Maintenance and Reporting of Adjusted Net Working Capital

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 52 /POJK.04/2020
CONCERNING
MAINTENANCE AND REPORTING OF ADJUSTED NET WORKING CAPITAL BY THE GRACE OF GOD THE ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that with the transfer of functions, duties, and authority for the regulation and supervision of financial services activities in the capital market sector, including regulations regarding the maintenance and reporting of adjusted net working capital, from the Capital Market Supervisory Agency and Financial Institutions to the Financial Services Authority; b. that to provide clarity and certainty regarding regulations on the maintenance and reporting of adjusted net working capital, related regulations issued prior to the establishment of the Financial Services Authority need to be changed into a Financial Services Authority Regulation;
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 Maintenance and Reporting of Adjusted Net Working Capital;

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);
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);

DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING MAINTENANCE AND REPORTING OF ADJUSTED NET WORKING CAPITAL.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, the following terms are defined:

Securities Company is a party that conducts business activities as an underwriter of securities, securities broker, and/or investment manager.
Underwriter of Securities is a party that enters into a contract with an Issuer to conduct a Public Offering for the benefit of the Issuer with or without the obligation to purchase unsold securities.
Securities Broker is a party that conducts business activities of buying and selling securities for its own behalf or for the behalf of others.
Investment Manager is a party whose business activities involve managing securities portfolios for clients or managing collective investment portfolios for a group of clients, except insurance companies, pension funds, and banks that conduct their own business activities based on statutory regulations.
Securities are negotiable instruments, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, units of participation in collective investment contracts, futures contracts over securities, and every derivative of securities.
Haircut is a factor reducing the fair market value of Securities according to their risk by a certain percentage of the fair market value of the said Securities.
Adjusted Net Working Capital, hereinafter referred to as MKBD, is the amount of current assets of the Securities Company minus all liabilities of the Securities Company and Ranking Liabilities, plus sub-ordinated debt, and other adjustments.
Rating is an opinion issued by a securities rating company regarding the ability to meet payment obligations on time by a party related to the Securities issued by the rated party.
Ranking Liabilities are a number of contingent liabilities and off-balance sheet liabilities that will be added to liabilities as a risk factor in the calculation of MKBD, the value of which is determined based on specific calculations.
Stock Exchange is a party that organizes and provides systems and/or facilities to bring together buy and sell offers of Securities from other parties with the aim of trading Securities among them.
Clearing and Guaranteeing Institution is a party that organizes clearing and guaranteeing services for the settlement of exchange transactions.
Long Position is the balance of Securities in a specific account in the subsidiary books of Securities showing a number of Securities owned by the Securities Company or a number of Securities that must be delivered by the Securities Company to clients.
Short Position is the balance of Securities in a specific account in the subsidiary books of Securities showing a number of Securities sold by the Securities Company for its own and/or clients' behalf, but at the time of sale, the said Securities are not yet owned by the Securities Company and/or not yet delivered by clients to the Securities Company.
Public Offering is the activity of offering Securities conducted by the Issuer to sell Securities to the public based on procedures regulated in the Capital Market Law and its implementing regulations.

CHAPTER II
MKBD

First Section
Minimum MKBD Value Provisions

Article 2
(1) Securities Companies conducting business activities as Underwriters of Securities must have an MKBD of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher. (2) Securities Companies conducting business activities as Securities Brokers that administer client securities accounts must have an MKBD of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher. (3) Securities Companies conducting business activities as Securities Brokers that do not administer client securities accounts must have an MKBD of at least IDR 200,000,000.00 (two hundred million rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher. (4) Securities Companies conducting business activities as Investment Managers must have an MKBD of at least IDR 200,000,000.00 (two hundred million rupiah) plus 0.1% (zero point one percent) of total managed funds. (5) Securities Companies conducting business activities as Underwriters of Securities and Investment Managers must have an MKBD of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher, plus IDR 200,000,000.00 (two hundred million rupiah) and 0.1% (zero point one percent) of total managed funds. (6) Securities Companies conducting business activities as Securities Brokers that administer client securities accounts and Investment Managers must have an MKBD of at least IDR 25,000,000,000.00 (twenty-five billion rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher, plus IDR 200,000,000.00 (two hundred million rupiah) and 0.1% (zero point one percent) of total managed funds. (7) Securities Companies conducting business activities as Securities Brokers that do not administer client securities accounts and Investment Managers must have an MKBD of at least IDR 200,000,000.00 (two hundred million rupiah) or 6.25% (six point two five percent) of total liabilities without sub-ordinated debt and debt in the context of Public Offering/Limited Offering plus Ranking Liabilities, whichever is higher, plus IDR 200,000,000.00 (two hundred million rupiah) and 0.1% (zero point one percent) of total managed funds. (8) The calculation to determine the minimum MKBD value as referred to
in paragraphs (1) to (7) is conducted in accordance with the Form for Calculation of Minimum Adjusted Net Working Capital Requirements (Form 8) contained in the Appendix which is an integral part of this Financial Services Authority Regulation.

Second Section
MKBD Calculation Procedures

Article 3
The calculation of MKBD must be conducted with the following provisions:
a. MKBD calculation is conducted in accordance with the Report Form for Calculation of Adjusted Net Working Capital (Form 9) contained in the Appendix which is an integral part of this Financial Services Authority Regulation, sequentially as follows:

determining the working capital value by subtracting total liabilities and Ranking Liabilities from total current assets;
determining the net working capital value by adding sub-ordinated debt to working capital; and
determining the MKBD value by subtracting total liquidity risk adjustments, market risk adjustments, credit risk adjustments, and business activity risk adjustments from net working capital, and adding back the Haircut on Securities covered by hedging.

b. Liquidity risk adjustments as referred to in letter a number 3 are adjustments against risks on deposits, with provisions:

for deposits placed in commercial banks and/or rural credit banks within the country:
a) deposits in commercial banks with a term of 3 (three) months or less are adjusted by 0% (zero percent); b) deposits in commercial banks with a term of more than 3 (three) months, and:

guaranteed by a deposit insurance institution, the deposit value up to the limit of the deposit insurance institution's guarantee is adjusted by 0% (zero percent);
not guaranteed by a deposit insurance institution is adjusted as follows:
(a) if the commercial bank is not filed for bankruptcy, not declared bankrupt, or not in the liquidation process, the adjustment is 5% (five percent); (b) if the commercial bank is filed for bankruptcy, declared bankrupt, or in the liquidation process, the adjustment is 100% (one hundred percent); c) placements in rural credit banks are adjusted by 100% (one hundred percent); and

for deposits placed in banks outside the country, the adjustment is 100% (one hundred percent).

c. Market risk adjustments as referred to in letter a number 3 are adjustments against risks on Securities owned by the Securities Company calculated based on specific Haircuts from the fair market value.

d. Haircuts for Securities owned by the Securities Company as referred to in letter c include:

Haircut for Bank Indonesia Certificates at 5% (five percent).
Haircut for Government Securities with remaining maturity:
a) 0 to 7 years at 5% (five percent); b) more than 7 years up to 15 years at 7.5% (seven point five percent); and c) more than 15 years at 10% (ten percent);
Haircut for bonds, corporate sukuk, or cash flow fixed asset-backed Securities listed on the Stock Exchange in Indonesia that have:
a) rating equivalent to AAA at 5% (five percent); b) rating equivalent to AA to less than equivalent to AAA at 15% (fifteen percent); c) rating equivalent to A to less than equivalent to AA at 25% (twenty-five percent); d) rating equivalent to BBB- to less than equivalent to A at 35% (thirty-five percent); and e) rating less than equivalent to BBB at 100% (one hundred percent);
Haircut for Equity Securities or cash flow variable asset-backed Securities listed on the Stock Exchange in Indonesia and mutual funds whose participation units are traded on the Stock Exchange are grouped based on the size of Haircut determined by the committee every month;
Haircut for Equity Securities no longer listed on the Stock Exchange in Indonesia (delisted) issued in Indonesia at 100% (one hundred percent);
Haircut for Foreign Securities at 90% (ninety percent);
Haircut for mutual fund participation units not traded on the Stock Exchange included in the categories:
a) money market at 10% (ten percent); b) protected at 10% (ten percent); c) guaranteed at 10% (ten percent); d) fixed income at 15% (fifteen percent); e) mixed or equity at 20% (twenty percent); f) index at 20% (twenty percent); and g) limited participation at 40% (forty percent);
Haircut for investments managed by other Securities Companies at 100% (one hundred percent);
Haircut for real estate investment fund participation units at 15% (fifteen percent);
Haircut for option contracts over Securities or over Securities indices traded on the Stock Exchange in Indonesia at 10% (ten percent);
Haircut for futures contracts over Securities or over Securities indices traded on the Stock Exchange in Indonesia at 10% (ten percent);
Haircut for other Securities not regulated in numbers 1) to 11) at 100% (one hundred percent) unless otherwise determined by the Financial Services Authority;

e. in exercising its functions, the Clearing and Guaranteeing Institution must form a committee as referred to in letter d number 4) which has the duty to:

determine the size of Haircut for Equity Securities or cash flow variable asset-backed Securities listed on the Stock Exchange in Indonesia and mutual funds whose participation units are traded on the Stock Exchange; and
announce the size of Haircut for Securities as referred to in number 1) on the website of the Clearing and Guaranteeing Institution;

f. Credit risk adjustments as referred to in letter a number 3 are reduction factors valued at:

claims for replacement money arising from institutional clients failing to deliver Securities to the Securities Company in the sale transaction of such institutional client;
claims arising from institutional clients failing to deliver funds to the Securities Company in the purchase transaction of such institutional client; or
claims to other Securities Companies arising from other Securities Companies acting as the counterparty failing to deliver funds;

g. Business activity risk adjustments as referred to in letter a number 3 are reduction factors due to the Securities Company:

not separating client funds related to Securities Broker and/or Underwriter of Securities activities;
not separating free Securities belonging to clients; or
not setting aside funds equal to the fair market value of Securities not yet under the direct control of the Securities Company for a period of 5 (five) market days after the settlement date;

h. the amount of Ranking Liabilities added to the total liabilities value as referred to in letter a number 1 consists of:

if the Securities Company conducts repurchase agreement (repo) transactions:
a) for repurchase agreement (repo) transactions on Government Securities, 1% (one percent) of the repurchase value of Securities in the repurchase agreement (repo) transaction must be added as Ranking Liabilities; b) for repurchase agreement (repo) transactions on bonds or corporate sukuk, 3% (three percent) of the repurchase value of Securities in the repurchase agreement (repo) transaction must be added as Ranking Liabilities; and c) for repurchase agreement (repo) transactions on Equity Securities listed on the Stock Exchange in Indonesia, 5% (five percent) of the repurchase value of Securities in the repurchase agreement (repo) transaction must be added as Ranking Liabilities;
if the Securities Company conducts reverse repurchase agreement (reverse repo) transactions:
a) for reverse repurchase agreement (reverse repo) transactions on Government Securities, if the fair market value of the Government Securities is less than 105% (one hundred five percent) multiplied by the resale value, the shortfall must be added as Ranking Liabilities; b) for reverse repurchase agreement (reverse repo) transactions on bonds or corporate sukuk, if the fair market value of the bonds or corporate sukuk is less than 110% (one hundred ten percent) multiplied by the resale value, the shortfall must be added as Ranking Liabilities; and c) for reverse repurchase agreement (reverse repo) transactions on Equity Securities listed on the Stock Exchange in Indonesia, if the fair market value of the Equity Securities is less than 120% (one hundred twenty percent) multiplied by the resale value, the shortfall must be added as Ranking Liabilities;
if the Securities Company has an underwriting contract for Securities in the form of full commitment and does not have proof of fund ability to perform underwriting in the form of bank guarantees and/or credit lines:
a) for underwriting contracts for Securities whose registration statement has received an effectiveness statement from the Financial Services Authority until the start of the offering, 25% (twenty-five percent) of the underwriting commitment that is its share must be added as Ranking Liabilities; b) for underwriting contracts for Securities where the offering process has been conducted until the allocation is done, 50% (fifty percent) of the value not yet ordered by clients or at most 25% (twenty-five percent) of the underwriting commitment that is its share must be added as Ranking Liabilities; c) for contracts where the allocation process has been completed until the guaranteed Securities are listed on the Stock Exchange, 100% (one hundred percent) of the value of unsold Securities that is its share must be added as Ranking Liabilities; and d) the Ranking Liabilities value as referred to in letter c) will be removed after the value of the unsold Securities referred to is purchased and recorded as own portfolio by the Securities Company;
in the event the Securities Company acts as a standby buyer and does not have proof of fund ability to perform underwriting in the form of bank guarantees and/or credit lines, 50% (fifty percent) of the Haircut on Securities multiplied by the offering price for a number of Securities that is its share must be added as Ranking Liabilities;
if the Securities Company issues guarantees for the repayment of third-party debt, 20% (twenty percent) of the value of the guarantee must be added as Ranking Liabilities;
if the Securities Company has capital expenditure commitments shown in the commitments and contingencies section of the notes to the last audited annual financial statements, 20% (twenty percent) of the excess value of the current year's capital expenditure commitments not yet realized above IDR 150,000,000.00 (one hundred fifty million rupiah) must be added as Ranking Liabilities;
if the Securities Company conducts transactions in foreign currency, since the date of the transaction, potential ongoing losses must be added as Ranking Liabilities;
if the Securities Company has Equity Securities, Debt Securities, and/or sukuk issued by one Issuer or several Issuers in one corporate group (holding company) the value of which exceeds 20% (twenty percent) of total equity, the excess must be added as Ranking Liabilities;
if the Securities Company has a portfolio of Government Securities the value of which exceeds 40% (forty percent) of the total equity value, the excess must be added as Ranking Liabilities;
if the Securities Company has mutual fund Securities the individual value of which exceeds certain limits from the total net asset value of the mutual fund, the excess must be added as Ranking Liabilities;
certain limits determined for mutual funds as referred to in number 10):
a) money market at 50% (fifty percent); b) protected at 50% (fifty percent); c) guaranteed at 50% (fifty percent); d) fixed income at 40% (forty percent); e) mixed or equity at 25% (twenty-five percent); f) index at 25% (twenty-five percent); and g) limited participation at 25% (twenty-five percent), from the net asset value of the mutual fund;
if the Securities Company provides settlement financing to one client or several clients who have affiliated relationships, the value of which exceeds 10% (ten percent) of the total financing value at the end of the previous day, the excess must be added as Ranking Liabilities;
the provision in number 12 does not apply to Securities Companies that only provide settlement financing to less than 10 (ten) clients who are not affiliated with each other;
if the Securities Company provides settlement financing for Securities for each individual client that:
a) the financing value is more than 80% (eighty percent) of the collateral value for margin financing, the excess financing must be added as Ranking Liabilities; and b) the collateral value is less than 120% (one hundred twenty percent) of the fair market value of Securities in the Short Position for short selling transactions, the shortfall in collateral value must be added as Ranking Liabilities;

i. if the Securities Company has Securities (Long Position) or obligations to deliver Securities (Short Position), and has conducted hedging transactions for the said positions:

the Haircut value on owned Securities (Long Position) covered by hedging, which has been calculated as a reduction factor in letter d number 2), number 3), and number 4), is added back; and
the Haircut value on hedging Securities used to cover:
a) owned Securities (Long Position); or b) Securities that must be delivered (Short Position), which has been calculated as a reduction factor in letter d number 10) and number 11), is added back;

j. recording of debt and receivables of funds with the Clearing and Guaranteeing Institution arising from exchange transactions is conducted on a netting basis with settlement due on the same day; and k. recording of debt and receivables of funds with clients arising from exchange transactions in the regular market is conducted on a netting basis for each client with settlement due on the same day; and

l. Customer receivables for owners of Securities Accounts for Securities purchase transactions outside transactions financed by the Securities Company through financing facilities as referred to in the Financial Services Authority Regulation regarding financing of Securities transactions by Securities Companies for customers and short selling transactions by Securities Companies since the transaction settlement date are classified as other financial assets.

Part Three
Maintenance and Reporting Procedures

Article 4
(1) Securities Companies are required to prepare MKBD reports with the following provisions:
a. the reports must use the following forms:

Daily Trial Balance Report Form – Assets (Form 1);
Daily Trial Balance Report Form - Liabilities and Equity (Form 2);
Liabilities Ranking Report Form (Form 3);
Mutual Fund Securities Concentration Risk Calculation Form (Form 4);
Haircut Return Calculation Form for Hedged Securities Portfolios (Form 5);
Cash Sub-ledger Report Form (Form 6);
Securities Sub-ledger Report Form (Form 7);
Minimum Adjusted Net Working Capital Requirements Calculation Form (Form 8);
Adjusted Net Working Capital Calculation Report Form (Form 9); and
Adjusted Net Working Capital Supporting Data Report Form (Form 10),
which are listed in the Appendix which is an inseparable part of this Financial Services Authority Regulation; b. the reports must be signed by the Director of the Securities Company and stored in the work unit carrying out accounting functions at the headquarters of the Securities Company; and
c. the reports must be prepared in digital format with columns and fields as referred to in this Financial Services Authority Regulation.
(2) Provisions regarding technical details as referred to in paragraph (1) are established by the Financial Services Authority.

Article 5
Securities Companies are required to maintain MKBD every working day and submit MKBD reports according to the forms as referred to in Article 4 letter a, with the following provisions:
a. for Securities Companies conducting business as Securities Brokers who administer customer Securities Accounts, must submit MKBD reports to the Financial Services Authority, Stock Exchange, and Clearing and Guarantee Institution daily, based on the end-of-day position of the previous day no later than 08:30 WIB; b. for Securities Companies conducting business as Securities Brokers who administer customer Securities Accounts as referred to in letter a that also conduct business as Investment Managers, then the calculation of the total managed fund value used to calculate the minimum MKBD value requirements as referred to in Article 2 paragraph (6) uses the value on 2 (two) trading days before the reporting date;
c. for Securities Companies conducting business as Securities Brokers who do not administer customer Securities Accounts, must submit MKBD reports to the Financial Services Authority monthly, based on the end-of-day position of the last working day of the previous month no later than 08:30 WIB on the working day of the following month;
d. for Securities Companies conducting business as Securities Issuance Underwriters who are not members of the Stock Exchange, must submit MKBD reports to the Financial Services Authority every time underwriting activities are conducted starting from the registration statement being declared effective by the Financial Services Authority until the refund of customer funds after the allocation process is completed; e. for Securities Companies conducting business as Investment Managers, must submit MKBD reports to the Financial Services Authority monthly which include a recapitulation of MKBD positions on all working days in the previous month, no later than the 12th (twelve) of the following month; and f. if the 12th (twelve) of the following month as referred to in letter e falls on a holiday, the MKBD report as referred to in letter e must be submitted on the next working day.

Article 6
The Stock Exchange must prohibit its members who do not report and/or fail to meet the minimum MKBD value as referred to in Article 2 paragraph (2) and paragraph (6) from conducting stock exchange transactions.

Article 7
If a Securities Company that is a member of the Stock Exchange fails to meet the minimum MKBD value as referred to in Article 2 paragraph (2) and paragraph (6), the Stock Exchange requires the Securities Company that is a member of the Stock Exchange to:
a. stop opening Securities Accounts for new customers; b. stop Securities transactions that will increase Long Positions or Short Positions in the portfolio owned by the Securities Company except to exercise or sell subscription rights first;
c. stop Securities transactions that will increase debit balances or Short Positions in customer Securities Accounts;
d. stop Securities transactions in customer Securities Accounts and exercise or sell subscription rights first if the MKBD shortage exceeds 20% (twenty percent) of the required MKBD amount; and e. submit to the Stock Exchange a plan containing the schedule, procedures, and form of capital increase, reduction of business activities, or cessation of business activities and submit a copy to the Financial Services Authority.

Article 8
The Stock Exchange may approve, reject, or request improvements from the plan of the Securities Company that is a member of the Stock Exchange as referred to in Article 7 letter e.

Article 9
Every working day during the period that a Securities Company that is a member of the Stock Exchange fails to meet MKBD as referred to in Article 7, the Securities Company that is a member of the Stock Exchange is required to report in writing the implementation of the plan as referred to in Article 7 letter e to the Financial Services Authority, Stock Exchange, and Clearing and Guarantee Institution for Securities Companies that are members of the Stock Exchange who are also members of the Clearing and Guarantee Institution.

Article 10
(1) If a Securities Company conducting business as an Investment Manager, a Securities Broker who does not administer customer Securities Accounts, and/or a Securities Issuance Underwriter who is not a member of the Stock Exchange fails to meet the minimum MKBD value as referred to in Article 2 paragraph (1), paragraph (3), paragraph (4), paragraph (5), or paragraph (7), on the next working day must submit a correction report to the Financial Services Authority. (2) Submission as referred to in paragraph (1) consists of:
a. a plan containing a schedule; b. procedures and forms of capital increase; and
c. MKBD reports and implementation plans,
to the Financial Services Authority every working day no later than 08:30 WIB.

Article 11
Within a maximum period of 30 (thirty) working days from the submission of the MKBD correction plan as referred to in Article 10 paragraph (1), the Securities Company must have corrected its MKBD value so as to meet the minimum value required as referred to in Article 2 paragraph (1), paragraph (3), paragraph (4), paragraph (5), or paragraph (7).

Article 12
If:
a. a Securities Company conducting business as a Securities Broker who administers customer Securities Accounts as referred to fails to meet the minimum MKBD value in a period of more than 30 (thirty) consecutive working days or more than 60 (sixty) working days in the last 12 (twelve) month period; and/or b. a Securities Company conducting business as a Securities Broker who administers customer Securities Accounts as referred to does not submit MKBD reports to the Financial Services Authority as required in a period of more than 3 (three) months in the last period, The Financial Services Authority will revoke the business license of the Securities Company conducting business as a Securities Broker who administers customer Securities Accounts and require the relevant Securities Company to submit a plan to settle all obligations to its customers.

Article 13
The Stock Exchange examination unit must conduct on-site examinations of Stock Exchange members who fail to meet the minimum MKBD value no later than 13:00 WIB on the next day or on the day the Stock Exchange member does not submit the MKBD report with the following provisions:
a. the Stock Exchange examination unit must supervise the activities of the violating member to ensure that the relevant member does not conduct activities prohibited in this Financial Services Authority Regulation; and b. the Stock Exchange examination unit must immediately report to the Financial Services Authority any actions taken by the Stock Exchange member that contradict this Financial Services Authority Regulation as well as sanctions imposed by the Stock Exchange on the relevant Stock Exchange member.

Article 14
The Stock Exchange examination unit must report to the Financial Services Authority no later than 15:00 WIB on the next day after the examination as referred to in Article 13 has begun, including:
a. information regarding compliance with Financial Services Authority Regulations governing internal control of Securities Companies conducting business as Securities Brokers; b. the need for further restrictions on the activities of the relevant Stock Exchange member with the aim of protecting customer interests; and
c. an assessment of the feasibility of the plan submitted to the Financial Services Authority by the Stock Exchange member to ensure that the plan is feasible to be implemented.

CHAPTER III
ADMINISTRATIVE SANCTIONS

Article 15
(1) Any party who violates the provisions as referred to in Article 2 paragraph (1) to paragraph (7), Article 3, Article 4 paragraph (1), Article 5, Article 6, Article 7, Article 9, Article 10 paragraph (1), Article 11, Article 13, Article 14, is subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on parties who cause the violation as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business licenses; f. cancellation of approvals; and/or g. cancellation of registrations. (5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, letter f, or letter g may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letter c, letter d, letter e, letter f, or letter g. (7) Procedures for imposing sanctions as referred to in paragraph (3) are carried out in accordance with applicable legislation.

Article 16
In addition to administrative sanctions as referred to in Article 15 paragraph (4), the Financial Services Authority may take certain actions against any party who violates the provisions of this Financial Services Authority Regulation.

Article 17
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 15 paragraph (4) and certain actions as referred to in Article 16 to the public.

CHAPTER IV
CLOSING PROVISIONS

Article 18
At the time this Financial Services Authority Regulation comes into force, the Decision of the Head of the Capital Market Supervisory Board Number Kep-566/BL/2011 regarding Maintenance and Reporting of Adjusted Net Working Capital, along with Regulation Number V.D.5 which is its appendix, is revoked and declared invalid.

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja

Article 19
This Financial Services Authority Regulation comes into force on the date of its promulgation. To ensure that everyone knows it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on December 3, 2020
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, sign
WIMBOH SANTOSO

Promulgated in Jakarta on December 11, 2020
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, sign
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2020 NUMBER 276

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 52 /POJK.04/2020
REGARDING
MAINTENANCE AND REPORTING OF ADJUSTED NET WORKING CAPITAL

I. GENERAL
That since December 31, 2012, the functions, duties, and authority for regulation and supervision of financial services activities in the capital market, insurance, pension funds, financing institutions, and other financial service institutions have shifted from the Minister of Finance and the Capital Market Supervisory Board and Financial Institutions to the Financial Services Authority. In relation to the above, it is necessary to reorganize the existing regulatory structure, particularly those related to the capital market sector by converting Capital Market Supervisory Board and Financial Institutions Regulations related to the capital market sector into Financial Services Authority Regulations. The reorganization is carried out so that there are Financial Services Authority Regulations related to the capital market sector that are consistent with Financial Services Authority Regulations in other sectors. Based on the background thinking and aspects mentioned, it is necessary to replace the existing legislation in the capital market sector regulating Maintenance and Reporting of Adjusted Net Working Capital, namely the Decision of the Head of the Capital Market Supervisory Board and Financial Institutions Number Kep-566/BL/2011 regarding Maintenance and Reporting of Adjusted Net Working Capital Number V.D.5 which is its appendix, into a Financial Services Authority Regulation regarding Maintenance and Reporting of Adjusted Net Working Capital.

II. ARTICLE BY ARTICLE
Article 1
Quite clear.
Article 2
Quite clear.
Article 3
Letter a
Quite clear.
Letter b
Quite clear.
Letter c
Quite clear.
Letter d
Quite clear.
Letter e
Quite clear.
Letter f
Quite clear.
Letter g
Quite clear.
Letter h
Number 1
Repurchase agreement (repo) transactions are the sale of Securities with a promise to buy back at a predetermined time and price. Number 2 Reverse repurchase agreement (reverse repo) transactions are the purchase of Securities with a promise to sell back at a predetermined time and price. Number 3 Quite clear. Number 4 Quite clear. Number 5 Quite clear. Number 6 Quite clear. Number 7 Quite clear. Number 8 Quite clear. Number 9 Quite clear. Number 10 Quite clear. Number 11 Quite clear. Number 12 Quite clear. Number 13 Quite clear. Number 14 Quite clear. Letter i Quite clear. Letter j Quite clear. Letter k Quite clear. Letter l Quite clear.
Article 4
Quite clear.
Article 5
Quite clear.
Article 6
Quite clear.
Article 7
Quite clear.
Article 8
Quite clear.
Article 9
Quite clear.
Article 10
Quite clear.
Article 11
Quite clear.
Article 12
Quite clear.
Article 13
Quite clear.
Article 14
Quite clear.
Article 15
Quite clear.
Article 16
The term "certain actions" includes, among others, Securities Companies being prohibited from adding new margin customers before the relevant Securities Company takes corrective steps regarding the back office system related to margin transaction financing.
Article 17
Quite clear.
Article 18
Quite clear.
Article 19
Quite clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6589

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 52 /POJK.04/2020
REGARDING
MAINTENANCE AND REPORTING OF
ADJUSTED NET WORKING CAPITAL

DAILY TRIAL BALANCE REPORT FORM – ASSETS (FORM 1) Date : DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................
6 A B
7 Account Name Balance
8 Current Assets
9 Cash and Cash Equivalents
10 Bank Demand Deposits
11 Restricted Cash
12 Segregated Cash
13 Customer Securities Account Accounts
13 Time Deposits
15 Domestic Bank Time Deposits
16 General Bank Time Deposits with a term of less than or equal to 3 (three) months 17 General Bank Time Deposits with a term of more than 3 (three) months 18 Guaranteed by Deposit Insurance Corporation 19 Not Guaranteed by Deposit Insurance Corporation 20 Not subject to bankruptcy petition, not declared bankrupt, or not in liquidation process 21 Subject to bankruptcy petition, declared bankrupt, or in liquidation process 22 Time Deposits at Rural Banks 23 Foreign Bank Time Deposits 24 Reverse Repo Receivables 25 Reverse Repo Government Securities 26 Reverse Repo Corporate Bonds or Sukuk 27 Reverse Repo Equity Securities 28 Clearing and Guarantee Institution Receivables 29 Clearing and Guarantee Institution Guarantee Funds 30 Stock Exchange Transaction Receivables 31 Commission Receivables 32 Customer Receivables 33 Customer Receivables for Owners of Securities Accounts 34 Securities Purchase Transactions 35 Customer Securities Account Debit Balances 36 General Customer Receivables 37 Institutional Customer Receivables 38 Securities Purchase Transactions 39 Fail Delivery - Institutional Customers 40 Other Securities Company Receivables 41 Guarantee Funds for Securities Borrowing 42 Guarantee Funds at Clearing Members 43 Securities Sale Transactions 44 Fail Delivery - Securities Companies 45 Commission Receivables 46 Prepaid Securities Order Funds 47 Securities Issuance Underwriting Activity Receivables 48 Securities Issuance Service Receivables 49 Securities Issuance Arranger Service Receivables 50 Financial Advisory Service Receivables 51 Underwriting Cost Receivables - Securities Issuance Underwriters 52 Investment Manager Activity Receivables 53 Management Fee Receivables 54 Subscription Fee and Redemption Fee Receivables 55 Underwriting Cost Receivables – Investment Managers 56 Other Securities Sale Transaction Receivables 57 Dividend and Interest Receivables 58 Securities Portfolio 59 Bank Indonesia Certificates 60 Government Securities 61 0-7 years 62 7-15 years 63 15 years and above 64 Corporate Bonds, Corporate Sukuk, or Fixed Cash Flow Securitized Assets listed on the Stock Exchange in Indonesia 65 Rating equivalent to AAA 66 Rating equivalent to AA to less than equivalent to AAA 67 Rating equivalent to A or up to less than equivalent to AA 68 Rating equivalent to BBB- or up to less than equivalent to A 69 Rating less than equivalent to BBB- 70 Equity Securities or Non-Fixed Cash Flow Securitized Assets listed on the Stock Exchange in Indonesia and Mutual Funds whose Investment Units are traded on the Stock Exchange in Indonesia 71 Committee Haircut 5% and 10% 72 Committee Haircut 15% and 20% 73 Committee Haircut 25% 74 Committee Haircut 30% 75 Committee Haircut 35% 76 Committee Haircut 40% 77 Committee Haircut 45% 78 Committee Haircut 50% 79 Committee Haircut 55% to 80% 80 Committee Haircut 85% to 100% 81 Equity Securities no longer listed on the Stock Exchange in Indonesia (delisted) 82 Foreign Securities 83 Mutual Fund Investment
Units 84 Money Market 85 Protected 86 With Guarantee 87 Fixed Income 88 Mixed or Stocks 89 Index 90 Limited Participation 91 Investments Managed by Other Securities Companies 92 Real Estate Investment Fund Investment Units 93 Option Contracts 94 Futures Contracts 95 Other Securities besides rows 59 to 94 that Are Registered with the Financial Services Authority 96 Repo Securities/Borrowed Securities/Pledged Securities 97 Government Securities 98 Corporate Bonds or Sukuk 99 Equity Securities 100 Total Current Assets:
101 Other Financial Assets
102 Receivables from other related parties
103 Customer Receivables for Owners of Securities Accounts for Securities purchase transactions since the transaction settlement date 104 Other Receivables 105 Prepaid Taxes 106 Prepaid Expenses 107 Other Guarantees 108 Long-term Investments 109 Fixed Assets 110 Deferred Tax Assets 111 Other Assets 112 Total Fixed Assets and Other Assets:
113 TOTAL ASSETS

DAILY TRIAL BALANCE REPORT FORM – LIABILITIES AND EQUITY (FORM 2) Date : DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................
119 A B
120 Account Name Balance
121 LIABILITIES
122 Short-term Liabilities
123 Short-term Debt Securities
124 Repo Liabilities
125 Repo Government Securities
126 Repo Corporate Bonds or Sukuk
127 Repo Equity Securities
128 Clearing and Guarantee Institution Liabilities 129 Stock Exchange Transaction Liabilities 130 Commission Liabilities 131 Customer Liabilities 132 Customer Liabilities for Owners of Securities Accounts 133 Securities Sale Transactions 134 Credit Balances 135 Institutional Customer Liabilities 136 Securities Sale Transactions 137 Fail Receipt - Institutional Customers 138 Other Securities Company Liabilities 139 Guarantee Funds for Securities Borrowing 140 Guarantee Funds from Non-Clearing Member SCs 141 Securities Purchase Transactions 142 Fail Receipt - Securities Companies 143 Commission Liabilities 144 Securities Issuance Underwriting Activity Liabilities 145 Liabilities in the Context of Public Offer/Limited Offer 146 General Customer Liabilities 147 Issuer Liabilities 148 Liabilities to Securities Issuers 149 Securities Issuance Service Liabilities 150 Investment Manager Activity Liabilities 151 Selling Agent Commission Liabilities 152 Other Securities Purchase Transaction Liabilities 153 Short Position Securities Liabilities – Own 154 Government Securities 155 Debt Securities listed on the Stock Exchange in Indonesia 156 Equity Securities listed on the Stock Exchange in Indonesia, or Mutual Funds whose Investment Units are traded on the Stock Exchange in Indonesia 157 Other Securities Listed with the Financial Services Authority 158 Foreign Securities 159 Other Short-term Liabilities 160 Long-term Liabilities 161 Bond Liabilities 162 Other Liabilities 163 Sub-Ordination Liabilities 164 TOTAL LIABILITIES 165 EQUITY 166 Equity Attributable to Owners of the Parent Entity 167 Share Capital 168 Additional Paid-in Capital 169 Other Equity 170 Retained Earnings 171 Non-Controlling Interests 172 TOTAL EQUITY 173 TOTAL LIABILITIES AND EQUITY

LIABILITIES RANKING REPORT FORM (FORM 3)
Date : DD-MM-YYYY
Director responsible for this report
: ........................................................................
........................................................................
6 A B C
7 Ranking Liabilities Ranking Liabilities Value Percentage added as Liabilities 8 Ranking Liabilities 9 Reverse Repurchase Agreement (Reverse Repo) Transactions on Government Securities Market Value Shortfall against 105% of the repurchase value 10 Reverse Repurchase Agreement (Reverse Repo) Transactions on Corporate Bonds or Sukuk Market Value Shortfall against 110% of the repurchase value 11 Reverse Repurchase Agreement (Reverse Repo) Transactions on Equity Securities Market Value Shortfall against 120% of the repurchase value 12 Repurchase Agreement (Repo) Transactions on Government Securities 1% of the repurchase value 13 Repurchase Agreement (Repo) Transactions on Corporate Bonds or Sukuk 3% of the repurchase value 14 Repurchase Agreement (Repo) Transactions on Equity Securities 5% of the repurchase value 15 Underwriting Contracts for Registration Statements 25% of the underwriting commitment that

Effective from the Financial Services Authority becomes its share 16 Underwriting Contracts in Offering Process Until Allocation 50% of the value that has not been ordered or up to 25% of the underwriting that becomes its share 17 Underwriting Contracts in Allocation Process Until Recording 100% of the value that unsubscribed which becomes its share 18 Securities Companies Acting as Ready Buyer 50% of the Security Haircut multiplied by the Offering Price that becomes its share 19 Guarantees by Companies 20% of the guarantee value 20 Capital Expenditure Commitments 20% of the value above IDR 150,000,000 21 Ongoing Losses from Transactions in Foreign Currency 100% of the ongoing losses 22 Risk of Concentration of Securities Portfolio 23 Equity-type Securities, Debt-type Securities, or Sukuk Issued by One Issuer exceeding 20% Total Own Equity 24 Equity-type Securities, Debt-type Securities, and Sukuk Issued by One Issuer exceeding 20% Total Own Equity 25 Equity-type Securities, Debt-type Securities, and/or Sukuk Issued by Multiple Issuers in excess of 20% Total Own Equity

One Group of Companies
(Holding Company)
26 Government Securities exceeding 40%
Total Own Equity
27 Mutual Fund Securities value according to Form Risk Calculation of Concentration of Mutual Fund Securities (Form 4) Column H 28 Risk of Concentration of Transaction Financing to One Client or Multiple Clients who Mutually have affiliation relationships exceeding 10% of the total financing value given 29 Excess Margin Financing against Financing Collateral excess financing above 80% of the Financing Collateral Margin Transaction 30 Collateral Shortfall for Short Selling Transactions against Short Position collateral value below 120% of the Short Position 31 Total Ranking Liabilities

FORM FOR CALCULATING THE CONCENTRATION RISK OF MUTUAL FUND SECURITIES (FORM 4)
Securities Company: PT ...........................................................................................................
Date: DD-MM-YYYY
Director responsible for this report
: .....................................................................................................................
......................................................................................................................
6 A B C D E F G H
7 Type of Mutual Fund Name
Mutual
Fund
Affiliated/
Not
Affiliated
Net Asset Value
Mutual Fund
Units
Owned
Net Asset Value per
Mutual
Fund
Calculation of
Ranking
Liabilities
Limit that can be owned for
ANWC
Excess above limit
(Column D - Column
G)
8 Money Market Mutual Funds
Exceeding 50% NAV
9 Protected Mutual Funds
Exceeding 50% NAV
10 Guaranteed Mutual Funds
Exceeding 50% NAV
11 Fixed Income Mutual Funds
Exceeding 40% NAV
12 Mutual Funds
Exceeding 25% NAV

Mixed or
Stock
13 Index Mutual Funds Exceeding 25% NAV
14* Limited Participation Mutual Funds
Exceeding 25% NAV
Value Added as Ranking
Liabilities

If necessary, a new row can be added

FORM FOR CALCULATING THE RETURN OF HAIRCUT ON SECURITIES PORTFOLIO HEDGED (Form 5)
Securities Company: PT ...........................................................................................................
Date: DD-MM-YYYY
Director responsible for this report
: .....................................................................................................................
......................................................................................................................
6 A B C D E F G H
7 Name
Security
Value
Security
Name of Hedged
Security
Value of Hedged
Security
Value of Securities hedged with hedging
Value of Haircut
Securities hedged with Hedging
Value of Haircut
Hedged Securities
Total
Return of Haircut
(Column F + Column G)

Total Return of Haircut on Securities Portfolio Hedged

If necessary, a new row can be added

FORM FOR SUBSIDIARY LEDGER REPORT (FORM 6)
Date: DD-MM-YYYY
Director responsible for this report
: ........................................................................
........................................................................
6 A B C D E
7 DEBIT BALANCE OF SUBSIDIARY LEDGER
Affiliated Balance Not
Affiliated
8 Funds Owned by Securities
Company
9 Funds Owned by Clients
Account Holders
10 Free Funds
11 Funds
Collateralized
12 Funds Owned by Clients
General
13 Order Funds
Securities
14 Positive Fund Difference
15 Total Debit
16 CREDIT BALANCE OF SUBSIDIARY LEDGER
Owned Balance Separated Not
Separated
17 Funds stored in
Work Units that
Perform Accounting Functions
18 Funds stored in Banks
19 Funds Owned by
Securities Company
20 Funds Owned by Clients
Account Holders
21 Funds Owned by Clients
General
22 Negative Fund Difference
23 Total Credit
24 Breakdown of Balances for each Bank Account Bank Name Own/ Client Account Number Currency Balance Balance (in IDR) Explanation regarding positive or negative fund differences and resolution:

FORM FOR SUBSIDIARY SECURITIES LEDGER REPORT (FORM 7) Date: DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................
6 A B C D E
7 DEBIT BALANCE OF SUBSIDIARY SECURITIES LEDGER Affiliated Balance Not Affiliated 8 Reverse Repo Securities 9 Securities Company Portfolio (Long Position) 10 Securities in Clients' Securities Accounts (Long Position) 11 Free Securities 12 Collateral Securities 13 Securities Purchase Transactions client account holders 14 Securities Owned by Securities Company Others 15 Securities Borrowed from Other Securities Companies 16 Securities Sale Transactions 17 Failure to Deliver - Securities Company 18 Securities to be Delivered to Clearing and Underwriting Agency 19 Securities borrowed from Clearing and Underwriting Agency 20 Securities Delivered for Clearing Transactions 21 Securities Owned by Institutional Clients 22 Purchase Transactions Institutional Clients 23 Failure to Deliver - Institutional Clients 24 Securities borrowed from other parties 25 Positive Securities Difference

26 Total Debit (Fair Market Value)
27 CREDIT BALANCE OF SUBSIDIARY SECURITIES LEDGER Owned Balance Separated Not Separated 28 Securities in Direct Control 29 Securities stored in Work Units that Perform Custodian Functions 30 Securities stored in Bank Custodian Storage Boxes 31 Securities in Securities Accounts of Bank Custodian 32 Securities in Securities Accounts of Other Securities Companies 33 Securities in Securities Accounts of LPP 34 Securities in Issuers or BAE (not yet issued within 5 (five) working days calculated from the Securities being entered into Issuer or BAE) 35 Securities in Securities Accounts at Other Storage Institutions 36 Total Securities in Direct Control PE Balance as of 5 days working More Than 5 Days 38 Owned Separated 39 Securities Not in Direct Control Securities Company 40 Securities used as collateral for loans at banks or financial institutions 41 Securities in Transit Between Offices within one Securities Company

42 Securities in
Transit to other PE, bank Custodian,
Clearing and Underwriting Agency, or Storage and Settlement Institutions where proof of dispatch has not been received 43 Securities to be received from foreign banks, foreign clearing institutions, or foreign PE 44 Securities at Issuers or BAE (not yet issued within 5 (five) working days calculated from the date the Securities are entered into Issuer or BAE) 45 Securities to be Received from Issuers as a Result of the Distribution of Rights in the Context of Corporate Actions 46 Repo or Re- repo Securities 47 Securities Sale Transactions client account holders 48 Securities Sold that Have Not Been Owned (Short Position) 49 Securities to be Received from Other Securities Companies 50 Securities Lent 51 Securities Purchase Transactions 52 Failure to Receive - Securities Company 53 Securities to be Received from Clearing and Underwriting Agency 54 Securities Lent 55 Securities for Clearing Transactions 56 Securities to be Received from Institutional Clients 57 Sale Transactions Institutional Clients 58 Failure to Receive - Institutional Clients 59 Short Position of Clients' Securities Accounts (Affiliated) 60 Short Position of Clients' Securities Accounts (Not Affiliated) 61 Total Securities Not in Direct Control Securities Company 62 Negative Securities Difference 63 Total Credit (Fair Market Value) Explanation regarding positive or negative securities differences and resolution:

FORM FOR CALCULATING MINIMUM REQUIREMENTS FOR ADJUSTED NET WORKING CAPITAL (Form 8) Date: DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................
6 A B C D E
7 Description Form Column Line Value
8 Total Liabilities Form 2 B 164
9 Total Ranking Liabilities Form 2 B 31
10 Total Liabilities and Ranking Liabilities
(Line 8 + Line 9)
11 Less Sub-Ordinary Debts Form 2 B 163
12 Less Debts in the Context of
Public Offerings/Limited Offerings
13 General Client Debts Form 2 B 146
14 Issuer Debts Form 2 B 147
15 Debts to Securities Issuers Form 2 B 148
16 Total Liabilities and Ranking
Liabilities without Sub-Ordinary Debts and Debts in the Context of Public Offerings/Limited Offerings 17 Required ANWC Value for PPE or PEE 18 Minimum ANWC Requirement* 19 6.25% of line 16 20 Required ANWC (higher value between line 18 and line 19) 21 Required ANWC Value for MI 22 Minimum ANWC Requirement 23 Value of funds managed by MI 24 0.1% of line 23 25 Required ANWC Value (line 22 plus line 24) 26 Required ANWC Value for PE according to the business license held (line 20, line 25, or line 20 plus line 25)

IDR 25,000,000,000.00 for PEE or PPE that administer
customer Securities accounts or IDR 200,000,000.00 for PPE that do not administer customer Securities accounts IDR 200,000,000.00 for Investment Managers

FORM FOR REPORTING CALCULATION OF ADJUSTED NET WORKING CAPITAL (Form 9) Date: DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................
6 A B C D E F G
7 Form Column Line Total Factorization Total
8 WORKING CAPITAL
9 Total Current Assets Form
B 100
10 Less:
11 Total Liabilities Form
B 164
12 Total Ranking Liabilities Form
B 31
13 Total Working Capital
(Line 9 minus
Line 11 and Line 12)
14 ADJUSTED NET WORKING CAPITAL
15 Total Working Capital (Line
13)
16 Add:
17 Sub-Ordinary Debts Form
B 163
18 Total Adjusted Working Capital
(Line 15 plus
Line 17)
19 ADJUSTED NET WORKING CAPITAL
20 Total Adjusted Net Working Capital
(Line 18)
21 Less:
22 Liquidity Risk Adjustments
23 Domestic Bank Deposits
24 General Bank Deposits with a term of less than or equal to 3 (three) months Form B 16 0.000 25 General Bank Deposits with a term of more than 3 (three) months 26 Guaranteed by Insurance Agency Form B 18 0.000 27 Not Guaranteed by Insurance Agency - 28 Not currently filed for bankruptcy, not declared bankrupt, or not in liquidation process Form 1 B 20 0.050 29 Currently filed for bankruptcy, declared bankrupt, or in liquidation process Form 1 B 21 1.000 30 Deposits at Rural Banks Form 1 B 22 1.000 31 Deposits at Foreign Banks Form 1 B 23 1.000 32 Market Risk Adjustments 33 Bank Indonesia Certificates Form 1 B 59 0.050 34 Government Securities -7 years Form 1 B 61 0.050 -15 years Form 1 B 62 0.075 37 15 years and above Form 1 B 63 0.100 38 Corporate Bonds, Corporate Sukuk, or Cash Flow-Backed Securities Fixed that are listed on the Stock Exchange in Indonesia 39 Rating equivalent to AAA Form 1 B 65 0.050 40 Rating equivalent to AA to less than equivalent to AAA Form 1 B 66 0.150 41 Rating equivalent to A or to less than equivalent to AA Form 1 B 67 0.250 42 Rating equivalent to BBB

or
to less than equivalent to A
Form 1
B 68 0.350
43 Rating less than equivalent to BBB

Form 1
B 69 1.000
44 Equity-type Securities listed on the Stock Exchange in Indonesia, Mutual Funds whose Units are traded on the Stock Exchange in Indonesia, and Cash Flow-Backed Securities - Variable that are listed on the Stock Exchange in Indonesia 45 Committee Haircut 5% and 10% Form 1 B 71 0.100 46 Committee Haircut 15% and 20% Form 1 B 72 0.200 47 Committee Haircut 25% Form 1 B 73 0.250 48 Committee Haircut 30% Form 1 B 74 0.300 49 Committee Haircut 35% Form 1 B 75 0.350 50 Committee Haircut 40% Form 1 B 76 0.400 51 Committee Haircut 45% Form 1 B 77 0.450 52 Committee Haircut 50% Form 1 B 78 0.500 53 Committee Haircut 55% to 80% Form 1 B 79 0.550 54 Committee Haircut 85% to 100% Form 1 B 80 0.850 55 Equity-type Securities no longer listed on the Stock Exchange in Indonesia delisted Form 1 B 81 1.000 56 Foreign Securities Form 1 B 82 0.900 57 Mutual Fund Units 58 Money Market Form 1 B 84 0.100 59 Protected Form 1 B 85 0.100 60 With Guarantee Form 1 B 86 0.100 61 Fixed Income Form 1 B 87 0.150 62 Mixed or Stock Form 1 B 88 0.200 63 Index Form 1 B 89 0.200 64 Limited Participation Form 1 B 90 0.400 65 Investments Managed by Other Securities Companies Form 1 B 91 1.000 66 Real Estate Investment Fund Units Form 1 B 92 0.150 67 Option Contracts Form 1 B 93 0.100 68 Futures Contracts Form 1 B 94 0.100 69 Other Securities besides lines 33 to 68 that are Registered with the Financial Services Authority Form 1 B 95 1.000 70 Securities Repo/Lent/ Collateralized 71 Government Securities

72 0-7 years 0.050
73 7-15 years 0.075
74 15 years and above 0.100
75 Corporate Bonds and Sukuk
76 Rating equivalent to AAA
0.050
77 Rating equivalent to AA to less than equivalent to AAA 0.150 78 Rating equivalent to A or to less than equivalent to AA 0.250 79 Rating equivalent to BBB or to less than equivalent to A 0.350 80 Rating less than equivalent to BBB 1.00 81 Equity-type Securities 82 Committee Haircut 5% and 10% 0.100 83 Committee Haircut 15% and 20% 0.200 84 Committee Haircut 25% 0.250 85 Committee Haircut 30% 0.300 86 Committee Haircut 35% 0.350 87 Committee Haircut 40% 0.400 88 Committee Haircut 45% 0.450 89 Committee Haircut 50% 0.500 90 Committee Haircut 55% to 80% 0.550 91 Committee Haircut 85% to 100% 0.850 92 Credit Risk Adjustments 93 Failure to Deliver - Institutional Clients Form B 39 1.00 94 Failure to Deliver - Securities Company Form B 44 1.00 95 Business Activity Risk Adjustments 96 Excess Form 6 line 10 column B compared to Form 6 line 20 column D Free Funds owned by Client Account Holders compared to balances of Funds stored in Banks Owned by Client Account Holders that are Separated 97 Excess Form 6 line 13 column B compared to Form 6 line 21 Funds owned by General Clients (Order Funds Securities) compared to Funds stored in Banks Owned by General Clients 98 Excess Form 7 line 11 column B compared to Form 7 line 36 column D Free Securities owned by Client Account Holders compared to Securities in Direct Control Securities Company that are Separated 99 Excess Form 7 line 61 column E compared to Form 1 line 13 column B Separated Client Securities not in direct control of PE for more than 5 working days compared to PE funds restricted for use in Sub Account of Clients' Securities Accounts 100 Add:
101 Return of Haircut on Securities Hedged with Hedging Form H 102 Total Adjusted Net Working Capital 103 REQUIRED ANWC VALUE Form E 26 104 EXCESS (SHORTFALL) ANWC

FORM REGARDING REPORTING OF SUPPORTING DATA FOR ADJUSTED NET WORKING CAPITAL (Form 10) Date: DD-MM-YYYY Director responsible for this report
: ........................................................................
........................................................................

REPO ACTIVITIES
No. Type of Repo Buyer
(Counterparty)
Date
Sale
Date
Purchase
Back
Value
Sale
Value
Purchase
Back
Code
Security
Collateral
Quantity
Collateral
(Sheets/
Nominal)
Fair Market Value
Collateral
Ranking
Liabilities Value
Sub Total Repo Government Securities
Sub Total Repo Corporate Bonds or Sukuk
Sub Total Repo Equity-type Securities
Total Repo
If necessary, new rows can be added
REVERSE REPO ACTIVITIES
No. Type
Reverse
Repo
Seller
(Counterparty)
Date
Purchase
Date
Sale
Back
Value
Purchase
Value
Sale
Back
Code
Security
Collateral
Quantity
Collateral
(Sheets/
Nominal)
Fair Market Value
Collateral
Ranking
Liabilities Value
Sub Total Reverse Repo Government Securities
Sub Total Reverse Repo Corporate Bonds or Sukuk Sub Total Reverse Repo Equity-type Securities Total Reverse Repo If necessary, new rows can be added
PORTFOLIO ACTIVITIES AND CONCENTRATION
No. Type of Securities*) Code
Security
Affiliated/
Not
Affiliated
Sheets/
Nominal
Acquisition
Price
Fair Market
Price
Fair Market
Value
Group
Issuer
Percentage
Fair Market Value
Against
Total Own Equity
Ranking
Liabilities Value
Sub Total A: Investments exceeding 20% of total own equity only on one type of Security on one Issuer

Sub Total B: Investments exceeding 20% of total own equity on one Issuer but in several types of Securities* Sub Total C: Investments exceeding 20% of total own equity on multiple Issuers in one group Sub Total D: Investments exceeding 40% of total own equity on Government Securities* Sub Total Non-Concentrated Portfolio Total Portfolio If necessary, new rows can be added *) Types of Portfolio Securities included in this Table are: Stocks, Bonds, Corporate Sukuk, or Government Securities ) Filled if the Securities Company's investments exceed 20% of total own equity only on one type of Security on one Issuer not included in the calculation of Subtotal B and Subtotal C, e.g., bonds only, stocks only, or Sukuk only. ) Filled if the Securities Company's investments exceed 20% of total own equity on one Issuer but in several types of Securities not included in the calculation of Subtotal C, e.g., stocks and bonds, stocks and Sukuk, bonds and Sukuk. ) Filled if the Securities Company's investments exceed 20% of total own equity on multiple Issuers in one Group *) Filled if the Securities Company's investments exceed 40% of total own equity on Government Securities

CLIENT SECURITIES TRANSACTION FINANCING ACTIVITIES (MARGIN/SHORT SELLING TRANSACTIONS)
No. Name (code) Client Transaction
Margin (M)/
Short Selling
(S)
Value
Margin Financing/Fair Market Value
Securities Short Position
Value
Collateral
Financing
Financing
Ratio
Value
Ranking
Liabilities Value
Excess
Financing to One
Client
Value
Ranking
Liabilities Value
Excess/
Shortfall
Limit
Ratio
Maximum
Sub Total Margin Transaction Financing
Sub Total Short Selling Transaction Financing
Total
If necessary, new rows can be added
COLLATERAL IN CLIENT SECURITIES TRANSACTION FINANCING ACTIVITIES (MARGIN/SHORT SELLING TRANSACTIONS)
No. Name of Security Code of Security Volume Price Fair Market Value Total If necessary, new rows can be added
UNDERWRITING ACTIVITIES/READY BUYER
No. Date
Contract
Type
Underwriting
Party
Guaranteed
Status
Underwriting
Value Share
Commitment
Underwriting
Haircut on
Securities (if PE acts as
Ready Buyer)
Value that
Not/
Not Yet
Absorbed
(if any)
Value
Bank
Guarantee/
Collateral
Credit
(if any)
Value
Ranking
Liabilities Value
Sub Total Underwriting Contracts for Statements of Registration that have become Effective from the Financial Services Authority Sub Total Underwriting Contracts in Offering Process Until Allocation

Sub Total Underwriting Contracts in Allocation Process Until Recording Sub Total Securities Companies Acting as Ready Buyers Total If necessary, new rows can be added
7. GUARANTEES BY COMPANIES (CORPORATE GUARANTEE)
No. Date Contract Party
Guaranteed
Affiliated/
Not
Affiliated
Details
Guarantee
Term
Guarantee
Date
End of
Guarantee
Value
Guarantee
(IDR)
Value
Ranking
Liabilities Value
Total
If necessary, new rows can be added
8. CAPITAL EXPENDITURE COMMITMENTS ACCORDING TO NOTES ON FINANCIAL STATEMENTS
No. Date Commitment Details Capital Expenditure Date Realization Capital Goods Value Commitment Capital Expenditure that Has Been Realized Value Commitment Capital Expenditure that Has Not Been Realized Value Ranking Liabilities Value

Total
If necessary, new rows can be added
9. FOREIGN CURRENCY TRANSACTIONS
No. Type of Transaction Date
Transaction
Type of Currency
Transaction Value
(in IDR)
Profit/
Loss that
Has Not Been Realized
Value
Ranking
Liabilities Value
Total
If necessary, new rows can be added
Determined in Jakarta on the date
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY, signature
WIMBOH SANTOSO

Maintenance and Reporting of Adjusted Net Working Capital

Lineage: In force