OJK Regulation No. 15 of 2025 on Mutual Fund and Investment Manager Assessment — OJK — ID

COPY
PERATURAN OTORITAS JASA KEUANGAN
REPUBLIK INDONESIA
NUMBER 15 OF 2025
CONCERNING
MUTUAL FUND AND INVESTMENT MANAGER ASSESSMENT
BY THE GRACE OF GOD THE ALMIGHTY
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to increase the provision of assessment information regarding mutual funds and investment managers for the public, it is necessary to improve the management of mutual funds and investment managers through mutual fund assessment and investment manager assessment; b. that mutual fund and investment manager assessment is conducted to increase public financial literacy in understanding mutual fund risks, thereby increasing public interest in transacting in mutual funds;
c. that in conducting mutual fund and investment manager assessment, regulations regarding mutual fund assessment and investment manager assessment are needed;
d. that based on considerations as referred to in letters a, b, and c, it is necessary to establish a Financial Services Authority Regulation concerning Mutual Fund and Investment Manager Assessment;

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 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);
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 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);

DECIDING:
Establishing: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING MUTUAL FUND AND INVESTMENT MANAGER ASSESSMENT.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, the following terms are defined as:
1. Mutual Fund is a vehicle used to gather funds from public investors or investors to be subsequently invested in a portfolio of securities, collective investment portfolio, and/or other financial instruments by the Investment Manager.
2. Investment Manager is a party whose business activities manage a portfolio of securities, collective investment portfolio, and/or other investment portfolios for the benefit of a group of clients or individual clients, except insurance companies, Sharia insurance companies, pension funds, and banks that conduct their own business activities based on legislation.
3. Mutual Fund Assessment is the process of assigning a value to a Mutual Fund being assessed and expressed in a determined value system.
4. Investment Manager Assessment is the process of assigning a value to an Investment Manager being assessed and expressed in a determined value system.
5. The Party conducting Mutual Fund Assessment and Investment Manager Assessment, hereinafter referred to as the Assessment Provider, is the party conducting assessment activities and assigning values to Mutual Funds and Investment Managers.
6. Rating Agency is a party conducting business activities in rating:
a. a security; and/or b. a specific party conducting activities in the capital market sector.
7. Investment Advisor is a party providing advice to another party regarding the sale or purchase of securities in exchange for service fees.
8. Assessment Methodology is the procedure used by the Assessment Provider to obtain assessment results.
9. Analyst is an employee who performs analysis functions necessary to issue and/or monitor assessment results.
10. 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 husband or wife of children;
3. grandparents of husband or wife and husband or wife of grandchildren;
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 lineage 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 employees, directors, or commissioners of that party;
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, whether directly or indirectly, in any way, controlling or being controlled by the company or that party in determining the management and/or policies of the company or party in question; f. relationship between 2 (two) or more companies controlled, whether directly or indirectly, in any way, in determining the management and/or policies of the company by the same party; or g. relationship between a company and a major shareholder, namely a party who directly or indirectly owns at least 20% (twenty percent) of the shares with voting rights of that company.
11. Employee is a person who works for the party conducting Mutual Fund Assessment and Investment Manager Assessment, to carry out a job in a specific position or function on a full-time, part-time, or temporary basis, including persons working under an employment agreement, provided that the employment agreement relates to the process of Mutual Fund Assessment and Investment Manager Assessment.
12. Board of Directors is the organ of the Assessment Provider authorized and fully responsible for the management of the Assessment Provider for the benefit of the Assessment Provider, in accordance with the purpose and objectives of the Assessment Provider and representing the Assessment Provider, both inside and outside of court, in accordance with the articles of association.
13. Board of Commissioners is the organ of the Assessment Provider tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors.
14. Assessment Result is the opinion given by the Assessment Provider based on the Assessment Methodology that has been determined.

Article 2
(1) Investment Managers may use Mutual Fund Assessment and/or Investment Manager Assessment services conducted by the Assessment Provider.
(2) Mutual Fund Assessment and/or Investment Manager Assessment as referred to in paragraph (1) may only be conducted against:
a. Mutual Fund products managed by the Investment Manager; and/or b. Investment Manager, that use the services as referred to in paragraph (1).
(3) Mutual Fund Assessment as referred to in paragraph (2) letter a is conducted against Mutual Funds that have been effective for 150 (one hundred fifty) business days after the effectiveness of the Mutual Fund registration statement. (4) Investment Manager Assessment as referred to in paragraph (2) letter b is conducted against Investment Managers that manage Mutual Funds that have been effective for 150 (one hundred fifty) business days after the effectiveness of the Mutual Fund registration statement and have annual financial reports of the Investment Manager audited for 1 (one) book year.

CHAPTER II
ASSESSMENT PROVIDERS FOR MUTUAL FUNDS AND INVESTMENT MANAGERS

Article 3
(1) Assessment Providers must be:
a. Rating Agencies; or b. Investment Advisors in the form of a company, which have a license from the Financial Services Authority.
(2) Investment Advisors in the form of a company as referred to in paragraph (1) letter b that conduct business activities as Assessment Providers are not Investment Managers or agents selling Mutual Fund securities.

Article 4
(1) Rating Agencies as referred to in Article 3 paragraph (1) letter a or Investment Advisors as referred to in Article 3 paragraph (1) letter b that will conduct Mutual Fund Assessment and Investment Manager Assessment activities must submit an application for approval as an Assessment Provider to the Financial Services Authority. (2) In the event that there is a party that does not yet have a license from the Financial Services Authority as a Rating Agency or Investment Advisor that will conduct Mutual Fund Assessment and/or Investment Manager Assessment activities, must submit an application for licensing as:
a. Rating Agency as regulated in the Financial Services Authority Regulation concerning licensing of securities rating agencies; or b. Investment Advisor as regulated in the Financial Services Authority Regulation concerning licensing of Investment Advisors; accompanied by an application for approval as an Assessment Provider. (3) Applications as Assessment Providers as referred to in paragraph (1) and paragraph (2) are submitted to the Financial Services Authority accompanied by requirement documents:
a. organizational structure completed with job descriptions and employee names at each position, including the existence of work units, members of the board of directors, or officials below the director level, both generally and specifically, showing the implementation of Mutual Fund Assessment and Investment Manager Assessment activities; b. standard operating procedures for the implementation of Mutual Fund Assessment and Investment Manager Assessment activities;
c. code of conduct in conducting Mutual Fund Assessment and Investment Manager Assessment activities based on this Financial Services Authority Regulation;
d. projection of the implementation of Mutual Fund Assessment and Investment Manager Assessment activities for at least 1 (one) year ahead; e. internal control system for the implementation of Mutual Fund Assessment and Investment Manager Assessment activities; f. Assessment Methodology; g. application for approval of Mutual Fund Assessment and Investment Manager Assessment activities signed by all Directors listed in the Appendix in Format 1 which is an inseparable part of this Financial Services Authority Regulation; h. analyst assignment letters, consisting of:

name list;
signed curriculum vitae list;
photocopies of valid identity cards or passports;
latest 4x6 cm color photographs with a red background, 2 (two) copies,
which are listed in the Appendix in Format 2 which is an inseparable part of this Financial Services Authority Regulation;
i. self-assessment of Analyst requirement fulfillment signed by the Directors listed in the Appendix in Format 3 which is an inseparable part of this Financial Services Authority Regulation; and
j. proof of capital requirement fulfillment.

Article 5
Assessment Providers must have paid-up capital of at least IDR 10,000,000,000.00 (ten billion) rupiah.

Article 6
In processing applications for approval of Mutual Fund Assessment and Investment Manager Assessment activities, the Financial Services Authority is authorized to:
a. conduct research on the completeness of requirement documents submitted by the applicant as referred to in Article 4 paragraph (3); b. request information from the applicant; and/or
c. request additional supporting documents,
to ensure fulfillment of requirements as referred to in Article 4.

Article 7
(1) The Financial Services Authority grants approval for Assessment Providers no later than 30 (thirty) working days since the receipt of the Assessment Provider approval application that meets the completeness of requirement documents. (2) In the event that the Assessment Provider approval application upon receipt does not meet the completeness of requirement documents, no later than 30 (thirty) working days since the receipt of the application, the Financial Services Authority issues a notification letter to the applicant stating:
a. the application is incomplete; or b. the application is rejected because it does not meet requirements.
(3) Applicants must complete the missing requirement documents in the notification letter as referred to in paragraph (2) letter a no later than 30 (thirty) working days after the date of the notification letter. (4) Submission of document changes, additional information, and/or completion of missing requirement documents as referred to in paragraph (3) is considered received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of missing requirement documents by the Financial Services Authority. (5) Since the receipt of document changes, additional information, and/or completion of missing requirement documents as referred to in paragraph (4) by the Financial Services Authority, the Assessment Provider approval application is considered newly received by the Financial Services Authority and processed as referred to in paragraph (1). (6) Applicants who do not complete the missing requirement documents within the time period as referred to in paragraph (3) are considered to have canceled the application already submitted to the Financial Services Authority.

Article 8
(1) Applications for approval of Mutual Fund Assessment and Investment Manager Assessment activities are submitted in the form of printed documents and/or electronic document copies to the Financial Services Authority. (2) In the event that the Financial Services Authority has provided an electronic system, applications for approval of Mutual Fund Assessment and Investment Manager Assessment activities must be submitted through the Financial Services Authority's electronic system.

Article 9
In the event that the electronic system as referred to in Article 8 paragraph (2) experiences technical disturbances or force majeure occurs, the submission of approval documents for Mutual Fund Assessment and Investment Manager Assessment activities as referred to in Article 4 paragraph (3) must be submitted in the form of printed documents and/or electronic document copies to the Financial Services Authority.

Article 10
(1) Any party violating the provisions as referred to in Article 3 paragraph (1), Article 4 paragraph (1), paragraph (2), and/or Article 5, is subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties causing 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) Sanctions as referred to in paragraph (1) 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; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of a fine 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) letters c, d, e, or f. (7) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the capital market sector.

CHAPTER III
MECHANISM OF MUTUAL FUND AND INVESTMENT MANAGER ASSESSMENT

Article 11
Mutual Fund Assessment and Investment Manager Assessment must be conducted based on a written agreement between the Assessment Provider and the Investment Manager.

Article 12
Assessment Providers must have and apply a written Assessment Methodology meeting at least the following conditions:
a. accurate and systematic; b. applied consistently;
c. reliability tested; and
d. capable of producing values that can be objectively validated based on history.

Article 13
(1) Mutual Fund Assessment Parameters must include at least:
a. Mutual Fund performance, at least return and volatility; and b. Mutual Fund portfolio quality, at least concentration and liquidity.
(2) Investment Manager Assessment Parameters must include at least:
a. Investment Manager management performance, at least:
1. growth of managed funds; and
2. stability of managed funds;
b. investment product performance, at least:
1. return; and
2. volatility;
c. Investment Manager financial performance;
d. risk management application, at least:
1. investment product risk; and
2. Investment Manager risk; and
e. investment framework, at least:
1. investment process;
2. research and analysis;
3. infrastructure and operations; and
4. profile and quality of the investment team.
(3) Mutual Fund Assessment Parameters as referred to in paragraph (1) and Investment Manager Assessment Parameters as referred to in paragraph (2) are conducted by considering historical data and projections.

Article 14
(1) Assessment Providers must apply assessment process stages including at least:
a. presentation of the Assessment Methodology to Investment Managers requesting Mutual Fund Assessment and Investment Manager Assessment; b. implementation of surveys, collection, and research of various information related to Mutual Fund Assessment and Investment Manager Assessment, both qualitative and quantitative, including from or through the management of the assessed party;
c. analysis process and initial determination of Mutual Fund Assessment and Investment Manager Assessment;
d. publication of Assessment Results; and e. monitoring and updating of published Assessment Results.
(2) The implementation of surveys, collection, and research of various information related to Mutual Fund Assessment and Investment Manager Assessment as referred to in paragraph (1) letter b may be conducted simultaneously, in the event that the agreement is conducted simultaneously for Investment Managers and the Mutual Funds they manage. (3) Investment Managers may submit objections to the analysis results and initial determination as referred to in paragraph (1) letter c before the publication of Assessment Results as referred to in paragraph (1) letter d. (4) In the event that the agreement is conducted for more than 1 (one) Mutual Fund at the same time, the implementation of surveys, collection, and research of various information related to Mutual Fund Assessment as referred to in paragraph (1) letter b may be conducted at one simultaneous time.

Article 15
(1) Assessment Providers are responsible for every Assessment Result issued.
(2) Assessment Providers must define the interpretation of each Assessment Result category and apply Assessment Result categories consistently on every Mutual Fund and Investment Manager assessed. (3) In the event that Assessment Providers will change Assessment Result categories, Assessment Providers must adjust the methodology and/or guidelines for Mutual Fund Assessment and Investment Manager Assessment.

Article 16
(1) Any party violating the provisions as referred to in Article 11, Article 12, Article 13 paragraph (1), paragraph (2), Article 14 paragraph (1), and/or Article 15, is subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) are also imposed on Parties causing the violation as referred to in paragraph (1). Sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (3) Sanctions as referred to in paragraph (1) 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; and/or f. cancellation of approval.
(4) Administrative sanctions as referred to in paragraph (4) letters b, c, d, e, or f may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (4) letter a. (5) Administrative sanctions in the form of a fine 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) letters c, d, e, or f. (6) The procedure for imposing sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the capital market sector.

CHAPTER IV
CONDUCT OF ASSESSMENT PROVIDERS
First Section
Code of Conduct

Article 17
(1) Assessment Providers must have and apply a code of conduct in conducting Mutual Fund Assessment and Investment Manager Assessment activities.
(2) Members of the Board of Directors and members of the Board of Commissioners of the Assessment Provider must be fully responsible for ensuring that the Assessment Provider has and applies the code of conduct as referred to in paragraph (1).

Article 18
Assessment Providers, members of the Board of Directors, members of the Board of Commissioners, and Employees must act objectively, independently, and consistently towards Mutual Funds and Investment Managers assessed, in accordance with the code of conduct, upholding honesty and commitment.

Article 19
The code of conduct for Assessment Providers as referred to in Article 17 paragraph (1) must include at least:
a. quality and integrity of assessment; b. independence and avoidance of conflicts of interest;
c. responsibility to investors, Mutual Funds, and Investment Managers assessed;
d. risk management; e. training for Employees; and f. publication and communication with market players.

Article 20
Assessment Providers must have and apply policies and procedures to ensure that Assessment Results reflect:
a. all data and information that:

are relevant and consistent with the Assessment Methodology; and
are trustworthy and/or come from trustworthy sources; and
b. the actual performance and quality of Mutual Funds and/or Investment Managers assessed.

Article 21
(1) Assessment Providers must have and apply policies and procedures to conduct continuous and/or periodic monitoring and updating of every published Assessment Result. (2) Monitoring and updating of every published Assessment Result as referred to in paragraph (1) is conducted by reviewing:
a. regarding the performance and quality of Mutual Fund portfolios and/or the performance and quality of Investment Manager management assessed; b. if there are material facts or important events that can influence assessment actions;
c. if there are significant changes to the Assessment Methodology; and/or
d. on the fulfillment of obligations in accordance with the provisions of legislation.
(3) Continuous and/or periodic monitoring and updating as referred to in paragraph (1) does not apply if:
a. Mutual Fund Assessment and/or Investment Manager Assessment conducted is based on an agreement that only produces 1 (one) assessment; and/or b. the Assessment Provider declares that it has stopped assessment activities for Mutual Funds and Investment Managers conducted.

Article 22
(1) Assessment Providers must have and implement a review function in conducting Mutual Fund Assessments and Investment Manager Assessments.
(2) The review function as referred to in paragraph (1) has the task of re-examining:
a. Published Assessment Results, periodically; and b. Assessment Methodologies and their application periodically at least once every 3 (three) years. (3) In the event that the re-examination results as referred to in paragraph (2) letter b necessitate changes to the Assessment Methodology, the Assessment Provider must:
a. make changes to the Assessment Methodology; and b. report the changes in the Assessment Methodology to the Financial Services Authority.

Article 23
(1) In conducting Mutual Fund Assessments and Investment Manager Assessments, Assessment Providers must:
a. have an adequate number of Analysts considering the size and complexity of tasks and monitoring; b. have written requirements and qualifications for Analysts and implement them to ensure the continuity and quality of the Mutual Fund and Investment Manager Assessment processes;
c. determine Analyst competencies;
d. assign Analysts who individually or collectively have appropriate experience and expertise to:
1. conduct Mutual Fund and Investment Manager Assessments or monitor the assessment process on electronic systems; and/or
2. monitor Published Assessment Results; and
e. ensure the availability and continuity of Analysts in every Mutual Fund and Investment Manager Assessment process.
(2) Analysts as referred to in paragraph (1) letter a must meet the following requirements:
a. integrity requirements include:
1. being legally competent to perform legal acts;
2. having good character and morality;
3. never having committed disgraceful acts;
4. never having been sentenced for proven criminal offenses in the financial sector; and
5. having a commitment to comply with applicable laws and regulations.
b. experience and expertise requirements include:
1. at least 3 (three) years of experience in the financial sector; and
2. at least 3 (three) years of experience in credit assessment or at least 2 (two) years of experience in rating.

Article 24
(1) Assessment Providers must have:
a. a Mutual Fund and Investment Manager Assessment Committee; and b. written requirements and qualifications for members of the Mutual Fund and Investment Manager Assessment Committee to ensure the continuity and quality of Assessment Results. (2) The Mutual Fund and Investment Manager Assessment Committee as referred to in paragraph (1) letter a must:
a. have clear duties and authorities; b. act independently and objectively; and
c. apply a decision-making system regarding Assessment Results based on the principle that each member of the Mutual Fund and Investment Manager Assessment Committee has only 1 (one) equal vote.

Article 25
Members of the Mutual Fund and Investment Manager Assessment Committee involved in assessment activities must:
a. be an odd number, with a minimum of 3 (three) members; b. consist of at least:

1 (one) director with duties and authorities regarding the assessment function;
1 (one) Analyst directly involved in assessment activities; and
1 (one) Analyst with experience and knowledge other than regarding the object of the Mutual Fund and Investment Manager Assessment and who has at least previously held a managerial position.

Article 26
Assessment Providers, Board of Directors members, Board of Commissioners members, and Employees are prohibited from:
a. providing certainty or guarantees, whether implicit or explicit, regarding Assessment Results before the Mutual Fund and Investment Manager Assessment is completed; b. promising or threatening Investment Managers regarding Mutual Fund and Investment Manager Assessments with the aim of obtaining remuneration or benefits;
c. setting specific conditions or actions that Investment Managers must take to produce specific Assessment Results; and/or
d. providing recommendations related to the business activities of Mutual Funds and/or Investment Managers that could impact Assessment Results.

Article 27
(1) Assessment Providers must:
a. have a Compliance Officer; and b. determine the existence, authority, and responsibility of the compliance function.
(2) The Compliance Officer as referred to in paragraph (1) letter a must:
a. act independently and objectively; b. supervise the Assessment Provider's compliance with the code of conduct and regulations in the capital market sector;
c. monitor the adequacy of company policies and procedures necessary to ensure the compliance of the Assessment Provider, Board of Directors members, and Employees with the code of conduct and regulations;
d. make recommendations deemed necessary if violations of the code of conduct, illegal acts, or violations of laws and regulations are found or known to have been committed by Employees and Board of Directors members; e. ensure that recommendations as referred to in letter d are followed up according to applicable policies and procedures; f. maintain the confidentiality of the identity of reporters and the content of reports regarding violations as referred to in letter d; and g. administer reports as referred to in letter f and actions taken regarding violations as referred to in letter d. (3) The Compliance Officer is prohibited from holding concurrent duties and authorities regarding the assessment, marketing, and/or research functions.

Article 28
(1) Assessment Providers must have and implement policies and procedures to identify and eliminate any actual or potential conflicts of interest.
(2) The policies and procedures as referred to in paragraph (1) must contain at least:
a. identification of matters constituting conflicts of interest; b. mechanisms for handling conflicts of interest;
c. decision-making in handling conflicts of interest; and
d. administration and documentation of conflicts of interest.

Article 29
Assessment Providers are prohibited from conducting Mutual Fund and Investment Manager Assessments:
a. based on irrelevant factors; and b. against Investment Managers that have an Affiliation relationship.

Article 30
Assessment Providers are prohibited from:
a. assessing Mutual Funds whose shares or participation units are owned by the Assessment Provider; and/or b. conducting transactions on shares or participation units of Mutual Funds owned by the Assessment Provider and/or Investment Managers being assessed, which could give rise to conflicts of interest with Mutual Fund and Investment Manager Assessment activities.

Article 31
(1) Assessment Providers are prohibited from providing compensation to Board of Directors members and Employees involved in or having influence on the assessment process based on the amount of fees for Mutual Fund and Investment Manager Assessments paid by the assessed Investment Manager. (2) Assessment Providers must periodically monitor compensation policies, procedures, and practices for Board of Directors members and Employees to ensure the objectivity of Mutual Fund and Investment Manager Assessments.

Article 32
Every Board of Directors member, Board of Commissioners member, and Employee of the Assessment Provider is prohibited from:
a. requesting and receiving money, gifts, or assistance from any party conducting business cooperation with the Assessment Provider; and b. participating in or influencing Mutual Fund and Investment Manager Assessment actions, if the Board of Directors member, Board of Commissioners member, and Employee or close family members of such individuals:

own shares or participation units, or conduct transactions on shares or participation units of:
a) Mutual Funds being assessed; and/or b) investment products managed by the assessed Investment Manager, which could cause conflicts of interest;
have significant business relationships or have previously been Board of Directors members, Board of Commissioners members, and Employees of the assessed Investment Manager within the last 6 (six) months prior to conducting Mutual Fund and Investment Manager Assessment activities; and/or
have an Affiliation relationship with the Investment Manager during the Mutual Fund and Investment Manager Assessment.

Article 33
Assessment Providers must have and implement policies and procedures to review Mutual Fund and Investment Manager Assessments and/or monitoring conducted by Analysts in the event that:
a. the Analyst ceases employment; and b. the Analyst as referred to in letter b subsequently works with the Investment Manager or has an Affiliation relationship with the assessed Investment Manager.

Article 34
Analysts, Employees, and Directors responsible for or participating in the Mutual Fund and Investment Manager Assessment process are prohibited from:
a. conducting marketing activities for Mutual Fund and Investment Manager Assessment services; b. conducting sales activities of Analyst research results related to Mutual Fund and Investment Manager Assessments;
c. participating in or discussing fees or payments with the assessed Investment Manager; and/or
d. conducting other activities related to the marketing of company products.

Article 35
(1) Assessment Providers must use simple terms, phrases, and/or sentences in Indonesian that are easy to understand when disclosing Assessment Results to investors and other assessment users. (2) Assessment Providers are prohibited from making statements that imply that the Financial Services Authority has given approval regarding the quality of the issued Assessment Results.

Article 36
(1) Assessment Providers must have a risk management function with responsibility for identifying, assessing, monitoring, and reporting risks arising from Mutual Fund and Investment Manager Assessment activities. (2) The risk management function as referred to in paragraph (1) must be carried out by officials with adequate expertise and managerial experience. (3) The risk management function as referred to in paragraph (1) must submit reports to the Board of Directors to assess the adequacy of company policies, procedures, and controls in establishing and managing risks.

Article 37
Assessment Providers must have and implement policies and procedures ensuring that all Employees improve their capabilities through continuous training with relevant materials.

Part Two
Information Disclosure

Article 38
Assessment Providers must submit Assessment Results to Investment Managers promptly in accordance with the Mutual Fund and/or Investment Manager Assessment agreement.

Article 39
(1) Assessment Providers must publish:
a. Assessment Results, statements, or other opinions related to Assessment Results; and b. Assessment Methodologies and general Mutual Fund and Investment Manager Assessment activities and any changes thereto, through the Assessment Provider's website. (2) The publication obligation as referred to in paragraph (1) is exempted for Limited Participation Mutual Funds offered not through a Public Offering. (3) In the event that participation unit holders request Assessment Results for Limited Participation Mutual Funds offered not through a public offering, the Investment Manager must submit the Assessment Results to the participation unit holders.

Article 40
Publications by Assessment Providers must be conducted comprehensively, accurately, promptly, and in a manner easily understood by investors, other market participants, and the public.

Article 41
Publication of Assessment Results as referred to in Article 39 paragraph (1) letter a must contain at least:
a. every Assessment Result, including updates or withdrawals of Assessment Results; b. interpretation of every category of Assessment Result;
c. the date of issuance and the date of changes to Assessment Results;
d. key elements forming the basis for the issuance of Assessment Results, both at the time of initial publication and updates; e. information regarding the involvement of Mutual Funds and/or Investment Managers being assessed or other parties in the assessment process; and f. a statement that Assessment Results are based on data and information owned by the Assessment Provider currently and do not guarantee future performance, containing at least the following clause:
"Assessment Results are obtained based on information whose truthfulness and completeness are the full responsibility of the party requesting the assessment. This assessment is not a recommendation to buy, sell, or hold securities or to make investments. Assessments may change at any time, be suspended, and/or withdrawn, so the Mutual Fund and/or Investment Manager Assessment Provider is not responsible for any losses arising from association with the Assessment Results."

Article 42
Publication of Assessment Methodologies and general Mutual Fund and Investment Manager Assessment activities as referred to in Article 39 paragraph (1) letter b must contain at least:
a. information regarding procedures and assumptions that are part of the Assessment Methodology; b. every change made to the procedures and assumptions as referred to in letter a comprehensively before the Assessment Methodology changes are applied;
c. policies and procedures regarding the publication and submission of Assessment Results, including when Assessment Results are withdrawn; and
d. the history of Assessment Results and changes that have been published.

Article 43
(1) Assessment Providers must publish Assessment Results, statements, or other opinions related to Assessment Results as referred to in Article 39 paragraph (1) letter a within a maximum of 2 (two) working days after the completion of the assessment. (2) Assessment Providers must conduct publication within a maximum of 2 (two) working days after the completion of monitoring and updates as referred to in Article 14 paragraph (1) letter f that result in assessments, statements, or other opinions related to Assessment Results, including the withdrawal of Assessment Results. (3) Assessment Providers must publish Assessment Methodologies and general assessment activities as referred to in Article 39 paragraph (1) letter b within a maximum of:
a. 2 (two) working days after the issuance of the business approval for Mutual Fund and Investment Manager Assessment activities; or b. 7 (seven) working days after changes to Assessment Methodologies and/or general assessment activities.

Article 44
Assessment Providers must disclose in Assessment Results:
a. limitations of historical data for Mutual Funds and/or Investment Managers being assessed, if there are limitations in historical data for Mutual Funds and/or Investment Managers being assessed; and/or b. material adjustments to financial reports published by Investment Managers, if there are material adjustments to financial reports published by Investment Managers.

Article 45
(1) Assessment Providers must publish the code of conduct and changes to the code of conduct on the Assessment Provider's website.
(2) Assessment Providers must publish changes to the code of conduct as referred to in paragraph (1) no later than 7 (seven) working days after the changes are made.

Part Three
Withdrawal of Assessment Results

Article 46
(1) In the event that an Assessment Provider ceases to monitor Published Assessment Results, the Assessment Provider must withdraw such Assessment Results. (2) The withdrawal of Assessment Results as referred to in paragraph (1) must:
a. be published by the Assessment Provider to the public through the Assessment Provider's website; b. be communicated to Mutual Funds and/or Investment Managers being assessed; and
c. be reported by the Assessment Provider to the Financial Services Authority.
(3) The withdrawal of Assessment Results as referred to in paragraph (1) must contain:
a. the date the assessment was last updated or monitored; and b. the reason why the assessment is no longer monitored.

Part Four
Handling of Confidential Information

Article 47
(1) Assessment Providers must have and implement policies and procedures for handling confidential or material non-public information.
(2) The policies and procedures for handling confidential or material non-public information as referred to in paragraph (1) must include at least:
a. a prohibition on Assessment Providers, Board of Directors members, Board of Commissioners members, and Employees using or disclosing confidential or material non-public information other than for purposes related to Mutual Fund and Investment Manager Assessment activities, in accordance with the assessment agreement, and having obtained consent from the party possessing the confidential or material non-public information; b. the obligation of Assessment Providers, Board of Directors members, and Employees to ensure that confidential or material non-public information received is not known or utilized by other parties; and
c. the obligation of Assessment Providers to take all necessary actions to protect confidential or material non-public information owned from fraud, theft, misuse, or negligent disclosure.
(3) Provisions regarding the handling of confidential or material non-public information as referred to in paragraph (2) are exempted in the event that:
a. it is done for supervisory purposes conducted by the Financial Services Authority and/or other parties in accordance with laws and regulations; b. it is mandated by laws and regulations; and/or
c. it is used for judicial interests.

Article 48
(1) Any party violating the provisions as referred to in Article 17, Article 18, Article 19, Article 20, Article 21 paragraph (1), Article 22 paragraph (1), paragraph (3), Article 23, Article 24, Article 25, Article 26, Article 27, Article 28, Article 29, Article 30, Article 31, Article 32, Article 33, Article 34, Article 35, Article 36, Article 37, Article 38, Article 39 paragraph (1), paragraph (3), Article 40, Article 41, Article 42, Article 43, Article 44, Article 45, Article 46, Article 47 paragraph (1), and/or paragraph (2) shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) 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. restrictions on business activities;
d. suspension of business activities; e. revocation of business licenses; and/or f. cancellation of approvals.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f 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, or letter f. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with laws and regulations in the capital market sector.

CHAPTER V
CONSUMER AND SOCIETY PROTECTION

Article 49
Consumer protection principles relevant as regulated in Financial Services Authority Regulations regarding consumer and society protection in the financial services sector apply to Assessment Providers and Investment Managers in Mutual Fund and Investment Manager Assessments.

CHAPTER VI
REPORTING

Article 50
(1) Assessment Providers must submit reports to the Financial Services Authority regarding:
a. changes in Board of Directors members, Board of Commissioners members, officials one level below the Board of Directors, and/or Analysts related to Mutual Fund and Investment Manager Assessment activities no later than 7 (seven) working days after the changes are made; b. changes in Assessment Methodologies no later than 7 (seven) working days after the changes are made, attaching documents of the Assessment Methodology changes;
c. withdrawal of Assessment Results no later than 2 (two) working days after the withdrawal is made;
d. changes in the code of conduct no later than 7 (seven) working days after the changes are made, attaching documents of the code of conduct changes; e. the agenda of the General Meeting of Shareholders, no later than 14 (fourteen) working days before the summons for the General Meeting of Shareholders, in the event there are topics related to Mutual Fund and Investment Manager Assessments; f. a summary of the minutes of the General Meeting of Shareholders, no later than 7 (seven) working days after the date of the meeting;

holding of the general meeting of shareholders, if there are topics related to Mutual Fund Assessment and Investment Manager Assessment; and g. operational activities periodically every 3 (three) months in March, June, September, and December no later than on the 15th of the following month. (2) The submission of reports as referred to in paragraph (1) may be submitted as 1 (one) unit together with the reports required for Assessment Organizations based on Financial Services Authority Regulations regarding licensing of Investment Advisors or Financial Services Authority Regulations regarding licensing of securities rating companies. (3) Operational activity reports as referred to in paragraph (1) letter g must contain at least information:
a. identity of the Mutual Fund and/or Investment Manager being assessed; b. Assessment Results and interpretation of the Assessment Results; and
c. the validity period of the assessment agreement.
Article 51
Reports as referred to in Article 50 must be submitted in printed document form and/or electronic document copies to the Financial Services Authority.
Article 52
In the event that the Financial Services Authority has provided an electronic reporting system, the submission of reports as referred to in Article 50 must be submitted through the Financial Services Authority's electronic reporting system.
Article 53
In the event that the electronic system as referred to in Article 52 experiences technical disturbances or force majeure occurs, reports as referred to in Article 50 must be submitted in printed document form and/or electronic document copies to the Financial Services Authority.
Article 54
(1) In the event that the 15th date as referred to in Article 50 paragraph (1) letter g falls on a holiday, operational activity reports must be submitted no later than on the next working day. (2) In the event that Assessment Organizations submit reports as referred to in Article 50 paragraph (1) beyond the time limit, the calculation of the number of days of delay in submitting reports is calculated from the first day after the final submission deadline. https://jdih.ojk.go.id/

Article 55
(1) Any party that violates the provisions as referred to in Article 50 paragraph (1), paragraph (3), Article 52, and/or Article 53 shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) Sanctions as referred to in paragraph (1) consist of:
a. written warning; 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; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f 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, or letter f. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets.
CHAPTER VII
DOCUMENT MAINTENANCE
Article 56
Assessment Organizations are obligated to administer, store, and maintain documents including:
a. records; b. accounting books;
c. data and information; and
d. statements made or received in connection with operational activities, in the form of printed documents and/or electronic documents.
Article 57
Documents as referred to in Article 56 must contain at least:
a. documents related to the procedures and approval processes for Assessment Organizations; b. documents related to each Assessment Result issued, containing information:

identity of each Analyst involved in the assessment process;
identity of assessment committee members involved
https://jdih.ojk.go.id/

in the assessment determination process before the Assessment Result is issued;
3. an explanation that the Assessment Result is issued based on the request of a party; and
4. the date of each activity related to the determined Assessment Result;
c. documents regarding the implementation of each stage of the assessment process, including internal notes, non-public information, and worksheets used as the basis for assessment determination;
d. documents regarding internal and/or external printed and/or electronic communications, received and/or sent by Assessment Organizations, Board of Directors members, and Employees in connection with the initiation, assessment agreements, as well as determination, monitoring, changes, and withdrawal of assessments; e. documents containing information about the types of services and products offered; f. marketing documents that are published; g. records showing the amount of income received from parties using the company's services to issue assessments or monitor assessments, including information:

identity and address of each such party; and
Assessment Results determined or monitored for such parties; and
h. compliance and risk management reports.
Article 58
The administration, storage, and maintenance of documents in printed or electronic form as referred to in Article 56 must comply with the provisions of legislation.
Article 59
Assessment Organizations are obligated to provide all documents as referred to in Article 56 at all times for the purposes of guidance, supervision, and inspection by the Financial Services Authority.
Article 60
(1) Assessment Organizations are obligated to provide access that enables the Financial Services Authority to obtain data and information related to the determination of Assessment Results at all times and easily. (2) Data and information as referred to in paragraph (1) must contain at least:
a. supporting data for the preparation of Assessment Result reports; b. the name of each Analyst involved in the Mutual Fund Assessment and Investment Manager Assessment;
c. the name and position of each party involved in the Mutual Fund Assessment and Investment Manager Assessment;
d. the name and position of each party who approved the Mutual Fund Assessment and Investment Manager https://jdih.ojk.go.id/

Assessment before determination; and e. Assessment Methodologies used in the application of assessments.
Article 61
(1) Any party that violates the provisions as referred to in Article 56, Article 58, Article 59, and/or Article 60 shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) Sanctions as referred to in paragraph (1) consist of:
a. written warning; 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; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f 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, or letter f. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets.
CHAPTER VIII
INVESTMENT MANAGER AGREEMENTS WITH
ASSESSMENT ORGANIZATIONS
Article 62
(1) In the implementation of Mutual Fund Assessment and Investment Manager Assessment, Investment Managers and Assessment Organizations are obligated to prepare written agreements. (2) Agreements as referred to in paragraph (1) must contain at least:
a. the name and address of the Investment Manager and Assessment Organization; b. the purpose and objectives of Mutual Fund Assessment and/or Investment Manager Assessment;
c. the rights and obligations of the Investment Manager and Assessment Organization;
d. the costs of Mutual Fund Assessment and/or Investment Manager Assessment activities; e. the time limit for completing Mutual Fund Assessment and/or Investment Manager Assessment; https://jdih.ojk.go.id/

f. cancellation and postponement of Mutual Fund Assessment and/or Investment Manager Assessment; g. objections; h. confidentiality;
i. prohibition on notifying Assessment Results;
j. publication of Assessment Results; k. dispute resolution;
l. termination of agreements; and
m. force majeure.
Article 63
The rights of Investment Managers and Assessment Organizations in agreements as referred to in Article 62 paragraph (2) letter c include at least the right to:
a. obtain data and information required in the Mutual Fund Assessment and/or Investment Manager Assessment process; b. obtain access to conduct reviews or field inspections of activities and/or meetings with the management of Mutual Funds or Investment Managers being assessed to obtain data and information required;
c. obtain written responses within an agreed time frame after the submission of initial Assessment Results;
d. obtain additional material information or explanations, in the event of objections to initial Assessment Results; e. obtain material facts or important events that may affect Assessment Results; and f. publish any Assessment Results issued regarding an assessment object, except for initial Assessment Results that have not yet received approval from Mutual Funds or Investment Managers.
Article 64
(1) The obligations of Investment Managers and Assessment Organizations in agreements as referred to in Article 62 paragraph (2) letter c include at least:
a. maintaining and keeping confidential any confidential or material non-public information related to Mutual Fund Assessment and/or Investment Manager Assessment; b. issuing Assessment Results after considering all relevant, accurate, and reliable data and information;
c. providing answers to responses and objections raised by Investment Managers regarding Assessment Results;
d. making final decisions on Mutual Fund Assessment and/or Investment Manager Assessment after considering all material information or additional explanations, in the event that Mutual Funds and/or Investment Managers being assessed raise objections; https://jdih.ojk.go.id/

e. completing Mutual Fund Assessment and/or Investment Manager Assessment within the time agreed upon in the agreement; f. conducting continuous monitoring of published Assessment Results and submitting Assessment Results based on such monitoring to Mutual Funds and/or Investment Managers being assessed during the agreement period has not expired; g. monitoring published Assessment Results, in the event of material facts or important events that may affect published Assessment Results; h. conducting periodic monitoring of Assessment Results as agreed in the agreement;
i. submitting Assessment Results based on monitoring as referred to in letters g and h to Mutual Funds and/or Investment Managers being assessed or, if re-assessment is conducted; and
j. publishing Assessment Results based on monitoring as referred to in letters g and h.
(2) Confidentiality as referred to in paragraph (1) letter a is excepted for supervision conducted by the Financial Services Authority and/or other parties in accordance with the provisions of legislation and/or for judicial interests.
Article 65
Costs of Mutual Fund Assessment and/or Investment Manager Assessment activities in agreements as referred to in Article 62 paragraph (2) letter d include at least the costs of Mutual Fund Assessment and/or Investment Manager Assessment activities borne by Investment Managers.
Article 66
The time limit for completing Mutual Fund Assessment and/or Investment Manager Assessment in agreements as referred to in Article 62 paragraph (2) letter e includes at least:
a. Mutual Fund Assessment and/or Investment Manager Assessment must be completed within a maximum of 30 (thirty) working days from the agreement of the agreement or within a time agreed upon by Assessment Organizations and Investment Managers; b. Mutual Fund Assessment and/or Investment Manager Assessment in the form of monitoring due to material facts or important events that may affect published Assessment Results as referred to in Article 64 paragraph (1) letter g must be completed within a maximum of 7 (seven) working days from the knowledge of material facts or https://jdih.ojk.go.id/

important events that may affect published Assessment Results;
c. the submission of Assessment Results, statements, or other opinions related to Assessment Results based on Mutual Fund Assessment and/or Investment Manager Assessment in the form of monitoring as referred to in letter b to Investment Managers, no later than 2 (two) working days from the completion of Mutual Fund Assessment and/or Investment Manager Assessment;
d. Mutual Fund Assessment and/or Investment Manager Assessment in the form of periodic monitoring as referred to in Article 64 paragraph (1) letter h must be completed by Assessment Organizations and Assessment Results based on periodic monitoring must be submitted to Investment Managers within a maximum of 10 (ten) working days from the conduct of periodic monitoring assessments; and e. the submission of withdrawal of Assessment Results to Investment Managers, no later than 2 (two) working days from the withdrawal of Assessment Results.
Article 67
Cancellation and postponement of Mutual Fund Assessment and/or Investment Manager Assessment in agreements as referred to in Article 62 paragraph (2) letter f includes:
a. conditions that may cause the cancellation or postponement of Mutual Fund Assessment and/or Investment Manager Assessment; and b. published Mutual Fund Assessment and/or Investment Manager Assessment cannot be cancelled.
Article 68
Objections in Mutual Fund Assessment and/or Investment Manager Assessment agreements as referred to in Article 62 paragraph (2) letter g include:
a. objection processes submitted by the party requesting assessment can only be conducted 1 (one) time for initial Mutual Fund Assessment and/or Investment Manager Assessment; and b. Assessment Results after the objection process are final.
Article 69
Confidentiality in agreements as referred to in Article 62 paragraph (2) letter h includes:
a. confidentiality of data and information related to Mutual Fund Assessment and/or Investment Manager Assessment; b. the obligation of each party who knows Assessment Results not to act unlawfully to keep the confidentiality of Assessment Results to other parties before Assessment Results are published; and
c. exceptions to the confidentiality of data and information related to Mutual Fund Assessment and/or Investment Manager Assessment for:
https://jdih.ojk.go.id/

supervision conducted by the Financial Services Authority and/or other parties in accordance with the provisions of legislation;
obligations based on the provisions of legislation; and/or
interests in judicial proceedings.
Article 70
Prohibition on notifying Assessment Results in agreements as referred to in Article 62 paragraph (2) letter i includes the prohibition on each party who knows Assessment Results not to act unlawfully from notifying Assessment Results to other parties before Assessment Results are published.
Article 71
Force majeure in agreements as referred to in Article 62 paragraph (2) letter m includes provisions regarding force majeure.
Article 72
(1) Any party that violates the provisions as referred to in Article 62 shall be subject to administrative sanctions.
(2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority.
(4) Sanctions as referred to in paragraph (1) consist of:
a. written warning; 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; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f 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, or letter f. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets. https://jdih.ojk.go.id/

CHAPTER IX
REQUIREMENTS FOR THE USE OF MUTUAL FUND ASSESSMENT AND INVESTMENT MANAGER ASSESSMENT First Section Appointment of Parties Conducting Mutual Fund Assessment and Investment Manager Assessment
Article 73
In the selection and appointment of Assessment Organizations, Investment Managers must consider at least the following factors:
a. independence and avoidance of conflicts of interest; and b. objectivity, professionalism, and transparency, before entering into contracts with Assessment Organizations.
Article 74
Investment Managers must include statements in the publication of Assessment Results that the selection and appointment of Assessment Organizations consider:
a. independence factors; and b. the absence of Affiliation relationships between Assessment Organizations and Mutual Funds and Investment Managers being assessed.
Article 75
(1) Investment Managers must determine:
a. the appointment of Assessment Organizations; and b. the term of appointment of Assessment Organizations, in board of directors decisions.
(2) The appointment of Assessment Organizations as referred to in paragraph (1) must be announced through the Investment Manager's website and/or print or electronic media. Second Section Investment Manager Behavior in the Use of Mutual Fund Assessment and Investment Manager Assessment
Article 76
(1) Investment Managers must publish Assessment Results through the Investment Manager's website as part of the application of transparency in the governance of Investment Managers, prospectuses and/or disclosure documents, as well as the financial reports of Investment Managers and Mutual Funds. (2) The publication of Assessment Results as referred to in paragraph (1) must contain at least:
a. party information; b. validity period;
c. Assessment Methodologies; and
d. clauses explaining that:

Mutual Fund Assessment does not mean a promise or
https://jdih.ojk.go.id/

guarantee of future performance returns of Mutual Funds, but rather indicates the quality of assets managed in Mutual Funds at the time of the assessment period, if the assessment is conducted on Mutual Funds; and/or
2. Investment Manager Assessment does not mean a promise or guarantee of future performance returns of Investment Managers,
but rather indicates the quality of Investment Manager governance at the time of the assessment period, if the assessment is conducted on Investment Managers.
Article 77
Investment Managers are prohibited from:
a. using Assessment Results without disclosing information or material facts related to Mutual Funds and Investment Managers; b. using exaggerating phrases in the disclosure of Assessment Results in:
1. prospectuses;
2. mutual fund product summary information;
and/or
3. other disclosure media; and
c. using and including in:
1. prospectuses;
2. mutual fund product summary information;
and/or
3. other disclosure media,
Assessment Results that have expired the validity period of the assessment and are no longer monitored by Assessment Organizations.
Article 78
Investment Managers must ensure that sales personnel, securities sales agents for Mutual Funds, and/or sales outlets conducting Mutual Fund marketing activities and/or Investment Manager services do not violate the provisions as referred to in Article 77.
Article 79
(1) Any party that violates the provisions as referred to in Article 73, Article 74, Article 75, Article 76, Article 77, and/or Article 78 shall be subject to administrative sanctions. (2) Sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) Sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
https://jdih.ojk.go.id/

d. suspension of business activities; e. revocation of business licenses; and/or f. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letter b, letter c, letter d, letter e, or letter f 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, or letter f. (7) The procedure for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with the provisions of legislation in the field of capital markets.
CHAPTER X
OTHER PROVISIONS
Article 80
In addition to administrative sanctions as regulated in this Financial Services Authority Regulation, the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.
Article 81
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 80 to the public.
CHAPTER XI
CLOSING PROVISIONS
Article 82
This Financial Services Authority Regulation takes effect on the date of enactment. https://jdih.ojk.go.id/

This copy is consistent with the original
Director of Legal Development Head
Legal Department signed
Aat Windradi
To ensure that everyone knows, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia Issued in Jakarta on 20 June 2025 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed MAHENDRA SIREGAR Enacted in Jakarta on 1 July 2025 MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, signed SUPRATMAN ANDI AGTAS STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 24/OJK https://jdih.ojk.go.id/

EXPLANATION
OF
THE FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 15 OF 2025
ON
MUTUAL FUND ASSESSMENT AND INVESTMENT MANAGER ASSESSMENT

I. GENERAL

The number of Mutual Fund investors has shown positive development, indicated by significant growth in the number of investors. This growth in the number of investors is inseparable from the role of the development of digitalization in Mutual Fund marketing. Innovations in online Mutual Fund sales are able to utilize opportunities for technological development in expanding the investor base. Ease of access in transacting Mutual Funds can be signaled to increase public interest in transacting Mutual Funds.

Amidst this development, public understanding of Mutual Funds must continue to be improved. Limited information on investment products can result in low levels of public financial literacy. The public needs to understand the risks of Mutual Funds and investment considerations should not be based solely on expected returns. More comprehensive disclosure of information related to Mutual Funds, such as increased information openness, transparency of Mutual Fund quality and liquidity, by providing assessments of Mutual Funds and implementing Investment Manager Assessments.

That currently there are no regulations governing Mutual Fund Assessment and Investment Manager Assessment, but in practice there are entities that provide assessments or rating-type assessment barometers for Mutual Funds.

The Financial Services Authority needs to regulate the activities of Mutual Fund Assessment and Investment Manager Assessment. This regulation is expected to allow the public to gain an understanding of Mutual Funds and Investment Managers from institutions that have licenses to conduct Mutual Fund Assessment and Investment Manager Assessment activities from the Financial Services Authority.

II. ARTICLE BY ARTICLE

Article 1
Is clear enough.

Article 2
Is clear enough.

Article 3
Paragraph (1)
Letter a
Is clear enough.
Letter b
What is meant by "Investment Advisor in the form of a company" is an Investment Advisor in the form of a limited liability company.
Paragraph (2)
Is clear enough.

Article 4
Paragraph (1)
Is clear enough.
Paragraph (2)
Is clear enough.
Paragraph (3)
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
Is clear enough.
Letter d
Is clear enough.
Letter e
Is clear enough.
Letter f
Is clear enough.
Letter g
Is clear enough.
Letter h
Is clear enough.
Letter i
Is clear enough.
Letter j
Proof of fulfillment of capital requirements includes, among others, the latest deed of amendment to the articles of association containing information on the composition of the Board of Directors, Board of Commissioners, shareholders, and capital.

Article 5
Is clear enough.

Article 6
Letter a
Is clear enough.
Letter b
Requests for information from applicants can be conducted offline and/or online, including through presentations.
Letter c
Is clear enough.

Article 7
Paragraph (1)
Is clear enough.
Paragraph (2)
Letter a
Incomplete applications include, among others, submitted documents that are insufficient and/or information submitted that is incomplete.
Letter b
Applications are rejected because they do not meet requirements, including, among others, prospective Assessment Organizers do not meet capital requirements or do not meet the adequacy of human resources as required. Paragraph (3) Is clear enough. Paragraph (4) Is clear enough. Paragraph (5) Is clear enough. Paragraph (6) Is clear enough.

Article 8
Is clear enough.

Article 9
Is clear enough.

Article 10
Is clear enough.

Article 11
Is clear enough.

Article 12
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
What is meant by "has been tested for reliability" is that the Assessment Methodology used has undergone a testing process to produce accurate and reliable assessments. Letter d Is clear enough.

Article 13
Is clear enough.

Article 14
Is clear enough.

Article 15
Is clear enough.

Article 16
Is clear enough.

Article 17
Is clear enough.

Article 18
Acting objectively includes, among others, Mutual Fund Assessment and/or Investment Manager Assessment activities are carried out according to the actual state without being influenced by the opinions of the Investment Manager being assessed. Acting independently includes, among others, Mutual Fund Assessment and/or Investment Manager Assessment activities are carried out without interference from other parties and avoiding any conflicts of interest that have occurred or are likely to occur that could affect the Assessment Results. Acting consistently includes, among others, Mutual Fund Assessment and/or Investment Manager Assessment activities are carried out using the same assessment methodology for each Mutual Fund and/or Investment Manager being assessed.

Article 19
Letter a
Is clear enough.
Letter b
What is meant by "conflict of interest" is a conflict that arises when a person's interest allows another person to take actions contrary to a certain party, whose interests should be fulfilled by that other person, including conflicts of interest that have already occurred or are likely to occur. Letter c Is clear enough. Letter d Is clear enough. Letter e Is clear enough. Letter f Market participants include, among others, parties related to Mutual Fund Assessment and Investment Manager Assessment activities.

Article 20
Is clear enough.

Article 21
Is clear enough.

Article 22
Is clear enough.

Article 23
Paragraph (1)
Is clear enough.
Paragraph (2)
Letter a
Is clear enough.
Letter b
Number 1
Is clear enough.
Number 2
Credit assessment is known as credit assessment.

Article 24
Is clear enough.

Article 25
Letter a
Is clear enough.
Letter b
Number 1
Is clear enough.
Number 2
Is clear enough.
Number 3
What is meant by "managerial position" is having led 1 (one) work unit or division.

Article 26
Is clear enough.

Article 27
Paragraph (1)
Letter a
Regulations regarding compliance officers refer to those regulated in the Financial Services Authority Regulation regarding Guidelines for Securities Rating Company Activities. Letter b Is clear enough. Paragraph (2) Is clear enough. Paragraph (3) Is clear enough.

Article 28
Paragraph (1)
Conflicts of interest can, among others, affect:
a. Assessment Methodology; b. assessment actions; and/or
c. Analysis and decisions of the Assessment Organizer.
Paragraph (2)
Is clear enough.

Article 29
Is clear enough.

Article 30
The prohibition referred to is if the Assessment Organizer owns or conducts transactions in shares or participation units in Mutual Funds, then that Mutual Fund is prohibited from being assessed by the Assessment Organizer, but the Investment Manager managing that Mutual Fund and Mutual Funds not owned by the Assessment Organizer can be assessed by the Assessment Organizer.

Article 31
Is clear enough.

Article 32
Letter a
Is clear enough.
Letter b
What is meant by "close family" is a party having a family relationship due to marriage, namely husband or wife, and descendants, namely children.

Article 33
Is clear enough.

Article 34
Is clear enough.

Article 35
Is clear enough.

Article 36
Is clear enough.

Article 37
Is clear enough.

Article 38
Is clear enough.

Article 39
Is clear enough.

Article 40
Is clear enough.

Article 41
Paragraph (1)
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
Is clear enough.
Letter d
Is clear enough.
Letter e
Other parties in the assessment process include, among others, custodian banks, mutual fund sales agents.
Letter f
Is clear enough.

Article 42
Is clear enough.

Article 43
Is clear enough.

Article 44
Is clear enough.

Article 45
Is clear enough.

Article 46
Is clear enough.

Article 47
Is clear enough.

Article 48
Is clear enough.

Article 49
Is clear enough.

Article 50
Paragraph (1)
Is clear enough.
Paragraph (2)
What is meant by "1 (one) unit of report submission for the Assessment Organizer" is the simplification of reports submitted by Raters or Investment Advisors. Example:

An Investment Advisor that has approval for Mutual Fund Assessment and Investment Manager Assessment activities can report in 1 (one) report regarding changes to the Board of Directors, Board of Commissioners, and 1 (one) level below the Board of Directors.
A Rater that has approval for Mutual Fund Assessment and Investment Manager Assessment activities can report in 1 (one) report of activities containing rating activities and Mutual Fund and Investment Manager Assessment activities.
Paragraph (3)
Is clear enough.

Article 51
Is clear enough.

Article 52
Is clear enough.

Article 53
Is clear enough.

Article 54
Is clear enough.

Article 55
Is clear enough.

Article 56
Is clear enough.

Article 57
Is clear enough.

Article 58
Legislation includes, among others, legislation regarding corporate documents.

Article 59
Is clear enough.

Article 60
Is clear enough.

Article 61
Is clear enough.

Article 62
Is clear enough.

Article 63
Is clear enough.

Article 64
Is clear enough.

Article 65
Is clear enough.

Article 66
Is clear enough.

Article 67
Is clear enough.

Article 68
Is clear enough.

Article 69
Is clear enough.

Article 70
Is clear enough.

Article 71
Regulations regarding force majeure include, among others, fire, floods, earthquakes, cyber attacks, and other natural disasters or social disasters that disrupt the operational activities of the Assessment Organizer as agreed upon in the agreement between the Assessment Organizer and the Investment Manager.

Article 72
Is clear enough.

Article 73
Is clear enough.

Article 74
Is clear enough.

Article 75
Is clear enough.

Article 76
Is clear enough.

Article 77
Letter a
Material information or facts include, among others, the period of Mutual Fund and/or Investment Manager Assessment, interpretation of Mutual Fund and/or Investment Manager Assessment Results. Letter b Number 1 Is clear enough. Number 2 Summary information is known as fund fact sheet. Number 3 Is clear enough. Letter c Number 1 Is clear enough. Number 2 See explanation of Article 77 letter b number 2. Number 3 Is clear enough.

Article 78
Is clear enough.

Article 79
Is clear enough.

Article 80
Specific actions include, among others, actions by the Financial Services Authority to order the Assessment Organizer to adjust the Code of Conduct for the Assessment Organizer.

Article 81
Is clear enough.

Article 82
Is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 154/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 15 OF 2025
ON
MUTUAL FUND ASSESSMENT AND
INVESTMENT MANAGER ASSESSMENT

Format 1
APPLICATION FOR APPROVAL OF MUTUAL FUND ASSESSMENT AND INVESTMENT MANAGER ASSESSMENT ACTIVITIES

(place), (date, month) 20…
Number :
Attachment :
Subject : Application for Approval of Mutual Fund Assessment and Investment Manager Assessment Activities

To
The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision

With respect,
Hereby we submit an application for approval of Mutual Fund Assessment and Investment Manager Assessment activities. As consideration material, we hereby submit the following data:

Applicant Name : ………………………………..
Applicant Address : ………………………………..
………………………………..
(street name & number)
……………………………….. -
(city & postal code)
Company Name : ………………………………..
Taxpayer Identification Number (NPWP) : ………………………………..
Company Address : ………………………………..
………………………………..
(street name & number)
……………………………….. -
(city & postal code)
Capital
a. Authorized capital : ……………………………….. b. Paid-up capital : ………………………………..
Telephone Number : ………………………………..
Contact Employee : ………………………………..
(include letter of authorization)

To complete this application, we attach the following documents:

organizational structure equipped with job descriptions and employee names at each position, including the existence of work units, members of the Board of Directors, or officials below the Board of Directors, both generally and specifically, showing the implementation of Mutual Fund Assessment and Investment Manager Assessment activities;
proof of fulfillment of capital requirements;
standard operating procedure documents for the implementation of Mutual Fund Assessment and Investment Manager Assessment activities;
code of conduct documents for carrying out Mutual Fund Assessment and Investment Manager Assessment activities based on this Financial Services Authority Regulation;
projection documents for the implementation of Mutual Fund Assessment and Investment Manager Assessment activities for at least 1 (one) year ahead;
internal control system documents for the implementation of Mutual Fund Assessment and Investment Manager Assessment activities;
Assessment Methodology documents;
analyst assignment letters stating the fulfillment of:
a. Integrity requirements, which include:
1) competence to perform legal acts;
2) good character and morality;
3) never having committed disgraceful acts;
4) never having been sentenced for proven criminal acts in the financial sector; and
5) having a commitment to comply with legislation.
b. Experience and expertise requirements, at least:
1) having at least 3 (three) years of experience in the financial sector; and
2) having at least 3 (three) years of experience in credit assessment or having at least 2 (two) years of experience in rating.
Self-assessment results on the fulfillment of Analyst requirements, signed by the Board of Directors.

I, the undersigned, declare that the data and information I submit are true and correct, and if there are errors in the future, I am willing to take responsibility.

Thus, this application is submitted, and thank you for your attention.

Applicant Applicant
Stamp Stamp
................................................ ................................................
(clear name) (clear name)

Format 2
ANALYST ASSIGNMENT LETTER

I, the undersigned:
Company Name : ..............................................................................
Company Address : ..............................................................................
..............................................................................
(street name & number)
................................... -
(city & postal code)

List of Analyst Assignments

Name List : a. ………………………………………………………….
b. ………………………………………………………….
c. ………………………………………………………….
d. …………………………………………………………. e. …………………………………………………………. f. etc.
Signed Curriculum Vitae
Photocopy of Valid ID Card or Passport
Latest Color Photograph Size 4x6 Cm with Red Background, 2 (Two) Sheets

As an Analyst from PT ...................................., hereby declare that:

Has fulfilled integrity requirements, which include:
a. competence to perform legal acts; b. good character and morality;
c. never having committed disgraceful acts;
d. never having been sentenced for proven criminal acts in the financial sector; and e. having a commitment to comply with legislation.
Has fulfilled experience and expertise requirements, at least:
a. having at least 3 (three) years of experience in the financial sector; and b. having at least 3 (three) years of experience in credit assessment or having at least 2 (two) years of experience in rating.

Thus, these requirements are made truthfully so that they can be used as appropriate.

(place), (date, month, year)
Stamp
.............................................
...
(clear name)
*) strike out what is not needed

Format 3
SELF-ASSESSMENT ON THE FULFILLMENT OF ANALYST REQUIREMENTS

a. Integrity Requirements

competence to perform legal acts;
Assessment Explanation :.....
good character and morality;
Assessment Explanation :.....
never having committed disgraceful acts;
Assessment Explanation :.....
never having been sentenced for proven criminal acts in the financial sector; and
Assessment Explanation :.....
Example: Mr./Ms. XXX has never been sentenced for proven:
a) criminal acts in the financial services sector whose sentence has been completed within the last 20 (twenty) years before nomination; b) criminal acts, namely criminal acts listed in the Criminal Code (KUHP) and/or similar to the Criminal Code (KUHP) abroad with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or c) other criminal acts with a prison sentence threat of 1 (one) year or more, including corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting money, in the tax sector, in the forestry sector, in the environmental sector, in the maritime sector, and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination.
having a commitment to comply with legislation.
Assessment Explanation: ....

b. Experience and Expertise Requirements

having at least 3 (three) years of experience in the financial sector; and
Assessment Explanation: ....
having at least 3 (three) years of experience in credit assessment or having at least 2 (two) years of experience in rating.
Assessment Explanation: ....

Thus, this self-assessment is made truthfully so that it can be used as appropriate.

This copy is in accordance with the original
Head of Legal Development Directorate
Legal Department signed
Aat Windradi

(place), (date, month, year)
Stamp
.............................................
...
(clear name)

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
OF THE REPUBLIC OF INDONESIA,
MAHENDRA SIREGAR signed.

Lineage: No known changes