FINANCIAL SERVICES AUTHORITY REGULATION

OF THE REPUBLIC OF INDONESIA

NUMBER 12 OF 2026

CONCERNING

THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES IN THE CONTEXT OF SECONDARY HOUSING FINANCING

BY THE GRACE OF GOD THE ALMIGHTY,

THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to support the achievement of national housing strategic program targets, it is necessary to expand financing sources for the housing sector through the issuance of asset-backed securities in the form of participation certificates; b. that in order to meet the needs of the financial services industry sector in the context of housing sector financing and to encourage the development and deepening of the asset-backed securities in the form of participation certificates market, the Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing needs to be replaced;
c. that based on considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing;

Recalling:

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) as amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
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) as amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845) as amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);

DECIDING:

To Establish: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES IN THE CONTEXT OF SECONDARY HOUSING FINANCING.

CHAPTER I

GENERAL PROVISIONS

Article 1

In this Financial Services Authority Regulation, the following terms are defined as:

Asset-Backed Securities in the Form of Participation Certificates, hereinafter abbreviated as EBA-SP, are asset-backed securities in the form of participation certificates issued by an issuer, the payment of which is primarily sourced from financial assets and serves as proof of proportional ownership over the financial assets jointly owned by the holders of EBA-SP.
Fixed Cash Flow EBA-SP is an EBA-SP that provides its holders with a specific income.
Floating Cash Flow EBA-SP is an EBA-SP that promises its holders a non-specific income.
Original Creditor is a financial institution issuing credit/financing in the form of a bank or other financial institution that possesses financial assets.
Financial Asset is a receivable/claim or Right to Future Benefits obtained by the Original Creditor from the provision of credit/financing in the housing and settlement financing sector.
Right to Future Benefits is future cash flows or securities representing rights to future cash flows and/or future income or securities representing rights to future income.
Securitization is the transformation of illiquid assets into liquid assets through the purchase of Financial Assets from the Original Creditor and the issuance of EBA-SP.
Secondary Housing Financing is the organization of medium-term and/or long-term fund disbursement activities to the Original Creditor through Securitization.
Party is an individual, legal entity, company, joint venture, association, or organized group.
Issuer is a Party that issues EBA-SP in the context of Securitization.
Trustee is a Party that is registered with the Financial Services Authority as a trustee and represents the interests of the holders of EBA-SP.
Custodian Bank is a commercial bank that has obtained approval from the Financial Services Authority to conduct business activities as a custodian.
Public Offering is the offering of securities conducted by the issuer to sell securities to the public based on procedures regulated in the Law concerning the development and strengthening of the financial sector and its implementing regulations.
Public Offering of EBA-SP is the activity of offering EBA-SP conducted by the Issuer to sell EBA-SP to the public based on regulations in the capital market sector.
EBA-SP Registration Statement is a document that must be submitted to the Financial Services Authority by the Issuer in the context of the Public Offering of EBA-SP.
Material Information or Facts of EBA-SP is important and relevant information or facts regarding events, occurrences, or facts that can influence the price of EBA-SP and/or the decision of investors, potential investors, or other Parties interested in such information or facts.
EBA-SP Disclosure Document is any written information containing Material Information or Facts of EBA-SP in the context of the issuance of EBA-SP offered not through a Public Offering, with the aim for other Parties to purchase EBA-SP.
EBA-SP Prospectus is any written information containing Material Information or Facts of EBA-SP in the context of the Public Offering of EBA-SP with the aim for other Parties to purchase EBA-SP.
EBA-SP Issuance Agreement is an agreement in the issuance of EBA-SP made between the Issuer, Trustee, and/or Custodian Bank, which covers the trustee agreement, deposit, and accounting, as well as the issuance of EBA-SP.
Service Provider is a Party responsible for processing and monitoring payments made by debtors, taking initial actions such as warnings or other measures due to debtor delay or failure to fulfill obligations, conducting negotiations, resolving claims against debtors, and providing other services stipulated in the service provision agreement.
EBA-SP Credit/Cash Flow Enhancement Facility is a facility aimed at improving the quality of Financial Assets in the context of payments to holders of EBA-SP.
Accountant is an accountant registered as a capital market supporting profession with the Financial Services Authority.
Legal Consultant is a legal consultant registered as a capital market supporting profession with the Financial Services Authority.
Notary is a notary registered as a capital market supporting profession with the Financial Services Authority.
Securities Rating Company is a securities rating company that has obtained a business license from the Financial Services Authority.
Affiliation is:
a. family relationship due to marriage up to the second degree, both horizontally and vertically, namely the relationship of a person with:
1. husband or wife;
2. parents of husband or wife and the husband or wife of the child;
3. grandparents of husband or wife and the husband or wife of the grandchild;
4. siblings of husband or wife along with the husband or wife of the sibling in question; or
5. husband or wife of the sibling of the person in question.
b. family relationship due to descent up to the second degree, both horizontally and vertically, namely the relationship of a person with:
1. parents and children;
2. grandparents and grandchildren; or
3. siblings of the person in question.
c. relationship between a party and its employees, directors, or commissioners;
d. relationship between 2 (two) or more companies where there is one or more members of the board of directors, management, board of commissioners, or supervisors who are the same; e. relationship between a company and a party, directly or indirectly, in any way, controlling or being controlled by the company or party in determining the management and/or policy of the said company or party; f. relationship between 2 (two) or more companies controlled, directly or indirectly in any way, in determining the management and/or policy of the company by the same party; or g. relationship between a company and a major shareholder, namely a party that directly or indirectly owns at least 20% (twenty percent) of the shares with voting rights of that company.
Financial Services Authority Reporting System is an information system used as a means for the Issuer, Custodian Bank, and Trustee to submit reports online to the Financial Services Authority.

CHAPTER II

EBA-SP FINANCIAL ASSETS

Article 2

(1) Financial Assets forming the EBA-SP investment portfolio consist of:
a. receivables/claims from credit/financing in the housing and settlement financing sector, including collateral/guarantees and the mortgage rights attached to the Financial Assets; or b. Right to Future Benefits related to the housing and settlement financing sector.

(2) The Issuer ensures that the Financial Assets as referred to in paragraph (1) meet the following provisions:
a. possess or generate cash flows that can be used to fulfill payment obligations to holders of EBA-SP; b. are legally owned or issued by the Original Creditor; and
c. are not currently pledged or used as part of the settlement of the Original Creditor's obligations to other Parties.

Article 3

(1) In the event that the Financial Assets consist of Right to Future Benefits as referred to in Article 2 paragraph (1) letter b, the Original Creditor is required to provide guarantees in the form of receivables/claims from credit/financing in the housing and settlement financing sector.

(2) The guarantees as referred to in paragraph (1) must meet the following provisions:
a. have a "current" (performing) quality; b. possess or generate cash flows that can be used to fulfill payment obligations to holders of EBA-SP;
c. are legally owned by the Original Creditor; and
d. are not currently pledged or used as part of the settlement of the Original Creditor's obligations to other Parties.

(3) The Original Creditor is required to register the pledge on the receivables/claims from credit/financing in the housing and settlement financing sector that serve as collateral for the Financial Assets as referred to in paragraph (1) in accordance with applicable legislation.

(4) The Original Creditor is required to conduct periodic monitoring of the quality of receivables/claims from credit/financing in the housing and settlement financing sector that serve as collateral for the Financial Assets as referred to in paragraph (1).

(5) In the event of a decline in the quality of receivables/claims from credit/financing in the housing and settlement financing sector that serve as collateral for the Financial Assets as referred to in paragraph (1), the Original Creditor is required to replace the receivables/claims from credit/financing in the housing and settlement financing sector that serve as collateral within a maximum of 60 (sixty) days from the occurrence of the quality decline.

(6) In the event that there are no receivables/claims from credit/financing in the housing and settlement financing sector available as replacement collateral for the Financial Assets as referred to in paragraph (5), the Original Creditor is required to provide replacement guarantees in the form of assets other than receivables/claims from credit/financing in the housing and settlement financing sector, within a maximum of 60 (sixty) days from the occurrence of the quality decline of the receivables/claims from credit/financing in the housing and settlement financing sector that serve as collateral for the Financial Assets.

(7) The replacement collateral for Financial Assets as referred to in paragraph (5) and paragraph (6) must:
a. be based on the analysis of the Original Creditor, paying attention to the continuity of payments to holders of EBA-SP; b. have obtained approval from the Issuer and the Trustee; and
c. meet the following criteria:
1. have a "current" (performing) quality, if the additional collateral is in the form of receivables/claims from credit/financing;
2. possess or generate cash flows that can be used to fulfill payment obligations to holders of EBA-SP;
3. are legally owned by the Original Creditor; and
4. are not currently pledged or used as part of the settlement of the Original Creditor's obligations to other Parties.

(8) The Original Creditor is required to register the pledge on the replacement collateral for Financial Assets as referred to in paragraph (5) and paragraph (6) in accordance with applicable legislation.

(9) The Original Creditor is required to account for the pledge agreement on the replacement collateral for Financial Assets as referred to in paragraph (8).

(10) The Original Creditor is required to submit the pledge agreement on the replacement collateral for Financial Assets as referred to in paragraph (9) to the Financial Services Authority if needed in the context of supervision by the Financial Services Authority.

Article 4

The Issuer ensures the alignment of the payment obligation structure to holders of EBA-SP and the EBA-SP Credit/Cash Flow Enhancement Facility with the characteristics of the selected Financial Assets.

Article 5

(1) Financial Assets forming the EBA-SP investment portfolio must:
a. be obtained by the Issuer from the Original Creditor through outright sale and be sold by the Issuer to holders of EBA-SP through outright sale legally; or b. be obtained by the Issuer for the benefit of holders of EBA-SP from the Original Creditor through outright sale legally.

(2) The outright sale as referred to in paragraph (1) must be supported by the opinion of a Legal Consultant.

(3) The outright sale as referred to in paragraph (1) and paragraph (2):
a. must meet the requirements for outright sale accounting in accordance with generally accepted accounting principles, for Financial Assets as referred to in Article 2 paragraph (1) letter a; or b. may be accompanied by the fulfillment of outright sale accounting in accordance with generally accepted accounting principles, for Financial Assets as referred to in Article 2 paragraph (1) letter b.

(4) In the event that the legal outright sale is accompanied by the fulfillment of accounting outright sale as referred to in paragraph (3), the Issuer is required to ensure that the accounting treatment for the fulfillment of outright sale is applied consistently and supported by the opinion of an Accountant.

Article 6

(1) The Original Creditor as referred to in Article 5 paragraph (1) may only purchase EBA-SP up to a maximum of 10% (ten percent) of the total value of the EBA-SP investment portfolio.

(2) The Issuer as referred to in Article 5 paragraph (1) may only purchase EBA-SP during the initial offering up to a maximum of 10% (ten percent) of the total value of the EBA-SP investment portfolio.

(3) In the event that the initial offering of EBA-SP is not fully absorbed by the market, the Issuer as referred to in Article 5 paragraph (1) letter b may purchase EBA-SP exceeding 10% (ten percent) of the total value of the EBA-SP investment portfolio.

Article 7

(1) Any Party that violates the provisions as referred to in Article 3 and/or Article 5 paragraph (4) shall be subject to administrative sanctions.

(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the violation as referred to in paragraph (1).

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist 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; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual license.

(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a.

(5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER III

EBA-SP ISSUANCE AGREEMENT

Article 8

(1) The EBA-SP Issuance Agreement must be made in a notarial deed by a Notary.

(2) The EBA-SP Issuance Agreement must contain:
a. the identity of each legally valid Party authorized to represent and act on behalf of the Issuer, Trustee, and Custodian Bank; b. the rights and obligations of the Issuer, Trustee, and Custodian Bank;
c. the name and obligations of the Service Provider providing services for the EBA-SP investment portfolio, if there is a Service Provider;
d. the name of the Securities Rating Company, in the event that EBA-SP is offered through a Public Offering of EBA-SP; e. the name of the Accountant appointed in the context of EBA-SP issuance, if there is an Accountant; f. the name of the Legal Consultant appointed in the context of EBA-SP issuance; g. the legal opinion from the Legal Consultant appointed in the context of EBA-SP issuance regarding the transfer of Financial Assets, including collateral/guarantees and rights attached to the Financial Assets forming the EBA-SP investment portfolio or collateral/guarantees; h. the Financial Assets forming the EBA-SP investment portfolio, including collateral/guarantees and rights attached to the Financial Assets or collateral/guarantees, registered in the name of the Trustee for the benefit of holders of EBA-SP and stored at the Custodian Bank;
i. provisions regarding the duration of EBA-SP;
j. the rights of holders of EBA-SP; k. provisions regarding the prohibition of resale of EBA-SP to the Custodian Bank representing holders of EBA-SP;
l. provisions regarding the replacement of the Trustee, Custodian Bank, Accountant if any, Service Provider if any, Securities Rating Company, Legal Consultant, Notary, and other Parties related to the issuance of EBA-SP;
m. the service fees to be received by the Parties as referred to in letter l; n. the dissolution and liquidation of EBA-SP; o. provisions regarding breach of contract and its sanctions for Parties in breach; p. the mechanism for changes in EBA-SP transaction documents that are material; q. the mechanism for resolving legal disputes among the Parties; and r. the appointment of an alternative dispute resolution institution in the financial services sector or the court as the institution to resolve disputes and civil litigation between the Issuer, Holder of EBA-SP, and/or Custodian Bank.

Article 9

The EBA-SP Issuance Agreement may:
a. contain the existence or non-existence of EBA-SP classes with different rights, with differentiation based on:
1. the order and schedule of payments to holders of EBA-SP;
2. the class of EBA-SP;
3. the designation of payments for specific EBA-SP originating from interest or other cash flows;
4. the designation of payments for specific EBA-SP originating from principal loans;
5. the designation of accelerated payments for specific classes of EBA-SP due to certain conditions;
6. the designation of payments that change according to changes in interest rates or other market sizes;
7. the designation of collateral levels or priority rights over the EBA-SP investment portfolio or cash flows from EBA-SP; and/or
8. other differentiation criteria.
b. stipulate requirements that EBA-SP from certain classes can be transferred to other Parties;
c. stipulate provisions regarding the dissolution and liquidation of EBA-SP, including the distribution of the EBA-SP investment portfolio to several or all classes of holders of EBA-SP, at specific times or under specific conditions; and
d. stipulate the existence or non-existence of:
1. insurance or guarantees over the EBA-SP investment portfolio against various types of risks;
2. rating on several or all classes of EBA-SP;
3. guarantees for EBA-SP from third parties;
4. EBA-SP Credit/Cash Flow Enhancement Facility;
5. specific cash flows that are retained and reinvested in the EBA-SP investment portfolio; and
6. additional issuance of EBA-SP that can be owned by investors other than holders of previously issued EBA-SP.

Article 10

(1) Any Party that violates the provisions as referred to in Article 8 shall be subject to administrative sanctions.

(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties that cause the violation as referred to in paragraph (1).

CHAPTER IV

PROCEDURES FOR THE ISSUANCE OF EBA-SP

First Section

Issuance Requirements for EBA-SP

Article 11

Parties conducting the issuance of EBA-SP must meet the following requirements:
a. be a limited liability company conducting Secondary Housing Financing; b. have paid-up capital of at least:
1. IDR 1,000,000,000,000.00 (one trillion rupiah), if the Issuer purchases Financial Assets from the Original Creditor using its own funds and sells them to holders of EBA-SP through the issuance of EBA-SP; or
2. IDR 250,000,000,000.00 (two hundred fifty billion rupiah), if the Issuer purchases Financial Assets from the Original Creditor using funds from the proceeds of EBA-SP issuance.
c. have at least 2 (two) directors, with the provision that at least 1 (one) director has expertise and/or experience in the field of Securitization or holds a competency certificate in investment management;
d. have employees with at least 3 (three) years of work experience in credit/financing analysis in the housing and settlement financing sector; and e. have marketing personnel who at least hold a competency certificate in the capital market sector.

Article 12

The Issuer is required to store the Financial Assets forming the EBA-SP investment portfolio at the Custodian Bank and register them in the name of the Trustee for the benefit of holders of EBA-SP.

Article 13

The Issuer represents the interests of holders of EBA-SP both inside and outside of court for:
a. the purchase of Financial Assets from the Original Creditor as referred to in Article 5 paragraph (1) letter b; and b. the appointment of the Trustee, Custodian Bank, and Accountant for the first time, until the EBA-SP is allocated to holders of EBA-SP.

Article 14

The execution of duties and responsibilities of the Custodian Bank and Trustee may be carried out by the same commercial bank.

Article 15
(1) The Issuer is prohibited from having an Affiliation relationship with the Original Creditor, Custodian Bank, and/or Trustee, except for Affiliation relationships arising from direct or indirect government ownership or capital participation. (2) The Original Creditor is prohibited from having an Affiliation relationship with the Custodian Bank and/or Trustee, except for Affiliation relationships arising from direct or indirect government ownership or capital participation.

Article 16
The Original Creditor and/or Service Provider are prohibited from acting as the Custodian Bank and/or Trustee for the same EBA-SP.

Article 17
(1) The rights of EBA-SP holders over the EBA-SP investment portfolio must be stated in the EBA-SP Prospectus or the EBA-SP Disclosure Document.
(2) The rights of EBA-SP holders as referred to in paragraph (1) are supported by a legal opinion from the Legal Consultant stating that the rights of EBA-SP holders in the EBA-SP Prospectus or EBA-SP Disclosure Document are in accordance with the EBA-SP Issuance Agreement.

Article 18
(1) The Issuer must ensure that investors have had the opportunity to read the EBA-SP Prospectus or EBA-SP Disclosure Document before or at the time of purchasing the EBA-SP. (2) The opportunity to read the EBA-SP Prospectus or EBA-SP Disclosure Document as referred to in paragraph (1) is evidenced by the investor's statement in the EBA-SP purchase form.

Article 19
(1) Every issuance of EBA-SP must be given a name identical to the name of the Issuer and the name of the Original Creditor, preceded by the phrase "ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES" and a number assigned by the Issuer. (2) In the event that more than one class of EBA-SP is issued, each class must be written in capital letters and accompanied by a description of each class of EBA-SP.

Part Two
Evidence of EBA-SP Ownership

Article 20
EBA-SP may:
a. be included in collective custody at a depository and clearing institution; or b. not be included in collective custody at a depository and clearing institution.

Article 21
(1) In the event that EBA-SP is included in collective custody at a depository and clearing institution, the Issuer and/or Custodian Bank must issue an EBA-SP certificate or written confirmation to the depository and clearing institution as evidence of recording in the EBA-SP holder register at the Issuer and/or Custodian Bank. (2) EBA-SP in collective custody at the Custodian Bank or securities company recorded in the securities account at the depository and clearing institution is recorded in the name of the Custodian Bank or securities company for the benefit of the account holders at the Custodian Bank or securities company. (3) In the event that EBA-SP in collective custody at the Custodian Bank is part of the securities portfolio of a collective investment contract and is not included in collective custody at the depository and clearing institution, the EBA-SP is recorded in the EBA-SP holder register of the Issuer and/or Custodian Bank in the name of the Custodian Bank for the benefit of the EBA-SP owners of the respective collective investment contract. (4) The Custodian Bank must issue a securities account statement to the account holder as evidence of EBA-SP ownership recording in the securities account. (5) The securities company must issue written confirmation to the account holder as evidence of EBA-SP transaction recording in the securities account. (6) The securities account statement or written confirmation as referred to in paragraph (4) and paragraph (5) must contain at least:
a. the name of the EBA-SP; b. the name of the EBA-SP account holder at the Custodian Bank or securities company providing custodian functions; and
c. the nominal value of the EBA-SP.

Article 22
(1) In the event that EBA-SP is not included in collective custody at a depository and clearing institution, the Issuer and/or Custodian Bank must provide evidence of EBA-SP ownership in the form of an EBA-SP certificate or collective EBA-SP certificate to the EBA-SP holder. (2) The EBA-SP certificate or collective EBA-SP certificate as referred to in paragraph (1) must contain at least:
a. the name of the EBA-SP; b. the name of the EBA-SP holder or owner, if the EBA-SP is issued in registered form;
c. the quantity of EBA-SP, if issued in the form of a collective EBA-SP certificate;
d. a brief description regarding the total principal value of the EBA-SP, EBA-SP class, material rights concerning the EBA-SP class, maturity date, and EBA-SP payment schedule; e. the name and address of the Issuer; f. the name of the Custodian Bank and Trustee; g. the name and address of the securities administration office, if a securities administration office exists; and h. the date, place, and name of the Notary who made the EBA-SP Issuance Agreement.

Article 23
(1) Any Party violating the provisions as referred to in Article 12, Article 15, Article 16, Article 17 paragraph (1), Article 18 paragraph (1), Article 21 paragraph (1), paragraph (4), paragraph (5), paragraph (6), and/or Article 22, shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual person license.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER V
OFFERING OF EBA-SP

Part One
General Provisions

Article 24
EBA-SP is offered through a Public Offering or not through a Public Offering.

Article 25
(1) In the event that EBA-SP is offered through a Public Offering, the Issuer must submit a Registration Statement to the Financial Services Authority. (2) EBA-SP offered through a Public Offering as referred to in paragraph (1) must be rated by a Securities Rating Agency. (3) A Public Offering of EBA-SP may only be conducted after the EBA-SP Registration Statement is declared effective.

Article 26
In the event that EBA-SP is offered not through a Public Offering, the Issuer must submit:
a. EBA-SP Disclosure Document; b. EBA-SP transaction documents; and
c. specimen of EBA-SP certificate,
to the Financial Services Authority, at the latest 10 (ten) working days calculated from the date the EBA-SP is allocated to the EBA-SP holder.

Article 27
(1) The Registration Statement as referred to in Article 25 paragraph (1) must be prepared using the format of the Registration Statement in the Context of Public Offering of EBA-SP as stated in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The Registration Statement as referred to in paragraph (1) is accompanied by attaching documents at least consisting of:
a. EBA-SP transaction documents made in a notarial deed by a Notary; b. the final draft of the EBA-SP Prospectus stamped and signed by the Parties;
c. specimen of EBA-SP certificate;
d. audit report and legal opinion regarding the issuance of EBA-SP; e. opinion of the Accountant regarding the accounting aspects of EBA-SP issuance, if any; f. documents containing the rating results of EBA-SP from the Securities Rating Agency; g. securities underwriting agreement, if there is securities underwriting; h. preliminary agreement with one or more stock exchanges, if the EBA-SP will be listed on a stock exchange; and
i. other information as requested by the Financial Services Authority.

Article 28
(1) In the event that the EBA-SP Registration Statement as referred to in Article 27 does not meet the requirements, the Financial Services Authority provides a notification letter to the Issuer stating that the EBA-SP Registration Statement does not meet the requirements. (2) In the event that the EBA-SP Registration Statement as referred to in Article 27 has met the requirements, the Financial Services Authority provides a notification letter to the Issuer stating that the EBA-SP Registration Statement is declared effective.

Article 29
(1) The EBA-SP Registration Statement is declared effective on the 20th (twentieth) working day since the receipt of the complete EBA-SP Registration Statement or on an earlier date if declared effective by the Financial Services Authority. (2) Within the time period as referred to in paragraph (1), the Financial Services Authority may request changes and/or additional information from the Issuer. (3) In the event that the Issuer submits changes and/or additional information, the EBA-SP Registration Statement is considered to have been submitted again on the date of receipt of the changes and/or additional information. (4) In the event that the Financial Services Authority requests changes and/or additional information from the Issuer as referred to in paragraph (2), the calculation of the time for the effectiveness of the Registration Statement is calculated from the date of receipt of the changes and/or additional information. (5) The EBA-SP Registration Statement does not become effective until the changes and/or additional information as referred to in paragraph (2) are received and have met the requirements established by the Financial Services Authority.

Part Two
Guidelines on the Form and Content of EBA-SP Prospectus in the Context of Public Offering of EBA-SP

Article 30
(1) In the event that EBA-SP is offered through a Public Offering, the Issuer must submit an EBA-SP Prospectus containing up-to-date information at the time of offering the EBA-SP to the public. (2) The EBA-SP Prospectus is prohibited from:
a. containing incorrect information about material facts or not containing correct information about material facts necessary so that the EBA-SP Prospectus does not give a misleading impression; and b. disclosing Information or Material Facts and/or using photos, diagrams, and/or tables that give a misleading impression. (3) The EBA-SP Prospectus must be made clearly and communicatively. (4) The presentation and delivery of important information in the EBA-SP Prospectus must not be obscured by less important information resulting in the important information being overlooked by the reader. (5) The most important facts and considerations must be summarized and disclosed in the early part of the EBA-SP Prospectus. (6) The order of presenting facts in the EBA-SP Prospectus is determined based on the relevance of the facts and is not determined based on the order as stated in this Financial Services Authority Regulation.

Article 31
(1) The EBA-SP Prospectus as referred to in Article 30 must contain details of Information or Material Facts regarding EBA-SP and information and/or statements as required. (2) The details of Information or Material Facts regarding EBA-SP and information and/or statements as required as referred to in paragraph (1) must at least contain the following information:
a. information on the outer cover of the EBA-SP Prospectus must contain and disclose:

the full name of the EBA-SP;
the full name, address, logo (if a logo exists), telephone number, facsimile number, and postal address of the Issuer, Custodian Bank, and Trustee offices;
the name of the Original Creditor;
the effective date;
the offering period;
the allocation date, if any;
the refund date for subscription money, if any;
the EBA-SP certificate delivery date;
the name of the Service Provider, if a Service Provider exists;
the name of the underwriter/guarantor, if any;
the name of the Stock Exchange and the planned listing date, if any;
a brief explanation regarding the type of Financial Assets that constitute the EBA-SP investment portfolio;
the quantity, price, and class of EBA-SP;
a brief description of the rights of EBA-SP holders;
the full name of the managing underwriter and underwriter, if any;
the rating results of EBA-SP from the Securities Rating Agency;
the place and date of issuance of the Prospectus;
the following statement must be 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;
the statement of the Issuer and managing underwriter, if using a managing underwriter, must be printed in capital letters as follows:
THE ISSUER AND MANAGING UNDERWRITER ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION OR MATERIAL FACTS, AS WELL AS THE HONESTY OF OPINIONS STATED IN THIS PROSPECTUS; and
a brief statement printed in capital letters that directly attracts the reader's attention regarding the risk factors of the offered EBA-SP;
b. table of contents;
c. a brief description of the most important matters regarding EBA-SP accompanied by references by stating the page number of the EBA-SP Prospectus where further explanation regarding the matter exists;
d. information regarding EBA-SP, at least containing:
the existence or non-existence of EBA-SP classes with different rights, where the differentiation can be based on matters such as:
a) the order and schedule of payments to EBA-SP holders; b) Fixed Cash Flow EBA-SP or Non-Fixed Cash Flow EBA-SP; c) payment determination for specific EBA-SP classes originating from interest or other cash flows; d) payment determination for specific EBA-SP classes originating from principal loans; e) accelerated payment determination for specific EBA-SP classes due to certain conditions; f) payment determination for specific EBA-SP classes in connection with changes in reference interest rates; and g) determination of collateral level for specific EBA-SP classes or priority of rights over cash flows from EBA-SP;
provisions for the transfer of EBA-SP from specific classes to other Parties;
provisions regarding the settlement of EBA-SP and distribution of Financial Assets (if any) to some or all EBA-SP classes at maturity or under certain conditions;
the existence or non-existence of:
a) insurance or collateral for the EBA-SP investment portfolio against various risks; b) collateral for EBA-SP from third parties; and c) Credit Enhancement/Cash Flow Enhancement Facility for EBA-SP;
criteria for selecting the EBA-SP investment portfolio;
information regarding:
a. the EBA-SP investment portfolio constituting the EBA-SP Financial Assets, for Financial Assets in the form of receivables/bills from credit/financing provision in the housing and settlement financing sector; or b. collateral for EBA-SP Financial Assets, for Financial Assets in the form of Benefit Rights, including the weighted average maturity of the EBA-SP investment portfolio, collectibility rate data, and the possibility of pre-maturity payment for the EBA-SP investment portfolio;
provisions regarding the placement of funds from the collection of the EBA-SP investment portfolio and other funds not yet paid to EBA-SP holders (if any);
reporting provisions to EBA-SP holders; and
description of the EBA-SP allocation method;
e. information regarding the Issuer, at least containing or disclosing a brief description of the Issuer, the Issuer's experience, and Parties affiliated with the Issuer; f. information regarding the Custodian Bank and Trustee, at least containing or disclosing a brief description, experience, and Parties affiliated with the Custodian Bank and Trustee; g. information regarding the Original Creditor, at least containing or disclosing a brief description of the Original Creditor, the Original Creditor's experience, and Parties affiliated with the Original Creditor; h. information about Financial Assets owned or issued by the Original Creditor, accompanied by collectibility rate data of receivables/bills from credit/financing provision in the housing and settlement financing sector that are purchased or used as collateral;
i. information regarding the Service Provider, if a Service Provider exists, at least containing or disclosing a brief description of the Service Provider, the Service Provider's experience, and Parties affiliated with the Service Provider;
j. taxation related to EBA-SP including taxation for investors both domestic and foreign; k. rating results of EBA-SP from the Securities Rating Agency;
l. audit results and opinions from the Legal Consultant:
for Financial Assets in the form of receivables/bills from credit/financing provision in the housing and settlement financing sector, at least including:
a) the validity of credit/financing agreements in the housing and settlement financing sector; b) the EBA-SP investment portfolio; c) the Securitization transaction structure; d) Affiliation relationships among the Parties; e) the transfer of receivables and its validity; f) the assignment of receivables (cessie) and its validity; g) the establishment and registration of mortgage rights over collateral objects at the competent institution in accordance with applicable laws and regulations and legal consequences if not registered; h) foreclosure/auction and its validity; and i) the legal status of additional collateral and its validity, if additional collateral exists.
for Financial Assets in the form of Benefit Rights, at least including:
a) the validity of credit/financing agreements in the housing and settlement financing sector; b) the EBA-SP investment portfolio; c) the Securitization transaction structure; d) Affiliation relationships among the Parties; e) the validity of the encumbrance and registration of collateral over Benefit Rights; f) foreclosure/auction and its validity; and g) the legal status of additional collateral and its validity, if additional collateral exists. m. the name, address, and responsibilities of the Service Provider, Securities Rating Agency, and Securities Administration Office, if a Service Provider, Securities Rating Agency, and/or Securities Administration Office exists; n. risk factors; o. rights of EBA-SP holders; and p. procedures and requirements for ordering EBA-SP.

Article 32
(1) Any Party violating the provisions as referred to in Article 25 paragraph (1), Article 26, Article 30 paragraph (1), paragraph (2), and/or Article 31 paragraph (1), shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual person license.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER VI
ISSUER, TRUSTEE, CUSTODIAN BANK, ORIGINAL CREDITOR, AND SERVICE PROVIDER

Part One
Issuer

Article 33
(1) The Issuer must:
a. represent the interests of EBA-SP holders in purchasing Financial Assets from the Original Creditor as referred to in Article 5 Paragraph (1) letter b and the appointment of the Trustee, Custodian Bank, Accountant, Legal Consultant, Notary, and Securities Rating Agency (if any), in the issuance of EBA-SP until the EBA-SP is allocated to EBA-SP holders; b. be a Party providing Credit Enhancement/Cash Flow Enhancement Facility for EBA-SP;
c. act with care and professionalism regarding the interests of EBA-SP holders, including conducting due diligence on the Original Creditor, Financial Assets forming the EBA-SP investment portfolio, legal and tax aspects, and other relevant aspects in the EBA-SP structuring process;
d. be responsible for the transparency and truthfulness of Information or Material Facts regarding EBA-SP, as stated in the EBA-SP Disclosure Document or in the Registration Statement if the EBA-SP is offered through a Public Offering of EBA-SP; e. appoint a Trustee for the first time, to represent the interests of EBA-SP holders since the EBA-SP is allocated to EBA-SP holders; f. appoint a Custodian Bank for the first time to conduct the custody and administration of EBA-SP and the EBA-SP investment portfolio; g. appoint Accountants, Legal Consultants, Notaries, and Securities Rating Agencies (if any), in the issuance of EBA-SP; h. with the approval of the Trustee, appoint an Accountant to conduct an audit of the EBA-SP annual financial report for the first year;
i. ensure that the Custodian Bank and Trustee execute their duties and obligations regarding EBA-SP in accordance with the EBA-SP Issuance Agreement;
j. provide assistance to the Trustee if requested by the Trustee; k. include provisions for the replacement of the Custodian Bank and Trustee in the EBA-SP Issuance Agreement; and
l. execute decisions taken in the general meeting of EBA-SP holders.
(2) An Issuer conducting a Public Offering of EBA-SP must comply with provisions regarding ordering and allocation of securities in a public offering.

Article 34
The Issuer is responsible for providing compensation to EBA-SP holders for losses caused by errors or negligence attributable to the Issuer.

Article 35
(1) The Issuer must conduct:
a. due diligence on Financial Assets, including collateral/collateral and rights attached to the Financial Assets or collateral/collateral; and b. review of the condition and capability of the Original Creditor. (2) The review as referred to in paragraph (1) letter b includes an assessment of the condition and capability of the Original Creditor in supporting the sustainability of Financial Asset cash flows, at least including aspects:
a. the credit risk profile of the Original Creditor; b. the quality of Financial Assets, for Financial Assets in the form of receivables/bills from credit/financing provision in the housing and settlement financing sector...

credit/financing in the housing and settlement financing sector;
c. the quality of collateral/guarantee of Financial Assets, for Financial Assets in the form of Benefit Rights; and
d. liquidity, solvency, and profitability.
(3) The Issuer must account for the results of due diligence and review as referred to in paragraph (1).
(4) The Issuer must submit the results of due diligence and review as referred to in paragraph (3) to the Financial Services Authority if required for the implementation of supervision by the Financial Services Authority.

Article 36
(1) In carrying out due diligence as referred to in Article 35 paragraph (1) letter a, the Issuer bases its actions on information and data that at least contains historical performance data and default rates obtained from the Originating Creditor. (2) The Issuer must ensure that the information and data as referred to in paragraph (1) are reliable, complete, and structured.

Second Section
Trustee

Article 37
(1) The Trustee has the duty and responsibility to represent the interests of EBA-SP holders inside and outside of court in accordance with the trust agreement and other documents related to the trust agreement based on applicable laws and regulations. (2) The implementation of the duties and responsibilities as referred to in paragraph (1) takes effect from the time EBA-SP has been allocated to the EBA-SP holders. (3) In carrying out the duties and responsibilities as referred to in paragraph (1), the Trustee must:
a. carry out duties with good faith, care, and caution in accordance with the trust agreement and other documents related to the trust agreement based on applicable laws and regulations; b. act quickly and effectively for the benefit of EBA-SP holders;
c. monitor payments to EBA-SP holders;
d. appoint a replacement Custodian Bank; e. supervise and monitor the Issuer and Custodian Bank in fulfilling their obligations related to EBA-SP in accordance with the EBA-SP Issuance Agreement and other transaction documents related to EBA-SP; f. record Financial Assets that form the EBA-SP investment portfolio in its name for the benefit of EBA-SP holders, including registering rights attached to the collateral/guarantee of Financial Assets at the relevant institution in accordance with applicable laws and regulations; g. take necessary actions if there is a change in value of the EBA-SP investment portfolio and/or rights attached to the Financial Assets forming the EBA-SP investment portfolio; h. appoint Service Providers, including replacements, if there are Service Providers;
i. appoint a paying agent and supervise its performance;
j. appoint an Auditor to audit the annual financial reports of EBA-SP after the first year; k. collect and sue for payments from debtors regarding receivables/bills from credit/financing in the housing and settlement financing sector if a Service Provider is terminated before a replacement is obtained;
l. supervise the performance of Service Providers;
m. provide instructions to Service Providers if deemed necessary or upon request by the Service Provider; n. convene the General Meeting of EBA-SP holders and implement decisions taken by the General Meeting of EBA-SP holders; o. execute collateral/guarantee or appoint a Service Provider to execute collateral/guarantee for the benefit of EBA-SP holders; and p. provide all information or information regarding the implementation of trust duties to the Financial Services Authority.

Article 38
(1) The Issuer appoints the Trustee for the first time.
(2) Replacement of the Trustee is carried out due to:
a. the business license of the bank as Trustee becoming invalid, whether revoked or returned to the Financial Services Authority; b. the business activities of the Trustee in the capital market are frozen;
c. the Trustee is dissolved by a judicial body or another official body or is considered dissolved based on applicable laws and regulations;
d. the Trustee is declared bankrupt by a competent judicial body or its operations and/or business activities are frozen by the competent party; e. the Trustee is unable to fulfill its obligations; f. the Trustee violates the terms of the trust agreement, other agreements in the EBA-SP transaction documents, and/or applicable laws and regulations in the capital market sector; g. the emergence of an Affiliation relationship between the Trustee and the Issuer and/or Originating Creditor after the appointment of the Trustee, except if the Affiliation relationship arises from government ownership or capital participation; or h. based on the decision of the General Meeting of EBA-SP holders. (3) The replacement of the Trustee as referred to in paragraph (2) is proposed by the Issuer.

Article 39
The Trustee is responsible for providing compensation to EBA-SP holders for losses due to negligence in the implementation of its duties as regulated in the trust agreement, EBA-SP Issuance Agreement, other agreements in the EBA-SP transaction documents, and applicable laws and regulations.

Article 40
The duties, obligations, and responsibilities of the Trustee end if:
a. the entire value of the EBA-SP investment portfolio has been paid to EBA-SP holders and all obligations related to EBA-SP have been settled; b. a specific date after the end date of EBA-SP as agreed in the EBA-SP Issuance Agreement and stated in the EBA-SP Disclosure Document or Prospectus, with the provisions:

the entire value of the EBA-SP investment portfolio has been paid to EBA-SP holders; and
all obligations related to EBA-SP have been settled; or
c. a replacement Trustee has been appointed.

Third Section
Custodian Bank

Article 41
(1) The Custodian Bank has the duty and responsibility to conduct collective deposit and storage of all valuable documents related to EBA-SP in accordance with the deposit agreement, other agreements in the EBA-SP transaction documents, and applicable laws and regulations. (2) In carrying out the duties and responsibilities as referred to in paragraph (1), the Custodian Bank must:
a. receive payments from EBA-SP holders for the purchase of EBA-SP and:

pay for the purchase of the EBA-SP investment portfolio; or
pay for the purchase of the EBA-SP investment portfolio conducted by the Issuer for the benefit of EBA-SP holders to the Originating Creditor.
b. receive Financial Assets purchased:
from the Issuer; or
by the Issuer from the Originating Creditor for the benefit of EBA-SP holders;
c. record the Financial Assets as referred to in letter b in the name of the Trustee representing the interests of EBA-SP holders;
d. open a collection account at a bank in the name of the Trustee for the benefit of EBA-SP holders, used for placing the results of collection of principal and interest from the EBA-SP investment portfolio conducted by the Service Provider; e. store funds or collection results of the EBA-SP investment portfolio from the Service Provider; f. distribute the collection results of the EBA-SP investment portfolio according to its utilization, including to EBA-SP holders as stated in the Disclosure Document or EBA-SP Prospectus; g. fulfill obligations related to EBA-SP; h. prepare documents and compile financial reports of EBA-SP;
i. create and store a register of EBA-SP holders and record the transfer of ownership of EBA-SP or appoint an Effect Administration Bureau to perform such services;
j. separate the EBA-SP investment portfolio and other assets related to the EBA-SP investment portfolio from the assets of the Custodian Bank and/or other clients' assets at the Custodian Bank; k. inform EBA-SP holders monthly:
for Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector:
a) total principal value of EBA-SP; b) report on the collection of receivables/bills from credit/financing in the housing and settlement financing sector supporting each class of EBA-SP; c) weighted average maturity of the collection of receivables/bills from credit/financing in the housing and settlement financing sector that are EBA-SP Financial Assets; d) number of payment arrears on the collection of receivables/bills from credit/financing in the housing and settlement financing sector that are EBA-SP Financial Assets; e) position of EBA-SP Credit Enhancement/Cash Flow Facility; f) number of EBA-SP holders for each class of EBA-SP; g) estimated payments for each class of EBA-SP for the next 12 (twelve) months; and h) Material Information or Facts related to EBA-SP as a basis for concluding the possibility of changes in cash flow, and/or value of EBA-SP.
for Financial Assets in the form of Benefit Rights:
a) total principal value of EBA-SP; b) report on the condition of collateral of Financial Assets; c) weighted average maturity of the collateral of Financial Assets; d) number of payment arrears on the collateral of Financial Assets; e) position of EBA-SP Credit Enhancement/Cash Flow Facility; f) number of EBA-SP holders for each class of EBA-SP; g) estimated payments for each class of EBA-SP for the next 12 (twelve) months; and h) Material Information or Facts related to EBA-SP as a basis for concluding the possibility of changes in cash flow, and/or value of EBA-SP.
l. formally reject instructions from the Issuer that contradict the duties, responsibilities, and obligations of the Custodian Bank regarding EBA-SP;
m. formally reject instructions from the Trustee that contradict the duties, responsibilities, and obligations of the Custodian Bank regarding EBA-SP; n. conduct administration and accounting in relation to the deposit and accounting of EBA-SP; o. implement decisions from the General Meeting of EBA-SP holders in accordance with the responsibilities of the Custodian Bank; and p. perform other duties related to the deposit and accounting of the EBA-SP investment portfolio as determined in the deposit agreement, other agreements in the EBA-SP transaction documents, and applicable laws and regulations.

Article 42
The Custodian Bank must fulfill instructions from the Issuer and/or Trustee in accordance with the provisions in the EBA-SP Issuance Agreement.

Article 43
(1) The Issuer appoints the Custodian Bank for the first time.
(2) Replacement of the Custodian Bank is carried out due to:
a. the bank's business license becoming invalid, whether revoked or returned to the Financial Services Authority; b. the business activities of the Custodian Bank in the capital market are frozen;
c. the Custodian Bank is dissolved by a judicial body or another official body or is considered dissolved based on applicable laws and regulations;
d. the Custodian Bank is declared bankrupt by a competent judicial body or its operations and/or business activities are frozen by the competent party; e. the Custodian Bank is unable to fulfill its obligations; f. the Custodian Bank violates the terms of the deposit agreement, other agreements in the EBA-SP transaction documents, and/or applicable laws and regulations in the capital market sector; g. the emergence of an Affiliation relationship between the Custodian Bank and the Issuer and/or Originating Creditor after the appointment of the Custodian Bank, except if the Affiliation relationship arises from government ownership or capital participation; or h. based on the decision of the General Meeting of EBA-SP holders. (3) The replacement of the Custodian Bank as referred to in paragraph (2) is proposed by the Trustee.

Article 44
The Custodian Bank is responsible for providing compensation to EBA-SP holders for losses due to the negligence of the Custodian Bank in the implementation of its duties as regulated in the deposit agreement, EBA-SP Issuance Agreement, other agreements in the EBA-SP transaction documents, and applicable laws and regulations.

Article 45
The duties, obligations, and responsibilities of the Custodian Bank end if:
a. the entire value of the EBA-SP investment portfolio has been paid to EBA-SP holders and all obligations related to EBA-SP have been settled; b. a specific date after the end date of EBA-SP as agreed in the EBA-SP Issuance Agreement and stated in the EBA-SP Disclosure Document or Prospectus, with the provisions:

the entire value of the EBA-SP investment portfolio has been paid to EBA-SP holders; and
all obligations related to EBA-SP have been settled; or
c. a replacement Custodian Bank has been appointed.

Fourth Section
Originating Creditor and Service Provider

Article 46
(1) In the issuance of EBA-SP, the Originating Creditor must:
a. prepare Financial Assets that meet the requirements set by the Issuer; b. submit credit/financing documents in the housing and settlement financing sector and/or securities issuance documents to be examined by the Issuer or its proxy;
c. prepare accurate information regarding Financial Assets forming the EBA-SP investment portfolio or other information needed by the Issuer or its proxy;
d. guarantee the truthfulness of information, data, and documents related to Financial Assets; and e. submit information, data, and documents to the Issuer, if necessary. (2) The Originating Creditor as referred to in paragraph (1) is responsible:
a. for the validity of Financial Assets and related documents; and b. for providing compensation for losses due to the invalidity of Financial Assets and related documents.

Article 47
(1) The Service Provider has the duty and responsibility to process and supervise the smooth payment made by debtors in accordance with the service provision agreement, agreements in the EBA-SP transaction documents, and applicable laws and regulations. (2) In carrying out the duties and responsibilities as referred to in paragraph (1), the Service Provider must:
a. collect principal and interest from Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector from debtors; b. take initial necessary actions, negotiation, collection, and demands against debtors if debtors are late or fail to fulfill their obligations;
c. place the collection results of principal and interest from Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector into a collection account at the Service Provider in the name of the Trustee for the benefit of EBA-SP holders;
d. transfer the collection results of principal and interest as well as penalties from Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector to the Custodian Bank for the benefit of EBA-SP holders; e. execute collateral/guarantee attached to Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector in accordance with the provisions in the EBA-SP transaction documents, provided it is authorized by the Trustee; f. submit information, data, and documents to the Trustee and/or Custodian Bank when necessary; and g. store all data and documents related to its duties.

Article 48
(1) The Trustee appoints the Service Provider.
(2) Replacement of the Service Provider is carried out by the Trustee due to:
a. the business license of the Service Provider becoming invalid, whether revoked or returned to the competent authority; b. the business activities of the Service Provider are frozen by the competent authority;
c. the Service Provider is dissolved by a judicial body or another official body or is considered dissolved based on applicable laws and regulations;
d. the Service Provider is declared bankrupt by a competent judicial body or its operations and/or business activities are frozen by the competent party; e. the Service Provider is unable to fulfill its obligations; f. the Service Provider violates the terms of the service provision agreement, other agreements in the EBA-SP transaction documents, and/or applicable laws and regulations; or g. based on the decision of the General Meeting of EBA-SP holders.

Article 49
(1) Any Party that violates the provisions as referred to in Article 33, Article 35 paragraph (1), paragraph (3), paragraph (4), Article 36 paragraph (2), Article 37 paragraph (3), Article 39, Article 41 paragraph (2), Article 42, Article 44, and/or Article 47 paragraph (2) shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties who cause the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. freezing of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of the license of an individual.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER VII
GENERAL MEETING OF EBA-SP HOLDERS

Article 50
The General Meeting of EBA-SP holders is convened by the Trustee.

Article 51
(1) The General Meeting of EBA-SP holders may be convened based on:
a. a request from EBA-SP holders, individually or jointly, representing at least 20% (twenty percent) of the outstanding EBA-SP; b. a request from the Issuer;
c. a request from the Trustee; or
d. an order from the Financial Services Authority.
(2) The Trustee may reject the request from EBA-SP holders as referred to in paragraph (1) letter a or the request from the Issuer as referred to in paragraph (1) letter b to hold a General Meeting of EBA-SP holders by notifying in writing along with the reasons for rejection.

Article 52
The General Meeting of EBA-SP holders is held for the purpose of:
a. making decisions regarding proposals from the Issuer, Trustee, and/or EBA-SP holders concerning:

the dismissal of the Trustee and the appointment of a replacement; and/or
the dismissal of the Custodian Bank and the appointment of a replacement;
b. notifying regarding the failure or potential failure of the Trustee and/or Custodian Bank in fulfilling their obligations;
c. providing guidance to the Trustee and/or approving a time extension for a negligence based on the trust agreement and its consequences, or taking other actions related to negligence; or
d. making decisions regarding material changes to the terms of agreements in the EBA-SP transaction documents.

Article 53
(1) The costs of holding the General Meeting of EBA-SP holders based on a request from EBA-SP holders, Trustee, or Financial Services Authority as referred to in Article 51 paragraph (1) letters a, c, and d become the burden of the EBA-SP investment portfolio. (2) The costs of holding the General Meeting of EBA-SP holders based on a request from the Issuer as referred to in Article 51 paragraph (1) letter b become the burden of the Issuer.

CHAPTER VIII
REPORTING

First Section
Periodic Reports

Article 54
(1) The Issuer and Custodian Bank jointly submit the semi-annual financial reports and annual financial reports of EBA-SP to the Financial Services Authority. (2) In addition to submitting reports as referred to in paragraph (1), the Custodian Bank submits monthly reports. (3) The reports as referred to in paragraph (1) and paragraph (2) must be submitted completely, accurately, currently, and on time online through the Financial Services Authority Reporting System. (4) The format of monthly reports, semi-annual financial reports, and annual financial reports as referred to in paragraph (1) and paragraph (2) is determined by the Financial Services Authority.

Article 55
(1) The Custodian Bank must submit monthly reports as referred to in Article 54 paragraph (2) to the Financial Services Authority no later than on the 12th day of the following month. (2) In the event that the deadline for submitting monthly reports as referred to in paragraph (1) falls on a holiday, the Custodian Bank must submit the said monthly reports on 1 (one) working day following the holiday. (3) The monthly reports as referred to in paragraph (1) for Financial Assets in the form of receivables/bills from credit/financing in the housing and settlement financing sector must at least contain:
a. total principal value of EBA-SP; b. report on the collection of receivables/bills from credit/financing in the housing and settlement financing sector supporting each class of EBA-SP;
c. weighted average maturity of the collection of receivables/bills from credit/financing in the housing and settlement financing sector that are EBA-SP Financial Assets;
d. number of payment arrears on the collection of receivables/bills from credit/financing in the housing and settlement financing sector that are EBA-SP Financial Assets; e. position of EBA-SP Credit Enhancement/Cash Flow Facility; f) number of EBA-SP holders for each class of EBA-SP; g) estimated payments for each class of EBA-SP for the next 12 (twelve) months; and h) Material Information or Facts related to EBA-SP as a basis for concluding the possibility of changes in cash flow, and/or value of EBA-SP. (4) The monthly reports as referred to in paragraph (1) for Financial Assets in the form of Benefit Rights must at least contain:
a. total principal value of EBA-SP; b. report on the condition of collateral of Financial Assets;
c. weighted average maturity of the collateral of Financial Assets;
d. number of payment arrears on the collateral of Financial Assets; e. position of EBA-SP Credit Enhancement/Cash Flow Facility; f) number of EBA-SP holders for each class of EBA-SP; g) estimated payments for each class of EBA-SP for the next 12 (twelve) months; and h) Material Information or Facts related to EBA-SP as a basis for concluding the possibility of changes in cash flow, and/or value of EBA-SP.

Article 56
(1) The Issuer, together with the Custodian Bank, is required to prepare the annual financial report and the semi-annual financial report of the EBA-SP based on generally accepted accounting principles. (2) The annual financial report of the EBA-SP as referred to in paragraph (1) must be accompanied by an Auditor's report and submitted to the Financial Services Authority with a copy to the Trustee no later than the end of the third month since the date of the annual financial report of the EBA-SP. (3) In the event that the EBA-SP:
a. is offered through a Public Offering, the Issuer and Custodian Bank are required to announce the annual financial report of the EBA-SP as referred to in paragraph (1) to the public through at least 1 (one) daily newspaper in the Indonesian language with national circulation; or b. is offered not through a Public Offering, the Issuer and Custodian Bank are required to make the annual financial report of the EBA-SP as referred to in paragraph (1) accessible to EBA-SP holders, no later than the end of the third month since the date of the annual financial report of the EBA-SP. (4) In the event that the EBA-SP:
a. is offered through a Public Offering, the Issuer and Custodian Bank are required to submit the semi-annual financial report of the EBA-SP as referred to in paragraph (1) to the Financial Services Authority with a copy to the Trustee and announce it to the public through at least 1 (one) daily newspaper in the Indonesian language with national circulation no later than:

the end of the 1st (first) month since the date of the semi-annual financial report of the EBA-SP, if not accompanied by an Auditor's report;
the end of the 2nd (second) month since the date of the semi-annual financial report of the EBA-SP, if accompanied by an Auditor's report for the purpose of a limited review; and
the end of the 3rd (third) month since the date of the semi-annual financial report of the EBA-SP, if accompanied by an Auditor's report providing an opinion on the fairness of the financial report as a whole; or
b. is offered not through a Public Offering, the Issuer and Custodian Bank are required to submit the semi-annual financial report of the EBA-SP as referred to in paragraph (1) to the Financial Services Authority with a copy to the Trustee and provide access to the semi-annual financial report of the EBA-SP for EBA-SP holders, no later than:
the end of the 1st (first) month since the date of the semi-annual financial report of the EBA-SP, if not accompanied by an Auditor's report;
the end of the 2nd (second) month since the date of the semi-annual financial report of the EBA-SP, if accompanied by an Auditor's report for the purpose of a limited review; and
the end of the 3rd (third) month since the date of the semi-annual financial report of the EBA-SP, if accompanied by an Auditor's report providing an opinion on the fairness of the financial report as a whole.
(5) The Issuer and Custodian Bank are responsible for the truthfulness of the content of the EBA-SP financial reports as referred to in paragraph (1) based on their respective duties and obligations. (6) The announcement of the annual financial report and the semi-annual financial report of the EBA-SP as referred to in paragraph (3) letter a and paragraph (4) letter a must at least include the financial position report (balance sheet), comprehensive income statement, cash flow statement, and the opinion from the Auditor if required to be audited by an Auditor. (7) The form and content of the report as referred to in Article 6 must be the same as that presented in the annual financial report and the semi-annual financial report of the EBA-SP submitted to the Financial Services Authority. (8) Proof of announcement as referred to in paragraph (3) letter a and paragraph (4) letter a must be submitted to the Financial Services Authority no later than 2 (two) working days after the date of the announcement. (9) In the event that the final deadline for submission of the annual financial report and the semi-annual financial report of the EBA-SP as referred to in paragraph (2), paragraph (3), and paragraph (4) falls on a holiday, the Issuer, together with the Custodian Bank, is required to submit the annual financial report and the semi-annual financial report of the EBA-SP referred to in 1 (one) working day following.

Second Section
Incidental Reports

Article 57
(1) The Issuer, Custodian Bank, and Trustee submit incidental reports.
(2) The incidental report submitted by the Issuer as referred to in paragraph (1) includes:
a. report on the sales results of EBA-SP offered through the Public Offering of EBA-SP; b. report on Material Information or Facts of EBA-SP;
c. report on the granting of authority to the Trustee;
d. report on the replacement of the Trustee; e. report on the replacement of the Trustee and Custodian Bank in the event that the Trustee and Custodian Bank cease simultaneously; f. report on the plan to change the EBA-SP transaction documents; and g. report on changes to the terms of the agreement in the EBA-SP transaction documents that are material. (3) The incidental report submitted by the Trustee as referred to in paragraph (1) includes:
a. report on the replacement of the Custodian Bank; b. report on the plan to change the EBA-SP transaction documents;
c. report regarding matters that contradict the EBA-SP transaction documents; and
d. report on the rejection of the request by the EBA-SP holder or Issuer to hold a general meeting of EBA-SP holders.
(4) The incidental report submitted by the Custodian Bank as referred to in paragraph (1) includes a report regarding instructions from the Issuer and/or Trustee that contradict the EBA-SP transaction documents or contradict the Custodian Bank's responsibility to protect the Financial Assets that are the basis for the issuance of EBA-SP. (5) The incidental reports as referred to in paragraph (2) to paragraph (4) must be submitted completely, accurately, currently, and on time to the Financial Services Authority online through the Financial Services Authority Reporting System. (6) The format of the incidental reports as referred to in paragraph (2) to paragraph (4) refers to the Financial Services Authority Regulation regarding incidental reporting through the Financial Services Authority reporting system in the capital market, derivative finance, and carbon exchange sectors.

Article 58
(1) The Issuer is required to report the sales results of EBA-SP offered through the Public Offering of EBA-SP as referred to in Article 57 paragraph (2) letter a to the Financial Services Authority every 15 (fifteen) days calculated from the start of the Public Offering period of EBA-SP until the Public Offering of EBA-SP is completed. (2) In the event that the 15th (fifteenth) day falls on a holiday, the report as referred to in paragraph (1) must be submitted on 1 (one) working day following. (3) If in the Public Offering of EBA-SP, the allocation of EBA-SP is carried out, the Issuer is required to report the allocation of EBA-SP as part of the sales results report of the Public Offering of EBA-SP as referred to in paragraph (1).

Article 59
The Issuer is required to submit a report to the Financial Services Authority in the event that:
a. Material Information or Facts of EBA-SP occur, no later than 2 (two) working days calculated from the occurrence of the Material Information or Facts of EBA-SP, and announce it to the public; and b. there is a granting of authority to the Trustee to take other actions that are not authorized or not included in the trusteeship agreement as long as the granting of authority does not contradict statutory regulations, no later than 2 (two) working days calculated from the granting of such authority.

Article 60
(1) The Issuer is required to submit a report on the replacement of the Trustee as referred to in Article 57 paragraph (2) letter d to the Financial Services Authority no later than 5 (five) working days after the appointment of the replacement Trustee. (2) The report as referred to in paragraph (1) must at least contain:
a. the reason for replacement; and b. the replacement Trustee.
(3) The replaced Trustee is required to submit a report to the Financial Services Authority regarding all obligations of the Trustee that have not been submitted to the Financial Services Authority related to the submission of reports as referred to in the trusteeship agreement, EBA-SP Issuance Agreement, and other agreements in the EBA-SP transaction documents, no later than 10 (ten) working days after the appointment of the replacement Trustee.

Article 61
(1) The Trustee is required to submit a report on the replacement of the Custodian Bank to the Financial Services Authority no later than 5 (five) working days after the appointment of the replacement Custodian Bank. (2) The report as referred to in paragraph (1) must at least contain:
a. the reason for replacement; and b. the replacement Custodian Bank.
(3) The replaced Custodian Bank is required to submit a report to the Financial Services Authority regarding all obligations of the Custodian Bank that have not been submitted to the Financial Services Authority related to the submission of reports as referred to in the trusteeship agreement, EBA-SP Issuance Agreement, and other agreements in the EBA-SP transaction documents, no later than 10 (ten) working days after the appointment of the replacement Custodian Bank.

Article 62
(1) In the event that the Trustee and Custodian Bank cease simultaneously, the Issuer is required to submit a report on the replacement of the Trustee and Custodian Bank to the Financial Services Authority no later than 5 (five) working days after the date of appointment of the replacement Trustee and/or Custodian Bank. (2) The report as referred to in paragraph (1) must at least contain:
a. the reason for replacement; and b. the replacement Trustee and Custodian Bank.

Article 63
The Issuer and Trustee are required to:
a. submit the plan to change the EBA-SP transaction documents to the Financial Services Authority; b. announce to the public through at least 1 (one) daily newspaper in the Indonesian language with national circulation; and
c. make the plan to change the EBA-SP transaction documents available to EBA-SP holders,
no later than 15 (fifteen) working days before the change is carried out.

Article 64
The Issuer is required to:
a. submit changes to the terms of the agreement in the EBA-SP transaction documents that are material to the Financial Services Authority; b. announce to the public through at least 1 (one) daily newspaper in the Indonesian language with national circulation and make it available to EBA-SP holders; and
c. provide information regarding changes to the terms of the agreement in the EBA-SP transaction documents that are material,
no later than 2 (two) working days after the change is carried out.

Article 65
The Trustee is required to report matters that contradict the EBA-SP transaction documents to the Financial Services Authority no later than 2 (two) working days since the matter was known.

Article 66
The Custodian Bank is required to report instructions from the Issuer and/or Trustee that contradict the EBA-SP transaction documents or contradict its responsibility to protect the EBA-SP investment portfolio to the Financial Services Authority no later than 2 (two) working days since the receipt of such instructions.

Article 67
In the event that the Trustee rejects the request by the EBA-SP holder or Issuer to hold a general meeting of EBA-SP holders as referred to in Article 51 paragraph (2), the Trustee is required to report to the Financial Services Authority no later than 14 (fourteen) days after the receipt of the letter requesting the holding of the general meeting of EBA-SP holders.

Third Section
Report Corrections

Article 68
(1) In the event that there are filling errors in the form of data and/or information submitted in the report after the submission deadline, the Issuer, Custodian Bank, and/or Trustee are required to submit a report correction to the Financial Services Authority. (2) The filling errors as referred to in paragraph (1) may originate from findings by the Issuer, Custodian Bank, and/or Trustee and/or findings by the Financial Services Authority. (3) In the event that there are filling errors in the report based on findings by the Issuer, Custodian Bank, and/or Trustee as referred to in paragraph (2), the Issuer, Custodian Bank, and/or Trustee are required to submit a written notification letter regarding the filling errors in the report:
a. through the Financial Services Authority's email address; and/or b. offline.
(4) In the event that there is a notification regarding filling errors in the report as referred to in paragraph (3) and/or there are filling errors in the report based on findings by the Financial Services Authority as referred to in paragraph (2), the Financial Services Authority submits a letter requesting report correction to the Issuer, Custodian Bank, and/or Trustee:
a. through the Financial Services Authority's email address; and/or b. offline.

Article 69
(1) The Issuer, Custodian Bank, and/or Trustee are required to submit report corrections as referred to in Article 68 paragraph (1) through the Financial Services Authority Reporting System within a maximum period of 5 (five) working days calculated from the date of the letter requesting report correction from the Financial Services Authority. (2) Under certain conditions, the Financial Services Authority may set a different deadline for the submission of report corrections as referred to in paragraph (1) through a letter requesting report correction to the Issuer, Custodian Bank, and/or Trustee.

Fourth Section
Reporting Procedures

Article 70
(1) The Issuer, Custodian Bank, and/or Trustee may only submit reports and/or report corrections to the Financial Services Authority through the Financial Services Authority Reporting System after obtaining user access rights from the Financial Services Authority. (2) The Issuer, Custodian Bank, and/or Trustee submit an application to obtain user access rights to the Financial Services Authority Reporting System as referred to in paragraph (1) within a maximum period of 2 (two) working days calculated after the Issuer, Custodian Bank, and/or Trustee obtains a business license, registration letter, registration certificate, or approval letter from the Financial Services Authority. (3) In the event that:
a. the Financial Services Authority Reporting System for online submission of reports and/or report corrections cannot yet be used; and/or b. user access rights for online submission of reports and/or report corrections through the Financial Services Authority Reporting System as referred to in paragraph (2) have not yet been obtained, the Issuer, Custodian Bank, and/or Trustee are required to submit the reports and/or report corrections offline to the Financial Services Authority.

Article 71
The Issuer, Custodian Bank, and/or Trustee are deemed to have submitted the report and/or report correction on the date the report and/or report correction is received by the Financial Services Authority.

Article 72
(1) In the event that the Financial Services Authority Reporting System experiences technical disturbances and/or system development at the submission deadline for reports and/or report corrections so that the Issuer, Custodian Bank, and/or Trustee cannot submit reports and/or report corrections, the Financial Services Authority notifies in writing and delivers:
a. directly to the Issuer, Custodian Bank, and/or Trustee; b. through the Financial Services Authority Reporting System;
c. through the Financial Services Authority's email address; and/or
d. through the Financial Services Authority's website.
(2) In the event that the Financial Services Authority Reporting System experiences technical disturbances and/or system development as referred to in paragraph (1), the Issuer, Custodian Bank, and/or Trustee are required to submit reports and/or report corrections offline to the Financial Services Authority. (3) The Financial Services Authority notifies the Issuer, Custodian Bank, and/or Trustee that the technical disturbances and/or system development at the Financial Services Authority as referred to in paragraph (1) have been resolved or completed through:
a. the Financial Services Authority Reporting System; and/or b. the Financial Services Authority's email address.
(4) The Issuer, Custodian Bank, and/or Trustee resubmit the reports and/or report corrections that have been submitted as referred to in paragraph (2) through the Financial Services Authority Reporting System after the Financial Services Authority notifies that the technical disturbances and/or system development at the Financial Services Authority have been resolved or completed as referred to in paragraph (3).

Article 73
(1) In the event that the Issuer, Custodian Bank, and/or Trustee experience force majeure so that they cannot submit reports and/or report corrections until the submission deadline, the Issuer, Custodian Bank, and/or Trustee submit a written notification letter to the Financial Services Authority to obtain a postponement of the submission deadline for reports and/or report corrections within a maximum period of 2 (two) working days calculated from the occurrence of the force majeure. (2) The submission of the notification letter as referred to in paragraph (1) is carried out offline to the work unit that carries out the capital market, derivative finance, and carbon exchange supervision functions that carry out supervision over EBA-SP. (3) In the event that the Issuer, Custodian Bank, and/or Trustee experience force majeure as referred to in paragraph (1), the Financial Services Authority may set a postponement of the submission deadline for reports and/or report corrections. (4) The Issuer, Custodian Bank, and/or Trustee that obtain a postponement of the deadline as referred to in paragraph (1) are required to submit reports and/or report corrections according to the deadline set by the Financial Services Authority as referred to in paragraph (3). (5) The postponement of the submission deadline for reports and/or report corrections as referred to in paragraph (3) is only given until the force majeure has been resolved or based on the consideration of the Financial Services Authority.

Article 74
(1) In the event that there is damage to the report due to technical disturbances or other disturbances in the Financial Services Authority Reporting System, the Financial Services Authority may request the Issuer, Custodian Bank, and/or Trustee to resubmit the report. (2) The Issuer, Custodian Bank, and/or Trustee resubmit the report upon request by the Financial Services Authority as referred to in paragraph (1).

Fifth Section
Administrative Sanctions

Article 75
(1) Any Party that violates the provisions as referred to in Article 54 paragraph (3), Article 55 paragraph (1), paragraph (2), Article 56 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (7), paragraph (8), paragraph (9), Article 57 paragraph (5), Article 58, Article 59, Article 60 paragraph (1), paragraph (3), Article 61 paragraph (1), paragraph (3), Article 62 paragraph (1), Article 63, Article 64, Article 65, Article 66, Article 67, Article 68 paragraph (1), paragraph (3), Article 69 paragraph (1), Article 70 paragraph (3), Article 72 paragraph (2), and/or Article 73 paragraph (4), shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties that cause the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual license.
(4) Administrative sanctions as referred to in paragraph (3) letters b to i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to i.

CHAPTER IX
OTHER PROVISIONS

Article 76
Consumer protection principles relevant as regulated in the Financial Services Authority Regulation regarding consumer and community protection in the financial services sector apply to every Party involved in the issuance of EBA-SP.

Article 77
In addition to administrative sanctions as regulated in this Financial Services Authority Regulation, the Financial Services Authority may take specific actions against every Party that violates the provisions of this Financial Services Authority Regulation.

Article 78
The Financial Services Authority may announce the imposition of administrative sanctions as regulated in this Financial Services Authority Regulation and specific actions as referred to in Article 77 to the public.

Article 79
The Financial Services Authority may grant approvals or policies that are different from this Financial Services Authority Regulation based on specific considerations.

CHAPTER X
CLOSING PROVISIONS

Article 80
At the time this Financial Services Authority Regulation comes into force:
a. Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing (State Gazette of the Republic of Indonesia Year 2014 Number 358, Supplement to the State Gazette of the Republic of Indonesia Number 5632); and b. Financial Services Authority Regulation Number 20/POJK.04/2017 concerning Amendments to Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing (State Gazette of the Republic of Indonesia Year 2017 Number 120, Supplement to the State Gazette of the Republic of Indonesia Number 6067), are repealed and declared invalid.

Article 81
This Financial Services Authority Regulation comes into force on the date of its promulgation.

In order that everyone may know it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on 4 September 2026
THE CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

FRIDERICA WIDYASARI DEWI

Promulgated in Jakarta on the date of
THE MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2026 NUMBER

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 12 OF 2026
CONCERNING
THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES IN THE CONTEXT OF SECONDARY HOUSING FINANCING

I. GENERAL
In order to support the achievement of national housing strategic program targets, it is necessary to expand financing sources for the housing sector, accommodated by regulations that can support the optimization of Secondary Housing Financing instruments through the issuance of EBA-SP. Prior to the implementation of this regulation, the Issuance of EBA-SP referred to the Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing (POJK 23/2014) and the Financial Services Authority Regulation Number 20 of 2017 concerning Amendments to the Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing (POJK 20/2017).

The replacement of the Financial Services Authority Regulation 23/POJK.04/2014 and the Financial Services Authority Regulation 20/POJK.04/2017 is necessary to expand alternative market depth for housing financing through capital market instruments, while still emphasizing the principles of prudence, transparency, and protection of investors' interests. This regulation is also intended to provide flexibility in the structuring of EBA-SP so that it can adapt to the needs and characteristics of financial services industry players.

This Financial Services Authority Regulation confirms regulations regarding Financial Assets that form the investment portfolio of EBA-SP, which can consist of receivables/bills from the provision of credit/financing in the housing and settlement financing sector originating from the Originator. Such receivables/bills are assets that generate cash flows and economically serve as the source of payment for EBA-SP obligations to EBA-SP holders. In addition to receivables/bills from the provision of credit/financing in the housing and settlement financing sector, this Financial Services Authority Regulation also permits Receivable Rights as Financial Assets that form the investment portfolio of EBA-SP. These Receivable Rights are owned or issued by the Originator, and their payment source comes from the cash flow of receivables/bills from the provision of credit/financing in the housing and settlement financing sector.

Based on this, it is necessary to refine the Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing and the Financial Services Authority Regulation Number 20 of 2017 concerning Amendments to the Financial Services Authority Regulation Number 23/POJK.04/2014 concerning Guidelines for the Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing.

Generally, this Financial Services Authority Regulation contains main materials including EBA-SP Financial Assets, EBA-SP Issuance Agreements, EBA-SP issuance procedures, EBA-SP offerings, Issuers, Trustees, Custodian Banks, Originators, Service Providers, EBA-SP holders' general meetings, and reporting.

II. ARTICLE BY ARTICLE

Article 1
Is sufficiently clear.

Article 2
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
The Originator is known as the originator.
Letter c
Is sufficiently clear.

Article 3
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
The term "performing quality" refers to the highest quality of a credit as established by banks as regulated in the Financial Services Authority Regulation regarding the assessment of commercial bank asset quality. Paragraph (3) The term "encumbrance in accordance with applicable regulations" includes, among others, encumbrance with fiduciary guarantees over receivables/bills from the provision of credit/financing in the housing and settlement financing sector. Paragraph (4) The monitoring of the quality of receivables/bills from the provision of credit/financing in the housing and settlement financing sector is conducted periodically, for example, every month or every day. Paragraph (5) Is sufficiently clear. Paragraph (6) Is sufficiently clear. Paragraph (7) Is sufficiently clear. Paragraph (8) Is sufficiently clear. Paragraph (9) Is sufficiently clear. Paragraph (10) Is sufficiently clear.

Article 4
EBA-SP Credit/Cash Flow Enhancement Instruments, including:
a. subordination of a specific EBA-SP class against another EBA-SP class in the same EBA-SP issuance; b. guarantee funds;
c. insurance;
d. interest rate guarantees; e. liquidity availability guarantees at maturity; f. tax payment guarantees; g. "swaps" on interest rates or foreign exchange rates; h. overcollateralization; or
i. reserve accounts.

Article 5
Is sufficiently clear.

Article 6
Is sufficiently clear.

Article 7
Is sufficiently clear.

Article 8
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
The Service Provider is known as the servicer.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Letter i
Is sufficiently clear.
Letter j
Is sufficiently clear.
Letter k
Is sufficiently clear.
Letter l
Is sufficiently clear.
Letter m
Is sufficiently clear.
Letter n
Is sufficiently clear.
Letter o
Is sufficiently clear.
Letter p
EBA-SP transaction documents consist of the EBA-SP Issuance Agreement and other agreements made in the issuance of EBA-SP. Examples of other agreements include:
a. master agreement for the securitization of home loan receivables; b. Service Provider agreement;
c. supporting credit agreement;
d. preliminary stock exchange registration agreement; e. payment agent agreement; f. deed of sale; g. deed of cession; and/or h. escrow account agreement. Material changes to EBA-SP transaction documents include, among others, changes to the EBA-SP payment date and the final maturity date of EBA-SP. Letter q Is sufficiently clear. Letter r Is sufficiently clear.

Article 9
Letter a
Item 1
Is sufficiently clear.
Item 2
Is sufficiently clear.
Item 3
Is sufficiently clear.
Item 4
Is sufficiently clear.
Item 5
Is sufficiently clear.
Item 6
Is sufficiently clear.
Item 7
Is sufficiently clear.
Item 8
The term "other distinguishing criteria" includes, among others, the establishment of limited liability for the repayment of a specific EBA-SP class. Letter b Is sufficiently clear. Letter c Is sufficiently clear. Letter d Is sufficiently clear.

Article 10
Is sufficiently clear.

Article 11
Letter a
Is sufficiently clear.
Letter b
Item 1
Is sufficiently clear.
Item 2
Example of an Issuer purchasing Financial Assets from an Originator using funds from EBA-SP issuance proceeds:
The Issuer purchases receivables/bills from the provision of credit/financing in the housing and settlement financing sector from the Originator, where the payment funds for such purchase are sourced from the proceeds of EBA-SP issuance, the investment portfolio of which consists of receivables/bills from the provision of credit/financing in the housing and settlement financing sector mentioned above. Letter c The term "certificate of competence in investment management" refers to a certificate as an investment manager representative issued by a Party that has received recognition from the Financial Services Authority. Letter d Is sufficiently clear. Letter e The term "certificate of competence in the capital market" refers to an expertise certificate issued by a Party that has received recognition from the Financial Services Authority.

Article 12
Is sufficiently clear.

Article 13
Is sufficiently clear.

Article 14
Is sufficiently clear.

Article 15
Is sufficiently clear.

Article 16
Example:
In the event that the Financial Assets forming the investment portfolio of EBA-SP originate from Bank A, then Bank A is prohibited from acting as the Custodian Bank and/or Trustee of the aforementioned EBA-SP.

Article 17
Is sufficiently clear.

Article 18
Is sufficiently clear.

Article 19
Paragraph (1)
Example of EBA-SP naming:
ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES PT ABC - BANK XYZ NUMBER 01 YEAR 2026 (EBA-SP ABC - BANK XYZ NUMBER 01).
Paragraph (2)
The description of each EBA-SP class contains more detailed explanations regarding EBA-SP, for example, Fixed Cash Flow EBA-SP or Variable Cash Flow EBA-SP, along with all attached rights. Example of naming in the event of more than one EBA-SP class:
ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES PT ABC PT BANK XYZ NUMBER 01 YEAR 2026 CLASS B (EBA-SP ABC - BANK XYZ NUMBER 01 CLASS B).

Article 20
The term "collective custody" refers to custody services for Financial Assets forming the investment portfolio of EBA-SP that are jointly owned by more than one Party, whose interests are represented by the custodian.

Article 21
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
Is sufficiently clear.
Paragraph (4)
Is sufficiently clear.
Paragraph (5)
The term "written confirmation" refers to written notification to EBA-SP holders regarding the registration, ownership, and/or transaction of EBA-SP, in the form of transaction settlement confirmation or transaction confirmation. Paragraph (6) Is sufficiently clear.

Article 22
Is sufficiently clear.

Article 23
Is sufficiently clear.

Article 24
Is sufficiently clear.

Article 25
Is sufficiently clear.

Article 26
Is sufficiently clear.

Article 27
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Examination reports and legal opinions regarding the issuance of EBA-SP include, among others, legal opinions on agreements in the issuance of EBA-SP. Letter e Is sufficiently clear. Letter f Is sufficiently clear. Letter g Is sufficiently clear. Letter h Is sufficiently clear. Letter i Is sufficiently clear.

Article 28
Is sufficiently clear.

Article 29
Is sufficiently clear.

Article 30
Paragraph (1)
Latest information regarding the financial ratios of the Originator can use information from the latest published financial statements of the Originator. Paragraph (2) Is sufficiently clear. Paragraph (3) Is sufficiently clear. Paragraph (4) Is sufficiently clear. Paragraph (5) Is sufficiently clear. Paragraph (6) Is sufficiently clear.

Article 31
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Letter i
Is sufficiently clear.
Letter j
Is sufficiently clear.
Letter k
Is sufficiently clear.
Letter l
Item 1
Is sufficiently clear.
Item 2
Letter a)
Is sufficiently clear.
Letter b)
Is sufficiently clear.
Letter c)
Is sufficiently clear.
Letter d)
Is sufficiently clear.
Letter e)
Is sufficiently clear.
Letter f)
Outright sale/disposal is only for Financial Assets and not for receivables/bills from the provision of credit/financing in the housing and settlement financing sector that serve as collateral. Letter g) Is sufficiently clear. Letter m Is sufficiently clear. Letter n Risk factors, including:

liquidity risk and market risk of EBA-SP;
foreign exchange rate risk and interest rate risk (if any);
credit risk on Financial Assets forming the investment portfolio of EBA-SP;
prepayment risk of Financial Assets forming the investment portfolio of EBA-SP before maturity;
operational risk in the implementation of activities by the Issuer, Custodian Bank, Trustee, and Service Provider; and
risks related to legal aspects, including in the event of credit risk and if the installation and registration of mortgage rights over collateral objects are not carried out or are delayed.
Letter o
Rights of EBA-SP holders, including:
periodic financial reports on EBA-SP;
information regarding taxes collected from EBA-SP holders; and
payments related to EBA-SP.
Letter p
Is sufficiently clear.

Article 32
Is sufficiently clear.

Article 33
Paragraph (1)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Letter i
Is sufficiently clear.
Letter j
Example of Issuer assistance provided to the Trustee is given when the Trustee requests assistance in:

giving instructions to the Service Provider in carrying out its duties; and
supervising the performance of the Service Provider.
Letter k
Is sufficiently clear.
Letter l
Is sufficiently clear.
Paragraph (2)
Is sufficiently clear.

Article 34
Is sufficiently clear.

Article 35
Paragraph (1)
Letter a
The term "due diligence" includes, among others, an examination of the condition of Financial Assets compared to the selection criteria agreed upon between the Originator and the Issuer, including from a legal perspective. Letter b Is sufficiently clear. Paragraph (2) Letter a The Originator can use the Originator's rating results issued by a rating agency. Letter b Is sufficiently clear. Letter c Is sufficiently clear. Letter d Liquidity, solvency, and profitability aspects can refer to the financial statements of the Originator and other data provided by the Originator to the Issuer. Paragraph (3) Is sufficiently clear. Paragraph (4) Is sufficiently clear.

Article 36
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
The term "reliable" refers to information and data that can be accounted for, sourced from valid documents.
The term "complete" refers to information and data that contains all elements necessary to assess the quality and characteristics of Financial Assets. The term "structured" refers to information and data that is arranged systematically and is easy to trace.

Article 37
Paragraph (1)
The term "other documents related to the trusteeship agreement" includes, among others, the EBA-SP Prospectus or EBA-SP Disclosure Document, the EBA-SP Issuance Agreement, and/or the deed of sale. The term "applicable regulations" includes, among others:

Financial Services Authority Regulation Number 19/POJK.04/2020 concerning Commercial Banks Conducting Activities as Trustees; and
Financial Services Authority Regulation Number 20/POJK.04/2020 concerning Trusteeship Contracts for Debt Securities and/or Sukuk.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
Letter a
See explanation of paragraph (1).
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
See explanation of paragraph (1).
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Letter i
The term "payment agent" refers to a Party that makes principal and interest payments to EBA-SP holders on the payment date.
Letter j
Is sufficiently clear.
Letter k
Is sufficiently clear.
Letter l
Is sufficiently clear.
Letter m
Is sufficiently clear.
Letter n
Is sufficiently clear.
Letter o
Is sufficiently clear.
Letter p
Is sufficiently clear.

Article 38
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
See explanation of Article 37 paragraph (1).
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
See explanation of Article 8 paragraph (2) letter p.
The term "applicable regulations in the capital market sector" includes, among others:

Financial Services Authority Regulation Number 19/POJK.04/2020 concerning Commercial Banks Conducting Activities as Trustees; and
Financial Services Authority Regulation Number 20/POJK.04/2020 concerning Trusteeship Contracts for Debt Securities and/or Sukuk.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Paragraph (3)
Is sufficiently clear.

Article 39
See explanation of Article 8 paragraph (2) letter p.
See explanation of Article 37 paragraph (1).

Article 40
Is sufficiently clear.

Article 41
Paragraph (1)
See explanation of Article 8 paragraph (2) letter p.
The term "applicable regulations" includes, among others:

Financial Services Authority Regulation Number 27/POJK.04/2019 concerning Approval of Commercial Banks as Custodians; and
Financial Services Authority Regulation Number 53/POJK.04/2020 concerning Securities Accounts at Custodians.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Letter i
Is sufficiently clear.
Letter j
The term "other assets" includes, among others, cash and cash equivalents.
Letter k
Item 1
Letter a)
Is sufficiently clear.
Letter b)
Is sufficiently clear.
Letter c)
Is sufficiently clear.
Letter d)
Is sufficiently clear.
Letter e)
Is sufficiently clear.
Letter f)
Is sufficiently clear.
Letter g)
Is sufficiently clear.
Letter h)
Material Information or Facts that can affect the price of EBA-SP, including:
a) The Service Provider is petitioned for bankruptcy to the court; and/or b) replacement of the Custodian Bank, Trustee, and/or Service Provider.
Item 2
Letter a)
Is sufficiently clear.
Letter b)
Is sufficiently clear.
Letter c)
Is sufficiently clear.
Letter d)
Is sufficiently clear.
Letter e)
Is sufficiently clear.
Letter f)
Is sufficiently clear.
Letter g)
Is sufficiently clear.
Letter h)
Material Information or Facts that can affect the price of EBA-SP, including the replacement of the Custodian Bank and/or Trustee.
Letter l
Is sufficiently clear.
Letter m
Is sufficiently clear.
Letter n
Is sufficiently clear.
Letter o
Is sufficiently clear.
Letter p
See explanation of Article 8 paragraph (2) letter p.
See explanation of paragraph (1).

Article 42
Is sufficiently clear.

Article 43
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
See explanation of Article 41 paragraph (1).
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
See explanation of Article 8 paragraph (2) letter p.
The term "applicable regulations in the capital market sector" includes, among others:

Financial Services Authority Regulation Number 27/POJK.04/2019 concerning Approval of Commercial Banks as Custodians; and
Financial Services Authority Regulation Number 53/POJK.04/2020 concerning Securities Accounts at Custodians.
Letter g
Is sufficiently clear.
Letter h
Is sufficiently clear.
Paragraph (3)
Is sufficiently clear.

Article 44
See explanation of Article 8 paragraph (2) letter p.
See explanation of Article 41 paragraph (1).

Article 45
Is sufficiently clear.

Article 46
Paragraph (1)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
The term "other information required by the Issuer or its proxy" includes, among others, information regarding the legal status of Financial Assets and information regarding collateral for Financial Assets. Letter d The term "related documents" includes, among others, collateral encumbrance documents. Letter e Is sufficiently clear. Paragraph (2) Letter a The term "related documents" includes, among others, home loan documents. Letter b Is sufficiently clear.

Article 47
Paragraph (1)
The term "debtor" refers to a Party that receives credit/financing facilities in the housing and settlement financing sector from the Originator, where the Originator's receivables from such Party become the Originator's assets sold and form the investment portfolio of EBA-SP or serve as collateral for the investment portfolio of EBA-SP. See explanation of Article 8 paragraph (2) letter p. The term "applicable regulations" includes, among others:

Financial Services Authority Regulation Number 40/POJK.03/2019 concerning the Assessment of Commercial Bank Asset Quality; and
Financial Services Authority Regulation Number 22 of 2023 concerning Consumer and Community Protection in the Financial Services Sector.
Paragraph (2)
Is sufficiently clear.

Article 48
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
See explanation of Article 47 paragraph (1).
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
See explanation of Article 8 paragraph (2) letter p.
See explanation of Article 47 paragraph (1).
Letter g
Is sufficiently clear.

Article 49
Is sufficiently clear.

Article 50
Is sufficiently clear.

Article 51
Is sufficiently clear.

Article 52
Is sufficiently clear.

Article 53
Is sufficiently clear.

Article 54
Is sufficiently clear.

Article 55
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Material Information or Facts that can affect the price of EBA-SP, including:
a) The Service Provider is petitioned for bankruptcy to the court; and/or b) replacement of the Custodian Bank, Trustee, and/or Service Provider.
Paragraph (4)
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
Is sufficiently clear.
Letter d
Is sufficiently clear.
Letter e
Is sufficiently clear.
Letter f
Is sufficiently clear.
Letter g
Is sufficiently clear.
Letter h
Material Information or Facts that can affect the price of EBA-SP, including the replacement of the Custodian Bank and/or Trustee.

Article 56
Is sufficiently clear.

Article 57
Is sufficiently clear.

Article 58
Is sufficiently clear.

Article 59
Is sufficiently clear.

Article 60
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
See explanation of Article 8 paragraph (2) letter p.

Article 61
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
See explanation of Article 8 paragraph (2) letter p.

Article 62
Is sufficiently clear.

Article 63
Letter a
Is sufficiently clear.
Letter b
Is sufficiently clear.
Letter c
The term "available to EBA-SP holders" includes, among others, information available on the Issuer's website.

Article 64
Letter a
Is sufficiently clear.
Letter b
See explanation of Article 63 letter c.
Letter c
Is sufficiently clear.

Article 65
The term "contrary to EBA-SP transaction documents" includes, among others, the Service Provider being late in collecting principal and interest from home loan receivables.

Article 66
Is sufficiently clear.

Article 67
Is sufficiently clear.

Article 68
Paragraph (1)
The term "report" refers to periodic reports and incidental reports.
Paragraph (2)
Is sufficiently clear.
Paragraph (3)
Is sufficiently clear.
Paragraph (4)
Is sufficiently clear.

Article 69
Is sufficiently clear.

Article 70
Paragraph (1)
Is sufficiently clear.
Paragraph (2)
Example of submitting an application to obtain user access rights to the Financial Services Authority Reporting System:
If the Custodian Bank receives an approval letter from the Financial Services Authority on June 23, 2026, then the Custodian Bank must submit an application to obtain user access rights to the Financial Services Authority Reporting System no later than June 25, 2026. Paragraph (3) The term "to the Financial Services Authority" refers to the work unit that carries out capital market, derivative financial, and carbon exchange supervision functions that carry out supervision over EBA-SP.

Article 71
The term "received by the Financial Services Authority" means that the report and/or report corrections have passed server validation, evidenced by a receipt proof from the Financial Services Authority Reporting System.

Article 72
Paragraph (1)
The term "technical disturbance" refers to disturbances caused by technical problems that prevent the Issuer, Custodian Bank, and/or Trustee from submitting reports online, including damage and/or disturbances to databases or communication networks at the Financial Services Authority. Letter a Done directly, including by letter. Letter b Is sufficiently clear. Letter c Is sufficiently clear. Letter d Is sufficiently clear. Paragraph (2) See explanation of Article 70 paragraph (3). Example of submitting reports offline after notification from the Financial Services Authority of a technical disturbance:
The Issuer makes a material change to the agreement terms in the EBA-SP transaction documents on June 22, 2026, and submits a report on the change of agreement terms to the Financial Services Authority no later than June 24, 2026. The Financial Services Authority Reporting System experiences a technical disturbance on June 24, 2026, which is the deadline for submitting the report on the change of agreement terms. Due to this, the Issuer submits the report on the change of agreement terms offline to the Financial Services Authority no later than June 24, 2026. Paragraph (3) Is sufficiently clear. Paragraph (4) Is sufficiently clear.

Article 73
Paragraph (1)
The term "force majeure" consists of natural disasters, non-natural disasters, and/or social disasters that disrupt the operational activities of the Issuer, Custodian Bank, and/or Trustee, which are justified by officials of the competent local government agency. Paragraph (2) The submission of notification letters is done through the mailing room service of the Financial Services Authority. Paragraph (3) Is sufficiently clear. Paragraph (4) Is sufficiently clear. Paragraph (5) Is sufficiently clear.

Article 74
Paragraph (1)
The term "damage to reports" includes, among others, reports that are unreadable in the system.
Requests from the Financial Services Authority for reports are made via email.
Paragraph (2)
Is sufficiently clear.

Article 75
Is sufficiently clear.

Article 76
Is sufficiently clear.

Article 77
Quite clear.

Article 78
Specific actions include ordering the Issuer to stop issuing EBA-SP in the context of Secondary Housing Financing.

Article 79
The granting of different approvals or policies is intended among other things to:
a. support national policy; b. protect public interest;
c. maintain industry growth; and/or
d. ensure healthy business competition.
Conditions requiring specific consideration are extraordinary events (KLB) that can cause a large increase in morbidity and mortality, which also impact the economy and society, thus requiring attention and handling by all relevant parties and regulated in other provisions regarding consideration in facing possible KLB.

Article 80
Quite clear.

Article 81
Quite clear.

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

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 12 OF 2026
REGARDING
THE ISSUANCE AND REPORTING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES IN THE CONTEXT OF SECONDARY HOUSING FINANCING

REGISTRATION STATEMENT IN THE CONTEXT OF A PUBLIC OFFERING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATION CERTIFICATES

(Place), (date)/(month)/(year)
Number : …
Attachment : …
Subject : Registration Statement in the Context of Public Offering of Asset-Backed Securities in the Form of Participation Certificates … (name EBA-SP)

To
The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision Financial Services Authority in Jakarta

Hereby we submit a Registration Statement in the context of the Public Offering of Asset-Backed Securities in the Form of Participation Certificates ............ (name), totaling ............ with a value of Rp ............ . As consideration material, we hereby submit the following data:

I. Issuer

Name : ...
Address : ...
Number and date of the deed of establishment and amendment of the articles of association
: ...
Number and date of approval of the deed of establishment and amendment of the articles of association
: …
Number and date of announcement in the State Gazette of Indonesia
: ...
Tax Identification Number (NPWP) for Legal Entities
: ...
Names of members of the Board of Directors and Board of Commissioners
: ...
No. Name Citizenship Address

List of names of employees who have proficiency certificates in the field of credit/financing analysis in the housing and settlement financing sector and/or have at least 3 (three) years of work experience in the field of credit/financing analysis in the housing and settlement financing sector
: ...
No. Name Certification

List of names of marketing personnel who have proficiency certificates in the field of capital markets
: ...
No. Name Certification

II. Custodian Bank

Name : ...
Address : ...
Number and date of the deed of establishment and amendment of the articles of association
: ...
Number and date of approval from the Minister of Law
: …
Number and date of announcement in the State Gazette of Indonesia
: ...
Number and date of the approval letter from the Financial Services Authority
: ...
Tax Identification Number (NPWP) for Legal Entities
: ...
Names of members of the Board of Directors and Board of Commissioners or persons in charge
: ...
No. Name Citizenship Address

III. Trustee

Name : ...
Address : ...
Number and date of the deed of establishment and amendment of the articles of association
: …
Number and date of approval of the deed of establishment and amendment of the articles of association
: …
Number and date of announcement in the State Gazette of Indonesia
: …
Number and date of registration certificate from the Financial Services Authority
: …
Tax Identification Number (NPWP)
: …
Names of members of the Board of Directors and Board of Commissioners or persons in charge
: ...
No. Name Citizenship Address

IV. Originator

Name : ...
Address : ...
Tax Identification Number (NPWP) for Legal Entities
: ...

V. Accountant (if any)

Name : ...
Address : ...
Tax Identification Number (NPWP)
: ...
Registration Number from the Financial Services Authority
: ...

VI. Legal Consultant

Name : ...
Address : ...
Tax Identification Number (NPWP)
: ...
Registration Number from the Financial Services Authority
: ...

VII. Notary

Name : ...
Address : ...
Tax Identification Number (NPWP)
: ...
Registration Number from the Financial Services Authority
: ...

VIII. Service Provider (Servicer) (if any)

Name : ...
Address : ...
Tax Identification Number (NPWP) for Legal Entities
: ...

IX. Securities Administration Bureau (if any)

Name : ...
Address : ...
Tax Identification Number (NPWP) for Legal Entities
: ...
Business License Number from the Financial Services Authority
: ...

X. Securities Underwriter (if any)

Name : ...
Address : ...
Tax Identification Number (NPWP) for Legal Entities
: ...
Business License Number from the Financial Services Authority
: ...

XI. Securities Rating Agency

Name : ...
Address : ...
Tax Identification Number (NPWP) for Legal Entities
: ...
Business License Number from the Financial Services Authority
: ...

XII. List of Attached Documents:

EBA-SP transaction documents;
final draft of the Prospectus (stamped and signed by the Parties);
specimen of EBA-SP certificates;
audit report and legal opinion regarding the issuance of EBA-SP;
Accountant's opinion regarding the accounting aspects of EBA-SP issuance, if any;
documents containing the EBA-SP rating results from the Securities Rating Agency;
securities underwriting agreement, if there is securities underwriting;
preliminary agreement with one or more stock exchanges, if EBA-SP will be listed on a stock exchange; and
other information as requested by the Financial Services Authority.

THE STATEMENTS OR INFORMATION CONTAINED IN THE REGISTRATION STATEMENT ARE TRUE AND THERE ARE NO MATERIAL FACTS OMITTED FROM THE REGISTRATION STATEMENT REQUIRED TO MAKE THE REGISTRATION STATEMENT NOT MISLEADING.

(Issuer Name)
Stamp
(Signature of the authorized director)
............................
(Full Name)

CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed.
FRIDERICA WIDYASARI DEWI

Issuance and Reporting of Asset-Backed Securities in the Form of Participation Certificates in the Context of Secondary Housing Financing