ownership or capital participation.

Article 22
The Investment Manager and Custodian Bank are prohibited from having an affiliation relationship, except for affiliation relationships arising from government ownership or capital participation.

Article 23
The Investment Manager managing the KIK-EBA must:
a. perform duties and be responsible for the management of the KIK-EBA portfolio as determined in the Collective Investment Contract; b. fulfill its obligations as best as possible to develop the liquidity of the Asset-Backed Securities and assist holders of Asset-Backed Securities in selling their Asset-Backed Securities;
c. act with care and professionalism in examining the Initial Creditor (Originator), the financial assets to be acquired, legal and tax aspects, and other matters in the process of structuring the Asset-Backed Securities;
d. be responsible for the openness and truthfulness of material facts regarding the Asset-Backed Securities, as stated in the Disclosure Document of Asset-Backed Securities and in the Registration Statement if the Asset-Backed Securities are offered through a Public Offering; e. act quickly and effectively to protect the interests of the holders of Asset-Backed Securities; f. purchase assets from the Initial Creditor (Originator) to be registered in the name of the Custodian Bank, which in this case acts in the interest of the holders of Asset-Backed Securities; g. report the results of the sale of Asset-Backed Securities offered through a Public Offering every 15 (fifteen) days to the Financial Services Authority until the Public Offering is completed; and h. represent the interests of the holders of Asset-Backed Securities in and out of court in relation to the financial assets in the KIK-EBA portfolio or related to the functions of the Custodian Bank and Servicer.

Second Section
Obligations of the Custodian Bank

Article 24
The Custodian Bank administering the KIK-EBA must:
a. perform collective custody and storage of all valuable documents related to the KIK-EBA; b. perform storage of funds that are financial assets in the KIK-EBA portfolio;
c. deliver and receive financial assets for the interest of the KIK-EBA;
d. make payments for all transactions upon the order of the Investment Manager related to the KIK-EBA; e. register the financial assets in the KIK-EBA portfolio in the name of the Custodian Bank for the interest of the holders of Asset-Backed Securities; f. perform bookkeeping on matters related to the KIK-EBA; g. create and store a list of holders of Asset-Backed Securities and record the transfer of ownership of Asset-Backed Securities or appoint a securities administration bureau to perform such services based on the approval of the Investment Manager; h. separate the financial assets of the KIK-EBA from the financial assets of the Custodian Bank and/or the assets of other clients of the Custodian Bank;
i. report in writing to the Financial Services Authority if the Investment Manager conducts activities that may harm the holders of Asset-Backed Securities, no later than the end of the next business day; and
j. perform other duties related to the KIK-EBA portfolio as determined in the Collective Investment Contract.

Article 25
(1) The Custodian Bank must fulfill the instructions of the Investment Manager in accordance with the provisions in the KIK-EBA. (2) In the event that the Custodian Bank receives instructions from the Investment Manager that contradict the KIK-EBA or contradict its responsibility to protect the financial assets of the KIK-EBA portfolio, the Custodian Bank must:
a. reject the instructions of the Investment Manager; b. report such instructions in writing to the Financial Services Authority; and
c. execute such instructions only if there is prior approval from the Financial Services Authority.

CHAPTER IV
REPORTING OF KIK-EBA

First Section
Reports to Holders of Asset-Backed Securities

Article 26
(1) The Investment Manager must report to each holder of Asset-Backed Securities every month:
a. the amount of Asset-Backed Securities owned by such holder of Asset-Backed Securities; b. financial statements of the KIK-EBA;
c. reports on the financial assets supporting each class of Asset-Backed Securities;
d. weighted average maturity of the financial assets in the KIK-EBA portfolio; e. the amount of payment arrears on the financial assets in the KIK-EBA portfolio; f. estimated payments to each class of Asset-Backed Securities for the next 12 (twelve) months; g. estimated fair market value of each class of Asset-Backed Securities based on market interest rates, the latest rating of each class of Asset-Backed Securities, and expected payments for each class of Asset-Backed Securities, accompanied by a description of the valuation method; and h. material information related to the composition of the KIK-EBA portfolio or the management of financial assets as a basis for drawing conclusions regarding the possibility of changes in cash flow, value, and/or rating of specific unit classes. (2) The obligation to submit reports as referred to in paragraph (1) must be submitted to the holders of Asset-Backed Securities no later than the 12th day of the following month.

Article 27
The Investment Manager must submit the annual financial statements of the KIK-EBA, which have been examined by an accountant registered with the Financial Services Authority, to the holders of Asset-Backed Securities no later than March 31 of the following year.

Article 28
In the event that the deadline for submitting reports as referred to in Article 26 paragraph (2) and Article 27 falls on a holiday, the reports must be submitted no later than 1 (one) business day after the holiday.

Second Section
Reports to the Financial Services Authority

Article 29
(1) The Investment Manager must submit monthly reports and annual financial statements of the KIK-EBA to the Financial Services Authority. (2) All members of the Board of Directors and members of the Board of Commissioners of the Investment Manager are responsible for the truthfulness of the content of the monthly reports and financial statements of the KIK-EBA. (3) The monthly report of the KIK-EBA as referred to in paragraph (1) consists of:
a. general information related to the KIK-EBA, including:
1. parties involved in asset management;
2. initial assets; and
3. assets related to the reporting period;
b. information related to receivables, including:
1. actual receivables collection; and
2. information on debtor delays;
c. information related to KIK-EBA income and payments to EBA holders;
d. KIK-EBA investor information; and e. other information as stated in the format of the Monthly Report of Collective Investment Contracts for Asset-Backed Securities as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (4) The form and structure of the monthly report of the KIK-EBA as referred to in paragraph (1) must be made in accordance with the format of the Monthly Report of Collective Investment Contracts for Asset-Backed Securities as contained in the Appendix which is an integral part of this Financial Services Authority Regulation.

Article 30
The monthly report of the KIK-EBA as referred to in Article 29 paragraph (1) must be submitted to the Financial Services Authority no later than the 12th day of the following month.

Article 31
(1) The annual financial statements of the KIK-EBA as referred to in Article 29 paragraph (1) must be submitted to the Financial Services Authority no later than March 31 of the following year. (2) In the event that the Financial Services Authority has provided an electronic system for submitting the annual financial statements of the KIK-EBA, the submission of the annual financial statements as referred to in Article 29 paragraph (1) must be submitted through the aforementioned electronic reporting system.

Article 32
In the event that the deadline for submitting the monthly report as referred to in Article 30 and the annual financial statements as referred to in Article 31 falls on a holiday, the monthly report and annual financial statements of the KIK-EBA must be submitted no later than 1 (one) business day after the holiday.

Article 33
(1) Submission of the monthly report of the KIK-EBA as referred to in Article 29 paragraph (1) is conducted electronically through the electronic reporting system provided by the Financial Services Authority at the address https://aria.ojk.go.id/. (2) Submission of the monthly report of the KIK-EBA as referred to in paragraph (1) is conducted by the Investment Manager of the KIK-EBA using access rights in the form of a user identity and password provided by the Financial Services Authority. (3) In the electronic submission of the monthly report of the KIK-EBA, the Investment Manager of the KIK-EBA must read and comply with the procedures and methods of using the electronic reporting system of the Financial Services Authority, which can be downloaded from the Financial Services Authority website at the address https://aria.ojk.go.id/.

Article 34
(1) The monthly report of the KIK-EBA as referred to in Article 29 paragraph (1) is considered received by the Financial Services Authority at the time the Investment Manager receives the electronic receipt issued by the electronic reporting system of the Financial Services Authority. (2) The electronic receipt as referred to in paragraph (1) is issued if the monthly report of the KIK-EBA as referred to in Article 29 paragraph (1) has been received completely.

Article 35
The monthly report of the KIK-EBA submitted through the electronic reporting system of the Financial Services Authority as referred to in Article 33 paragraph (1) can be stored as an electronic document as referred to in Law Number 11 of 2008 concerning Information and Electronic Transactions.

Article 36
The Investment Manager of the KIK-EBA must store:
a. the electronic receipt for the submission of the monthly report of the KIK-EBA obtained from the electronic reporting system of the Financial Services Authority; and b. the electronic document of the monthly report of the KIK-EBA displayed by the electronic reporting system of the Financial Services Authority, for at least 5 (five) years since the dissolution of the KIK-EBA.

Article 37
(1) In the event that the Financial Services Authority declares and announces that the electronic reporting system of the Financial Services Authority as referred to in Article 33 paragraph (1) experiences a disturbance, the monthly report of the KIK-EBA is submitted to the Financial Services Authority via email at the address pelaporankikeba@ojk.go.id. (2) The report as referred to in paragraph (1) is considered to have been received by the Financial Services Authority at the time the Investment Manager has received a notification from the Financial Services Authority sent via email.

Article 38
The monthly report of the KIK-EBA submitted to the Financial Services Authority as referred to in Article 29 paragraph (1) can only be accessed by the Financial Services Authority for the implementation of its duties.

CHAPTER V
OTHER PROVISIONS

Article 39
The Custodian Bank has the right to receive service fees as determined in the KIK-EBA, which are paid from the financial assets of the KIK-EBA portfolio.

Article 40
(1) The Investment Manager or the Financial Services Authority may replace the Custodian Bank.
(2) The Investment Manager may replace the Custodian Bank in accordance with the KIK-EBA and report to the Financial Services Authority no later than 5 (five) days after the replacement.

Article 41
The Financial Services Authority has the authority to replace the Investment Manager if the Investment Manager does not fulfill its obligations as determined in the legislation.

CHAPTER VI
SANCTION PROVISIONS

Article 42
(1) Without prejudice to criminal provisions in the Capital Market sector, the Financial Services Authority has the authority to impose administrative sanctions on any party that violates the provisions of this Financial Services Authority Regulation, including parties that cause the violation to occur, in the form of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction on business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; and/or g. cancellation of registration. (2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, or g may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a. (3) Administrative sanctions in the form of a fine as referred to in paragraph (1) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (1) letters c, d, e, f, or g.

Article 43
In addition to administrative sanctions as referred to in Article 42 paragraph (1), the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 44
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 42 paragraph (1) and specific actions as referred to in Article 43 to the public.

CHAPTER VII
CLOSING PROVISIONS

Article 45
Upon the implementation of this Financial Services Authority Regulation:
a. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-47/PM/1997 concerning the Functions of Custodian Banks Related to Asset-Backed Securities (Asset Backed Securities), along with Regulation Number VI.A.2 which is its appendix; b. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-50/PM/1997 concerning Registration Statements in the Framework of Public Offerings of Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.C.9 which is its appendix;
c. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-51/PM/1997 concerning Guidelines on the Form and Content of Prospectuses in the Framework of Public Offerings of Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.C.10 which is its appendix;
d. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-178/BL/2008 concerning the Functions of Investment Managers Related to Asset-Backed Securities (Asset Backed Securities), along with Regulation Number V.G.5 which is its appendix; e. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-493/BL/2008 concerning Amendments to Regulation Number IX.K.1 concerning Guidelines for Collective Investment Contracts for Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.K.1 which is its appendix; and f. Financial Services Authority Regulation Number 15/POJK.04/2014 concerning Monthly Reports of Collective Investment Contracts for Asset-Backed Securities (State Gazette of the Republic of Indonesia Year 2014 Number 345, Supplement to the State Gazette of the Republic of Indonesia Number 5624), are repealed and declared invalid.

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

Article 46
This Financial Services Authority Regulation comes into force on the date of its promulgation.
To ensure that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

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

Promulgated in Jakarta on December 22, 2017
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 286

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 65 /POJK.04/2017
CONCERNING
GUIDELINES FOR THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS

I. GENERAL
KIK-EBA is one of the investment products currently circulating in the Indonesian capital market, which is a product resulting from the securitization of financial assets, including but not limited to receivables arising in the future, future cash flows, or securities representing rights to future cash flows, securities representing rights to future cash flows or income, or securities representing rights to future income, and receivables arising from People's Housing Financing activities. The existence of KIK-EBA in the investment management industry is important given that the product can serve as a relatively safe and profitable investment alternative for investors.

Along with the increasing development of KIK-EBA products in the Indonesian capital market, it is necessary for the Financial Services Authority to enhance supervision over such securitization activities in order to protect the interests of investors and the public, and to realize an orderly, fair, and efficient Indonesian capital market.

Regulations regarding KIK-EBA are currently governed by different provisions, including:
a. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-47/PM/1997 concerning the Functions of Custodian Banks Related to Asset-Backed Securities (Asset Backed Securities), along with Regulation Number VI.A.2 which is its appendix; b. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-50/PM/1997 concerning Registration Statements in the Framework of Public Offerings of Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.C.9 which is its appendix;
c. Decision of the Chairman of the Capital Market Supervisory Board Number Kep-51/PM/1997 concerning Guidelines on the Form and Content of Prospectuses in the Framework of Public Offerings of Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.C.10 which is its appendix;
d. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-178/BL/2008 concerning the Functions of Investment Managers Related to Asset-Backed Securities (Asset Backed Securities), along with Regulation Number V.G.5 which is its appendix; e. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-493/BL/2008 concerning Guidelines for Collective Investment Contracts for Asset-Backed Securities (Asset Backed Securities), along with Regulation Number IX.K.1 which is its appendix; and f. Financial Services Authority Regulation Number 15/POJK.04/2014 concerning Monthly Reports of Collective Investment Contracts for Asset-Backed Securities (State Gazette of the Republic of Indonesia Year 2014 Number 345 dated November 11, 2014).

With the transfer of duties and functions from the Capital Market Supervisory Board and Financial Institutions to the Financial Services Authority, it is deemed necessary to refine the regulations of the Capital Market Supervisory Board and the Capital Market Supervisory Board and Financial Institutions into Financial Services Authority Regulations, and to compile these regulations into a comprehensive regulation regarding guidelines for the issuance and reporting of Asset-Backed Securities in the form of Collective Investment Contracts into a Financial Services Authority Regulation.

It is hoped that the Financial Services Authority Regulation concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Collective Investment Contracts will serve as a comprehensive legal basis and a complete guideline for the Financial Services Authority as well as all interested parties regarding KIK-EBA.

II. ARTICLE BY ARTICLE

Article 1
Is clear enough.

Article 2
Paragraph (1)
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
In practice, receivables arising in the future are commonly referred to as future receivables.
Letter d
Is clear enough.
Letter e
Is clear enough.
Letter f
In practice, Credit Enhancement Facilities are commonly referred to as Credit Enhancement.
Letter g
In practice, future cash flows or income are commonly referred to as future cash flow.
Letter h
Is clear enough.
Letter i
Is clear enough.
Paragraph (2)
Is clear enough.
Paragraph (3)
Is clear enough.
Paragraph (4)
Is clear enough.
Paragraph (5)
Letter a
Forms of efforts that can be undertaken by the Investment Manager to ensure or verify that financial assets do not enter the bankruptcy estate in the event of bankruptcy of the Initial Creditor (Originator) include, among others, a legal opinion from a legal consultant stating that the financial assets do not enter the bankruptcy estate. Letter b Is clear enough. Letter c Is clear enough. Letter d Is clear enough. Letter e Is clear enough. Letter f Is clear enough. Letter g Is clear enough. Letter h Is clear enough. Paragraph (6) Is clear enough. Paragraph (7) Is clear enough. Paragraph (8) Is clear enough.

Article 3
Is clear enough.

Article 4
Is clear enough.

Article 5
Is clear enough.

Article 6
Is clear enough.

Article 7
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
Is clear enough.
Letter d
Number 1
Examples of insurance on financial assets forming the KIK-EBA portfolio include, among others, insurance against credit risk. Number 2 Is clear enough. Number 3 Is clear enough. Number 4 Is clear enough. Number 5 Is clear enough. Number 6 Is clear enough.

Article 8
Letter a
Is clear enough.
Letter b
The mention of each class using capital letters and adding a description explaining each class of Asset-Backed Securities, namely whether the Asset-Backed Securities are in the form of Fixed Cash Flow Asset-Backed Securities or Variable Cash Flow Asset-Backed Securities.

Letter c
For example, the name of the KIK-EBA managed by Investment Manager XYZ, which adds a financial asset type, may be named “COLLECTIVE INVESTMENT CONTRACT ASSET-BACKED SECURITIES XYZ Future Cash Flow”

Article 9
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Example of a brief description of KIK-EBA includes the financial assets that form the KIK-EBA portfolio.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
Clearly stated.
Letter j
Clearly stated.
Letter k
Clearly stated.

Article 10
Clearly stated.
Article 11
Clearly stated.
Article 12
Clearly stated.
Article 13
Clearly stated.
Article 14
Clearly stated.
Article 15
Clearly stated.
Article 16
Clearly stated.
Article 17
Clearly stated.
Article 18
Clearly stated.
Article 19
Clearly stated.
Article 20
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.

Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
Clearly stated.
Letter j
Clearly stated.
Letter k
Clearly stated.
Letter l
Clearly stated.
Letter m
Example of risk factors include:
1. liquidity risk and market risk of Asset-Backed Securities;
2. foreign exchange rate risk and interest rate risk;
3. credit risk of financial assets in the KIK-EBA portfolio;
4. risk of payment on financial assets in the KIK-EBA portfolio before maturity;
5. operational risk in the implementation of activities by the Investment Manager, Custodian Bank, and Service Provider (Servicer);
and
6. risks related to legal aspects.
Letter n
Clearly stated.
Letter o
Example of holder rights of Asset-Backed Securities include among others:
1. periodic financial reports;
2. information regarding taxes that must be paid by holders of Asset-Backed Securities; and
3. payments to holders of Asset-Backed Securities.

Letter p
Clearly stated.
Article 21
Clearly stated.
Article 22
Clearly stated.
Article 23
Clearly stated.
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
Clearly stated.
Article 31
Clearly stated.

Article 32
Clearly stated.
Article 33
Paragraph (1)
Clearly stated.
Paragraph (2)
In practice, user identity is also commonly referred to as user id.
In practice, password is also commonly referred to as password.
Paragraph (3)
Clearly stated.
Article 34
Clearly stated.
Article 35
Clearly stated.
Article 36
Clearly stated.
Article 37
In practice, email is also commonly referred to as e-mail.
Article 38
Clearly stated.
Article 39
Clearly stated.
Article 40
Clearly stated.
Article 41
Clearly stated.

Article 42
Clearly stated.
Article 43
Clearly stated.
Article 44
The term “specific actions” includes among others the cancellation of the suitability and competence test results for the Board of Directors and/or Board of Commissioners of the KIK-EBA manager, which results in a violation.
Article 45
Clearly stated.
Article 46
Clearly stated.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6154

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 65 /POJK.04/2017
REGARDING
GUIDELINES FOR THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA

REGISTRATION STATEMENT IN THE FRAMEWORK OF PUBLIC OFFERING OF ASSET-BACKED SECURITIES (Place), (date)/(month)/(year) Number : … Attachments : … Subject : Registration Statement in the Framework of Public Offering of Asset- Backed Securities … (name) To:
Executive Head
Capital Market Supervisor in
Jakarta
Hereby we submit the Registration Statement in the framework of Public Offering of Asset-Backed Securities … (name), amounting to … with a value of Rp …
I. Investment Manager

1. Name : ………………………………………
2. Address : ………………………………………
3. Number and date of establishment deed
   Including amendments to the articles of association : ………………………………………
4. Number and date of approval
   by the Minister of Law and
   Human Rights : ………………………………………
5. Number and date of announcement
   In the State Gazette of Indonesia : ………………………………………
6. Number and date of business license
   From the Financial Services Authority : ………………………………………
7. Taxpayer Identification Number
   Company : ………………………………………
8. Board of Directors and
   Board of Commissioners members : ………………………………………

No Name Nationality Address a. b. c. d. e.
9. List of employees with experience as regulated
in Article 21 of the Financial Services Authority Regulation regarding Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Collective Investment Contracts. No Name Nationality Address a. b. c. d. e.
II. Custodian Bank

1. Name : ………………………………………
2. Address : ………………………………………
3. Number and date of deed
   of establishment including amendments to the articles of association : ………………………………………
4. Number and date of approval
   by the Minister of Law and
   Human Rights : ………………………………………
5. Number and date of announcement
   In the State Gazette of Indonesia: ………………………………………
6. Number and date of approval
   from the Financial Services Authority : ………………………………………
7. Taxpayer Identification Number
   Company : ………………………………………
8. Board of Directors and Board of
   Commissioners members : ………………………………………
   No Name Nationality Address a.

b. c. d. e.
III. Originator
1. Name : ………………………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
IV. Accountant
1. Name : ………………………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
V. Legal Consultant
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
VI. Notary
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
VII. Service Provider
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………

VIII. Securities Administration Bureau (if any)
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
IX. Underwriter (if any)
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
X. Securities Rating Agency
1. Name : ………..….…………………………
2. Address : ………………………………………
3. Taxpayer Identification Number : ………………………………………
4. Registration number at
the Financial Services Authority : ………………………………………
XI. List of attached documents:
1. Collective Investment Contract for Asset-Backed Securities made with a notarial deed
by a Notary registered with the Financial Services Authority; and
2. final draft of the Prospectus (stamped and signed by the
Parties);
THE STATEMENTS OR INFORMATION CONTAINED IN THE REGISTRATION STATEMENT ARE TRUE AND THERE ARE NO MATERIAL FACTS OMITTED FROM THE REGISTRATION STATEMENT THAT ARE NECESSARY TO MAKE THE REGISTRATION STATEMENT NOT MISLEADING. INVESTMENT MANAGER, Stamp
...................................
Full Name

MONTHLY REPORT OF COLLECTIVE INVESTMENT CONTRACT FOR ASSET-BACKED SECURITIES MONTHLY REPORT KIK-EBA FOR PERIOD MONTH : … NAME OF KIK-EBA INVESTMENT MANAGER : … RESPONSIBLE DIRECTOR : … NAME OF KIK-EBA : … ) A. General Information Related to Collective Investment Contract for Asset-Backed Securities
1. Parties related to asset management
1. Name of Originator
(Originator)
2. Name of Service
Provider (Servicer)
3. Name of Custodian
Bank
4. Name of Rating Agency
5. Name of Appraiser
6. Name of Credit
Enhancement
Provider
)
7. Name of Other Related
Parties (specify))
8. Effective Date
9. Public Offering Period
Start of Offering End of Offering
10. Maturity Term
Maturity of
EBA)
11. Receivables Type
12. Number of Asset-
Backed Security Classes
13. Income Type
(fixed/variable)
Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))

14. Interest Rate (%))
Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))
15. Dividend) Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))
Rp Non
Rp
% Rp Non
Rp
%
16. EBA Rating Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))
17. Credit Enhancement
Mechanism
18. Percentage of Originator
(Originator) Ownership
Value against Total EBA Value (%)
19. Number of EBA
Holders
Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))
20. Fair Market Value of
EBA
Fixed Cash Flow (Class
A))
Variable Cash Flow (Class B))
2. Initial Assets
21. Number of Initial
Debtors
… parties
22. Total Initial Receivables
Value
Rp Non Rp)
23. Weighted Average
Maturity of
Receivables
Initial (in months)
24. Total Initial Collateral
Value
Rp Non Rp)
3. Assets in Reporting Period
25. Number of Debtors
As of End of
Reporting Period
26. Receivables Value
As of End of
Reporting Period
Rp Non Rp)
27. Collateral Value
As of End of
Reporting Period
Rp Non Rp)
28. Percentage of Weighted Average
Receivables Value
Against Collateral Value As of
End of
Reporting Period
… %
29. Weighted Average
Maturity of
Receivables as of End of
Reporting Period (in months)
30. Accumulated Value of
Prepayment
Rp Non Rp)

As of End of
Reporting Period
31. Accumulated Value of
Receivables Written Off
As of End of
Reporting Period
32. Accumulated Value of
Receivables Recovery
As of End of
Reporting Period
B. Information Related to Receivables
1. Collected Receivables
33. Accumulated Collected
Interest Receivables As of
End of
Reporting Period )
Rp Non Rp)
34. Accumulated Collected
Penalty Receivables As of
End of
Reporting Period )
35. Accumulated Collected
Principal Receivables
As of End of
Reporting Period

36. Accumulated Total
Collected Receivables As of
End of
Reporting Period
(sum of figures
33, 34 and 35)
2. Debtor Delay Information
37. Number of Debtors
who are late
As of End of
Reporting Period (parties)
38. Percentage of Number
of Late Debtors against
Total Number of
Debtors As of
End of
Reporting Period
39. Accumulated Value of
Late Debtor Interest
Receivables As of
End of
Reporting Period
Rp Non Rp)
40. Accumulated Value of
Late Debtor
Receivables As of
End of
Reporting Period

41 Percentage of Late
Interest Receivables Value against
Total Interest Receivables Value as of end of reporting period (%) 42 Percentage of Late Principal Receivables Value against Total Principal Receivables Value as of end of reporting period (%)
C. KIK-EBA Income Information and Payments to EBA Holders
43 Accumulated Investment
Results and Penalties as of end of reporting period 44 Payment Date Interest/Dividend (dd/mm/yyyy)

Accumulated
Interest/Dividend Payment,
Principal, Investment
Results, and
Penalties
Class A***) Class B***)
Rp Non
Rp)
Rp Non
Rp)
45 Accumulated Interest /
Dividend paid to EBA holders
46 Accumulated Principal paid to EBA holders
47 Accumulated Investment
Results paid to EBA holders)
48 Accumulated EBA penalty collection paid to EBA holders 49 Accumulated Fee Payments 50 Total Investment Results, Penalties, Interest/Dividend and Principal paid after deducting Fees (sum of figures 45 46, 47, and 48, minus
figure 49)

D. KIK-EBA Investor Information
51. Name of EBA
52. Individual / Institutional Investor Name
53. Individual / Institutional Investor Type*
54. Nationality WNI / WNA
55. Total Initial Investment Rp
56. Total Final Investment Rp
Notes:
*) If the Investment Manager manages more than 1 (one) KIK-EBA, then the Investment Manager is required to submit the KIK-EBA Monthly Report consisting of all KIK-EBA reports managed by it. ) If any *) Adjusted according to the existing Asset-Backed Security classes ) foreign currency conversion into rupiah refers to the mid-rate Bank Indonesia rate included in the system and the system will automatically calculate the entire amount. EXPLANATION A. General Information Related to Collective Investment Contract for Asset-Backed Securities

1. Name of Originator (Originator) is the name of the Originator
   who has transferred its financial assets to KIK-EBA.

2. Name of Service Provider (Servicer) is the name of the Service Provider
   responsible for processing and overseeing payments made by debtors.

3. Name of Custodian Bank is the name of the Party authorized to implement
   Collective Custody of KIK-EBA.

4. Name of Rating Agency is the name of the Securities Rating Agency
   that rates the EBA.

5. Name of Appraiser is the name of the Party that appraises the
   assets being securitized.

6. Name of Credit Enhancement Provider is
   the name of the Party providing facilities aimed at enhancing the quality of the collective investment portfolio in order to make payments to holders of Asset-Backed Securities.

7. Name of Other Related Parties is the name of other Parties related
   to the management of the Collective Investment Contract for Asset-Backed Securities (KIK-EBA) other than those mentioned above.

8. Effective Date is the date the KIK-EBA receives an
   effective statement from the Financial Services Authority.

9. Public Offering Period Date is the start and end date
   Asset-Backed Securities are offered to the public.

10. Maturity Term of Asset-Backed Securities is the term
    set in the KIK-EBA for the final payment of principal receivables to holders of Asset-Backed Securities.

11. Receivables Type is the type of receivables underlying the issuance
    of Asset-Backed Securities. (example: Home Ownership Credit receivables, credit card receivables, etc.).

12. Number of Asset-Backed Security Classes is the number of classes
    offered in the Asset-Backed Securities.

13. Income Type (fixed/variable): is the type of income
    that will be received by holders of EBA, fixed or variable.

14. Interest Rate (%) is the interest rate that serves as
    the basis for calculating interest payments to holders of Asset- Backed Securities.

15. Dividend is the profit value received by holders of Asset-
    Backed Securities Variable Cash Flow.

16. Asset-Backed Security Rating is the rating scale of Asset-
    Backed Securities issued by the Securities Rating Agency.

17. Credit Enhancement Mechanism is the type of Credit
    Enhancement Mechanism used to enhance the quality of the collective investment portfolio in order to make payments to holders of Asset-Backed Securities.

18. Percentage of Originator (Originator) Ownership
    Value against Total Asset-Backed Securities Value (%) is the percentage of value of Asset-Backed Securities owned by the Originator against the total value of Asset-Backed Securities.

19. Number of holders of Asset-Backed Securities is the number of holders
    of Asset-Backed Securities for each class at the time of reporting.

20. Fair Market Value of Asset-Backed Securities is the estimated fair market
    value of each class of Asset-Backed Securities based on the level of market interest rates, the latest rating of each class of Asset- Backed Securities and expected payments for each class of Asset- Backed Securities accompanied by a description of the appraisal method.

21. Number of Initial Debtors is the number of Parties who are debtors
    of KIK-EBA at the time of its formation.

22. Total Initial Receivables Value is the total value of
    KIK-EBA receivables to its debtors at the time of its formation.

23. Weighted Average Maturity of Initial Receivables (in
    months) is the weighted average maturity of Asset-Backed Securities receivables at the time of its formation.

24. Total Initial Collateral Value is the total value of collateral on KIK
    EBA assets at the time of its formation.

25. Number of Debtors As of End of Reporting Period is
    the total number of debtors who still have obligations to KIK-EBA as of the end of the reporting period.

26. Receivables Value As of End of Reporting Period is
    the debtor receivables value that is still required to be paid to KIK-EBA as of the end of the reporting period.

27. Collateral Value As of End of Reporting Period is the total
    collateral value on KIK-EBA assets as of the end date of the EBA reporting period.

28. Percentage of Weighted Average Receivables Value against Collateral
    Value as of end of Reporting Period is the ratio of weighted average receivables value to weighted average collateral value as of the end date of the KIK-EBA reporting period.

29. Weighted Average Maturity of Receivables (months) is the weighted
    average maturity of KIK-EBA receivable assets.

30. Accumulated Value of Prepayment as of
    End of Reporting Period is the total sum of prepayment values over principal and other costs (if any) that have been paid by debtors as of the end date of the KIK-EBA reporting period.

31. Accumulated Value of Receivables Written Off as of
    End of Reporting Period is the total sum of receivables value that has been written off as of the end date of the reporting period of KIK-EBA.

32. Accumulated Value of Receivables Recovery as of end of
    Reporting Period is the total sum of recovery values over assets that have been written off as of the end date of the KIK-EBA reporting period.

B. Information Related to Receivables
33. Accumulated Collected Interest Receivables As of End of
Reporting Period is the total sum of interest receivables collection value as of the end date of the KIK EBA reporting period.
34. Accumulated Collected Penalty Receivables As of End of
Reporting Period is the total sum of penalty collection value as of the end date of the KIK-EBA reporting period.
35. Accumulated Collected Principal Receivables As of End of
Reporting Period is the total sum of principal receivables collection value as of the end date of the KIK EBA reporting period.
36. Accumulated Total Collected Receivables As of End of
Reporting Period is the total sum of interest, penalty and principal receivables collection value as of the end date of the KIK-EBA reporting period.
37. Number of Late Debtors As of End of Reporting
Period (Parties) is the number of debtors who are late in paying (defaulting on) receivables that are assets of KIK-EBA as of the end of the KIK-EBA reporting period.
38. Percentage of Number of Late Debtors Against Total
Number of Debtors As of End of Reporting Period (%) is the percentage of KIK-EBA debtors who are late in paying receivables (defaulting) compared to the total number of debtors as of the end of the reporting period of KIK-EBA.

39. Accumulated Value of Late Debtor Interest
    Receivables As of End of Reporting Period is the total sum of interest receivables value from late KIK-EBA debtors to be paid (outstanding) as of the end of the reporting period KIK EBA.

40. Accumulated Value of Late Debtor Principal Receivables As of
    End of Reporting Period is the total sum of value of principal receivables from late KIK-EBA debtors to be paid (outstanding) as of the end of the reporting period KIK EBA.

41. Percentage of Late Interest Receivables Value Against Total
    Interest Receivables Value As of End of Reporting Period (%) is the percentage of KIK-EBA interest receivables value that are late paid (outstanding) by KIK-EBA debtors compared to the total remaining principal receivables value as of the end of the reporting period of KIK-EBA.

42. Percentage of Late Principal Receivables Value against Total
    Principal Receivables Value as of end of reporting period (%) is the percentage of KIK-EBA principal receivables value that are late paid (outstanding) by KIK-EBA debtors compared to the total remaining principal receivables value as of the end of the reporting period of KIK-EBA.
    C. KIK-EBA Income Information and Payments to EBA Holders

43. Accumulated Investment Results and Penalties As of End of
    Reporting Period is income obtained from investment results and penalty collection.

44. Payment Date of Interest/Dividend is the payment date
    of interest/dividend to holders of Asset-Backed Securities.

45. Accumulated Interest/Dividend paid to holders of Asset-
    Backed Securities is the sum of interest/dividend receivables collection that has been paid to holders of Asset-Backed Securities as of the end of the reporting period.

46. Accumulated Principal paid to holders of Asset-Backed Securities
    is the sum of principal receivables collection that has been paid to holders of EBA as of the end of the reporting period.

47. Accumulated Investment Results paid to holders of Asset-
    Backed Securities is the total value of Asset-Backed Securities investment results that has been paid to holders of Asset- Backed Securities as of the end of the reporting period.

48. Accumulated EBA penalty collection paid to
    holders of Asset-Backed Securities is the total value of penalty collection of receivables that has been paid to holders of Asset-Backed Securities as of the end of the reporting period.

49. Accumulated Fee Payments is the sum
    of fees charged related to the payment of interest/dividend, principal, investment results and penalty collection as of the end of the reporting period.

50. Total Investment Results, Penalties, Interest/Dividend and Principal
    paid after deducting Fees is the total sum of investment results, penalties, interest/dividend and principal that has been paid to holders of Asset-Backed Securities after deducting distribution fees charged. D. Collective Investment Contract for Asset-Backed Securities Investor Information

51. Name of Asset-Backed Securities is the name of the KIK-EBA product.

52. Individual/Institutional Investor Name is the name of each
    holder of KIK-EBA.

This copy is in accordance with the original
Legal Director 1
Legal Department
Yuliana
53. Investor Type is an individual or institutional holder of KIK-EBA.
The categories of institutional investor types are Company/Corporate, Foundation/Foundation, Financial Institution/Financial Institution, Insurance/Insurance, Pension Fund/Pension Fund, Mutual Fund/Mutual Fund, Securities Company/Securities Company, and Other Companies/Others.
54. Nationality is the citizenship status of the KIK-EBA holder.
55. Total Initial Investment is the total initial investment value of the KIK-
EBA investor at the time of its formation.
56. Total Final Investment is the total investment value still
owned by the investor in KIK-EBA as of the end of the report.
Determined in Jakarta on December 21, 2017
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY, sign
WIMBOH SANTOSO