Implementation of Continuing Education Programs for Capital Market Sharia Scholars Holding Licenses

To:

1. Chairman of the National Sharia Council – Indonesian Ulema Council;
2. Management of Educational Institutions in the Capital Market Sector; and
3. Capital Market Sharia Scholars;
   At your location.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 6 /SEOJK.04/2018

REGARDING

IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR HOLDERS OF CAPITAL MARKET SHARIA SCHOLAR LICENSES

In connection with the provisions of Article 18 of the Financial Services Authority Regulation Number 16/POJK.04/2015 concerning Capital Market Sharia Scholars (State Gazette of the Republic of Indonesia Year 2015 Number 267, Supplement to the State Gazette of the Republic of Indonesia Number 5756), it is necessary to regulate provisions regarding the Implementation of Continuing Education Programs for Holders of Capital Market Sharia Scholar Licenses in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

In this Financial Services Authority Circular Letter, what is meant by Continuing Education Program, hereinafter referred to as PPL, is a form of program activity to continuously increase knowledge and abilities for holders of Capital Market Sharia Scholar Licenses in a systematic and measurable manner.

II. IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. Parties that can become PPL implementers are:
   a. National Sharia Council – Indonesian Ulema Council; or b. educational institutions in the capital market sector, which have received recognition from the Financial Services Authority as PPL implementers.

2. PPL implementers as referred to in item 1 may cooperate with other parties in carrying out PPL with the provision that the responsibility for implementation remains with the PPL implementer.

III. IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS

1. PPL can be conducted in person or other than in person.

2. PPL conducted in person can be in the form of:
   a. training; b. workshops; or
   c. seminars.

3. PPL conducted other than in person can be in the form of:
   a. writing articles, papers, or books with material related to Sharia capital markets and published; b. professional research or studies in fields related to Sharia capital markets;
   c. training through electronic media (online), for example through webinar services (web-based seminars); or
   d. becoming instructors or resource persons in training, workshops, or seminars related to Sharia capital markets, proven by instructor or resource person certificates issued by the implementer of the training, workshop, or seminar, which are determined by the PPL implementer.

4. In the event that PPL in the form other than in person is conducted in the form of writing articles, papers, or books and professional research as referred to in item 3 letters a and b, for evaluation purposes, the PPL implementer must ensure that participants present to the PPL implementer regarding the topics submitted.

5. In the event that PPL in the form other than in person is conducted in the form of training through electronic media as referred to in item 3 letter c, the PPL implementer must ensure that there is an evaluation in the training process in the form of exam questions related to the training material.

6. The Financial Services Authority may request the PPL evaluation results as referred to in item 4 and item 5 from the PPL implementer.

7. Holders of Capital Market Sharia Scholar Licenses are deemed to have fulfilled their PPL obligations if:
   a. they have attended 1 (one) PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes; or b. they have attended PPL in the form other than in person equivalent to the implementation of PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes and have received an assessment of the fulfillment of PPL obligations in the form other than in person from the PPL implementer, every 2 (two) years.

8. The procedures for implementing PPL in person and other than in person are regulated by the PPL implementer.

9. PPL implementation must:
   a. be carried out in accordance with standard operating procedures regarding PPL implementation; and b. be supported by adequate facilities and infrastructure.

IV. REQUIREMENTS AND PROCEDURES FOR APPLICATION FOR RECOGNITION OF PARTIES AS IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. Applications for recognition as PPL implementers are submitted in printed document form to the Financial Services Authority.

2. For the National Sharia Council – Indonesian Ulema Council, the application letter as referred to in item 1 is submitted according to the format of the Application for Recognition of the National Sharia Council – Indonesian Ulema Council as an Implementer of Continuing Education Programs for Holders of Capital Market Sharia Scholar Licenses as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter and accompanied by complete documents as follows:
   a. standard operating procedures for PPL implementation for holders of Capital Market Sharia Scholar Licenses; b. PPL plan for holders of Capital Market Sharia Scholar Licenses according to the format of the Annual Plan for Implementation of Continuing Education Programs as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter;
   c. organizational structure and list of management names; and
   d. list of names of instructors and persons responsible for PPL implementation for holders of Capital Market Sharia Scholar Licenses.

3. For educational institutions in the capital market sector, the application letter as referred to in item 1 is submitted according to the format of the Application for Recognition of Educational Institutions in the Capital Market Sector as Implementers of Continuing Education Programs for Holders of Capital Market Sharia Scholar Licenses as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter and accompanied by complete documents as follows:
   a. photocopy of business license in the field of education or training; b. photocopy of the deed of establishment certified by the competent authority and the latest articles of association or similar documents that have received approval from the competent authority;
   c. photocopy of Taxpayer Identification Number (NPWP);
   d. standard operating procedures for PPL implementation for holders of Capital Market Sharia Scholar Licenses; e. PPL plan for holders of Capital Market Sharia Scholar Licenses according to the format of the Annual Plan for Implementation of Continuing Education Programs as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter; f. organizational structure and list of management names; g. list of names of instructors and persons responsible for PPL implementation for holders of Capital Market Sharia Scholar Licenses; and h. a statement that the right to organize PPL and/or other education/training specifically in the Capital Market field has not been revoked in the last 6 (six) months.

4. In the event that the Financial Services Authority has provided an electronic system, applications for recognition as PPL implementers as referred to in item 1 must be submitted through the electronic system.

5. Recognition as a PPL implementer is given by the Financial Services Authority at the latest 20 (twenty) working days after receiving a complete application for recognition as a PPL implementer.

6. In the event that an application for recognition as a PPL implementer does not meet the requirements upon receipt, at the latest 20 (twenty) working days after receiving the application, the Financial Services Authority provides a notification letter to the applicant stating:
   a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.

7. In the event that an application for recognition as a PPL implementer does not meet the requirements, the applicant must complete the deficiencies required in the notification letter as referred to in item 6 letter a at the latest 20 (twenty) working days after the date of the notification letter.

8. Submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in item 7 is deemed to have been received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of requirement deficiencies.

9. Since the receipt of document changes, additional information, and/or completion of requirement deficiencies as referred to in item 8, the application for recognition as a PPL implementer is deemed newly received by the Financial Services Authority and processed as referred to in item 5.

10. Applicants who do not complete the deficiencies required within the time period as referred to in item 7 are deemed to have cancelled the application for recognition as a PPL implementer already submitted to the Financial Services Authority.

V. OBLIGATIONS OF CONTINUING EDUCATION PROGRAM IMPLEMENTERS

1. PPL implementers must create a PPL implementation plan every year.

2. The annual PPL implementation plan must be submitted to the Financial Services Authority at the latest on every January 12 according to the format of the Annual Plan for Implementation of Continuing Education Programs as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.

3. The obligation to submit the annual PPL implementation plan as referred to in item 2 does not apply to January 12 in the year recognition as a PPL implementer party is obtained.

4. In the event that the deadline for submitting the annual plan as referred to in item 2 falls on a holiday, the annual plan is submitted on 1 (one) working day following.

5. In the event that the PPL implementer submits the annual plan as referred to in item 2 past the deadline as referred to in item 4, the calculation of the number of days of delay in submitting the report is calculated from the first day after the final deadline for report submission as referred to in item 4.

6. The Financial Services Authority may request PPL implementers to make adjustments to the annual PPL implementation plan that has been submitted, including but not limited to syllabi or PPL materials.

7. In the event that the PPL implementer changes the schedule established in the PPL plan and/or annual plan, the PPL implementer must report to the Financial Services Authority at the latest 5 (five) working days before the scheduled PPL implementation, along with reasons for not being able to implement PPL as planned.

8. PPL implementers must create a report on every PPL implementation.

9. The PPL implementation report as referred to in item 8 must be submitted to the Financial Services Authority at the latest 14 (fourteen) working days after the PPL implementation according to the format of the Report on Implementation of Continuing Education Programs as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter, accompanied by supporting documents in the form of participant attendance proof for in-person PPL and other supporting documents for participants in the form other than in person.

10. The annual PPL implementation plan as referred to in item 2 and the PPL implementation report as referred to in item 9 are submitted to the Financial Services Authority in printed document form and can also be prepared in digital format using digital media such as compact disk (CD) or others.

11. In the event that the Financial Services Authority has provided an electronic system for the submission of the annual PPL implementation plan and PPL implementation reports as referred to in item 2 and item 9, the annual plan and reports must be submitted through the electronic system.

VI. OBLIGATIONS OF CONTINUING EDUCATION PROGRAM PARTICIPANTS

1. Individuals who hold Capital Market Sharia Scholar Licenses who have participated in PPL activities must submit participation reports to the Financial Services Authority at the latest 14 (fourteen) working days calculated from when they finished following the program according to the format of the Participation Report for Continuing Education Programs as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.

2. Parties as referred to in item 1 may grant written power of attorney to the PPL implementer party to submit participation reports to the Financial Services Authority.

3. In the event that the Financial Services Authority has provided an electronic system for the submission of PPL participation reports as referred to in item 1, the reports must be submitted through the electronic system.

VII. EXAMINATION OF CONTINUING EDUCATION PROGRAM IMPLEMENTATION

The Financial Services Authority has the authority to conduct examinations regarding the implementation of PPL.

VIII. REVOCATION OF RECOGNITION OF PARTIES AS IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. The recognition letter of a party as a PPL implementer becomes invalid if:
   a. the legal entity of the party dissolves; and/or b. the legal entity status and/or business license of the party as an educational institution is revoked by the competent authority.

2. The Financial Services Authority may revoke the recognition letter of a party as a PPL implementer if there are circumstances as follows:
   a. the PPL implementer party returns the recognition letter it holds; b. the office of the PPL implementer party cannot be found;
   c. the PPL implementer party cancels or postpones the PPL implementation schedule resulting in holders of Capital Market Sharia Scholar Licenses being unable to submit continuing education documents in license renewal applications; and/or
   d. the PPL implementer party has received 3 (three) warning letters but within 1 (one) month since the issuance of the third warning letter does not fulfill the provisions contained in the content of said warning letter.

3. The return of the recognition letter as referred to in item 2 letter a must be accompanied by documents as follows:
   a. information regarding the reasons for returning the recognition letter; b. the recognition letter of the party as a PPL implementer by the Financial Services Authority; and
   c. a statement of responsibility of the party as a PPL implementer regarding its obligations to third parties.

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

4. The return of recognition as referred to in item 2 letter a does not automatically eliminate the obligations and responsibilities of the party as a PPL implementer regarding financial services sector legislation and/or Financial Services Authority decisions that have not been fulfilled arising while the party as a PPL implementer obtained recognition from the Financial Services Authority.

5. In the event that the revocation of the recognition letter of a party as a PPL implementer is caused by the provisions as referred to in item 2 letters b, c, and d, the party as a PPL implementer must fulfill its obligations to third parties.

6. The Financial Services Authority may announce the invalidity of the recognition letter of a party as a PPL implementer as referred to in item 1 and the revocation of the recognition letter of a party as a PPL implementer as referred to in item 2 through the Financial Services Authority website or mass media.

IX. CLOSING PROVISIONS

This Financial Services Authority Circular Letter takes effect on the date of determination.

Determined in Jakarta on March 1, 2018

EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR, signed
HOESEN

APPENDIX

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 6 /SEOJK.04/2018

REGARDING IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR HOLDERS OF CAPITAL MARKET SHARIA SCHOLAR LICENSES

APPLICATION FOR RECOGNITION OF NATIONAL SHARIA COUNCIL - INDONESIAN ULEMA COUNCIL AS IMPLEMENTER OF CONTINUING EDUCATION PROGRAMS FOR HOLDERS OF CAPITAL MARKET SHARIA SCHOLAR LICENSES

Number : ...................................... ....., ................ 20....
Attachments : ......................................
Subject : Application for Recognition
As Implementer of Continuing
Education
Program for
Holders of Capital
Market Sharia Scholar Licenses

To

The Executive Head of Capital Market Supervision Financial Services Authority in Jakarta

Attention: Director of Institutions and Supporting Professions in the Capital Market Financial Services Authority in Jakarta

Hereby we submit an application for recognition as an Implementer of Continuing Education Programs for holders of Capital Market Sharia Scholar Licenses. As consideration material, we hereby submit the following data:

1. Institution Name : .....................................................
2. Full Address : .....................................................
   .....................................................
   (Street Name and Number)
   ......................................-□□□□□
   (City and Postal Code)
3. Telephone Number : .....................................................
4. Number and date of deed
   of establishment including changes
   to articles of association : .....................................................
5. Number and date of
   approval/agreement/notification from the minister in charge of government affairs in the field of law and human rights
   (if any) : .....................................................

To complete this application, we attach:

1. standard operating procedure documents for PPL implementation for holders of Capital Market Sharia Scholar Licenses;
2. PPL plan documents for holders of Capital Market Sharia Scholar Licenses;
3. organizational structure and list of management names; and
4. list of names of instructors and persons responsible for PPL implementation for holders of Capital Market Sharia Scholar Licenses.

This application is submitted, for your attention we thank you.

Chairman,
Stamp
(clear name and signature)

APPLICATION FOR RECOGNITION OF EDUCATIONAL INSTITUTIONS IN THE CAPITAL MARKET SECTOR AS IMPLEMENTER OF CONTINUING EDUCATION PROGRAMS FOR HOLDERS OF CAPITAL MARKET SHARIA SCHOLAR LICENSES

Number : ...................................... ....., ................ 20....
Attachments : ......................................
Subject : Application for Recognition
As Implementer of Continuing
Education
Program for
Holders of Capital
Market Sharia Scholar Licenses

To

The Executive Head of Capital Market Supervision Financial Services Authority in Jakarta

Attention: Director of Institutions and Supporting Professions in the Capital Market Financial Services Authority in Jakarta

Hereby we submit an application for recognition as an Implementer of Continuing Education Programs for holders of Capital Market Sharia Scholar Licenses. As consideration material, we hereby submit the following data:

1. Institution Name : .....................................................
2. Full Address : .....................................................
   .....................................................
   (Street Name and Number)
   ......................................-□□□□□
   (City and Postal Code)
3. Telephone Number : .....................................................
4. Number and date of deed
   of establishment including changes
   to articles of association : .....................................................
5. Number and date of
   approval/agreement/notification from the minister in charge of government affairs in the field of law and human rights
   (if any) : .....................................................

To complete this application, we attach:

1. photocopy of business license in the field of education or training;
2. photocopy of the deed of establishment certified by the competent authority and the latest articles of association or similar documents that have received approval from the competent authority;
3. photocopy of Taxpayer Identification Number (NPWP);
4. standard operating procedure documents for PPL implementation for holders of Capital Market Sharia Scholar Licenses;
5. PPL plan documents for holders of Capital Market Sharia Scholar Licenses;
6. organizational structure and list of management names;
7. list of names of instructors and persons responsible for PPL implementation for holders of Capital Market Sharia Scholar Licenses; and
8. document stating that the right to organize PPL and/or other education/training specifically in the Capital Market field has not been revoked in the last 6 (six) months.

This application is submitted, for your attention we thank you.

Institution Leader,
Stamp
(clear name and signature)

ANNUAL PLAN FOR IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

Institution Name/PPL Implementing Institution: ....................................................

No.
Main Theme/Material
Place, Time,
Activity Duration
Instructor/
Resource Person
Target
Participants
Person Responsible for Costs
1.
2.
3.
4.
5.

Jakarta, .............................
*) Strike out what is not necessary
Chairman/Institution Leader, *)
(clear name and signature)

REPORT ON IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

Institution Name/PPL Implementing Institution:.....................................................

1. Continuing Education Program in person

No.
Place,
Time, and
Duration of Activity
Information Related to Participants
Certificate Number
(if any)
Syllabus/Material
Continuing Education Program
Remarks
Name
License SK Number and Date
ASPM
1.
2.
3.
4.
5.

Supporting Documents:

• list of participants' attendance for Continuing Education Programs

2. Continuing Education Program other than in person

No.
Information Related to Participants
Certificate Number
(if any)
Title of Article,
Paper, or Book/Title of Research/Syllabus/
Material
Percentage (%) of
Fulfillment of
Continuing Education Program
Remarks
Name
License SK Number and Date
ASPM
1.
2.
3.
4.
5.

Supporting Documents:

• documents proving fulfillment of Continuing Education Program

......, ........................20......
(place and date)
*) Strike out what is not necessary
Chairman/Institution Leader, *)
(clear name and signature)

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

PARTICIPATION REPORT FOR CONTINUING EDUCATION PROGRAMS

Name : ...........................................................................
License SK Number and Date
ASPM : ...........................................................................

No.
Type of PPL
Main Theme/Material
Activity
Place and
Time of Implementation
Duration of Activity
Implementer
Supporting Documents/Proof of Participation
1.
2.
3.
4.
5.
6.

Determined in Jakarta on March 1, 2018

EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR, signed
HOESEN

Jakarta,.............................
License Holder,
(clear name and signature)