Implementation of Continuing Education Programs for Board of Directors and Board of Commissioners of Securities Companies Acting as Underwriters and/or Securities Brokers

To:

1. The Board of Directors and Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers; and
2. The Management of Associations representing Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers;
   At their respective locations.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 20 /SEOJK.04/2017 CONCERNING THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF SECURITIES COMPANIES CONDUCTING BUSINESS ACTIVITIES AS UNDERWRITERS OF SECURITIES AND/OR SECURITIES BROKERS

In relation to the provisions of Article 73 paragraph (5) of the Financial Services Authority Regulation Number 20/POJK.04/2016 concerning Licensing of Securities Companies Conducting Business Activities as Underwriters of Securities and Securities Brokers (State Gazette of the Republic of Indonesia Year 2016 Number 66, Supplement to the State Gazette of the Republic of Indonesia Number 5868), it is necessary to regulate provisions regarding the Implementation of Continuing Education Programs for members of the Board of Directors and members of the Board of Commissioners of Securities Companies Conducting Business Activities as Underwriters of Securities and/or Securities Brokers in a Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS
In this Financial Services Authority Circular Letter, the following terms are defined:

1. Continuing Education Program for Members of the Board of Directors and Members of the Board of Commissioners of Securities Companies Conducting Business Activities as Underwriters of Securities and/or Securities Brokers, hereinafter referred to as PPL Dirkom, is a form of program for systematically and measurably enhancing the knowledge and capabilities of members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers on an ongoing basis.
2. Securities Association, hereinafter referred to as Securities PE Association, is a legal entity in the form of an association consisting of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers.

II. IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. Parties that can serve as implementers of PPL Dirkom are Securities PE Associations that have received recognition from the Financial Services Authority.
2. Securities PE Associations as referred to in item 1 may collaborate with other parties in the implementation of PPL Dirkom, with the provision that the responsibility for the implementation of PPL Dirkom remains with the Securities PE Association.

III. IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS

1. PPL Dirkom may be conducted using face-to-face methods or non-face-to-face methods.
2. PPL Dirkom with face-to-face methods may be organized in the form of training, workshops, and/or seminars systematically.
3. PPL Dirkom with non-face-to-face methods is conducted in the form of training through electronic media (online) determined by the PPL Dirkom implementer, for example through webinar services (web-based seminars).
4. Procedures for the implementation of PPL Dirkom with face-to-face and non-face-to-face methods are regulated by the PPL Dirkom implementer.
5. For members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who reside outside Indonesia, PPL Dirkom may be conducted using non-face-to-face methods.
6. In the event that PPL Dirkom is conducted using non-face-to-face methods, the PPL Dirkom implementer is required to ensure the existence of an evaluation of the implementation of such PPL Dirkom through examinations related to the subject matter of the said PPL Dirkom.
7. The Financial Services Authority may request the results of PPL Dirkom examinations for members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who participate in PPL Dirkom using non-face-to-face methods as referred to in item 6.
8. The implementation of PPL Dirkom must:
   a. be carried out in accordance with standard operating procedures regarding the implementation of PPL Dirkom; and b. be supported by adequate facilities and infrastructure.
9. Members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers are required to participate in PPL Dirkom organized by a Securities PE Association recognized by the Financial Services Authority at least 1 (one) time within a period of 2 (two) years.
10. In the event that there are 2 (two) Securities PE Associations that have received recognition from the Financial Services Authority, members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who have become members of one of the Securities PE Associations may participate in PPL Dirkom organized by a Securities PE Association other than the Securities PE Association where the Securities Company conducting business activities as Underwriters of Securities and/or Securities Brokers is a member.
11. The obligation to participate in PPL Dirkom at least 1 (one) time within a period of 2 (two) years is subject to the following provisions:
    a. for members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who were appointed before the implementation of this Financial Services Authority Circular Letter, the period is calculated from the existence of a Securities PE Association that has received recognition from the Financial Services Authority and has implemented PPL Dirkom; or b. for members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who were appointed after the implementation of this Financial Services Authority Circular Letter, the period is calculated from the date of the letter of approval as a member of the Board of Directors or member of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers issued by the Financial Services Authority and the existence of a Securities PE Association that has received recognition from the Financial Services Authority and has implemented PPL Dirkom.
12. Members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers are required to participate in PPL Dirkom with a total effective duration of at least 180 (one hundred eighty) minutes.

IV. OBLIGATIONS OF CONTINUING EDUCATION PROGRAM PARTICIPANTS

1. Members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers who have participated in PPL Dirkom activities are required to submit a report to the Financial Services Authority at the latest 30 (thirty) days calculated from the date the certificate or letter of participation in PPL Dirkom is received by the members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers, in accordance with the format of the Report on Participation in Continuing Education Programs for Members of the Board of Directors and Members of the Board of Commissioners of Securities Companies Conducting Business Activities as Underwriters of Securities and/or Securities Brokers, as stated in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
2. In the event that the deadline for submitting the report as referred to in item 1 falls on a holiday, the report is submitted on the next working day.

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

3. In the event that members of the Board of Directors and members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers submit a report as referred to in item 2, the calculation of the number of days of delay in submitting the report is calculated from the first day after the deadline for submitting the report as referred to in item 2.
4. In the event that the Financial Services Authority has provided an electronic system for the submission of the Report on Participation in Continuing Education Programs for Members of the Board of Directors and Members of the Board of Commissioners of Securities Companies conducting business activities as Underwriters of Securities and/or Securities Brokers as referred to in item 1, the report must be submitted through that electronic system.

V. EXAMINATION OF THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS
The Financial Services Authority is authorized to conduct examinations regarding the implementation of PPL Dirkom.

VI. CLOSING
This Financial Services Authority Circular Letter shall take effect on the date of establishment.

Established in Jakarta on 23 May 2017
EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR, signed
NURHAIDA

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 20 /SEOJK.04/2017 CONCERNING THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF SECURITIES COMPANIES CONDUCTING BUSINESS ACTIVITIES AS UNDERWRITERS OF SECURITIES AND/OR SECURITIES BROKERS

REPORT ON PARTICIPATION IN CONTINUING EDUCATION PROGRAMS FOR MEMBERS OF THE BOARD OF DIRECTORS AND MEMBERS OF THE BOARD OF COMMISSIONERS OF SECURITIES COMPANIES CONDUCTING BUSINESS ACTIVITIES AS UNDERWRITERS OF SECURITIES AND/OR SECURITIES BROKERS

Number: ....., ........................... 20....
Attachment:
Subject: Report on Participation in Continuing Education Programs for Members of the Board of Directors and Members of the Board of Commissioners of Securities Companies Conducting Business Activities as Underwriters of Securities and/or Securities Brokers

To
Executive Head
Capital Market Supervisor
Financial Services Authority in Jakarta

Up. Director of Supervision
Securities Institution

Name: ……………………………………………….
Position: Board of Directors/Commissioners*
Company Name: ……………………………………………….

No.	Training/Workshop/Seminar	Theme/Subject Matter	Activity	Place & Time of Implementation	Duration	Implementer	Supporting Documents/Proof of Participation
1.
2.
3.
4.

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

5. | | | | | | | |
6. | | | | | | | |
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Jakarta,.....…………………….....
Board of Directors/Commissioners*
(………………………..)

Note:
*) strike out what is not needed

Established in Jakarta on 23 May 2017
EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR, signed
NURHAIDA