OJK REGULATION NO. 2 OF 2026

ON
EXCHANGE-TRADED FUND (ETF) WITH GOLD AS UNDERLYING ASSET

BY THE GRACE OF THE ALMIGHTY GOD

THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that to strengthen the national economy and support efforts to accelerate market deepening, it is necessary to add variations of new investment products in the form of mutual funds that can be traded on the stock exchange with a gold portfolio; b. that regulations for variations of new investment products in the form of mutual funds that can be traded on the stock exchange with a gold portfolio are necessary as a legal basis for the development of business activities related to gold;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation on Mutual Funds in the Form of Collective Investment Contracts with Units Traded on the Stock Exchange with Gold as the Underlying Asset;

Recalling:

1. Law Number 8 of 1995 concerning Capital Markets (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);
2. 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);
3. 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:

To Establish: A FINANCIAL SERVICES AUTHABILITY REGULATION ON MUTUAL FUNDS IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS WITH UNITS TRADED ON THE STOCK EXCHANGE WITH GOLD AS THE UNDERLYING ASSET.

CHAPTER I

GENERAL PROVISIONS

Article 1

In this Financial Services Authority Regulation:

1. Exchange-Traded Fund (ETF) with Gold as the Underlying Asset, hereinafter referred to as Gold ETF, is a mutual fund product with Units traded on the Stock Exchange with gold as the underlying asset.
2. Gold Provider is a party that provides gold in accordance with the purity level as stipulated in this Financial Services Authority Regulation.
3. Gold Depository is a party appointed to store gold assets and is a financial services institution that has obtained a license as a bullion business operator from the Financial Services Authority to store gold.
4. Stock Exchange is a market organizer in the capital market for exchange transactions.
5. Securities are securities or investment contracts, whether conventional or digital or other forms in accordance with technological developments, that give rights to the owner to directly or indirectly obtain economic benefits from the issuer or from a certain party based on an agreement and any derivatives of Securities, which can be transferred and/or traded on the capital market.
6. Electronic Gold Receipt (EGR) is electronic proof of gold ownership issued based on underlying physical gold ownership according to criteria as regulated in this Financial Services Authority Regulation.
7. Custodian is a party that provides safekeeping services for Securities and other assets related to Securities, assets related to collective investment portfolios, and other services, including receiving dividends, interest, and other rights, settling Securities transactions, and representing account holders who are their clients.
8. Settlement and Custody Institution is a party that:
   a. organizes Central Custodian activities for Custodian Banks, Securities Companies, and other parties; and b. provides other services that can be applied to support inter-market activities.
9. Investment Manager is a party whose business activities manage Securities portfolios, collective investment portfolios, 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.
10. Public Offering is the offering activity conducted by the Issuer to sell Securities to the public in accordance with the procedures regulated in capital market laws and implementing regulations.
11. Collective Safekeeping is safekeeping services for Securities and/or funds owned jointly by more than one party whose interests are represented by a Custodian.
12. Registration Statement is a document that must be submitted to the Financial Services Authority by the Issuer in the context of a Public Offering or public company.
13. Mutual Fund is a vehicle used to gather funds from capital market investors or investors to be subsequently invested in Securities portfolios, collective investment portfolios, and/or other financial instruments by the Investment Manager.
14. Unit of Participation is a unit of measurement showing the interest portion of each party in the collective investment portfolio.
15. Collective Investment Contract is a contract between the Investment Manager and the Custodian Bank that collectively binds capital market investors or investors, where the Investment Manager is authorized to manage the collective investment portfolio and the Custodian Bank is authorized to execute Collective Safekeeping.
16. Custodian Bank is a commercial bank and Sharia commercial bank that has obtained approval from the Financial Services Authority as a Custodian as referred to in capital market legislation.
17. Participating Intermediary, hereinafter referred to as Dealer Participant, is a member of the Stock Exchange that has signed an agreement with the Investment Manager managing the Gold ETF to sell or purchase Units of Participation of the aforementioned Mutual Fund, either for their own interest or for the interest of the holders of Units of Participation of the aforementioned Mutual Fund.
18. Sponsor is a party that has signed an agreement with the Investment Manager managing the Gold ETF to make contributions in the form of cash and/or gold in the context of creating Gold ETF Units of Participation.
19. Net Asset Value is the fair market value of all Gold ETF assets after deducting liabilities.
20. Sharia Principles in the Capital Market are Islamic legal principles in Sharia activities in the capital market based on the fatwa of the National Sharia Council - Indonesian Ulema Council, provided that such fatwa does not conflict with Financial Services Authority Regulations regarding the application of Sharia Principles in the Capital Market and/or other Financial Services Authority Regulations based on the fatwa of the National Sharia Council - Indonesian Ulema Council.
21. Party is an individual, legal entity, company, joint venture, association, or organized group.

CHAPTER II

GOLD ETF

Part One

General

Article 2

Gold ETF must meet the following requirements:
a. Financial Services Authority Regulations regarding Mutual Funds in the Form of Collective Investment Contracts; and b. other capital market legislation regarding Mutual Funds, unless specifically regulated in this Financial Services Authority Regulation.

Article 3

In addition to following the provisions as referred to in Article 2, the Collective Investment Contract of the Gold ETF must at least contain:
a. storage of gold as the underlying asset of the Gold ETF; b. procedures for creating Gold ETF Units of Participation at least:

1. the type of asset that forms the basis of the Gold ETF; and
2. the minimum number of Units of Participation to be listed on the Stock Exchange;
   c. procedures for selling Gold ETF Units of Participation back to the Investment Manager, and such resale is only permitted for Sponsors and Dealer Participants;
   d. repurchase by the Investment Manager from Sponsors and Dealer Participants on each trading day at most 5% (five percent) of the total outstanding Gold ETF Units of Participation; e. the method for determining the fair market value calculation benchmark; f. the performance benchmark of the Gold ETF; g. the investment objectives and policies of the Gold ETF; h. the obligation of the Investment Manager to announce on the Stock Exchange:
3. portfolio composition every day after the closure of trading on the Stock Exchange; and
4. the number of outstanding Gold ETF Units of Participation every time there is a change;
   i. information regarding:
5. the rights, obligations, responsibilities, and authority of the Investment Manager, Custodian Bank, Dealer Participant, Gold Provider, Gold Depository, and other related parties; and
6. the rights and obligations of Unit of Participation holders;
   j. provisions that must be regulated in the contract between the Investment Manager and the Dealer Participant, and the name of the Dealer Participant; k. the allocation of costs borne by the Investment Manager, the Mutual Fund, and Unit of Participation holders;
   l. the mechanism for the General Meeting of Unit of Participation holders of the Gold ETF, if any;
   m. procedures for the replacement or resignation of the Investment Manager and/or Custodian Bank; and n. the dissolution and liquidation of the Gold ETF.

Article 4

Gold ETF can be managed based on Sharia Principles in the Capital Market.

Article 5

The Collective Investment Contract of the Gold ETF managed based on Sharia Principles in the Capital Market must meet:
a. the provisions as referred to in Article 3; b. Sharia Principles in the Capital Market in accordance with Financial Services Authority Regulations regarding the application of Sharia Principles in the Capital Market; and
c. Financial Services Authority Regulations regarding the issuance and requirements of Sharia Mutual Funds.

Part Two

Administrative Sanctions

Article 6

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

CHAPTER III

GUIDELINES FOR THE ISSUANCE OF GOLD ETF UNITS OF PARTICIPATION

Part One

Offering Guidelines

Article 7

(1) Gold ETF Units of Participation are offered through a Public Offering.
(2) To conduct a Public Offering of Gold ETF Units of Participation, the Investment Manager must submit a Registration Statement to the Financial Services Authority by meeting the requirements regarding the Registration Statement in the context of a Public Offering of Mutual Funds in the Form of Collective Investment Contracts in accordance with Financial Services Authority Regulations regarding Mutual Funds in the Form of Collective Investment Contracts. (3) In the context of submitting the Registration Statement as referred to in paragraph (2), the Investment Manager must create, store, and administer documents:
a. Gold ETF Collective Investment Contract accompanied by its digital format, created by a notary registered with the Financial Services Authority; b. copies of agreements related to Gold ETF assets;
c. agreement between the Investment Manager and the Gold Provider;
d. agreement regarding gold storage between the Settlement and Custody Institution or Custodian Bank and the Gold Depository; e. agreement between the Investment Manager and the Sponsor, if the creation of Gold ETF Units of Participation involves a Sponsor; f. agreement between the Investment Manager and the Dealer Participant; g. cooperation agreement for the offering of Units of Participation, if any; h. audit report from a legal perspective and legal opinion created by a legal consultant registered with the Financial Services Authority regarding the Gold ETF Collective Investment Contract;
i. preliminary listing agreement between the Investment Manager and the Stock Exchange;
j. Unit of Participation storage agreement in Collective Safekeeping between the Investment Manager and the Settlement and Custody Institution; k. prospectus bearing a stamp and signed by the Parties, accompanied by its digital format; and
l. marketing and operational plan for the Gold ETF.
(4) The Gold ETF Registration Statement as referred to in paragraph (2) is submitted through an electronic system provided by the Financial Services Authority by attaching documents:
a. Gold ETF Collective Investment Contract created by a notarial deed by a notary registered with the Financial Services Authority; b. Gold ETF prospectus bearing a stamp and signed by the Parties;
c. agreement between the Investment Manager and the Gold Provider;
d. agreement regarding gold storage between the Settlement and Custody Institution or Custodian Bank and the Gold Depository, if any; e. preliminary listing agreement between the Investment Manager and the Stock Exchange where Gold ETF Units of Participation will be traded; f. agreement between the Investment Manager and the Sponsor, if any; and g. agreement between the Investment Manager and the Dealer Participant.

Article 8

(1) The Financial Services Authority reviews the completeness of the Registration Statement application documents in the context of the Public Offering of Gold ETF Units of Participation. (2) In the context of reviewing the completeness of documents as referred to in paragraph (1), the Financial Services Authority is authorized to:
a. request the Investment Manager and involved Parties in the Public Offering of Gold ETF Units of Participation to present; and/or b. request changes and/or additional information related to the completeness of the Registration Statement documents for the Public Offering of Gold ETF Units of Participation.

Article 9

(1) In the event that the Gold ETF Registration Statement as referred to in Article 7 paragraph (4) does not meet the requirements, the Financial Services Authority provides a notification letter to the applicant stating that the Registration Statement does not yet meet the requirements, at the latest 20 (twenty) working days after receiving the application. (2) In the event that the Gold ETF Registration Statement as referred to in Article 7 paragraph (4) meets the requirements, the Financial Services Authority provides a notification letter to the applicant stating that the Registration Statement is declared effective, at the latest 20 (twenty) working days after receiving the application. (3) Public Offering of Gold ETF Units of Participation may only be conducted after the Registration Statement submitted to the Financial Services Authority has become effective.

Part Two

Obligations of Investment Manager and Custodian Bank

Article 10

The Investment Manager managing the Gold ETF must:
a. make a contract with Dealer Participants to realize the liquidity of Gold ETF Units of Participation; b. announce changes in the number of Dealer Participants on the Stock Exchange;
c. ensure that the purity of gold forming the basis of the Gold ETF meets the provisions of this Financial Services Authority Regulation;
d. store all Gold ETF assets with the Settlement and Custody Institution or Custodian Bank, which may subsequently appoint another Party as the Gold Depository; e. manage the Gold ETF in accordance with legislation, the Collective Investment Contract, the prospectus, and other related contracts regarding the Gold ETF; f. separate Gold ETF assets from the Investment Manager's assets; g. keep books and reports, including maintaining all important records related to financial reports and Gold ETF management, separate from the books and reports of the Investment Manager itself; h. appoint a replacement Custodian Bank if necessary;
i. calculate the fair market value of assets in the Gold ETF portfolio every trading day and submit it to the Custodian Bank;
j. announce portfolio composition on the Stock Exchange after the closure of trading on the Stock Exchange every day; k. announce on the Stock Exchange in the event of changes in the number of outstanding Units of Participation every day;
l. announce on the Stock Exchange and report to the Financial Services Authority regarding the Net Asset Value after the closure of trading on the Stock Exchange every day as an indication of the price of Units of Participation;
m. prepare and submit annual financial reports of the Gold ETF to Unit of Participation holders and the Financial Services Authority; n. prepare procedures for the purchase and/or resale of Units of Participation; and o. have procedures that can generate information regarding operational activities, financial conditions, and Gold ETF assets.

Article 11

The Custodian Bank administering the Gold ETF must:
a. provide Collective Safekeeping and Custodian services regarding Gold ETF assets; b. register or record Gold ETF assets in the name of the Custodian Bank for the benefit of Unit of Participation holders in accordance with legislation;
c. separate Gold ETF assets from the Custodian Bank's assets;
d. have systems and procedures in performing duties and authorities; e. keep books and reports, including maintaining all important records related to financial reports and Gold ETF management, separate from the books and reports of the Custodian Bank itself; f. calculate and announce the Net Asset Value of the Gold ETF every trading day to the public; g. record all changes:

1. assets in the Gold ETF portfolio;
2. number of Units of Participation;
3. withdrawals;
4. interest income;
5. management fees;
6. other income; and/or
7. other costs;
   h. settle Gold ETF transactions in accordance with the Investment Manager's instructions;
   i. pay management fees and other costs charged to the Gold ETF in accordance with the Gold ETF Collective Investment Contract;
   j. keep separate records showing all changes in the number of Units of Participation owned by each Unit of Participation holder, name, nationality, address, and other identities of Unit of Participation holders; k. prepare and submit activity reports to the Investment Manager, Financial Services Authority, and Unit of Participation holders; and
   l. reject the Investment Manager's instructions in writing with a copy to the Financial Services Authority if the instructions clearly violate capital market legislation and/or the Collective Investment Contract at the time received by the Custodian Bank.

Part Three

Prohibitions for Investment Manager and Custodian Bank

Article 12

(1) Investment Managers and Custodian Banks are prohibited from:
a. acting in their own name to sell and purchase assets in the Gold ETF; b. stopping the management of the Gold ETF or transferring it to another Investment Manager or Custodian Bank before a replacement Investment Manager or Custodian Bank is appointed, if the relevant party resigns;
c. having affiliated relationships, except for affiliations resulting from government capital participation; and
d. being involved in transactions that result in the risk of loss of gold investment assets in the Gold ETF.
(2) In addition to the prohibitions as referred to in paragraph (1), Investment Managers and Custodian Banks are prohibited from actions as regulated in Financial Services Authority Regulations regarding Mutual Funds in the Form of Collective Investment Contracts.

Part Four

General Meeting of Unit of Participation Holders

Article 13

In the event that the Collective Investment Contract of the Gold ETF contains provisions regarding the General Meeting of Unit of Participation Holders, the General Meeting of Unit of Participation Holders shall be conducted in accordance with Financial Services Authority Regulations regarding Mutual Funds in the Form of Collective Investment Contracts with Units Traded on the Stock Exchange.

Article 14

In the event that the Financial Services Authority has provided an electronic reporting system, the submission of the results of the General Meeting of Unit of Participation Holders must be done electronically.

Part Five

Administrative Sanctions

Article 15

(1) Any Party that violates the provisions as referred to in Article 7 paragraph (2), paragraph (3), Article 10, Article 11, Article 12, and/or Article 14 shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
i. revocation of individual licenses.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or jointly with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER IV

GUIDELINES FOR THE MANAGEMENT OF GOLD ETF

Part One

Name of Gold ETF

Article 16

(1) The name of the Gold ETF must describe:
a. the name of the Investment Manager; b. a name reflecting the Gold ETF investment; and
c. the foreign currency denomination used, if using a currency other than the Rupiah.
(2) The name of the Gold ETF is prohibited from:
a. being the same as other Gold ETFs; b. containing expressions regarding certainty or promises of returns and/or no investment risk;
c. containing expressions that the Investment Manager has certain advantages that are not necessarily

true; and/or d. inconsistent with the investment policy of Gold ETF.
(3) In the event that a Gold ETF is managed based on Shariah Principles in the Capital Market, the Gold ETF must add the word "Shariah" to the name of the Gold ETF. Second Section Fair Market Value and Net Asset Value of Gold ETF
Article 17
(1) The Investment Manager must determine the reference for the fair market value of gold assets that constitute the investment portfolio in accordance with the standardization used in the Gold ETF. (2) The determination of the fair market value of the Gold ETF investment portfolio refers to the Financial Services Authority Regulation regarding the fair market value of Securities in the Mutual Fund portfolio, unless otherwise specifically regulated in this Financial Services Authority Regulation. (3) The determination of the calculation reference for the fair market value of gold assets as referred to in paragraph (1) refers to:
a. active quotation prices from Gold Providers that can be used as selling or buying prices, and can be accessed by the public; b. the reference price of gold from the London Bullion Market Association with necessary adjustments, including exchange rate and purity standard adjustments; or
c. prices determined by a price assessment agency designated by the Financial Services Authority.
(4) The Investment Manager may only choose one calculation reference for the fair market value of gold assets as referred to in paragraph (3).
(5) The Investment Manager is prohibited from changing the calculation reference for the fair market value of gold assets as referred to in paragraph (3).
Article 18
Daily guidelines for calculating the Net Asset Value of Gold ETF refer to the Financial Services Authority Regulation regarding daily guidelines for announcing the Net Asset Value of Open-End Mutual Funds, unless otherwise specifically regulated in this Financial Services Authority Regulation. Third Section Investment Policy and Investment Portfolio of Gold ETF
Article 19
(1) The Investment Manager must determine the composition of the Gold ETF investment portfolio with the following provisions:
a. at least 95% (ninety-five percent) of the Net Asset Value is invested in gold assets, including gold bars, non-physical gold, and other gold instruments designated by the Financial Services Authority; and b. at most 5% (five percent) of the Net Asset Value is invested in:

1. domestic money market instruments;
2. deposits; and/or
3. cash and cash equivalents.
   (2) Gold assets as referred to in paragraph (1) letter a must be standardized and meet the minimum purity standards:
   a. 99.9% (ninety-nine point nine percent) for gold that has obtained gold standard certification from the Indonesian National Standard issued by an institution responsible for development and standardization in accordance with applicable laws and regulations; or b. 99.5% (ninety-nine point five percent) for gold that has met the international standards of the London Bullion Market Association Good Delivery List by the London Bullion Market Association. (3) The storage of gold assets must be conducted in the name of the Gold ETF at the Clearing and Custody Institution or Custodian Bank. (4) The Clearing and Custody Institution or Custodian Bank is responsible for maintaining the purity, authenticity, accuracy of the weight of the gold, and the security of the stored gold. (5) Gold assets that form the basis for the formation of the Gold ETF must have valid legal basis. Fourth Section Gold Providers
   Article 20
   Parties that can conduct activities as Gold Providers include:
   a. financial service institutions that have obtained a license as operators of bullion business activities from the Financial Services Authority to trade gold; and b. Other Parties approved by the Financial Services Authority.
   Article 21
   The requirements and procedures for approving Other Parties as referred to in Article 20 letter b are determined by the Financial Services Authority.
   Article 22
   (1) The Investment Manager and Participating Dealers may cooperate with Gold Providers to purchase and/or sell gold.
   (2) The Investment Manager must ensure the ability of the Gold Provider to provide gold purchase and/or sale services according to the needs of the Gold ETF. (3) In the event that the purchase and/or sale of gold is conducted by the Gold Provider, the Investment Manager must have a written agreement with the Gold Provider. (4) The Investment Manager, for the benefit of the Gold ETF, may appoint a Gold Provider that is an affiliate of the Investment Manager. (5) In the event that the Investment Manager appoints a Gold Provider as referred to in paragraph (4), the Investment Manager must fulfill the following provisions:
   a. gold trading is conducted based on fair and independent transaction principles; b. commissions or gold trading fees charged by its affiliate are not higher than commissions or gold trading fees charged by non-affiliated parties;
   c. gold trading is not conducted excessively;
   d. consistent with best execution standards; and e. disclosing information regarding the Gold Provider being an affiliate of the Investment Manager in the prospectus. Fifth Section Storage of Gold Assets
   Article 23
   (1) The storage of gold assets as referred to in Article 19 paragraph (3) can be conducted by a Gold Depository appointed by the Clearing and Custody Institution or Custodian Bank. (2) In the event that the Clearing and Custody Institution or Custodian Bank appoints a Gold Depository, the Clearing and Custody Institution or Custodian Bank must make an agreement with the Gold Depository. (3) The Gold Depository as referred to in paragraph (1) must have adequate facilities and infrastructure, including security, to conduct the storage of gold assets. (4) The storage of gold assets as referred to in paragraph (1) must be conducted in the name of the Gold ETF. (5) Gold assets stored by the Gold Depository as referred to in paragraph (1) are prohibited from being transferred, assigned, or lent by the Gold Depository except for the benefit of the relevant Gold ETF. (6) The Gold Depository must submit reports on the storage of gold assets to the Clearing and Custody Institution, Custodian Bank, and Investment Manager within the time limit determined by the Clearing and Custody Institution. (7) Parties appointed by the Clearing and Custody Institution or Custodian Bank to conduct Gold Storage may be the same Party as the Gold Provider. Sixth Section Administrative Sanctions
   Article 24
   (1) Any Party violating the provisions as referred to in Article 16, Article 17 paragraph (1), paragraph (5), Article 19, Article 22 paragraph (2), paragraph (3), paragraph (5), Article 23 paragraph (2), paragraph (3), paragraph (4), paragraph (5), and/or paragraph (6), shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER V
   GUIDELINES FOR GOLD ETF PROSPECTUS
   Article 25
   (1) The Gold ETF Prospectus must fulfill the provisions of the Financial Services Authority Regulation regarding guidelines for the form and content of prospectuses for Public Offerings of Mutual Funds. (2) In addition to fulfilling the provisions as referred to in paragraph (1), the Gold ETF Prospectus must contain:
   a. information contained in the Collective Investment Contract of the Gold ETF as referred to in Article 3; b. information contained in the Collective Investment Contract of the Gold ETF as referred to in Article 5 for Gold ETFs managed based on Shariah principles;
   c. the main points of the agreement between the Investment Manager and the Participating Dealer and the name of the Participating Dealer;
   d. the main points of the agreement between the Investment Manager and the Sponsor, and the name of the Sponsor, if any; e. the minimum and/or maximum limits on the number of Participation Units offered, if any; f. an explanation of the returns obtained from gold assets; g. the management of the Gold ETF, including the investment committee and investment management team; h. information regarding the Gold Provider;
   i. information regarding the Gold Depository;
   j. the method for determining the calculation reference for fair market value; k. the main points of the agreement between the Investment Manager and the Gold Provider;
   l. the main points of the agreement between the Custodian Bank and other parties conducting gold storage, if any; and
   m. the procedure for selling back Participation Units by exchanging them for physical and/or non-physical gold assets, if any.
   Article 26
   (1) Any Party violating the provisions as referred to in Article 25 shall be subject to administrative sanctions.
   (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1).
   (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER VI
   PARTICIPATING DEALERS AND SPONSORS
   Article 27
   The Investment Manager must make a contract with the Participating Dealer to realize the liquidity of the Gold ETF Participation Units market.
   Article 28
   Participating Dealers must have the ability to realize liquid trading of Gold ETF Participation Units.
   Article 29
   (1) Participating Dealers may trade gold with Gold Providers to facilitate the creation and/or settlement of Gold ETF Participation Units.
   (2) The gold trading as referred to in paragraph (1) is conducted at the best price considering the prevailing fair price.
   Article 30
   In order to create market liquidity, Participating Dealers are permitted to buy and sell Gold ETF Participation Units with the following provisions:
   a. Participating Dealers must periodically or continuously submit offers to sell or offers to buy the Participation Units in question on the trading system provided by the Stock Exchange; and b. Participating Dealers are able and willing to realize transactions in quantities according to the commitments as stated in the Collective Investment Contract.
   Article 31
   (1) In the event that the creation of Gold ETF Participation Units involves a Sponsor, the Investment Manager must make a contract with the Sponsor.
   (2) The contract as referred to in paragraph (1) must at least contain:
   a. the minimum amount of cash or gold deposits by the Sponsor to be used for purchasing gold that constitutes the underlying assets of the relevant Gold ETF; and b. the time period of the Sponsor's commitment not to sell back.
   Article 32
   (1) The sale back of Gold ETF Participation Units can only be conducted by the Sponsor and Participating Dealers to the Investment Manager.
   (2) The payment for the sale back as referred to in paragraph (1) is conducted with:
   a. gold assets from the Gold ETF portfolio; or b. cash.
   (3) The calculation basis for the payment for the sale back as referred to in paragraph (2) is calculated based on the Net Asset Value.
   (4) Other costs arising from the payment for the sale back conducted with gold assets as referred to in paragraph (2) letter a become the burden of the Participation Unit holders. (5) Other costs arising from the sale back of Gold ETF Participation Units must be stated in the prospectus. (6) The Investment Manager must announce the sale back request by the Participating Dealer and Sponsor at the Stock Exchange where the Gold ETF is traded on the same day as the sale back request.
   Article 33
   (1) Any Party violating the provisions as referred to in Article 27, Article 28, Article 30 letter a, Article 31, Article 32 paragraph (5), and/or paragraph (6) shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER VII
   INITIAL REGISTRATION OF GOLD ETF PARTICIPATION UNITS
   Article 34
   (1) The initial registration of Gold ETF Participation Units must be carried out no later than 30 (thirty) working days from the date of effectiveness of the Registration Statement. (2) Gold ETF Participation Units issued after the initial registration must be registered no later than 1 (one) working day from the issuance of the relevant Participation Units.
   Article 35
   (1) Any Party violating the provisions as referred to in Article 34 shall be subject to administrative sanctions.
   (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1).
   (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER VIII
   OFFERINGS BY SECURITIES SALES AGENTS OF MUTUAL FUNDS
   Article 36
   (1) The Investment Manager may use the services of a securities sales agent of mutual funds to offer Gold ETFs to prospective customers.
   (2) In the event that the Investment Manager uses the services of a securities sales agent of mutual funds to offer Gold ETFs to prospective customers as referred to in paragraph (1), the Investment Manager must obtain approval from the Financial Services Authority.
   Article 37
   (1) Any Party violating the provisions as referred to in Article 36 paragraph (2) shall be subject to administrative sanctions.
   (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1).
   (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER IX
   EGR
   Article 38
   (1) EGR is a Security based on this Financial Services Authority Regulation.
   (2) EGR is issued by the Gold Depository.
   (3) EGR can be transferred, lent, and/or traded to other Parties for the benefit of the Gold ETF.
   (4) EGR must contain information regarding purity, authenticity, value, and volume identical to the physical gold that forms the basis for the formation of the Gold ETF.
   Article 39
   (1) EGR is registered and administered by the Clearing and Custody Institution.
   (2) Regulations regarding the issuance, administration, and registration of EGR are determined by the Clearing and Custody Institution.
   Article 40
   (1) Any Party violating the provisions as referred to in Article 38 paragraph (4) shall be subject to administrative sanctions.
   (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1).
   (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
   a. written warning; b. 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 license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the Registration Statement; and/or
   i. revocation of individual person license.
   (4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of fines as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.
   CHAPTER X
   OTHER PROVISIONS
   Article 41
   The Financial Services Authority has the authority to conduct examinations of gold assets underlying the Gold ETF.
   Article 42
   In addition to administrative sanctions as referred to in this Financial Services Authority Regulation, the Financial Services Authority may take specific actions against any Party violating the provisions of this Financial Services Authority Regulation.
   Article 43
   The Financial Services Authority may announce the imposition of administrative sanctions as referred to in this Financial Services Authority Regulation and specific actions as referred to in Article 42 to the public.
   Article 44
   Consumer protection principles relevant as regulated in the Financial Services Authority Regulation regarding consumer and public protection in the financial services sector apply to all Parties involved in the Gold ETF.
   Article 45
   The Financial Services Authority may provide policies different from this Financial Services Authority Regulation based on specific considerations.
   CHAPTER XI
   CLOSING PROVISIONS
   Article 46
   This Financial Services Authority Regulation comes into force on the date of enactment.
   In order that everyone knows it, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Established in Jakarta on 12 February 2026 EXECUTIVE HEAD SUPERVISOR OF FINANCIAL BUSINESS ACTORS, EDUCATION, AND CONSUMER PROTECTION AS TEMPORARY OFFICER OF THE CHAIRMAN OF THE COMMISSIONERS BOARD, FRIDERICA WIDYASARI DEWI Enacted in Jakarta on MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, SUPRATMAN ANDI AGTAS STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2026 NUMBER EXPLANATION OF FINANCIAL SERVICES AUTHORITY REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 2 OF 2026 ON MUTUAL FUNDS IN THE FORM OF COLLECTIVE INVESTMENT CONTRACTS WHOSE PARTICIPATION UNITS ARE TRADED ON THE STOCK EXCHANGE WITH UNDERLYING ASSETS OF GOLD
   I. GENERAL
   In order to support the acceleration of market deepening, it is necessary to add investment product variations with new types of Mutual Funds that can be traded in the Capital Market. The addition of new products in the form of Gold ETFs will provide new investment instrument alternatives for investors and market players, so that it is expected to support the achievement of market deepening targets in line with the development direction of the Capital Market industry in the future. Gold is one of the investment instruments favored by the Indonesian people, so with the existence of Gold ETF products, investor access to the gold market will be expanded without having to own physical gold. From a regulatory perspective, Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector regulates provisions that bullion business activities are under the supervision of the Financial Services Authority, thereby opening up opportunities for the development of new bullion-based (gold) products in the Indonesian Capital Market. The development of Gold ETF products is also in line with the Government's Implementation Plan for Bullion Business Activities as a strategic instrument to drive the national economy, which is currently being carried out by the Government. Based on the above background, in order to provide a legal basis for the development of business activities related to gold, it is necessary to establish a Financial Services Authority Regulation concerning Mutual Funds in the Form of Collective Investment Contracts whose Participation Units are Traded on the Stock Exchange with Underlying Assets of Gold. In general, this Financial Services Authority Regulation contains main materials arranged systematically, including Gold ETFs, guidelines for the issuance of Gold ETF Participation Units, guidelines for the management of Gold ETFs, guidelines for Gold ETF prospectuses, Participating Dealers and Sponsors, initial registration of Gold ETF Participation Units, offerings by securities sales agents of mutual funds, and EGR.

II. ARTICLE BY ARTICLE

Article 1
Clearly stated.

Article 2
Letter a
Clearly stated.

Letter b
The term "other capital market regulations regarding related Mutual Funds" includes:

1. Financial Services Authority Regulation Number 25/POJK.04/2020 concerning Guidelines on the Form and Content of Prospectuses in the Framework of Public Offerings of Mutual Funds;
2. Financial Services Authority Regulation Number 56/POJK.04/2020 concerning Reporting and Accounting Guidelines for Mutual Funds;
3. Financial Services Authority Regulation Number 47/POJK.04/2015 concerning Guidelines for Daily Announcements of Net Asset Value of Open-End Mutual Funds; and
4. Financial Services Authority Regulation Number 49/POJK.04/2015 concerning Mutual Funds in the Form of Collective Investment Contracts whose Participation Units are Traded on the Stock Exchange.

Article 3
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
The term "gold ETF benchmark" refers to the reference price of gold assets used in calculating the fair market value of gold assets and serves as the basis for determining the fair market value of Gold ETF Participation Units.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Clearly stated.

Letter k
Clearly stated.

Letter l
Clearly stated.

Letter m
Clearly stated.

Letter n
Clearly stated.

Article 4
Clearly stated.

Article 5
Clearly stated.

Article 6
Clearly stated.

Article 7
Clearly stated.

Article 8
Clearly stated.

Article 9
Clearly stated.

Article 10
Clearly stated.

Article 11
Clearly stated.

Article 12
Clearly stated.

Article 13
Clearly stated.

Article 14
Clearly stated.

Article 15
Clearly stated.

Article 16
Paragraph (1)
Letter a
Clearly stated.

Letter b
Example: The name of a Gold ETF managed by Investment Manager ABC that reflects Gold ETF investment is named "ABC PHYSICAL GOLD ETF Mutual Fund".

Letter c
Example: The name of a Gold ETF managed by Investment Manager ABC that reflects Gold ETF investment with Euro currency denomination is named "ABC MUTUAL FUND EURO Gold ETF".

Paragraph (2)
Letter a
Clearly stated.

Letter b
Example: "Profitable Mutual Fund" and "Loss-Proof Mutual Fund".

Letter c
Example: "ABC Mutual Fund (Investment Manager Name) Best Stocks".

Letter d
Clearly stated.

Paragraph (3)
Clearly stated.

Article 17
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
The term "quotation" refers to the process of continuously entering sell offers and buy demands.

Letter b
Clearly stated.

Letter c
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Article 18
Clearly stated.

Article 19
Clearly stated.

Article 20
Clearly stated.

Article 21
Clearly stated.

Article 22
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Letter a
The principle of fair and independent transactions is known as the arm's length condition.
In this case, even if there is an affiliation relationship between the Investment Manager and the Gold Provider, such trading must be conducted as transactions conducted with non-affiliated Parties.

Letter b
Clearly stated.

Letter c
The term "gold trading is not conducted excessively" refers to gold trading in quantity or frequency that takes into account, among other things, the financial condition, the profile of the Gold ETF, and the investment objectives of the Gold ETF.

Letter d
The term "consistent with best execution standards" refers to gold trading conducted for the benefit of the Gold ETF through its affiliated Parties, which must still consider the best available conditions at the time of gold trading, determined at least based on considerations of price, cost, volume, and/or other relevant matters regarding gold trade execution, with the aim of obtaining the best available price.

Letter e
Clearly stated.

Article 23
Clearly stated.

Article 24
Clearly stated.

Article 25
Clearly stated.

Article 26
Clearly stated.

Article 27
Clearly stated.

Article 28
Example of realizing liquid trading is done by continuously offering sell offers and buy demands for Gold ETF Participation Units.

Article 29
Paragraph (1)
Clearly stated.

Paragraph (2)
The term "gold purchases are conducted at the best price considering applicable fair prices" refers to purchasing gold at a lower price among prices available from several Gold Providers. Example: Gold Provider X with a gold buy price of Rp1,000.00 and Gold Provider Y with a gold buy price of Rp1,100.00, then the choice is to buy gold from Gold Provider X.

The term "gold sales are conducted at the best price considering applicable fair prices" refers to selling gold at a higher price among prices available from several Gold Providers. Example: Gold Provider X with a gold sell price of Rp1,000.00 and Gold Provider Y with a gold sell price of Rp1,100.00, then the choice is to sell gold to Gold Provider Y.

Article 30
Clearly stated.

Article 31
Clearly stated.

Article 32
Clearly stated.

Article 33
Clearly stated.

Article 34
Clearly stated.

Article 35
Clearly stated.

Article 36
Clearly stated.

Article 37
Clearly stated.

Article 38
Clearly stated.

Article 39
Clearly stated.

Article 40
Clearly stated.

Article 41
Clearly stated.

Article 42
The term "specific actions" includes, among others, orders to correct errors, conditions, and/or situations arising from violations.

Article 43
Clearly stated.

Article 44
Clearly stated.

Article 45
The provision of different policies is intended, among other things, to:
a. support national policies; b. protect public interests;
c. maintain industry growth; and/or
d. maintain healthy business competition.

Conditions requiring specific consideration are extraordinary events (KLB) that can cause significant increases in morbidity and mortality, which also impact the economy and society, thus requiring attention and handling by all relevant Parties and regulated in other provisions regarding considerations for facing possible KLB.

Article 46
Clearly stated.

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