OJK REGULATION NO. 5 OF 2026

ON

THE CONDUCT OF INVESTMENT MANAGER BUSINESS ACTIVITIES

BY THE GRACE OF GOD THE ALMIGHTY,

THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that with the development of the investment management industry to increase the capacity and professionalism of investment managers, it is necessary to organize and develop the efficiency and effectiveness of investment manager business activities; b. that the regulation of licensing and the conduct of investment manager business activities needs to be adjusted to the needs of the investment management industry in the capital market;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation regarding the Conduct of Investment Manager Business Activities;

Recalling:

Law Number 8 of 1995 on 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 on 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 on 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 on 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:
AN OJK REGULATION ON THE CONDUCT OF INVESTMENT MANAGER BUSINESS ACTIVITIES.

CHAPTER I

GENERAL PROVISIONS

Article 1

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

Investment Manager is a party whose business activity manages 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.
Investment Manager based on Business Activities, hereinafter abbreviated as MIKU, is a grouping of Investment Managers based on business activities.
Securities Company is a party that conducts activities as a securities underwriter and/or securities broker or Investment Manager.
Company is a limited liability company as referred to in the law on limited liability companies.
Party is an individual, legal entity, company, joint venture, association, or organized group.
Control is an action aimed at influencing the management and/or policies of an Investment Manager in any way, either directly or indirectly.
Controlling Shareholder, hereinafter abbreviated as PSP, is a legal entity, individual, and/or business group that directly or indirectly owns shares or shares equivalent to those of an Investment Manager and has the ability to exercise Control over the Investment Manager.
Securities are securities or investment contracts, whether in conventional and digital forms or other forms in accordance with technological developments, that give the owner the right to directly or indirectly obtain economic benefits from the issuer or from a specific Party based on an agreement and any derivatives of Securities, which can be transferred and/or traded on the Capital Market.
Securities Portfolio is a collection of Securities owned by a Party.
Investment Portfolio is a collection of Securities and/or investment instruments other than Securities.
Investment Product is mutual funds, asset-backed securities in the form of collective investment contracts, infrastructure investment funds, real estate investment funds, individual client Securities Portfolio management, multi-asset investment funds, collective investment contracts for the collection of public housing savings funds, and other investment products established by the Financial Services Authority and permitted to be formed and managed by Investment Managers based on legislation provisions.
Securities Company Representative is an individual who has a license from the Financial Services Authority as a securities underwriter representative, securities broker representative, and/or Investment Manager Representative.
Investment Manager Representative is an individual who acts on behalf of the Securities Company conducting business activities as an Investment Manager.
Financial Services Institution, hereinafter abbreviated as LJK, is an institution that conducts activities in the banking, capital market, insurance, pension fund, financing institution, and other financial services sectors based on financial services sector legislation provisions.
Investment Advisor is a Party that provides advice to another Party regarding the sale or purchase of Securities in exchange for service fees.
Custodian Bank is a general bank that has obtained approval from the Financial Services Authority to conduct business activities as a custodian.
Capital Market is a part of the financial system related to activities:
a. public offerings and Securities transactions; b. investment management;
c. issuers and public companies related to the Securities they issue; and
d. institutions and professions related to Securities.
Adjusted Net Working Capital, hereinafter referred to as MKBD, is the amount of current assets of an Investment Manager minus all liabilities of the Investment Manager and ranking liabilities, plus subordinated debt, and other adjustments.
Board of Directors is the organ of the Investment Manager authorized and fully responsible for the management of the Investment Manager, in accordance with the purpose and objectives of the Investment Manager and representing the Investment Manager, both inside and outside of court, in accordance with the articles of association.
Board of Commissioners is the organ of the Investment Manager tasked with conducting general and/or specific supervision and providing advice to the Board of Directors in accordance with the articles of association.
Periodic Report is a report prepared by the Investment Manager for the benefit of the Financial Services Authority for a specific period.
Incidental Report is a report prepared by the Investment Manager for the benefit of the Financial Services Authority at a specific time.
Principal Party is a Party that owns, manages, supervises, and/or has significant influence on the Investment Manager.

CHAPTER II

CONDUCT OF MIKU BUSINESS

First Section

General

Article 2

(1) Any Party conducting business activities managing Securities Portfolios, Collective Investment Portfolios, and/or other Investment Portfolios for the benefit of a group of clients or individual clients must obtain a business license as an Investment Manager from the Financial Services Authority, unless the management of Securities Portfolios, Collective Investment Portfolios, and/or other Investment Portfolios is specifically regulated in other legislation. (2) Parties conducting business activities as Investment Managers as referred to in paragraph (1) are prohibited from conducting business activities as securities underwriters and/or securities brokers.

Article 3

(1) Investment Managers conduct business activities consisting of:
a. main activities, namely:

management of Securities Portfolios for individual clients based on bilateral and individual fund management agreements as regulated in Financial Services Authority Regulations;
management of Collective Investment Portfolios for a group of clients through containers or Investment Products; and/or
management of other Investment Portfolios for a group of clients or individual clients as regulated in Financial Services Authority Regulations; and/or
b. other activities established and/or approved by the Financial Services Authority.
(2) Investment Managers are prohibited from conducting business activities other than those referred to in paragraph (1).

Second Section

Grouping of Investment Managers

Article 4

Investment Managers are grouped based on the scope of business activities into:
a. MIKU 1; and b. MIKU 2.

Article 5

(1) In conducting business activities, MIKU 1 as referred to in Article 4 letter a may only conduct:
a. main activities by managing:

Securities Portfolios for individual clients;
money market mutual funds that only invest in deposit certificate forms;
limited participation mutual funds;
asset-backed securities in the form of collective investment contracts;
real estate investment funds; and/or
infrastructure investment funds; and/or
other investment products established by the Financial Services Authority; and/or
b. other activities as regulated in Article 3 paragraph (1) letter b.
(2) MIKU 1 is prohibited from conducting business activities other than those referred to in paragraph (1).

Article 6

(1) In conducting business activities, MIKU 2 may conduct all Investment Manager business activities as referred to in Article 3 paragraph (1).
(2) MIKU 2 is prohibited from conducting business activities other than those referred to in paragraph (1).

Third Section

Administrative Sanctions

Article 7

(1) Any Party violating the provisions as referred to in Article 2, Article 3 paragraph (2), Article 5 paragraph (2), and Article 6 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. 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 an administrative sanction 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 III

INVESTMENT MANAGER CRITERIA

First Section

General

Article 8

Parties holding a license to conduct business activities as Investment Managers from the Financial Services Authority must fulfill:
a. articles of association requirements; b. identity requirements;
c. capital and managed funds requirements;
d. operational requirements; e. requirements for shareholders, PSP, Board of Directors members, and Board of Commissioners members; and f. Investment Manager functions, while holding a business license as an Investment Manager.

Article 9

In conducting their business activities, Investment Managers must apply Financial Services Authority Regulations regarding Investment Manager governance and Financial Services Authority Regulations regarding guidelines for the implementation of Investment Manager functions, unless otherwise specifically regulated in this Financial Services Authority Regulation.

Second Section

Articles of Association Requirements

Article 10

(1) Investment Managers must state business activities in the articles of association in accordance with the business license applied for to the Financial Services Authority. (2) In the event that an Investment Manager conducts other activities as referred to in Article 3 paragraph (1) letter b, the statement of business activities in the articles of association as referred to in paragraph (1) includes other activities conducted.

Third Section

Identity Requirements

Article 11

(1) Investment Managers must have at least the following identity:

name;
headquarters and operational office address;
telephone number;
website; and
logo.
(2) Investment Managers must clearly state the words "Investment Manager" or equivalent words in the writing of their company name.
(3) Investment Managers must state the name of the Investment Manager on the logo, which is part of the Investment Manager's logo.

Fourth Section

Capital and Managed Funds Requirements

Article 12

(1) MIKU 1 must have paid-up capital of at least IDR 25,000,000,000.00 (twenty-five billion rupiah).
(2) MIKU 2 must have paid-up capital of at least IDR 50,000,000,000.00 (fifty billion rupiah).

Article 13

(1) MIKU 1 must have and maintain Adjusted Net Working Capital of at least IDR 5,000,000,000.00 (five billion rupiah) plus 0.1% (zero point one percent) of the value of MIKU 1's managed funds. (2) MIKU 2 must have and maintain Adjusted Net Working Capital of at least IDR 10,000,000,000.00 (ten billion rupiah) plus 0.1% (zero point one percent) of the value of MIKU 2's managed funds.

Article 14

(1) MIKU 1 must have managed funds of at least IDR 500,000,000,000.00 (five hundred billion rupiah) within a period of 3 (three) years from obtaining the license to conduct business activities as an Investment Manager and must remain the minimum managed funds while MIKU 1 holds the license to conduct business activities as an Investment Manager. (2) MIKU 2 must have managed funds of at least IDR 1,000,000,000,000.00 (one trillion rupiah) within a period of 3 (three) years from obtaining the license to conduct business activities as an Investment Manager and must remain the minimum managed funds while MIKU 2 holds the license to conduct business activities as an Investment Manager. (3) In fulfilling the managed fund value as referred to in paragraph (1) and paragraph (2), MIKU 1 and MIKU 2 must report the action plan for fulfilling the managed fund value every month within a period of 3 (three) years contained in the monthly activity report of the Investment Manager as stated in Format 1 in the Appendix which is an integral part of this Financial Services Authority Regulation.

Article 15

(1) After the 3 (three) year period as referred to in Article 14 paragraph (1), MIKU 1 is prohibited from having managed funds less than IDR 500,000,000,000.00 (five hundred billion rupiah) for 120 consecutive trading days. (2) After the 3 (three) year period as referred to in Article 14 paragraph (2), MIKU 2 is prohibited from having managed funds less than IDR 1,000,000,000,000.00 (one trillion rupiah) for 120 consecutive trading days.

Article 16

(1) In the event that the value of an Investment Manager's managed funds decreases causing non-compliance with the provisions as referred to in Article 14 and Article 15 due to:
a. a significant and sudden drop (crash) in the price of most or all Securities listed on the stock exchange or over-the-counter market organizers; b. significant pressure on the Capital Market;
c. regional and global economic conditions experiencing pressure and slowdown so as to impact or potentially impact significantly on Capital Market stability;
d. natural or non-natural disasters impacting Capital Market stability pressure; e. significant and sudden (crash) redemption of shares or participation units in Investment Products, suspension of trading of most Securities underlying Investment Products on the stock exchange, or closure of the stock exchange where most Securities underlying Investment Products are traded; f. trading or transaction settlement system failures causing significant market fluctuations; g. legal issues impacting a significant decrease in the net asset value of Investment Products; and/or h. other conditions established by the Financial Services Authority, the Investment Manager must report to the Financial Services Authority no later than 2 (two) trading days after the Investment Manager's managed funds fail to meet the provisions as referred to in Article 14 and Article 15. (2) Investment Managers must adjust and meet the managed fund value no later than 20 (twenty) trading days after failing to meet the provisions as referred to in Article 14 and Article 15. (3) In the event that the adjustment and fulfillment of the managed fund value within the period as referred to in paragraph (2) is not fulfilled, the Investment Manager must submit:
a. a report on the development of adjustment and fulfillment of the managed fund value; and b. a request for extension of the settlement period, no later than 5 (five) trading days after the period for adjustment and fulfillment of the managed fund value is not fulfilled. (4) The Financial Services Authority has the authority to extend the period for adjustment and fulfillment of the managed fund value to Investment Managers. (5) In the event that an Investment Manager has adjusted and fulfilled the managed fund value, the Investment Manager must report to the Financial Services Authority no later than 2 (two) trading days since the adjustment of the Investment Manager's managed fund value was made.

Fifth Section

Operational Requirements

Article 17

(1) Investment Managers must have:
a. an organizational structure equipped with:

job descriptions;
employee names; and
work units,
for each position; b. procedures and operational standards in accordance with the business license held by the Investment Manager and in accordance with legislation in the Capital Market sector with the minimum requirement of containing:
title of procedures and operational standards;
person responsible for procedures and operational standards;
Parties executing each procedure and operational standard;
flowcharts and explanations of each stage of procedures executed;
time limits for execution in each procedure;
documents used;
results of executed procedures; and
date of establishment and implementation of procedures and operational standards; and
c. a plan for the use of foreign labor approved by the ministry in charge of labor affairs or the appointed official in accordance with legislation.
(2) Procedures and operational standards as referred to in paragraph (1) letter b must be established by members of the Board of Directors and known by members of the Board of Commissioners.

Article 18

Investment Managers are legally and financially responsible for all actions taken on behalf of and for the Investment Manager by members of the Board of Directors, members of the Board of Commissioners, Investment Manager Representatives, employees, and/or other parties working for the Investment Manager.

Sixth Section

Requirements for Shareholders, PSP, Board of Directors Members, and Board of Commissioners Members

Article 19

(1) Prospective PSPs, prospective Board of Directors members, and prospective Board of Commissioners members must fulfill the following provisions:
a. integrity, for prospective PSPs, prospective Board of Directors members, and prospective Board of Commissioners members; b. financial feasibility, for prospective PSPs; and
c. financial reputation and competence, for prospective Board of Directors members and prospective Board of Commissioners members,
as regulated in Financial Services Authority Regulations regarding the assessment of capability and propriety for prospective Principal Parties of Financial Services Institutions. (2) The provisions as referred to in paragraph (1) letters a and b also apply to prospective shareholders of Investment Managers. (3) Prospective shareholders, prospective PSPs, prospective Board of Directors members, and prospective Board of Commissioners members must obtain approval from the Financial Services Authority before carrying out actions, duties, and functions. (4) In the event that an Investment Manager has conducted a public offering of equity Securities or is a public company, the obligation to obtain prior approval from the Financial Services Authority as referred to in paragraph (3) is exempted for shareholders who are not PSPs.

Article 20

In granting approval as referred to in Article 19 paragraph (3), the Financial Services Authority conducts an assessment of capability and propriety for prospective PSPs, prospective Board of Directors members, and prospective Board of Commissioners members in accordance with the provisions in Financial Services Authority Regulations regarding the assessment of capability and propriety for Principal Parties of Financial Services Institutions.

Article 21

(1) In the event that there are indications that PSPs, Board of Directors members, and/or Board of Commissioners members of an Investment Manager are involved in and/or responsible for integrity, financial feasibility, financial reputation, and/or competence issues occurring at the Investment Manager, the Financial Services Authority conducts a re-assessment of the PSPs, Board of Directors members, and/or Board of Commissioners members. (2) Re-assessment of PSPs, Board of Directors members, and/or Board of Commissioners members of Investment Managers is conducted in accordance with the provisions in Financial Services Authority Regulations regarding re-assessment for Principal Parties of Financial Services Institutions.

Paragraph 1

Provisions for Board of Directors Members

Article 22

Members of the Board of Directors of an Investment Manager must reside in Indonesia.

Article 23

(1) MIKU 1 must have at least 2 (two) members of the Board of Directors, comprising:
a. Board of Directors members overseeing the investment function; and b. Board of Directors members overseeing functions other than investment.
(2) MIKU 2 must have at least 3 (three) members of the Board of Directors, comprising:
a. Board of Directors members overseeing the investment function; b. Board of Directors members overseeing the compliance function; and
c. Board of Directors members overseeing functions other than investment and compliance functions.
(3) Board of Directors members overseeing the investment function as referred to in paragraph (1) letter a and paragraph (2) letter a must hold an individual license as an Investment Manager Representative. (4) Board of Directors members overseeing functions other than investment as referred to in paragraph (1) letter b and paragraph (2) letter c must hold an individual license as a Securities Company Representative.

Article 24
(1) Directors in charge of the compliance function as referred to in Article 23 paragraph (2) letter b must meet independence requirements proven by:
a. not holding concurrent positions as Directors in charge of the investment function as referred to in Article 23 paragraph (2) letter a and Directors in charge of functions other than the investment function as referred to in Article 23 paragraph (2) letter c; and b. not having affiliations with the Investment Manager, Directors, Commissioners, and Principal Shareholders of the Investment Manager (PSP). (2) Directors in charge of the compliance function as referred to in paragraph (1) must meet the following requirements:
a. hold an individual license as a Deputy Investment Manager; and b. hold a compliance field certification.
(3) Directors in charge of the compliance function as referred to in paragraph (1) may also be in charge of the risk management function and/or the internal audit function. (4) In the event that Directors in charge of the compliance function also oversee the risk management function and the internal audit function, the implementation:
a. of the risk management function and the compliance function may be coordinated by a coordinator who is a unit head or an official at a level below the Director; and b. of the internal audit function must be coordinated by a coordinator who is a unit head or an official at a level below the Director.

Article 25
(1) Investment Manager Directors are prohibited from holding concurrent positions:
a. as Directors, Commissioners, Sharia Supervisory Board members, and/or executive officials of other companies located domestically or abroad; b. in functional tasks of other companies located domestically or abroad;
c. in other positions that have conflicts of interest in the execution of duties as Directors; and/or
d. in other positions in accordance with applicable legislation.
(2) Concurrent positions as referred to in paragraph (1) do not apply in the event that Directors:
a. hold positions in investment entities formed and/or managed by the Investment Manager; b. are responsible for supervising subsidiary companies, perform functional tasks as Commissioners in subsidiary companies; and/or
c. hold positions in non-profit organizations or institutions,
provided that such positions do not cause the respective individual to neglect the execution of duties and responsibilities as a Director.
(3) In the event that the Investment Manager is a financial conglomerate holding company or a member of a financial conglomerate, regulations regarding concurrent positions of Directors refer to regulations of the Otoritas Jasa Keuangan regarding financial conglomerates and financial conglomerate holding companies.

Paragraph 2
Regulations on Commissioners

Article 26
(1) MIKU 1 must have at least 2 (two) Commissioners.
(2) MIKU 2 must have at least 2 (two) Commissioners, which include:
a. Commissioners; and b. independent Commissioners.
(3) In the event that MIKU 2 has more than 2 (two) Commissioners, MIKU 2 must have independent Commissioners amounting to at least 30% (thirty percent) of the total number of Commissioners.

Article 27
(1) Commissioners are prohibited from holding concurrent positions:
a. as Directors, Commissioners, Sharia Supervisory Board members, or executive officials of other financial companies located domestically; b. as Directors, Commissioners, Sharia Supervisory Board members, or executive officials of more than 1 (one) non-financial company located domestically;
c. in functional tasks of financial companies located domestically; and/or
d. in other positions that have conflicts of interest in the execution of duties as Commissioners.
(2) Concurrent positions as referred to in paragraph (1) do not apply in the event that Commissioners:
a. hold positions in investment entities formed and/or managed by the Investment Manager; b. hold positions as Directors, Commissioners, or executive officials who perform supervisory functions in 1 (one) subsidiary company;
c. hold positions in non-profit organizations or institutions; and/or
d. hold other positions in accordance with applicable legislation, provided that such positions do not cause the respective individual to neglect the execution of duties and responsibilities as a Commissioner. (3) In the event that the Investment Manager is a financial conglomerate holding company or a member of a financial conglomerate, regulations regarding concurrent positions of Commissioners refer to regulations of the Otoritas Jasa Keuangan regarding financial conglomerates and financial conglomerate holding companies.

Seventh Part
Functions of Investment Managers

Article 28
Regulations regarding the functions of Investment Managers refer to regulations of the Otoritas Jasa Keuangan regarding guidelines for the implementation of Investment Manager functions, except as otherwise specifically regulated in this Regulation of the Otoritas Jasa Keuangan.

Article 29
MIKU 1 must have and implement Investment Manager functions at least:
a. investment and research functions; b. risk management, compliance, and internal audit functions; and
c. marketing and customer complaint handling functions.

Article 30
(1) MIKU 2 must have and implement Investment Manager functions including:
a. investment and research functions; b. trading functions;
c. securities transaction settlement functions;
d. risk management, compliance, and internal audit functions; e. marketing and customer complaint handling functions; f. information technology functions; g. accounting and finance functions; and h. human resource development functions. (2) MIKU 2 must separate the implementation of internal audit functions from:
a. risk management and compliance functions; and b. other functions.

Eighth Part
Administrative Sanctions

Article 31
(1) Any Party violating provisions as referred to in Article 8, Article 9, Article 11, Article 12, Article 13, Article 14, Article 15, Article 16 paragraph (1), paragraph (2), paragraph (3), paragraph (5), Article 17, Article 18, Article 19 paragraph (1), paragraph (3), Article 22, Article 23, Article 24 paragraph (1), paragraph (2), paragraph (4) letter b, Article 25 paragraph (1), Article 26, Article 27 paragraph (1), Article 29, and/or Article 30, shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) include:
a. written warnings; b. fines, namely the obligation to pay a certain amount of money;
c. business activity restrictions;
d. business activity suspension; e. business license revocation; f. approval cancellation; g. registration cancellation; 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 written warnings 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 independently or concurrently with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER IV
PROCEDURES FOR APPLICATION FOR INVESTMENT MANAGER LICENSES

First Part
Business License Applications

Article 32
Applicants submit applications for licenses to conduct business as Investment Managers to the Otoritas Jasa Keuangan in accordance with the application letter as stated in Format 2 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan, by attaching:
a. documents showing the identity of the Investment Manager at least:

name;
address;
telephone number;
website; and
logo;
b. photocopies of the deed of establishment of the Investment Manager approved by the competent authority, supplemented with the latest amended articles of association that have received approval from the competent authority or have been issued a notice of acceptance of the articles of association amendment from the competent authority;
c. photocopies of the corporate tax identification number (NPWP);
d. lists of names and data of prospective Principal Shareholders of the Investment Manager (PSP), both direct and indirect, along with details of each shareholding up to the last PSP and/or beneficial owners, and lists of other companies owned by the PSP; e. lists of names, data, and information of shareholders, accompanied by documents including:
individuals, including:
a) signed biographies; b) photocopies of valid ID cards or passports; c) 2 (two) recent color 4x6 cm photos; d) proof of financial capability; e) photocopies of corporate tax identification numbers; f) statements that capital deposits do not originate from loans or financing facilities of any kind from other parties, nor from and for the purposes of money laundering and terrorism financing; and g) written commitments to comply with applicable legislation and support the healthy operational development of the Investment Manager;
legal entities, including:
a) photocopies of the deed of establishment of Indonesian legal entities approved by the competent authority, along with the latest amended articles of association that have received approval from the competent authority, if there are amendments, or have been issued a notice of acceptance of the articles of association amendment from the competent authority, if the shareholder or PSP is an Indonesian legal entity; b) photocopies of the deed of establishment of foreign legal entities approved by the competent authority in the country of origin, along with amendments and documents required according to the laws of the country of origin if the legal entity is a foreign legal entity, specifically state-owned or government-owned legal entities, if the shareholder or PSP is a foreign legal entity; c) photocopies of corporate tax identification numbers for Indonesian legal entities; d) information regarding controlling parties of the legal entity, both direct and indirect; e) audited financial reports for the last period; f) lists of names and data of Directors, Commissioners, and/or managers including:

composition of Directors, Commissioners, and/or managers;
signed biographies;
photocopies of valid ID cards or passports; and
2 (two) recent color 4x6 cm photos;
g) lists of names and data of shareholders:
individuals including signed biographies, photocopies of valid ID cards or passports, 2 (two) recent color 4x6 cm photos, and tax notification letters or other documents showing financial capability; and
legal entities including the latest articles of association and audited financial reports for the last period;
h) statements that the source of funds or capital deposits do not originate from loans or financing facilities of any kind from other parties, nor from and for the purposes of money laundering and terrorism financing; i) written commitments to comply with applicable legislation and support the healthy operational development of Investment Managers conducting business as Investment Managers; j) letters of certification and/or other evidence from competent authorities in the Capital Market sector in the respective country showing that the company is under their supervision, for foreign legal entities conducting business as securities companies; and k) letters of certification and/or other evidence from competent authorities in the financial sector in the respective country showing that the company is under their supervision, for foreign legal entities conducting business as financial companies; f. documents related to the names, data, and information of prospective Directors and prospective Commissioners of the Investment Manager, as administrative requirement documents regulated in regulations of the Otoritas Jasa Keuangan regarding the assessment of competence and propriety for Key Parties; g. photocopies of corporate tax identification numbers of prospective Directors and prospective Commissioners; h. valid police records certificates, for prospective Directors and prospective Commissioners;
i. police records certificates or equivalent documents, for prospective Directors, prospective Commissioners, prospective PSP, or prospective controllers who are foreign citizens, obtained from their country or the country where the foreign citizen resides if the individual does not reside in their country of origin;
j. drug-free certificates from competent authorities, for prospective Directors and prospective Commissioners; k. statements from prospective Directors stating that the Investment Manager is fully legally and financially responsible for all actions taken on behalf of the Investment Manager by Directors, Deputy Investment Managers, employees, and other parties working for the Investment Manager, in accordance with the statement format as stated in Format 3 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan;
l. statements from prospective Directors and/or prospective Commissioners stating that since the date of issuance of the business license as an Investment Manager and during their tenure as Directors and Commissioners of the Investment Manager, they do not hold concurrent positions in other Capital Market Business Entities (LJK), in accordance with the statement format as stated in Format 4 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan;
m. statements from prospective independent Commissioners stating that they meet the requirements for independent Commissioners as regulated in regulations of the Otoritas Jasa Keuangan regarding the implementation of Investment Manager corporate governance, in accordance with the statement format as stated in Format 5 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; n. lists of names and data:

employees at a level below Directors who do not have Deputy Investment Manager licenses and their positions in the Company's organizational structure;
employees who hold Deputy Investment Manager licenses;
employees tasked with implementing and/or coordinating Investment Manager functions as regulated in regulations of the Otoritas Jasa Keuangan regarding guidelines for the implementation of Investment Manager functions;
officials responsible for anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction programs, in the event the Investment Manager appoints an official as the responsible party for implementing anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction programs, as regulated in regulations of the Otoritas Jasa Keuangan regarding the implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction programs in the financial services sector; and
officials and/or employees who perform consumer protection functions or units, as regulated in regulations of the Otoritas Jasa Keuangan regarding consumer and community protection in the financial services sector;
o. statements from employees holding individual licenses as Deputy Investment Managers, stating that they do not hold concurrent positions in Securities Companies and/or other Capital Market Business Entities (LJK), as stated in the Appendix in Format 6, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; p. photocopies of foreign worker utilization plans approved by the ministry responsible for labor affairs or appointed officials in accordance with applicable legislation; q. financial reports for the last period audited by accountants registered with the Otoritas Jasa Keuangan, with the time interval between the date of the last financial report and the date of issuance of the Investment Manager business license not exceeding 180 (one hundred eighty) days; r. photocopies of joint venture agreements, for Investment Managers with joint venture agreements; s. bank statements; t. proof of capital deposits; u. MKBD documents as regulated in regulations of the Otoritas Jasa Keuangan regarding the maintenance and reporting of MKBD, except as otherwise specifically regulated in this Regulation of the Otoritas Jasa Keuangan;
v. domicile letters from building managers or competent authorities, photocopies of ownership proof if the business premises are owned, or lease agreements if the Investment Manager's office is not owned, office layout diagrams, video recordings, and photos of the Investment Manager's office rooms accompanied by room usage descriptions;
w. organizational structure diagrams with job descriptions, containing at least information regarding:
names of Commissioners;
names of Directors and their positions;
division of tasks and authorities among Directors;
names of officials and employees and the number of employees in work units, including those performing Investment Manager functions; and
other implementation functions or units as required by applicable legislation;
x. descriptions of tasks and responsibilities of Investment Manager functions;
y. lists of coordinators and implementers of Investment Manager functions covering:
full names;
functions supervised;
positions within the functions;
individual licenses held;
ID cards;
highest education level; and
names of the highest education institutions;
z. Investment Manager compliance strategies regarding Capital Market legislation as stated in the Appendix in Format 7, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; aa. Investment Manager risk management strategies stated in the Appendix in Format 8, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; bb. lists of branch offices and their changes;
cc. procedures and standard operating procedures in accordance with the business license and applicable legislation in the Capital Market sector related to the implementation of the requested business activities, containing at least:
titles of procedures and standard operating procedures;
responsible parties for procedures and standard operating procedures;
Parties implementing each procedure and standard operating procedure;
flowcharts and explanations of each implementation stage;
time limits for implementation in each procedure;
documents used; and
results of implemented procedures;
dd. statements from Investment Manager Directors regarding responsibility for the completeness and truthfulness of documents as stated in the Appendix in Format 9, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; ee. statements from prospective shareholders, prospective PSP, shareholders, PSP, prospective Directors, prospective Commissioners, Directors, and Commissioners stating that all documents submitted to the Otoritas Jasa Keuangan are complete, true, and not misleading, in accordance with the completeness and truthfulness document statement as stated in Format 10 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; ff. integrity statements for prospective shareholders as stated in the Appendix in Format 11, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; gg. answers to questions in accordance with the question lists or forms as stated in Format 12, Format 13, and Format 14 in the Appendix, which is an integral part of this Regulation of the Otoritas Jasa Keuangan; hh. proof of payment of Investment Manager licensing fees; and
ii. supporting documents if needed in the context of assessing the fulfillment of requirements as prospective Directors, prospective Commissioners, and prospective PSP, and facilitating the implementation of competence and propriety assessments.

Article 33
In the event that the Otoritas Jasa Keuangan has provided an electronic system, applicants submit applications for licenses to conduct business as Investment Managers through the electronic system provided by the Otoritas Jasa Keuangan.

Article 34
In processing applications for licenses to conduct business as Investment Managers as referred to in Article 32, the Otoritas Jasa Keuangan conducts:
a. examination of document completeness; b. further clarification through face-to-face meetings;
c. requests for presentations regarding the Investment Manager's business activity plans;
d. assessments of competence and propriety for PSP, Directors, and Commissioners; e. on-site inspections at the applicant's office; and/or f. requests for additional documents, if necessary.

Article 35
(1) In the event that applications do not meet requirements, the Otoritas Jasa Keuangan provides notification letters to applicants no later than 30 (thirty) working days after receiving the applications, stating that:
a. the applications do not yet meet requirements; or b. the applications are rejected because they do not meet requirements.
(2) Applicants must complete the required deficiencies no later than 30 (thirty) working days after the date of the notification letter.
(3) Applicants who do not complete the required document deficiencies are deemed to have cancelled their applications.
(4) The Otoritas Jasa Keuangan issues business licenses to conduct business as Investment Managers to applicants who submit license applications no later than 30 (thirty) working days since the applications are received completely and meet the requirements.

Second Part
Other Activities

Article 36
(1) In the event that Investment Managers will conduct other activities, Investment Managers must first state plans to conduct other activities in the Investment Manager's business plan. (2) The Investment Manager's business plan as referred to in paragraph (1) refers to regulations of the Otoritas Jasa Keuangan regarding the implementation of Investment Manager corporate governance. (3) Other activities as referred to in paragraph (1) must be related to the main business activities of Investment Managers in conducting investment management.

Article 37
(1) Investment Managers planning to conduct other activities must:
a. meet Investment Manager corporate governance requirements, completeness of shareholders, Directors, Commissioners, and function coordinators as required; b. not be subject to specific orders, written orders, and/or administrative sanctions in the form of license suspension or business activity restrictions; and
c. have health assessment results for Investment Managers with composite rating category 1 or composite rating 2.

as regulated in the Financial Services Authority Regulation regarding the implementation of risk management and the assessment of the health level of Investment Managers.

(2) In the event that an Investment Manager conducts other activities, the Investment Manager must ensure that the other activities and the implementation thereof:
a. are based on adequate risk management to mitigate arising risks; and b. do not conflict with applicable legislation.

(3) The Financial Services Authority conducts a review of the plan to implement other activities that have been included in the Investment Manager's business plan to ensure compliance with the provisions as referred to in paragraph (1) and paragraph (2).

(4) The Financial Services Authority conveys the results of the review as referred to in paragraph (3) to the Investment Manager.

Article 38
An Investment Manager must implement other activities no later than 6 (six) months from the date of obtaining approval to implement other activities in accordance with the provisions of legislation regulating such other activities.

Article 39
(1) An Investment Manager must convey the realization of the implementation of other activities in the realization report of the Investment Manager's business plan in the next reporting period after the other activities as referred to in Article 38 are implemented.

(2) The realization report of the implementation of other activities as referred to in paragraph (1) contains:
a. the type and name of the other activities; b. the start date of the implementation of the other activities; and
c. the conformity between the other activities implemented and those contained in the Investment Manager's business plan as referred to in Article 36 paragraph (1).

Third Section
Administrative Sanctions

Article 40
(1) Any Party that violates the provisions as referred to in Article 36 paragraph (1) and paragraph (3), Article 37 paragraph (1), paragraph (2), Article 38, and/or Article 39 paragraph (1) shall be subject to administrative sanctions.

(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on the Party that causes 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 the license of an individual.

(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 an administrative sanction in the form of a written warning as referred to in paragraph (3) letter a.

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

CHAPTER V
CHANGES IN THE GROUPING OF INVESTMENT MANAGER BUSINESS ACTIVITIES

Article 41
An Investment Manager may make changes to the grouping of business activities as referred to in Article 4, provided that it obtains approval or based on an order from the Financial Services Authority.

Article 42
In the event that an Investment Manager makes changes to the grouping of business activities as referred to in Article 41, the Investment Manager must comply with the requirements of MIKU 1 or MIKU 2 as regulated in this Financial Services Authority Regulation.

Article 43
(1) Any Party that violates the provisions as referred to in Article 42 shall be subject to administrative sanctions.

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

CHAPTER VI
OWNERSHIP AND CONTROL

First Section
Ownership

Article 44
(1) An Investment Manager may be in the form of:
a. a National Investment Manager whose entire shares are owned by Indonesian citizen individuals and/or Indonesian legal entities; or b. a Joint Venture Investment Manager whose shares are owned by Indonesian citizen individuals or Indonesian legal entities and foreign legal entities engaged in the financial sector.

(2) Shares of a Joint Venture Investment Manager as referred to in paragraph (1) letter b owned by foreign legal entities engaged in the securities sector that have obtained a license or are under the supervision of the Capital Market regulator in their home country may be at most 99% (ninety-nine percent) of the paid-up capital.

(3) Shares of a Joint Venture Investment Manager as referred to in paragraph (1) letter b may be owned by foreign legal entities engaged in the financial services sector other than securities at most 85% (eighty-five percent) of the paid-up capital.

Article 45
(1) In the event that a National or Joint Venture Investment Manager conducts a public offering of shares, the shares of the National or Joint Venture Investment Manager may be wholly owned by Indonesian citizen individuals, Indonesian legal entities, foreign citizen individuals, or foreign legal entities.

(2) Foreign legal entities as referred to in paragraph (1) may include foreign legal entities that are not engaged in the financial sector.

Article 46
(1) The ownership of shares of an Investment Manager by legal entities as referred to in Article 44 paragraph (1) may be at most:
a. the equity of the legal entity in the form of a Limited Liability Company; or b. equivalent to equity for legal entities in the form of a cooperative or other legal entities.

(2) The provisions as referred to in paragraph (1) must be fulfilled at the time the respective legal entity makes capital deposits in:
a. the establishment of an Investment Manager; or b. the increase in paid-up capital of an Investment Manager.

(3) The provisions as referred to in paragraph (1) and paragraph (2) are exempted for shareholders who are not Major Shareholders of an Investment Manager that has conducted a public offering of equity securities or is a public company.

Article 47
(1) The source of funds used for the ownership of shares of an Investment Manager is prohibited from originating:
a. from loans or debts in any form from any party; and/or b. from and for the purpose of money laundering, terrorism financing, and/or financing the proliferation of weapons of mass destruction.

(2) The prohibition on the source of funds for ownership of shares of an Investment Manager originating from loans or debts as referred to in paragraph (1) letter a is exempted for shareholders who are not Major Shareholders of an Investment Manager that has conducted a public offering of equity securities or is a public company.

(3) Prospective shareholders, prospective Major Shareholders, shareholders, or Major Shareholders must sign a statement letter regarding the source of funds or capital deposits as referred to in paragraph (1) as contained in Format 15 in the Appendix which is an inseparable part of this Financial Services Authority Regulation.

Article 48
In investment management, an Investment Manager is prohibited from having an affiliation relationship with a Custodian Bank, except for affiliation relationships that occur due to government ownership or capital participation.

Second Section
Control

Article 49
(1) The Major Shareholder of an Investment Manager must obtain approval from the Financial Services Authority before exercising Control.

(2) Approval of the Major Shareholder of an Investment Manager is implemented based on the provisions of the Financial Services Authority Regulation regarding the assessment of competence and propriety for Key Parties of Financial Service Institutions.

Article 50
(1) An Investment Manager is prohibited from being controlled, directly or indirectly, by individuals who:
a. have previously committed disgraceful acts and/or have been sentenced for proven criminal acts in the financial sector that have obtained permanent legal force; and b. do not have good ethics and morality.

(2) Disgraceful acts as referred to in paragraph (1) letter a are proven at least through a police record certificate.

(3) The time limit for the issuance of the police record certificate as referred to in paragraph (2) until submitted to the Financial Services Authority is not more than 6 (six) months or in accordance with the validity period of the police record if it is less than 6 (six) months.

Article 51
An Investment Manager must determine the Party that becomes the controller of the Investment Manager and report it to the Financial Services Authority.

Article 52
The Party that becomes the controller of an Investment Manager must submit a statement letter as the controller of the Investment Manager to the Financial Services Authority through the Investment Manager.

Article 53
In the event of a change in controller as referred to in Article 51, the Investment Manager must submit a report to the Financial Services Authority no later than 7 (seven) working days from the date the change in controller occurs.

Third Section
Single Ownership Policy

Article 54
(1) Any Party is prohibited from owning shares and/or exercising Control on more than 1 (one) Investment Manager, either directly or indirectly, except due to share ownership or government capital participation.

(2) In the event that an Investment Manager is in the process of merger or consolidation with another Investment Manager, share ownership and/or Control over more than 1 (one) Investment Manager as referred to in paragraph (1) is not stated as a violation of single ownership provisions.

(3) In the process of merger, consolidation, or business takeover of an Investment Manager as referred to in paragraph (2), the Financial Services Authority conveys a statement that the Party as referred to in paragraph (2) is conducting a merger, consolidation, or business takeover of an Investment Manager.

(4) The prohibition on owning shares in more than 1 (one) Investment Manager as referred to in paragraph (1) is exempted for share ownership in the context of Investment Portfolios through the Capital Market and is not intended for Control.

Fourth Section
Administrative Sanctions

Article 55
(1) Any Party that violates the provisions as referred to in Article 46 paragraph (2), Article 47 paragraph (1), paragraph (3), Article 48, Article 49 paragraph (1), Article 50 paragraph (1), Article 51, Article 52, Article 53, and/or Article 54 paragraph (1) shall be subject to administrative sanctions.

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

CHAPTER VII
ONGOING OBLIGATIONS

First Section
Changes to Investment Manager Data and/or Information

Article 56
An Investment Manager must update its compliance strategy and risk management in the event:
a. there are changes and/or additions to the Investment Manager's activities; and/or b. there are new legislation and/or changes to existing legislation.

Article 57
(1) An Investment Manager must convey changes to data and/or information to the Financial Services Authority concerning:
a. the identity of the Investment Manager:

name;
headquarters and operational address;
telephone number;
website; and/or
logo;
b. the Articles of Association of the Investment Manager;
c. the plan for the use of foreign labor approved by the ministry responsible for labor affairs or the official designated in accordance with legislation;
d. the Investment Manager's tax identification number; e. joint venture agreements, for Joint Venture Investment Managers; f. information on business premises and the Investment Manager's internal control system; g. organizational structure along with job descriptions; h. Investment Manager procedures and standard operating procedures; and
i. compliance strategy and risk management.

(2) The obligation as referred to in paragraph (1) must be submitted to the Financial Services Authority no later than 7 (seven) working days after the change occurs.

Article 58
(1) In the event of a change in the name of an Investment Manager as referred to in Article 57 paragraph (1) letter a number 1, the Investment Manager must obtain approval for the amendment of the Articles of Association related to the name change from the minister responsible for legal affairs.

(2) The implementation of the name change as referred to in Article 57 paragraph (1) letter a number 1 must be announced in:
a. one daily newspaper with national circulation; and b. the Investment Manager's website, no later than 7 (seven) working days after the date of approval of the amendment of the Articles of Association related to the use of the new name from the minister responsible for legal affairs.

(3) The submission of the name change as referred to in Article 57 paragraph (1) letter a number 1 must be accompanied by:
a. the reason for the name change; b. the deed of amendment of the Articles of Association approved by the minister responsible for legal affairs;
c. the tax identification number of the new Investment Manager; and
d. proof of announcement.

Second Section
Changes to Board of Directors and/or Board of Commissioners Members

Article 59
(1) The term of office of members of the Board of Directors and/or members of the Board of Commissioners of an Investment Manager ends automatically if:
a. declared incapable of performing legal acts; b. permanently unable to perform duties;
c. deceased;
d. declared bankrupt or become a commissioner or director declared guilty or partly guilty causing a company to be declared bankrupt; e. sentenced for committing criminal acts that harm state finances and/or are related to the financial sector; f. declared dismissed as a member of the Board of Directors and/or members of the Board of Commissioners based on the re-evaluation results of Key Parties by the Financial Services Authority; and/or g. the individual license as a Deputy Investment Manager and/or Deputy Securities Company is revoked by the Financial Services Authority, for members of the Board of Directors.

(2) In the event that the license of Deputy Investment Manager and/or Deputy Securities Company held by a member of the Board of Directors is temporarily suspended, the aforementioned member of the Board of Directors is prohibited from performing functions, duties, and authorities as a member of the Board of Directors until the license of the Deputy Investment Manager and/or Deputy Securities Company of the member of the Board of Directors becomes valid again.

(3) In the event of a vacancy in all members of the Board of Directors of an Investment Manager due to reasons as referred to in paragraph (1) then:
a. the Investment Manager's business activities are restricted; and b. the management of the Investment Manager is carried out by members of the Board of Commissioners until new members of the Board of Directors are appointed in accordance with the provisions of legislation in the financial services sector.

Article 60
(1) In the event that the term of office of members of the Board of Directors and/or members of the Board of Commissioners ends automatically as referred to in Article 59, the Investment Manager must submit data and/or information regarding such matters to the Financial Services Authority no later than 2 (two) working days after the event is known.

(2) In the event that the term of office of members of the Board of Directors and/or members of the Board of Commissioners ends automatically, which affects the minimum number of members of the Board of Directors and/or members of the Board of Commissioners of an Investment Manager, the Investment Manager must fulfill the minimum number of members of the Board of Directors and/or members of the Board of Commissioners requirements no later than 6 (six) months from the date the term of office of the members of the Board of Directors and/or members of the Board of Commissioners ends automatically.

(3) In the event that an Investment Manager has not fulfilled its obligations within the time period as referred to in paragraph (2), the Financial Services Authority has the authority to grant an extension period for fulfilling the obligations as referred to in paragraph (2).

Article 61
(1) In the event that members of the Board of Directors and/or members of the Board of Commissioners resign, are dismissed, or their term of office expires, the Investment Manager must submit to the Financial Services Authority no later than 2 (two) working days since the event was known by the Investment Manager.

(2) The Financial Services Authority may postpone the resignation or dismissal of members of the Board of Directors and/or members of the Board of Commissioners.

(3) In the event that the Financial Services Authority postpones the resignation or dismissal of members of the Board of Directors and/or members of the Board of Commissioners as referred to in paragraph (2), the Investment Manager is prohibited from holding a general meeting of shareholders to approve the resignation or dismissal of members of the Board of Directors and/or members of the Board of Commissioners.

Article 62
(1) Any change to members of the Board of Directors or members of the Board of Commissioners of an Investment Manager must obtain approval from the Financial Services Authority.

(2) The request for approval from the Financial Services Authority as referred to in paragraph (1) is submitted by the Investment Manager to the Financial Services Authority in accordance with the administrative requirement documents regulated in the Financial Services Authority Regulation regarding the assessment of competence and propriety for Key Parties of Financial Service Institutions.

(3) The submission of the request for change of members of the Board of Directors as referred to in paragraph (2) must be accompanied by:
a. the name of the prospective member of the Board of Directors; b. documents related to the prospective member of the Board of Directors as referred to in Article 32 letter g, letter j, letter k, letter ee, paragraph (2), and answers to the questionnaire as contained in the Appendix in Format 12 which is an inseparable part of this Financial Services Authority Regulation; and
c. information regarding the duties, responsibilities, and functions of the prospective member of the Board of Directors.

(4) The submission of the request for change of members of the Board of Commissioners as referred to in paragraph (2) must be accompanied by:
a. the name of the prospective member of the Board of Commissioners; b. documents related to the prospective member of the Board of Commissioners as referred to in Article 32 letter g, letter j, letter ee, paragraph (2), and answers to the questionnaire as contained in the Appendix in Format 12 which is an inseparable part of this Financial Services Authority Regulation; and
c. information regarding the duties, responsibilities, and functions of the prospective member of the Board of Directors.

(5) The Financial Services Authority may request additional data and/or information to complete the request for change of members of the Board of Directors or members of the Board of Commissioners as referred to in paragraph (2).

Article 63
An Investment Manager must submit the results of the general meeting of shareholders regarding the change of members of the Board of Directors and/or members of the Board of Commissioners as referred to in Article 62 paragraph (1) to the Financial Services Authority no later than 7 (seven) working days after the date of the general meeting of shareholders.

Third Section
Changes to Shareholders and/or Major Shareholders

Article 64
(1) Any change in shareholders, both direct and indirect, must obtain approval from the Financial Services Authority, except if the Investment Manager has conducted a public offering of equity securities or is a public company.

(2) The request for approval from the Financial Services Authority as referred to in paragraph (1) is submitted by the prospective shareholder and/or shareholder of the Investment Manager through the Investment Manager to the Financial Services Authority.

(3) The request as referred to in paragraph (2) must be accompanied by documents:
a. prospective shareholders as referred to in Article 32 letter e letter dd, letter ee, letter ff, and answers to the questionnaire as contained in the Appendix in Format 12 and Format 13 which are inseparable parts of this Financial Services Authority Regulation; and/or b. shareholders, both individuals and legal entities, including:

proof of financial capability;
statement letter regarding the source of funds or capital deposits;
statement letter regarding the truthfulness of documents;
statement letter regarding the truthfulness of documents from the Investment Manager;
documents underlying the change in shareholders; and
proof of payment or settlement of the share sale in the event that payment or settlement has been made before the request is submitted to the Financial Services Authority.

(4) The Financial Services Authority may request additional data and/or information to complete the request for approval of the change in shareholders as referred to in paragraph (2).

Article 65
(1) An Investment Manager may make changes to its Major Shareholder no earlier than 5 (five) years after the Investment Manager has operated or since it was approved as a Major Shareholder, except for specific conditions approved by the Financial Services Authority.

(2) In the event that an Investment Manager makes changes to its Major Shareholder, as referred to in paragraph (1), each change of Major Shareholder must obtain approval from the Financial Services Authority as referred to in Article 19 paragraph (3).

(3) The application for approval from the Financial Services Authority, as referred to in paragraph (2), shall be submitted by the prospective PSP and/or PSP Investment Manager to the Financial Services Authority through the Investment Manager.

(4) The application for approval as referred to in paragraph (3) must be accompanied by documents related to the prospective PSP and/or PSP, similar to the administrative requirement documents regulated in the Financial Services Authority Regulation regarding the assessment of competence and propriety for Principal Parties of Capital Market Institutions.

(5) The Financial Services Authority may request additional data and/or information to complete the application for approval of the change of PSP as referred to in paragraph (4).

(6) In granting approval or rejection of the application for approval as referred to in paragraph (3), the Financial Services Authority conducts:

a. review; and b. investigation,

to assess whether the prospective PSP and/or PSP meets or does not meet the requirements as PSP Investment Manager.

Article 66

(1) In the event that the application as referred to in Article 64 paragraph (3) and Article 65 paragraph (3) does not meet the requirements, the Financial Services Authority issues a notification letter to the applicant no later than 30 (thirty) working days since the receipt of the application, stating that:

a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.

(2) The applicant must complete the missing required documents within 30 (thirty) working days as referred to in paragraph (1) letter a after the date of the notification letter.

(3) An applicant who does not complete the missing required documents within 30 (thirty) working days after the date of the notification letter as referred to in paragraph (1) letter a is deemed to have cancelled the application for approval regarding the change of shareholders or PSP.

(4) The Financial Services Authority grants approval for the application regarding the change of shareholders or PSP after the prospective shareholder, prospective PSP, shareholder, and/or PSP meet the requirements no later than 30 (thirty) working days since the application is received in complete form.

Fourth Section
General Meeting of Shareholders

Article 67

Provisions regarding the implementation of the General Meeting of Shareholders of the Investment Manager are implemented based on the Financial Services Authority Regulation regarding the implementation of Investment Manager governance, unless otherwise specifically regulated in this Financial Services Authority Regulation.

Article 68

The Investment Manager is required to submit the agenda of the General Meeting of Shareholders to the Financial Services Authority, including:

a. dividend distribution; b. changes in members of the Board of Directors and/or members of the Board of Commissioners;
c. changes in shareholders;
d. changes in paid-up capital; e. changes in business activities; f. return of the business license; and/or g. merger, acquisition, consolidation, or separation of business,

no later than 14 (fourteen) working days before the implementation of the General Meeting of Shareholders.

Fifth Section
Administrative Sanctions

Article 69

(1) Any Party that violates the provisions as referred to in Article 56, Article 57 paragraph (1), Article 58, Article 59 paragraph (2), Article 60 paragraph (1), paragraph (2), Article 61 paragraph (1), paragraph (3), Article 62 paragraph (1), paragraph (3), paragraph (4), Article 63, Article 64 paragraph (1), Article 65 paragraph (2), and/or Article 68, shall be subject to administrative sanctions.

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

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:

a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual license.

(4) Administrative sanctions as referred to in paragraph (3) letters b 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.

CHAPTER VIII
SUPERVISION

Article 70

(1) The Investment Manager is required to account for information and/or data in the form of documents for the purpose of supervision.

(2) The Investment Manager is required to provide information and/or data in the form of documents as referred to in paragraph (1) in the implementation of supervision by the Financial Services Authority.

Article 71

(1) Any Party that violates the provisions as referred to in Article 70 shall be subject to administrative sanctions.

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

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:

CHAPTER IX
REPORTING

Article 72

(1) The Investment Manager is required to submit reports to the Financial Services Authority.

(2) Reports as referred to in paragraph (1) include:

a. Periodic Reports; and b. Incidental Reports.

(3) Periodic Reports as referred to in paragraph (2) letter a consist of:

a. annual financial reports; b. semi-annual financial reports;
c. monthly activity reports;
d. MKBD reports; e. accountant reports on MKBD; and f. other periodic reports in accordance with the Financial Services Authority Regulation regarding reporting by Investment Managers.

Article 73

(1) The Investment Manager is required to prepare annual financial reports and semi-annual financial reports based on accounting regulations.

(2) Annual financial reports as referred to in paragraph (1) must:

a. be audited by a public accountant registered with the Financial Services Authority; and b. be submitted to the Financial Services Authority no later than the end of the 3rd (third) month after the date of the annual financial report.

(3) Semi-annual financial reports as referred to in paragraph (1) must be submitted to the Financial Services Authority:

a. no later than the end of the first month after the date of the semi-annual financial report, in the event it is not accompanied by an accountant's report; b. no later than the end of the 2nd (second) month after the date of the semi-annual financial report, in the event it is accompanied by an accountant's report for limited review; and
c. no later than the end of the 3rd (third) month after the date of the semi-annual financial report, in the event it is accompanied by an accountant's report providing an opinion on the fairness of the financial statements as a whole.

(4) The Investment Manager is required to submit annual financial reports and semi-annual financial reports to the Financial Services Authority as referred to in paragraph (1) by attaching a letter of statement from members of the Board of Directors and members of the Board of Commissioners regarding responsibility for the financial statements as contained in Format 16 in the Appendix which is an integral part of this Financial Services Authority Regulation.

(5) All members of the Board of Directors and one member of the Board of Commissioners representing the members of the Board of Commissioners must sign the letter of statement regarding responsibility for the financial statements.

(6) All members of the Board of Directors and members of the Board of Commissioners of the Investment Manager are jointly and severally responsible for the letter of statement regarding responsibility for the financial statements as referred to in paragraph (5).

Article 74

(1) The Investment Manager is required to prepare the Investment Manager's monthly activity report, which is prepared in the format of the Investment Manager's Monthly Activity Report.

(2) The Investment Manager is required to submit the Investment Manager's monthly activity report as referred to in paragraph (1) to the Financial Services Authority no later than the 12th (twelfth) day of the following month.

Article 75

Provisions regarding reporting and submission of MKBD by Investment Managers as referred to in Article 72 paragraph (3) letter d are implemented based on the Financial Services Authority Regulation regarding the maintenance and reporting of adjusted net working capital.

Article 76

Accountant reports on MKBD as referred to in Article 72 paragraph (3) letter e must be submitted to the Financial Services Authority with the following provisions:

a. prepared based on compliance audit assignments; b. the examination of the MKBD calculation is conducted by the accountant who examines the annual financial report; and
c. submitted together with the submission of the audited annual financial report.

Article 77

(1) In the event that the deadline for report submission falls on a holiday, the Investment Manager is required to submit the report on the next 1 (one) working day.

(2) If the Investment Manager submits the report past the deadline as referred to in paragraph (1), the calculation of the number of days of delay in report submission is counted from the first day after the report submission deadline as referred to in paragraph (1).

Article 78

The Investment Manager is deemed to have submitted the report on the date the report is received by the Financial Services Authority.

Article 79

The Financial Services Authority may exempt the Investment Manager from submitting reports as referred to in Article 72 paragraph (1), in the event the Investment Manager has the following conditions:

a. no longer has the ability to conduct business activities as an Investment Manager; b. is in the stage of asset liquidation for customers or license revocation; and/or
c. the financial condition of the Investment Manager is disturbed.

Article 80

Members of the Board of Directors of the Investment Manager are responsible for the completeness and truthfulness of documents submitted to the Financial Services Authority.

Article 81

Members of the Board of Directors and members of the Board of Commissioners of the Investment Manager are fully responsible for the truthfulness of the content of the Investment Manager's financial reports.

Article 82

(1) Any Party that violates the provisions as referred to in Article 72 paragraph (1), Article 73 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (5), Article 74, Article 76, Article 77 paragraph (1), Article 80, and/or Article 81, shall be subject to administrative sanctions.

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

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:

CHAPTER X
ELECTRONIC SYSTEM FOR SUBMISSION OF DATA, INFORMATION, AND/OR REPORTS

Article 83

(1) The Investment Manager is required to submit:

a. changes in data and/or information; and/or b. reports,

online to the Financial Services Authority through the Financial Services Authority's electronic system.

(2) In the event that the Financial Services Authority's electronic system cannot yet be used for the submission of:

a. changes in data and/or information; and/or b. reports,

online as referred to in paragraph (1), the Investment Manager is required to submit changes in data and/or information and/or reports offline to the Financial Services Authority.

(3) If necessary, the Financial Services Authority may request the Investment Manager to submit:

a. changes in data and/or information; and/or b. reports,

as referred to in paragraph (1) in printed form.

(4) The Investment Manager is required to submit:

a. changes in data and/or information; and/or b. reports,

in printed form as referred to in paragraph (3) identical to that submitted through the electronic system.

(5) The Financial Services Authority may request the Investment Manager to attach printed documents other than documents that have been submitted through the electronic system provided by the Financial Services Authority.

(6) Changes in data and/or information and/or reports as referred to in paragraph (2) are submitted to the relevant department at the Financial Services Authority.

Article 84

(1) In the event that the electronic system provided by the Financial Services Authority experiences technical disturbances and/or system development at the deadline for submission of changes in data and/or information and/or reports, so that the Investment Manager cannot submit changes in data and/or information and/or reports, the Financial Services Authority issues a notification to the Investment Manager in writing by:

a. directly to the Investment Manager; b. through the Financial Services Authority's electronic licensing and/or reporting system;
c. through the Financial Services Authority's email address; and/or
d. through the Financial Services Authority's website.

(2) The Financial Services Authority notifies the Investment Manager that the technical disturbance and/or system development at the Financial Services Authority as referred to in paragraph (1) has been resolved or completed through:

a. the Financial Services Authority's electronic licensing and/or reporting system; and/or b. the Financial Services Authority's email address.

(3) The Investment Manager is required to submit the obligation to change data and/or information and/or reports no later than 2 (two) working days after the Financial Services Authority notifies that the technical disturbance and/or system development at the Financial Services Authority as referred to in paragraph (2) has been resolved or completed.

(4) In the event that the Investment Manager experiences a force majeure situation so that it cannot submit changes in data and/or information and/or reports, the Investment Manager is required to submit a written notification letter to the Financial Services Authority to obtain a postponement of the deadline for submission of changes in data and/or information and/or reports no later than 1 (one) working day since the occurrence of the aforementioned force majeure situation.

(5) The Investment Manager is required to submit the notification letter regarding the force majeure situation as referred to in paragraph (4) to the regional Investment Management and Capital Market supervision department at the Financial Services Authority:

a. online through the Financial Services Authority's email address; and/or b. offline by sending a letter to the Financial Services Authority's office address directly.

Article 85

(1) In the event that there is damage to changes in data and/or information and/or reports due to technical disturbances or other disturbances in the system at the Financial Services Authority, the Financial Services Authority may request the Investment Manager to resubmit changes in data and/or information and/or reports.

(2) The Investment Manager must resubmit changes in data and/or information and/or reports upon request by the Financial Services Authority as referred to in paragraph (1).

Article 86

In the event that there is a difference in information in the reports stored in the Financial Services Authority's database with information in the reports stored by the Investment Manager, the information stored in the Financial Services Authority's database shall be used as the reference.

Article 87

(1) Any Party that violates the provisions as referred to in Article 83 paragraph (1), paragraph (2), and paragraph (4), Article 84 paragraph (3), paragraph (4), and/or paragraph (5) shall be subject to administrative sanctions.

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

(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:

CHAPTER XI
REVOCATION OF BUSINESS LICENSE

Article 88

The Financial Services Authority is authorized to revoke the business license of the Investment Manager based on the following grounds:

a. the Investment Manager returns the business license to the Financial Services Authority; b. the Investment Manager conducts a merger or consolidation with another Investment Manager, resulting in the legal status of the Investment Manager ending due to law;
c. the Investment Manager violates provisions of legislation in the field of Capital Markets;
d. a difficult condition occurs that endangers the continuity of the Investment Manager's business activities; and/or e. there is a court decision that has obtained permanent legal force.

Article 89

(1) In the event that the Investment Manager returns the business license as referred to in Article 88 letter a, the Investment Manager is required to fulfill the following provisions:

a. submit a letter of application for the return of the business license as an Investment Manager to the Financial Services Authority; b. have obtained approval from the General Meeting of Shareholders regarding the plan to return the business license;
c. have announced the plan to return the business license at least on:

one daily newspaper with national circulation; and
the Investment Manager's website; and
d. have completed the rights and obligations of the Investment Manager.

(2) The letter of application as referred to in paragraph (1) letter a must contain the reasons for the return of the business license and be accompanied by documents:

a. the General Meeting of Shareholders decision approving the return of the business license; b. the letter of decision regarding the issuance of the Investment Manager's business license from the Financial Services Authority to be returned;
c. proof of announcement regarding the plan to return the Investment Manager's business license at least on:

one daily newspaper with national circulation; and
the Investment Manager's website which at least contains the mechanism for settling all rights and obligations of the Investment Manager; and
d. a report regarding the data on the settlement of rights and obligations of the Investment Manager to customers along with supporting documents.

Article 90

Violations of provisions of legislation in the field of Capital Markets as referred to in Article 88 letter c include:

a. administrative violations; and/or b. the Investment Manager is proven to have committed a criminal offense as regulated in the provisions of legislation in the field of Capital Markets.

Article 91

The difficult condition that endangers the continuity of the Investment Manager's business activities as referred to in Article 88 letter d includes the following conditions:

a. failure to fulfill the obligation to settle Securities transactions conducted by the Investment Manager for the benefit of Investment Products and/or the Investment Manager itself; b. disturbance of the system causing the Investment Manager to be unable to conduct activities normally for a period of more than 7 (seven) working days;
c. significant decline in the minimum MKBD value of the Investment Manager causing it to not meet the adjusted MKBD value for a period of more than 30 (thirty) working days;
d. inability to cover business losses resulting in the Investment Manager's failure to conduct Investment Manager operational activities for 3 (three) consecutive years; e. inability to settle financial obligations that have legal or operational business impacts; f. the Investment Manager is subject to restriction of business activities for a certain period; g. absence of all Principal Parties, shareholders, and management; h. legal disputes causing the Investment Manager to be unable to conduct activities normally; and/or
i. other difficult conditions that endanger the continuity of the Investment Manager's business activities.

Article 92

(1) In the event that the business license as an Investment Manager is revoked by the Financial Services Authority, the Investment Manager is required to:

a. cease business activities; b. announce the revocation of the business license;
c. settle rights and obligations; and
d. dissolve the legal entity.

(2) In settling its rights and obligations, the Investment Manager whose business license is about to be revoked may:

a. appoint another Investment Manager as a replacement to conduct the management of Investment Products; or b. conduct the dissolution of the Investment Product.

(3) Provisions as referred to in paragraph (2) are implemented with reference to the provisions of the Financial Services Authority Regulation regarding Investment Products.

(4) In settling the rights and obligations of the Investment Manager whose business license is about to be revoked by the Financial Services Authority, the Financial Services Authority may:

a. appoint another Investment Manager to conduct management or another Custodian Bank to administer Investment Products; or b. appoint one of the Parties that still has a business license or letter of approval to conduct the dissolution of the Investment Product, in the event there is no replacement Investment Manager or Custodian Bank.

(5) Mechanism for dissolution and liquidation of Investment Products managed by an Investment Manager whose business license is revoked shall refer to the Financial Services Authority Regulation regarding Investment Products.

Article 93
An Investment Manager whose business license is revoked as referred to in Article 92 paragraph (1) is prohibited from using the name and logo for any purpose and activities, except for activities related to the dissolution of the Investment Manager.

Article 94
(1) Any Party that violates the provisions as referred to in Article 89 paragraph (1), Article 92 paragraph (1), and/or Article 93 shall be subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties causing the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; h. revocation of the effectiveness of the registration statement; and/or
i. revocation of individual person license.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed independently or jointly with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER XII
DISSOLUTION OF INVESTMENT MANAGERS

Article 95
(1) An Investment Manager whose business license is revoked must carry out the dissolution of the Investment Manager.
(2) An Investment Manager whose business license is revoked as referred to in paragraph (1) must:
a. submit a dissolution application no later than 180 (one hundred eighty) days since the Investment Manager's business license was revoked; and b. form a liquidation team. (3) If within the time limit as referred to in paragraph (2), the Investment Manager has not submitted a dissolution application and formed a liquidation team, the Financial Services Authority has the authority to request the court to:
a. issue a ruling containing the dissolution of the legal entity of the Investment Manager; b. appoint a liquidation team; and
c. order the implementation of liquidation,
according to the provisions of applicable laws and regulations.
(4) The Financial Services Authority has the authority to determine other settlement steps according to the provisions of applicable laws and regulations.

Article 96
In the event that an Investment Manager carries out dissolution, the settlement of remaining assets of the Investment Manager's Investment Products due to owners who cannot be contacted or whose whereabouts are unknown shall be implemented based on the Financial Services Authority Regulation regarding dematerialization of equity securities and management of unclaimed assets in the Capital Market.

CHAPTER XIII
HUMAN RESOURCE QUALITY DEVELOPMENT

Article 97
(1) Investment Managers are responsible for carrying out human resource quality development through the improvement of human resource competence and expertise. (2) The improvement of human resource competence and expertise as referred to in paragraph (1) is carried out through continuous human resource education and training. (3) To support the implementation of human resource education and training, Investment Managers are required to provide education and training funds from the current year's budget.

Article 98
(1) Any Party that violates the provisions as referred to in Article 97 paragraph (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 person license.
(4) Administrative sanctions as referred to in paragraph (3) letters b through i may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed independently or jointly with the imposition of administrative sanctions as referred to in paragraph (3) letters c through i.

CHAPTER XIV
OTHER PROVISIONS

Article 99
Investment Managers that have obtained a business license from the Financial Services Authority before this Financial Services Authority Regulation is enacted are exempted from the obligation to adjust the Investment Manager's name as regulated in Article 11 paragraph (2).

Article 100
(1) Investment Managers that have obtained a business license from the Financial Services Authority before this Financial Services Authority Regulation is enacted must:
a. determine a choice to become MIKU 1 or MIKU 2; and b. report the follow-up action plan regarding the choice to become MIKU 1 or MIKU 2 to the Financial Services Authority within a time limit of no longer than 6 (six) months calculated from the date this Financial Services Authority Regulation is enacted. (2) In the event that an Investment Manager does not submit the choice to become MIKU 1 or MIKU 2 as referred to in paragraph (1) within a time limit of no longer than 6 (six) months to the Financial Services Authority, the Investment Manager is deemed to have chosen to become MIKU 2. (3) Investment Managers deemed to have chosen to become MIKU 2 as referred to in paragraph (2) must submit a follow-up action plan to become MIKU 2. (4) Investment Managers that have determined a choice as referred to in paragraph (1) letter a and Investment Managers deemed to have chosen to become MIKU 2 as referred to in paragraph (2) must submit the progress of fulfilling the action plan as referred to in paragraph (1) letter b to the Financial Services Authority every month within a time limit of 3 (three) years calculated from the date this Financial Services Authority Regulation is enacted. (5) The progress of fulfilling the action plan as referred to in paragraph (1) shall be included in the monthly activity report of the Investment Manager as referred to in Article 74 paragraph (1).

Article 101
(1) In the event that an Investment Manager that has managed all Investment Products before this Financial Services Authority Regulation is enacted chooses to become MIKU 1, the Investment Manager must adjust the Investment Products managed in accordance with the business activities of MIKU 1 as referred to in Article 5 within a time limit of no longer than 3 (three) years since this Financial Services Authority Regulation is enacted. (2) Investment Managers as referred to in paragraph (1) that manage Investment Products other than Investment Products that can be conducted by MIKU 1 as referred to in Article 5 must ensure:
a. there is no addition of new Investment Products; b. there is no addition of new clients;
c. the application of MIKU 2 functions in the implementation of management; and
d. the adjustment process of MIKU 1 Investment Products takes into account client interests.
(3) In carrying out the adjustment of Investment Products as referred to in paragraph (1), Investment Managers must pay attention to the principle of consumer protection.

Article 102
(1) In the event that an Investment Manager that has obtained a license from the Financial Services Authority before this Financial Services Authority Regulation is enacted chooses to become MIKU 1, the Investment Manager must fulfill:
a. Net Liquid Assets (MKBD) as referred to in Article 13 paragraph (1); and b. managed funds as referred to in Article 14 paragraph (1), no later than 3 (three) years after this Financial Services Authority Regulation is enacted. (2) In the event that an Investment Manager that has obtained a license from the Financial Services Authority before this Financial Services Authority Regulation is enacted chooses to become MIKU 2, the Investment Manager must fulfill regulations regarding:
a. paid-up capital as referred to in Article 12 paragraph (2); b. Net Liquid Assets (MKBD) as referred to in Article 13 paragraph (2);
c. managed funds as referred to in Article 14 paragraph (2); and
d. Board of Directors members who oversee the compliance function as referred to in Article 23 paragraph (2) letter b, no later than 3 (three) years after this Financial Services Authority Regulation is enacted.

Article 103
In fulfilling the requirements as referred to in Article 102, Investment Managers may carry out mergers, consolidations, or takeovers.

Article 104
(1) Investment Managers that have obtained a business license from the Financial Services Authority before this Financial Services Authority Regulation is enacted, who cannot fulfill obligations according to the time limits established as referred to in Article 103, must return the Investment Manager's business license to the Financial Services Authority. (2) The return of the Investment Manager's business license as referred to in paragraph (1) shall be implemented according to the business license return process as referred to in Article 89.

Article 105
In the event that there is no compliance field certification program at a professional certification institution registered with the Financial Services Authority, Board of Directors members who oversee the compliance function as referred to in Article 23 paragraph (2) letter b are not required to have compliance field certification.

Article 106
Regulations regarding the implementation of business activities of MIKU 1 Investment Manager groups as regulated in this Financial Services Authority Regulation apply to Sharia Investment Managers, unless otherwise regulated in the Financial Services Authority Regulation regarding the application of Sharia principles in the Capital Market on Investment Managers.

Article 107
In addition to administrative sanctions as referred to in this Financial Services Authority Regulation, the Financial Services Authority may take certain actions against any Party that violates the provisions of this Financial Services Authority Regulation.

Article 108
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in this Financial Services Authority Regulation and certain actions as referred to in Article 107 to the public.

Article 109
Regulations regarding the fulfillment of principles:
a. anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction as referred to in the Financial Services Authority Regulation regarding the application of anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction programs; b. consumer protection as referred to in the Financial Services Authority Regulation regarding consumer and community protection in the financial services sector; and
c. anti-fraud strategy as referred to in the Financial Services Authority Regulation regarding the application of fraud strategies for Financial Service Institutions,
shall apply to any Party involved in conducting business activities as an Investment Manager.

Article 110
With specific considerations, the Financial Services Authority may extend the time limit for fulfilling the provisions in this Financial Services Authority Regulation.

Article 111
The Financial Services Authority may provide approvals or policies different from this Financial Services Authority Regulation based on specific considerations.

Article 112
In conducting business activities, Investment Managers must pay attention to affiliation and conflict of interest provisions as regulated in each Financial Services Authority Regulation regarding Investment Products.

CHAPTER XV
TRANSITIONAL PROVISIONS

Article 113
At the time this Financial Services Authority Regulation takes effect, Investment Managers that have submitted corporate actions to the Financial Services Authority before this Financial Services Authority Regulation is enacted and are still in the process of settlement shall continue to be processed based on the laws and regulations in effect at the time the Investment Manager submitted the corporate action.

CHAPTER XVI
CLOSING PROVISIONS

Article 114
At the time this Financial Services Authority Regulation takes effect:
a. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-460/BL/2008 dated 10 November 2008 regarding the Obligation to Submit Periodic Reports by Securities Companies Number X.E.1 which is its annex; b. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-479/BL/2009 dated 31 December 2009 regarding Licensing of Securities Companies Conducting Business Activities as Investment Managers Number V.A.3 which is its annex as amended in KEP- 26/BL/2010 dated 18 February 2010 regarding the Change of Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-479/BI/2009 regarding licensing of Securities Companies Conducting Business Activities as Investment Managers;
c. Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-283/BL/2012 dated 24 May 2012 regarding Monthly Activity Reports of Investment Managers Number X.N.1;
d. Article 21 of Financial Services Authority Regulation Number 10/POJK.04/2018 regarding the Implementation of Investment Manager Governance (State Gazette of the Republic of Indonesia Year 2018 Number 119, Supplement to the State Gazette of the Republic of Indonesia Year 6231), e. Article 2 paragraph (4) of Financial Services Authority Regulation Number 52/POJK.04/2020 regarding Maintenance and Reporting of Net Working Capital (State Gazette of the Republic of Indonesia Year 2020 Number 276, Supplement to the State Gazette of the Republic of Indonesia Number 6589); f. Article 41 paragraph (4) of Financial Services Authority Regulation Number 3/POJK.04/2021 regarding the Implementation of Activities in the Capital Market (State Gazette of the Republic of Indonesia Year 2021 Number 71, Supplement to the State Gazette of the Republic of Indonesia Number 6663); and g. Article 66 of Financial Services Authority Regulation Number 17/POJK.04/2022 regarding Guidelines for Investment Manager Conduct (State Gazette of the Republic of Indonesia Year 2022 Number 20/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 12/OJK), are revoked and declared invalid.

Article 115
This Financial Services Authority Regulation takes effect 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 10 April 2026

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

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
REPUBLIC OF INDONESIA
NUMBER 5 OF 2026
ON
THE IMPLEMENTATION OF INVESTMENT MANAGER BUSINESS ACTIVITIES

I. GENERAL
Investment Managers play a strategic role in mobilizing and managing public funds through portfolio management for the benefit of clients individually or collectively, thereby requiring increased professionalism, compliance, governance, risk management, capital adequacy, and consumer protection to realize a regulated, fair, and efficient Capital Market ecosystem.

Along with the development of the investment management industry, it is necessary to refine regulations regarding the implementation of Investment Manager business activities to align with the dynamics of current laws, institutions, and industry practices while providing legal certainty.

Based on Law Number 8 of 1995 regarding Capital Markets as amended by Law Number 4 of 2023 regarding the Development and Strengthening of the Financial Sector, it is regulated that Securities Companies acting as Investment Managers cannot conduct activities as underwriters of securities and commodity brokers, so Investment Managers need to increase their capacity and professionalism. In addition, it is necessary to organize and develop the efficiency and effectiveness of Investment Manager business activities in investment management to strengthen the resilience and competitiveness of Investment Managers in the investment management industry.

That the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: KEP-479/BL/2009 dated 31 December 2009 regarding Licensing of Securities Companies Conducting Business Activities as Investment Managers as amended by the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: KEP-26/BL/2010 regarding the Change of Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: KEP479/Bl/2009 regarding Licensing of Securities Companies Conducting Business Activities as Investment Managers along with Regulation Number V.A.3 which is its annex needs to be adjusted to the development of the investment management industry in the Capital Market through the establishment of a Financial Services Authority Regulation regarding the Implementation of Investment Manager Business Activities.

This Financial Services Authority Regulation regulates the grouping of MIKU, consisting of MIKU 1 and MIKU 2. MIKU 1, in carrying out investment management activities, has restrictions on the types of Investment Products that can be managed and adjustments to the implementation of Investment Manager function obligations. For MIKU 2, it can manage all types of Investment Products. The grouping of MIKU is accompanied by the establishment of capital requirements, including paid-up capital, Net Liquid Assets (MKBD), and minimum managed funds. In addition, there is an obligation for MIKU 2 to have independent commissioners and directors who oversee the compliance function.

Based on these considerations, it is necessary to establish regulations regarding the implementation of Investment Manager business activities.

With this Financial Services Authority Regulation, it is expected to increase the capacity and professionalism of Investment Managers and encourage the resilience and efficiency of the investment management industry to support the deepening of the Indonesian Capital Market.

Generally, this Financial Services Authority Regulation contains main materials including the implementation of MIKU activities, Investment Manager criteria, procedures for applying for Investment Manager licensing, changes in Investment Manager business activity grouping, ownership and Control, continuing obligations, supervision, reporting, electronic system for submitting data, information, and/or reports, revocation of business licenses, dissolution of Investment Managers, and human resource quality development.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Paragraph (1)
Letter a
Clear enough.

Letter b
Other activities related to the main business activities of Investment Managers include, among others, as Investment Advisors and financial advisors.

Paragraph (2)
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Clear enough.

Article 7
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Clear enough.

Article 11
Paragraph (1)
Clear enough.

Paragraph (2)
For example, other words equivalent to the writing of the Investment Manager's name include the use of words 'Asset Management', 'Manajemen Aset', 'Manajemen Investasi', 'Fund Management', 'Investment Management', 'Investments', 'Capital', 'Capital Investment', 'Investama', 'Kapital', 'Aset Manajemen', 'Capital Asset Management', and 'Investment'.

Paragraph (3)
Clear enough.

Article 12
Clear enough.

Article 13
Clear enough.

Article 14
Clear enough.

Article 15
Clear enough.

Article 16
Clear enough.

Article 17
Paragraph (1)
Letter a
What is meant by organizational structure in this regulation includes information regarding:
a. Board of Directors members; b. officials at the level below the Board of Directors who perform the Investment Manager functions required; and
c. officials or work units required by provisions of applicable laws and regulations established by the Financial Services Authority, among others, officials responsible for anti-money laundering, counter-terrorism financing, counter-proliferation financing of weapons of mass destruction, Sharia investment management units, and others.

Letter b
What is meant by standard operating procedures is the standard operating guidelines owned by the Investment Manager.

Number 1
Clear enough.

Number 2
Clear enough.

Number 3
Clear enough.

Number 4
Flowchart is known as the term flowchart.
Procedural stages implemented are known as the term manual.

Number 5
Time limit for implementation is known as the term service level agreement.

Number 6
Clear enough.

Number 7
Results of implemented procedures are known as the term output.

Number 8
Clear enough.

Letter c
Clear enough.

Paragraph (2)
Clear enough.

Article 18
What is meant by "Investment Manager representative" is a Party representing the Investment Manager in its business activities.

Article 19
Clear enough.

Article 20
Clear enough.

Article 21
Clear enough.

Article 22
Clear enough.

Article 23
Clear enough.

Article 24
Paragraph (1)
Letter a
Clear enough.

Letter b
Affiliation is:
a. family relationship due to marriage up to the second degree, both horizontally and vertically, namely the relationship of a person with:

husband or wife;
parents of husband or wife and husband or wife of children;
grandparents of husband or wife and husband or wife of grandchildren;
siblings of husband or wife along with the husband or wife of the sibling in question; or
husband or wife of siblings 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:
parents and children;
grandparents and grandchildren; or
siblings of the person in question.
c. relationship between parties with employees, directors, or commissioners of such parties;
d. relationship between 2 (two) or more companies where there are one or more Board of Directors members, managers, Board of Commissioners, or supervisors who are the same; e. relationship between companies and parties, directly or indirectly, in any way, controlling or controlled by the company or such parties in determining the management and/or policy of the company or such parties; f. relationship between 2 (two) or more companies controlled, directly or indirectly, in any way, in determining the management and/or policy of the companies by the same parties; or g. relationship between companies and major shareholders, namely Parties who directly or indirectly own at least 20% (twenty percent) of shares having voting rights in such companies.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Article 25
Paragraph (1)
Letter a
What is meant by executive officials are officials who are directly responsible to Board of Directors members or have influence that

significant to the policy and/or operations of the Investment Manager.
Letter b
Functional tasks include, among others, advisors, expert staff, and/or technical personnel.
Letter c
Quite clear.
Letter d
Quite clear.
Paragraph (2)
Letter a
Investment entities formed and/or managed by the Investment Manager, including management bodies for financial instruments, trust fund managers (trustees), and other entities regulated by legislation. Letter b Quite clear. Letter c Quite clear. Paragraph (3) Quite clear.
Article 26
Paragraph (1)
Quite clear.
Paragraph (2)
Quite clear.
Paragraph (3)
Example if the Investment Manager has 4 (four) members of the Board of Commissioners, then at least 2 (two) of the members of the Board of Commissioners are independent commissioners.
Article 27
Paragraph (1)
Letter a
The term "executive officer" refers to an officer who is directly responsible to the Board of Directors members or has significant influence over the policy and/or operations of the Investment Manager. Letter b Quite clear. Letter c Quite clear. Letter d Quite clear. Paragraph (2) Letter a Quite clear. Letter b See Explanation of Article 25 paragraph (2) letter a. Letter c Quite clear.

Letter d
Quite clear.
Paragraph (3)
Quite clear.
Article 28
Quite clear.
Article 29
Quite clear.
Article 30
Quite clear.
Article 31
Quite clear.
Article 32
Letter a
Quite clear.
Letter b
Quite clear.
Letter c
Quite clear.
Letter d
Quite clear.
Letter e
Number 1
Letter a)
Quite clear.
Letter b)
Quite clear.
Letter c)
Quite clear.
Letter d)
Documents showing financial capability include, among others, annual tax notification letters for the last 2 (two) years, bank statements for the last 6 (six) months, or other documents that can show a list of assets. Letter e) Quite clear. Letter f) Quite clear. Letter g) Quite clear. Number 2 Letter a) The term "competent agency" refers to an agency that handles government affairs in the field of law. Letter b) Quite clear.

Letter c)
Quite clear.
Letter d)
Information regarding Parties controlling the legal entity, directly or indirectly, including but not limited to the name and form of Control.
Letter e)
Quite clear.
Letter f)
Quite clear.
Letter g)
Number 1)
Other documents showing financial capability, including, among others, tax notification letters, bank statements, proof of ownership of securities, or other documents. Number 2) Quite clear. Letter h) Quite clear. Letter i) Quite clear. Letter j) Quite clear. Letter k) Quite clear. Letter f Quite clear. Letter g Quite clear. Letter h Quite clear. Letter i Police clearance letter, subsequently known as the term police clearance. Letter j Competent parties issuing drug-free letters, including health service centers, police, and central laboratories of the National Narcotics Agency. Letter k Quite clear. Letter l Quite clear. Letter m Quite clear. Letter n Quite clear. Letter o Quite clear. Letter p Quite clear. Letter q Quite clear.

Letter r
Quite clear.
Letter s
Quite clear.
Letter t
Quite clear.
Letter u
Quite clear.
Letter v
Quite clear.
Letter w
Number 1
Quite clear.
Number 2
Quite clear.
Number 3
Quite clear.
Number 4
Quite clear.
Number 5
Example of other implementation functions or units, such as functions or work units:
a. anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction; and b. consumer and public protection. Letter x Quite clear. Letter y Quite clear. Letter z Quite clear. Letter aa Quite clear. Letter bb Quite clear. Letter cc Number 1 See Explanation of Article 17 letter b. Number 2 Quite clear. Number 3 Quite clear. Number 4 Quite clear. Number 5 Quite clear. Number 6 Quite clear. Number 7 Quite clear. Letter dd Quite clear. Letter ee Quite clear.

Letter ff
Quite clear.
Letter gg
Quite clear.
Letter hh
Payment of Investment Manager licensing fees is conducted through the Otoritas Jasa Keuangan fee collection information system.
Letter ii
Quite clear.
Article 33
Quite clear.
Article 34
Letter a
Quite clear.
Letter b
Further clarification through face-to-face meetings can be conducted physically or via electronic communication media (video conference), including but not limited to if:

prospective members of the Board of Directors, prospective members of the Board of Commissioners, members of the Board of Directors, or members of the Board of Commissioners have negative data or information obtained by the Otoritas Jasa Keuangan that requires in-depth analysis or clarification;
prospective PSP or PSP has negative data or information obtained by the Otoritas Jasa Keuangan that requires in-depth analysis or clarification;
prospective members of the Board of Directors or prospective members of the Board of Commissioners do not yet have experience as Directors or Commissioners of an Indonesian Investment Manager, considering the position, size, and complexity of the Investment Manager where they will be nominated; or
prospective members of the Board of Directors, prospective members of the Board of Commissioners, members of the Board of Directors, or members of the Board of Commissioners have previously failed in the nomination process in the clarification process regarding competence aspects.
Letter c
Quite clear.
Letter d
Quite clear.
Letter e
Quite clear.
Letter f
Quite clear.
Article 35
Quite clear.
Article 36
Paragraph (1)
Quite clear.
Paragraph (2)
Quite clear.

Paragraph (3)
See Explanation of Article 3 paragraph (1) letter b.
Article 37
Quite clear.
Article 38
Quite clear.
Article 39
Paragraph (1)
The term "next reporting period" refers to the submission of the realization report of the Investment Manager's business plan submitted to the Otoritas Jasa Keuangan no later than February 15 of the following year. For example, an Investment Manager that conducts other activities in March 2026 submits the realization of other activities in the Investment Manager's business plan realization report for 2026 in the next reporting period, namely no later than February 15, 2027. Paragraph (2) Quite clear.
Article 40
Quite clear.
Article 41
Quite clear.
Article 42
Quite clear.
Article 43
Quite clear.
Article 44
Quite clear.
Article 45
Quite clear.
Article 46
Quite clear.
Article 47
Quite clear.
Article 48
See Explanation of Article 24 paragraph (1) letter b.
Article 49
Quite clear.

Article 50
Paragraph (1)
Letter a
Quite clear.
Letter b
Having good ethics and morality, among others shown by a attitude of complying with applicable regulations, including never being sentenced for proven criminal acts within a certain period before nomination. Paragraph (2) Quite clear. Paragraph (3) Quite clear.
Article 51
Quite clear.
Article 52
Quite clear.
Article 53
Quite clear.
Article 54
Paragraph (1)
The term Investment Manager refers to an Investment Manager located within the territory of the Republic of Indonesia that has received approval from the Otoritas Jasa Keuangan. The term ownership of shares or government capital participation refers to shareholders who meet the requirements as state-owned enterprises. Paragraph (2) Example of a merger or consolidation process resulting in ownership of shares in more than 1 (one) Investment Manager: merger or consolidation preceded by an acquisition. Paragraph (3) Quite clear. Paragraph (4) Quite clear.
Article 55
Quite clear.
Article 56
Letter a
Quite clear.
Letter b
The term legislation includes, among others, laws and Otoritas Jasa Keuangan Regulations.

Article 57
Paragraph (1)
Letter a
Quite clear.
Letter b
The term amendment of the articles of association includes, among others, increasing the capital of the Investment Manager.
Letter c
Quite clear.
Letter d
Quite clear.
Letter e
Quite clear.
Letter f
Quite clear.
Letter g
Quite clear.
Letter h
Quite clear.
Letter i
Quite clear.
Paragraph (2)
Quite clear.
Article 58
Paragraph (1)
Quite clear.
Paragraph (2)
Letter a
Daily newspapers in Indonesian with national circulation can be in print or digital media.
Letter b
Announcements on the Investment Manager's website include, among others, changes to the Identity of the Investment Manager.
Paragraph (3)
Quite clear.
Article 59
Paragraph (1)
Letter a
Quite clear.
Letter b
The term "permanent disability" includes, among others, permanent illness resulting in the inability to perform work activities, proven by a doctor's letter. Letter c Quite clear. Letter d Quite clear. Letter e Quite clear. Letter f Quite clear.

Letter g
Quite clear.
Paragraph (2)
Quite clear.
Paragraph (3)
Quite clear.
Article 60
Paragraph (1)
The term "after the aforementioned event is known" by the Investment Manager, for example, for resignation in the form of a resignation letter from the concerned party, for dismissal in the form of the result of a General Meeting of Shareholders decision or a letter from the Board of Commissioners (temporary dismissal). Paragraph (2) Quite clear. Paragraph (3) Quite clear.
Article 61
Paragraph (1)
Quite clear.
Paragraph (2)
The Otoritas Jasa Keuangan may postpone the resignation or dismissal of members of the Board of Directors and/or members of the Board of Commissioners and may conduct evaluations and order corrective actions regarding such matters, especially if the resignation or dismissal process could affect the performance and operations of the LJK. Paragraph (3) Quite clear.
Article 62
Paragraph (1)
Quite clear.
Paragraph (2)
Quite clear.
Paragraph (3)
Submission of the request for changes to the Board of Directors must be accompanied by the "name of the prospective member of the Board of Directors" if the change to the Board of Directors is done by replacing or filling Board of Directors positions with an individual who is not from the currently serving members of the Board of Directors of the Investment Manager at the time the request for changes to the Board of Directors of the Investment Manager is submitted to the Otoritas Jasa Keuangan. Submission of the request for changes to the Board of Directors must be accompanied by the "name of the Board of Directors member" if the change to the Board of Directors is done by replacing or filling specific Board of Directors positions with another currently serving Board of Directors member at the time the request for changes to the Board of Directors of the Investment Manager is submitted to the Otoritas Jasa Keuangan, but the tasks, functions, and responsibilities to be undertaken differ from the tasks, functions, and responsibilities in the previous position. Information regarding the tasks and functions that will become the responsibility of the Board of Directors member can be included in the cover letter of documents in the plan for submission or changes and/or replacement of members of the Board of Directors. Paragraph (4) Submission of the request for changes to the Board of Commissioners must be accompanied by the "name of the prospective member of the Board of Commissioners" if the change to the Board of Commissioners is done by replacing or filling Board of Commissioners positions with an individual who is not from the currently serving members of the Board of Commissioners of the Investment Manager at the time the request for changes to the Board of Commissioners of the Investment Manager is submitted to the Otoritas Jasa Keuangan. Submission of the request for changes to the Board of Commissioners must be accompanied by the "name of the Board of Commissioners member" if the change to the Board of Commissioners is done by replacing or filling specific Board of Commissioners positions with another currently serving Board of Commissioners member at the time the request for changes to the Board of Commissioners of the Investment Manager is submitted to the Otoritas Jasa Keuangan, but the tasks, functions, and responsibilities to be undertaken differ from the tasks, functions, and responsibilities in the previous position. Information regarding the tasks and functions that will become the responsibility of the Board of Commissioners member can be included in the cover letter of documents in the plan for submission or changes and/or replacement of members of the Board of Commissioners. Paragraph (5) Quite clear.
Article 63
Quite clear.
Article 64
Paragraph (1)
The term "any change in shareholders" includes, among others, changes in the composition and/or structure of non-controlling shareholders of the Investment Manager. Direct shareholders are parties who own shares of the Investment Manager directly. Indirect shareholders are parties who own shares of the Investment Manager through other parties. Paragraph (2) Quite clear. Paragraph (3) Quite clear. Paragraph (4) Quite clear.
Article 65
Paragraph (1)
Specific conditions include, among others:
a. corporate actions involving the merger of 2 (two) or more Investment Managers, or corporate actions of the parent Investment Manager resulting in a change in PSP; b. PSP is determined by the Otoritas Jasa Keuangan to have failed the re-evaluation of Key Parties; and/or
c. PSP experiences conditions of not meeting the requirements as a PSP,
as regulated in legislation.
Paragraph (2)
Quite clear.
Paragraph (3)
Quite clear.
Paragraph (4)
Quite clear.
Paragraph (5)
Quite clear.
Paragraph (6)
Quite clear.
Article 66
Quite clear.
Article 67
Quite clear.
Article 68
Quite clear.
Article 69
Quite clear.
Article 70
Quite clear.
Article 71
Quite clear.
Article 72
Paragraph (1)
Quite clear.
Paragraph (2)
Letter a
Quite clear.
Letter b
Incidental reports include, among others, the realization of other business activities.
Paragraph (3)
Quite clear.
Article 73
Paragraph (1)
The term "accounting regulations" refers to regulations regarding accounting treatment in the Capital Market, which are aligned with financial accounting standards and aim for transparency and public investor protection.

Paragraph (2)
Quite clear.
Paragraph (3)
Quite clear.
Paragraph (4)
Quite clear.
Paragraph (5)
Quite clear.
Paragraph (6)
Quite clear.
Article 74
Quite clear.
Article 75
Quite clear.
Article 76
Letter a
The term "compliance audit" refers to an engagement assignment to a public accountant using assurance engagement standards 3000.
Letter b
Quite clear.
Letter c
Quite clear.
Article 77
Quite clear.
Article 78
Quite clear.
Article 79
Letter a
Conditions of no longer having the ability to conduct business as an Investment Manager include, among others:
a. lack of sufficient employees to conduct business activities; b. lack of sufficient active management to conduct business activities; and/or
c. the office is no longer found/operating to conduct activities.
Letter b
Settlement of client assets in these regulations includes, but is not limited to, the dissolution of Investment Products upon the order of the Otoritas Jasa Keuangan. Letter c Disturbed financial conditions of the Investment Manager include, among others, financial conditions that disrupt the operational activities of the Investment Manager.
Article 80
Quite clear.

Article 81
Quite clear.
Article 82
Quite clear.
Article 83
Paragraph (1)
The term "Otoritas Jasa Keuangan electronic system" includes, among others, electronic licensing systems and electronic reporting systems.
Paragraph (2)
Quite clear.
Paragraph (3)
In cases where it is necessary, including but not limited to, examinations of documents submitted through electronic systems against source documents in printed form. Paragraph (4) Quite clear. Paragraph (5) Quite clear. Paragraph (6) The term "relevant departments at the Otoritas Jasa Keuangan" refers to work units in the fields of capital markets, derivative financials, and carbon exchanges that perform licensing and supervisory functions over Investment Managers.
Article 84
Paragraph (1)
The term "technical disruption" refers to disruptions caused by technical issues resulting in Parties being unable to submit reports online, including but not limited to damage and/or disruptions to databases (database) or communication networks at the Otoritas Jasa Keuangan. Paragraph (2) Quite clear. Paragraph (3) Quite clear. Paragraph (4) The term "force majeure" consists of natural disasters, non-natural disasters, and/or social disasters that disrupt the operational activities of Parties, certified by officials of competent agencies from the local region. Paragraph (5) Quite clear.
Article 85
Quite clear.
Article 86
Quite clear.
Article 87
Quite clear.

Article 88
Letter a
Quite clear.
Letter b
Quite clear.
Letter c
Violations of legislation in the field of Capital Market include, among others:
a. Administrative violations including but not limited to meeting the following conditions:

Investment Manager's office is not found;
within a period of 2 (two) consecutive years, the Investment Manager does not conduct main activities. Examples of not conducting main activities for 2 (two) consecutive years, including but not limited to:
a) no underwriting and/or advisory activities in the Investment Manager's activity report; b) no intermediary and/or trading activities in the Investment Manager's activity report; c) no revenue booked; and/or d) no cooperation agreements with Investment Managers who are members of the exchange for Investment Managers who are MIKU 1 who are marketing partners of the Investment Manager;
Investment Manager has no employees; and/or
Investment Manager cannot meet the deficiencies required by regulations after the opportunity and time limit provided have expired.
b. Investment Manager proven to have committed criminal acts as referred to in legislation in the field of Capital Market.
Letter d
The term "going concern" refers to a condition reflecting a business that is operating or under construction, or a premise in valuation, where the business appraiser considers that a company will continue its operations sustainably. Conditions endangering the continuity of the Investment Manager's business based on financial conditions rely on the going concern opinion in audited financial reports and are not only measured by the financial state of the Investment Manager but also consider non-financial factors. Letter e Quite clear.

Article 89
Paragraph (1)
Letter a
Quite clear.
Letter b
Quite clear.
Letter c
Number 1
See Explanation of Article 58 paragraph (2) letter a.
Number 2
See Explanation of Article 58 paragraph (2) letter b.
Letter d
Settlement of the Investment Manager's obligations, including but not limited to settling administrative sanctions imposed on the Investment Manager. Paragraph (2) Quite clear.
Article 90
Letter a
The term "administrative violation" includes but is not limited to meeting the following conditions:

Investment Manager's office is not found;
Investment Manager's office is found, but within a period of 2 (two) consecutive years, the Investment Manager does not conduct business as an Investment Manager;
Investment Manager has no employees;
Investment Manager cannot meet the deficiencies required by regulations after the opportunity and time limit provided have expired; and/or
other conditions violating legislation in the field of Capital Market.
Letter b
Quite clear.
Article 91
Letter a
Quite clear.
Letter b
The systems referred to in these regulations include, but are not limited to, operational systems for conducting the business activities of the Investment Manager. Letter c Quite clear. Letter d Quite clear. Letter e Quite clear. Letter f Quite clear. Letter g Example of the absence of all Key Parties, shareholders, and management:
a situation where the terms of office of all Key Parties, shareholders, and management have expired, but no re-election has been conducted by the General Meeting of Shareholders; or
none of all Key Parties, shareholders, and management can be contacted by the Otoritas Jasa Keuangan.
Letter h
Quite clear.
Letter i
Quite clear.
Article 92
Quite clear.
Article 93
Quite clear.
Article 94
Quite clear.
Article 95
Quite clear.
Article 96
Quite clear.
Article 97
Quite clear.
Article 98
Quite clear.
Article 99
Quite clear.
Article 100
Quite clear.
Article 101
Paragraph (1)
Quite clear.
Paragraph (2)
Quite clear.
Paragraph (3)
The term "consumer protection principle" includes, among others, the Investment Manager conducting the dissolution of MIKU 1 products after all customers have completed redemption.
Article 102
Quite clear.
Article 103
Quite clear.

Article 104
Quite clear.
Article 105
Quite clear.
Article 106
The conduct of business activities of the Investment Manager referred to in these regulations includes, but is not limited to:
a. Investment Manager requirements; b. licensing application procedures;
c. ownership and Control;
d. continuing obligations; e. supervision; f. reporting; g. electronic systems for submitting data, information, and/or reports; h. license revocation; and
i. dissolution of the Investment Manager.
Article 107
Quite clear.
Article 108
Quite clear.
Article 109
Quite clear.
Article 110
Quite clear.
Article 111
The granting of different approvals or policies is intended, among others, 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 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 handling possible extraordinary events.
Article 112
Quite clear.
Article 113
Corporate actions conducted by the Investment Manager include, but are not limited to, processes involving changes in the composition of members of the Board of Directors, members of the Board of Commissioners, shareholders, mergers, consolidations, or business acquisitions.

Article 114
Quite clear.
Article 115
Quite clear.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER ⸙
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 5 OF 2026
REGARDING
THE CONDUCT OF INVESTMENT MANAGER BUSINESS ACTIVITIES Format 1 MONTHLY ACTIVITY REPORT OF INVESTMENT MANAGER Month... Year...
A. Management Field

MUTUAL FUNDS: (filled with the name of the Mutual Fund)
CUSTODIAN BANK: (filled with the name of the Custodian Bank) CUSTOMERS DOMESTIC CUSTOMERS FOREIGN CUSTOMERS Total Managed Funds (Rp) Total Managed Funds (Rp) Individuals :
Institutions :
Securities Companies
Pension Funds
Insurance
Banks
Private/Joint Venture Companies
State-Owned Enterprises (BUMN)
Local Government-Owned Enterprises (BUMD)
Foundations
Cooperatives
Others, specify
Total Institutions
Total Individuals and Institutions
Domestic Investments (%)
Foreign Investments (%)
PORTFOLIO MANAGEMENT OF SECURITIES FOR INDIVIDUAL CUSTOMER INTERESTS
No. Customer Name
Contract Number &
Date
Maturity
Date
Contract Number &
Date
Addendum
(if any)
Initial
Investment
Value
Final
Investment
Value
(Net)
Securities Portfolio
Total
Deposit
Value
Total
Investment
Value
(Gross)
((16) or
(18) x
(19))
Remarks
Individual
Institution
IDR
Foreign
Currency
IDR
Foreign
Currency
Type of
Security
Name of
Security
Domestic
(DN)/
Foreign
(LN)
Issuer
Maturity of
Security (if any) in Month and Year
Quantity of
Securities
Purchase
Value
Nominal
Value
Fair
Market
Price
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
Table Remarks:
(1) Number: Filled with the serial number.
(2) Individual Customer Name: Filled with the name of the individual customer.
(3) Institutional Customer Name: Filled with the name of the institutional customer.
(4) Contract Number and Date: Filled with the number and date of the contract with the customer.
(5) Maturity Date: Filled with the maturity date or the end date of the aforementioned contract.
(6) Contract Number and Date
Addendum (if any)
: Filled with the number and date of the contract with the customer if there is an addendum or change.

(7) Initial Investment Value (IDR): Filled with the total initial investment value in Rupiah according to the contract.
(8) Initial Investment Value (Foreign Currency): Filled with the total initial investment value in foreign currency according to the contract.
(9) Final Investment Value (Net) (IDR): Filled with the total final investment value after deducting costs in Rupiah.
(10) Final Investment Value (Net) (Foreign Currency): Filled with the total final investment value after deducting costs in foreign currency.
(11) Type of Securities: Filled with the type of Securities in the portfolio management of the aforementioned contract. Examples: Stocks, Government Treasury Bills, Government Bonds, Sharia State Securities, Corporate Bonds, Mutual Funds, Medium Term Notes, Promissory Notes, Bank Indonesia Certificates, Commercial Paper, Warrants, etc. (12) Name of Securities: Filled with the name of the Securities purchased, e.g., "Stock of PT. A", "Bond of PT. B", etc. (13) Domestic (DN)/Foreign (LN): Filled with the category of Securities purchased, (DN) if it is domestic Securities and (LN) if it is foreign Securities. (14) Issuer: Filled with the name of the Issuer of the Securities purchased. E.g.: Government, PT. A, etc. (15) Maturity of Securities (if any) in Months and Year: Filled with the maturity date or maturity date of the Securities purchased (if any). (16) Quantity of Securities: Filled with the quantity of Securities purchased (e.g., in sheets, participation units, etc.). (17) Purchase Value: Filled with the purchase value of the Securities. (18) Nominal Value: Filled with the total nominal value of the Securities (e.g., Bonds) purchased. (19) Fair Market Value: Filled with the fair market value of the Securities purchased.

(20) Total Deposit Value: Filled with the total value allocated to Cash, Time Deposits, Certificate of Deposits, On Call Deposits.
(21) Total Investment Value (Gross): Filled with the Total Value of Securities purchased, calculated as: quantity of Securities or nominal value x fair market value, or total deposit value (for cash and/or types of deposits). (22) Notes: Filled with other notes.
3. ASSET-BACKED SECURITIES (ABS): (filled with the number of ABS)
CLIENT
NATIONAL CLIENT FOREIGN CLIENT
NAME
Number of Custodians Managed Funds (Rp) Managed Funds Amount (Rp) Individual:
Institution:

Securities Company
Pension Fund
Insurance
Bank
Private/Joint Venture Company
State-Owned Enterprise (SOE)
Regional-Owned Enterprise (ROE)
Foundation
Cooperative
Others, specify
Total Institutions
Total Individuals and Institutions
Domestic Investment (%) Foreign Investment (%)
OTHER PRODUCTS, Specify.
CLIENT
NATIONAL CLIENT FOREIGN CLIENT
NAME
Number of Custodians Managed Funds (Rp) Managed Funds Amount (Rp) Individual:
Institution:
Securities Company
Pension Fund
Insurance
Bank
Private/Joint Venture Company
State-Owned Enterprise (SOE)
Regional-Owned Enterprise (ROE)
Foundation
Cooperative
Others, specify
Total Institutions
Total Individuals and Institutions
Domestic Investment (%) Foreign Investment (%) B. LIST OF DIRECTORS, FUNCTION COORDINATORS, AND EMPLOYEES WHO HAVE LICENSES AS REPRESENTATIVES OF SECURITIES COMPANIES AND REPRESENTATIVES OF MUTUAL FUND SALES AGENTS No. Name Position Number and Date of Decree Date of Start of Work

C. ACTION PLAN
No. Action Plan Implementation of Action Plan

Format 2
INVESTMENT MANAGER BUSINESS LICENSE APPLICATION
Number : ..................................... ............., ..................20.....
Attachment : ......................................
Subject : Application for Business License
To Conduct Business Activities
As an Investment Manager
To
The Executive Head of Capital Market, Derivative Financial, and Carbon Exchange Supervision in Jakarta I, who sign below:

Name : ………………………………………………………
Address : ………………………………………………………
……………………………………………………..
(street name and number)
……………………………………- 🗆🗆🗆🗆🗆
(city and postal code) hereby on behalf of*):
Company Name : …………………………………………
Company Address : …………………………………………
……………………………………………
(street name and number)
……………………………………-🗆🗆🗆🗆🗆
(city and postal code)
(National/Joint Venture)
Tax Identification Number (NPWP)
: ………………………………………
Telephone Number : ………………………………………
Capital :
a. Authorized Capital : ……………………………………… b. Paid-up Capital : ……………………………………… hereby apply for an Investment Manager business license based on business activity groups:
.
Business activity group requested based on business license*) : Investment Manager based on business activity – MIKU 1 Investment Manager based on business activity – MIKU 2 In order to complete this application, we attach the following documents:
documents showing the identity of the Investment Manager, at least including name, address, telephone number, website, and logo;
photocopy of the deed of establishment of the Investment Manager that has been approved by the competent authority, accompanied by the latest amendment to the articles of association that has received approval from the competent authority or has issued a notice of acceptance of the articles of association amendment from the competent authority;
photocopy of the Tax Identification Number (NPWP) of the Corporation;
list of names and data of prospective PSPs (Principal Shareholders) of the Investment Manager, both directly and indirectly, along with details of each share ownership up to the last PSP and/or beneficial owners, as well as a list of other companies owned by the PSP of the Investment Manager;
list of names, data, and information of shareholders accompanied by documents including:
a. individuals, including:

curriculum vitae signed by the concerned party;
photocopy of valid ID card or passport;
latest color photographs size 4x6 cm, 2 (two) sheets;
proof of financial capability;
photocopy of Tax Identification Number (NPWP);
statement letter that the capital deposit does not come from loans or financing facilities in any form from other parties and is not for the purpose of money laundering and terrorism financing;
written commitment to comply with applicable laws and regulations and support the development of healthy Investment Manager operations;
b. legal entities, including:
photocopy of the deed of establishment of Indonesian legal entities that has been approved by the competent authority, along with the latest amendment to the articles of association that has received approval from the competent authority, if there are amendments, or has issued a notice of acceptance of the articles of association amendment from the competent authority, if the shareholder or PSP is an Indonesian legal entity;
photocopy of the deed of establishment of foreign legal entities that has been approved by the competent authority in the country of origin along with its amendments and documents required according to the laws of the country of origin if the legal entity is a foreign legal entity, such as state or government-owned legal entities, if the shareholder or PSP is a foreign legal entity;
photocopy of Tax Identification Number (NPWP) for Indonesian legal entities;
information regarding parties controlling the legal entity, both directly and indirectly;
latest audited financial statements;
list of names and data of Directors, Commissioners, and/or management including:
a) composition of Directors, Commissioners, and/or management; b) curriculum vitae signed by the concerned party; c) photocopy of valid ID card or passport; and d) latest color photographs size 4x6 cm, 2 (two) sheets;
list of names and data of shareholders:
a. individuals including curriculum vitae signed, photocopy of valid ID card or passport, latest color photographs size 4x6 cm, 2 (two) sheets, and tax notification letter or other documents showing financial capability; b. legal entities including the latest articles of association and the latest audited financial statements;
statement letter that the source of funds or capital deposit does not come from loans or financing facilities in any form from other parties and is not for the purpose of money laundering and terrorism financing;
written commitment to comply with laws and regulations and support the development of healthy Investment Manager operations;
letter of certificate and/or other evidence from the competent authority in the Capital Market sector in the respective country showing that the company is under its supervision, for foreign legal entities that have business activities as securities companies; and
letter of certificate and/or other evidence from the competent authority in the financial sector in the respective country showing that the company is under its supervision, for foreign legal entities that have business activities as financial companies;

documents related to the name, data, and information of prospective members of the Board of Directors and prospective members of the Board of Commissioners of the Investment Manager, as administrative requirement documents regulated in the Financial Services Authority Regulation regarding the assessment of competence and propriety for Key Parties of Capital Market Institutions;
photocopy of Tax Identification Number (NPWP) of prospective members of the Board of Directors and prospective members of the Board of Commissioners;
valid police record certificate, for prospective members of the Board of Directors and prospective members of the Board of Commissioners;
police record certificate or equivalent document, for prospective members of the Board of Directors, prospective members of the Board of Commissioners, prospective PSPs, or prospective controllers who are foreign citizens, obtained from their country or the country where the foreign citizen resides if the concerned party does not reside in their country;
drug-free certificate from the competent authority, for prospective members of the Board of Directors and prospective members of the Board of Commissioners;
statement letter from prospective members of the Board of Directors stating that the Investment Manager is fully legally and financially responsible for all actions taken on behalf of the Investment Manager by Directors, Vice Investment Managers, employees, and other parties working for the Investment Manager;
statement letter from prospective members of the Board of Directors and/or prospective members of the Board of Commissioners stating that since the date of issuance of the business license as an Investment Manager and while serving as prospective members of the Board of Directors and/or members of the Board of Commissioners of the Investment Manager, the concerned party does not hold concurrent positions:
a. For prospective members of the Board of Directors

as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, and/or executive officials in other companies located domestically or abroad;
in functional tasks of other companies located domestically or abroad;
in other positions that have conflicts of interest in the execution of duties as members of the Board of Directors; and/or
in other positions according to applicable laws and regulations,
b. For members of the Board of Commissioners
as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, or executive officials in other financial companies, located domestically;
as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, or executive officials in more than 1 (one) non-financial companies located domestically;
in functional tasks at financial companies located domestically; and/or
in other positions that have conflicts of interest in the execution of duties as members of the Board of Commissioners;

statement letter from independent commissioners stating that the concerned party has met the requirements for independent commissioners;
list of names and data:
a. employees below the level of members of the Board of Directors who do not have Vice Investment Manager licenses and their positions in the Company's organizational structure; b. employees who have Vice Investment Manager licenses;
c. employees responsible for executing and/or coordinating Investment Manager functions as regulated in the Financial Services Authority Regulation regarding guidelines for the implementation of Investment Manager functions;
d. employees responsible for anti-money laundering, terrorism financing prevention, and weapons of mass destruction proliferation financing programs, in case the Investment Manager appoints officials as responsible for implementing anti-money laundering, terrorism financing prevention, and weapons of mass destruction proliferation financing programs, as regulated in the Financial Services Authority Regulation regarding the implementation of anti-money laundering, terrorism financing prevention, and weapons of mass destruction proliferation financing programs in the financial services sector; and e. officials and/or employees performing consumer protection functions or units, as regulated in the Financial Services Authority Regulation regarding consumer and community protection in the financial services sector;
statement letter from employees who have individual licenses as Vice Investment Managers, stating that the concerned party does not hold concurrent positions at Securities Companies and/or other Capital Market Institutions;
photocopy of the foreign workforce utilization plan approved by the ministry responsible for labor affairs or appointed officials according to applicable laws and regulations;
financial statements of the latest period audited by accountants registered with the Financial Services Authority, with the time interval between the date of the latest financial statement and the date of issuance of the Investment Manager business license not exceeding 180 (one hundred eighty) days;
photocopy of joint venture agreements, for Investment Managers that have joint venture agreements;
bank statements;
proof of capital deposit;
MKBD (Capital Market Business License) documents;
domicile certificate from building managers or competent authorities, photocopy of ownership proof if the business premises are owned, or lease agreements if the Investment Manager's office is not owned, office layout, video recordings, and photos of the Investment Manager's office rooms accompanied by room usage;
organizational structure diagram with job descriptions, at least containing information regarding:
a. names of members of the Board of Commissioners; b. names of members of the Board of Directors and their positions;
c. division of tasks and authorities among members of the Board of Directors;
d. names of officials and employees and the number of employees in work units, including those performing Investment Manager functions; and e. other execution functions or units as required by applicable laws and regulations;
description of tasks and responsibilities of Investment Manager functions;
list of coordinators and executors of Investment Manager functions including:
a. full name data; b. functions supervised;
c. positions in functions;
d. individual licenses held; e. ID cards; f. last education; and g. names of last educational institutions;
Investment Manager's compliance strategy regarding Capital Market laws and regulations;
Investment Manager's risk management strategy;
list of branch offices and their changes;
procedures and standard operating procedures according to the business license that comply with applicable laws and regulations in the Capital Market sector related to the implementation of the requested business activities, at least containing:
a. titles of procedures and standard operating procedures; b. responsible persons for procedures and standard operating procedures;
c. Parties executing each procedure and standard operating procedure;
d. flowcharts and explanations of each stage of procedures executed; e. time limits for execution in each procedure;

f. documents used; and g. results of executed procedures;
30. statement letter from members of the Board of Directors of the Investment Manager regarding responsibility for the completeness and truthfulness of documents;
31. statement letter from prospective shareholders, prospective PSPs, shareholders, PSPs, prospective members of the Board of Directors, prospective members of the Board of Commissioners, members of the Board of Directors, and members of the Board of Commissioners stating that all documents submitted to the Financial Services Authority are complete, true, and not misleading;
32. integrity statement letters for prospective shareholders and prospective PSPs;
33. answers to questions according to the question list format;
34. proof of payment of Investment Manager licensing fees; and
35. other supporting documents.
This application is submitted, and we thank you for your attention.
Applicant,
........................................
(full name and signature)*)
Notes:
*) authorized party representing the Investment Manager or their proxy ) cross out what is not needed *) choose one stamp

Format 3
LETTER OF STATEMENT OF FULL LEGAL AND FINANCIAL RESPONSIBILITY We, who sign below:

Name : ………………………………………………………
Position : ……………………………………………………………
Full Address
: ……………………………………………………………
……………………………………………………………
(street name and number)
………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Name : ……………………………………………………………
Position : ……………………………………………………………
Full Address
: ……………………………………………………………
……………………………………………………………
(street name and number)
………………….…………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Based on the articles of association of PT ............................... acting on behalf of and for the name of ......................................... located in ....................... with headquarters address at
.........................................................................
state truly that the Investment Manager will be fully legally and financially responsible for all actions taken on behalf of the Investment Manager by Directors, Vice Investment Managers, employees, and other parties working for PT .............................. in the implementation of activities as an Investment Manager. This statement is made truthfully so that it can be used as appropriate.
.........., ......................20.....
(place and date),
...............................................
(full name and signature) stamp

Format 4
LETTER OF STATEMENT OF NO CONCURRENT POSITIONS The undersigned:
Name : ………………………………………………………………….
Full Address
: ………………………………………………………………….
………………………………………………………………….
(street name and number)
……………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone Number : ………………………………………………………………….

For prospective members of the Board of Directors/members of the Board of Directors*) reads:
as a prospective member of the Board of Directors/members of the Board of Directors*) of PT.............................. located at .............................................................................
hereby state truly that I do not hold concurrent positions:
a. as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, and/or executive officials in other companies located domestically or abroad; b. in functional tasks of other companies located domestically or abroad;
c. in other positions that have conflicts of interest in the execution of duties as members of the Board of Directors; and/or
d. in other positions according to applicable laws and regulations.
For prospective members of the Board of Commissioners/members of the Board of Commissioners*) reads:
as a prospective member of the Board of Commissioners/members of the Board of Commissioners*) of PT................................. located at................................with hereby state truly that I do not hold concurrent positions:
a. as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, or executive officials in other financial companies, located domestically; b. as members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, or executive officials in more than 1 (one) non-financial companies located domestically;
c. in functional tasks at financial companies located domestically; and/or
d. in other positions that have conflicts of interest in the execution of duties as members of the Board of Commissioners.
This statement is made truthfully so that it can be used as appropriate.

........, .......................20.........
(place and date)
.............................................
(full name and signature)
Notes:
*) cross out what is not needed stamp

Format 5
LETTER OF STATEMENT OF INDEPENDENT COMMISSIONERS The undersigned:
Name : ………………………………………………………………
Full Address
: ……………………………………………………………..
…………………………………………………………….
(street name and number)
……………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone
Number
: ………………………………………………………………
….
as a prospective Independent Commissioner of PT.............................. located at...........................................
hereby state that they have met the independence requirements as regulated in the Financial Services Authority Regulation regarding the Implementation of Investment Manager Governance. This statement is made truthfully so that it can be used as appropriate.
........, .......................20.........
(place and date)
.............................................
(full name and signature) stamp

Format 6
LETTER OF STATEMENT OF NO CONCURRENT WORK AT OTHER SECURITIES COMPANIES The undersigned:
Name : ……………………………………………………………
Position : ……………………………………………………………
Full Address : ……………………………………………………………
……………………………………………………………
(street name and number)
………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Holder of Vice Investment Manager License Number:........................................
date ............................. hereby state truly that I do not work at Securities Companies and/or other Financial Services Institutions and only work at
PT....................................................
This statement is made truthfully so that it can be used as appropriate.
........, .......................20.........
(place and date)
.............................................
(full name and signature) stamp

Format 7
INVESTMENT MANAGER COMPLIANCE STRATEGY
LEGAL
BASIS
COMPLIANCE
OBLIGATIONS
STEPS TAKEN
TO MEET COMPLIANCE
OBLIGATIONS
TIMEFRAME
IMPLEMENTATION
RESPONSIBLE
(1) (2) (3) (4) (5)
Notes:
(1) Legal Basis includes, among others, Law Number 8 of 1995 concerning Capital Markets as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector, Law Number 40 of 2007 concerning Limited Liability Companies, Financial Services Authority Regulations concerning Investment Managers, and other related laws and regulations. (2) All obligations of the Investment Manager that must be fulfilled according to regulations. (3) Steps to be taken by the Investment Manager to fulfill compliance obligations. (4) Implementation time of the steps to be taken by officials, work units, or employees responsible for meeting compliance regulations.

Format 8
RISK MANAGEMENT STRATEGY
IDENTIFICATION
RISK
CAUSES
OF
RISK
POSSIBILITY
AND IMPACT
STEPS
TO
MANAGE
RISK
RESPONSIBLE
PARTY
(1) (2) (3) (4) (5)
Note:
(1) Identify all risks that may arise in business activities as an Investment Manager.
(2) Explanation regarding the causes of the emergence of such risks.
(3) Identification of the possibility and impact of the occurrence of such risks (high, medium, low).
(4) Steps to be taken if such risks occur.
(5) Officials, work units, or employees responsible for handling the risk.

Format 9
STATEMENT LETTER OF RESPONSIBILITY FOR THE COMPLETENESS AND TRUTH OF DOCUMENTS FROM THE INVESTMENT MANAGER The undersigned:
Name : …………………………………………………………………..
Position : Director……………………………………………………….
PT ……………………………………………(Name of Investment
Manager)
Full Address : ………………………………………………………………….
………………………………………………………………….
(street name and number)
……………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone Number : ………………………………………………………………….
Based on the Articles of Association of PT........................................ (Name of Investment Manager) is authorized to act on behalf of the company, hereby declares that the documents submitted to the Financial Services Authority for the application for business license/shareholder change *) are as follows:
a. the company documents are true and not misleading; and b. the truth of the documents regarding the prospective shareholder/shareholder *) is as stated in the Statement Letter of Completeness and Truth of Documents signed by the relevant party. Thus, this statement is made truthfully so that it can be used as appropriate.
........, .......................20.........
(place and date)
.............................................
(full name and signature)
Note:
*) strike out what is not necessary stamp duty

Format 10
STATEMENT LETTER OF COMPLETENESS AND TRUTH OF DOCUMENTS The undersigned:
Name : ………………………………………………………………….
Address : ………………………………………………………………..
……………………………………………………………….
(street name and number)
………………………………………………........- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone Number : ………………………………………………………………….
As prospective shareholder/prospective PSP/shareholder/PSP/prospective member of the Board of Directors/member of the Board of Commissioners/member of the Board of Directors/member of the Board of Commissioners*) ............................................................... hereby declares that the documents submitted to the Financial Services Authority for the application for business license/shareholder change and/or PSP/change of members of the Board of Directors and/or members of the Board of Commissioners*) are complete, true, and not misleading. Thus, this statement is made truthfully so that it can be used as appropriate.
........, .......................20.........
(place and date)
.............................................
(full name and signature)
Note:
*) strike out what is not necessary stamp duty

Format 11
INTEGRITY STATEMENT LETTER FOR PROSPECTIVE SHAREHOLDERS The undersigned:
Name : ………………………………………………………………….
Full Address : ………………………………………………………………….
………………………………………………………………….
(street name and number)
……………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone Number : …………………………………………………………………. as prospective shareholder/shareholder )
from…................................................................................................
hereby declares that I:
a. am competent/incompetent) to perform legal acts; b. have good character and morality;
c. have/have not*) committed disgraceful acts proven by submitting at least a police record certificate where the period from the date of issuance until submission to the Financial Services Authority is not more than 6 (six) months or according to the validity period given by the Police if less than 6 (six) months;
d. have a high commitment to comply with laws and regulations; e. have a commitment to the healthy development of the Investment Manager and support the policies of the Financial Services Authority; f. am included/excluded*) as a party prohibited from becoming a Principal Party of the Investment Manager; g. have/have not*) non-performing loans and/or financing; h. have/have not*) been declared bankrupt within the last 5 (five) years;
i. have financial capacity that can support the development of the Investment Manager's business; and
j. have a commitment to take necessary measures if the Investment Manager faces financial difficulties.
Thus, this statement is made truthfully so that it can be used as appropriate.
........, .......................20.........
(place and date)
.............................................
(full name and signature)
Note:
*) strike out what is not necessary stamp duty

Format 12
QUESTIONNAIRE LIST
I. INSTRUCTIONS FOR ANSWERING QUESTIONS

All questions must be answered by prospective members of the Board of Directors/members of the Board of Directors/prospective members of the Board of Commissioners/members of the Board of Commissioners/prospective shareholders/shareholders/prospective Controlling Shareholders/Controlling Shareholders*).
Signed by prospective members of the Board of Directors/prospective members of the Board of Commissioners/members of the Board of Directors/members of the Board of Commissioners/prospective shareholders/prospective Controlling Shareholders/shareholders/Controlling Shareholders*) on stamped paper (on sealed paper).
Place a mark 🗸 in the box in front of the word "yes" if your answer is "yes", or place a mark 🗸 in the box in front of the word "no" if your answer to the following question is "no".
For every "yes" answer, the applicant must provide a detailed and clear answer containing at least:
a. the relevant institution; b. the case and date of the action taken;
c. the court or institution that took the action; and
d. the actions and sanctions taken.
II. INTEGRITY OF PROSPECTIVE MEMBERS OF THE BOARD OF DIRECTORS/MEMBERS OF THE BOARD OF DIRECTORS/PROSPECTIVE MEMBERS OF THE BOARD OF COMMISSIONERS/MEMBERS OF THE BOARD OF COMMISSIONERS/PROSPECTIVE SHAREHOLDERS/SHAREHOLDERS/PROSPECTIVE CONTROLLING SHAREHOLDERS/CONTROLLING SHAREHOLDERS
Definition of Investment is an activity regarding Securities, banking, insurance, pension funds, cooperatives, other financial institutions including activities, both directly and indirectly, related to Securities Companies, Investment Advisors, banks or other companies engaged in the financial sector, and/or other investment activities in the real sector such as housing or real estate business. Answer the following questions:
In the last 20 (twenty) years, have you ever been sentenced for:
a. criminal acts related to investment?
🗆 yes 🗆 no b. or other crimes?
🗆 yes 🗆 no
Has the court ever:
a. declared you bankrupt?
🗆 yes 🗆 no b. in the last 20 (twenty) years, prohibited you from activities related to investment?
🗆 yes 🗆 no
c. declared you guilty of involvement in legal violations (criminal acts) related to investment and/or involvement in legal violations of laws and regulations in the financial services sector?
🗆 yes 🗆 no d. temporarily frozen, temporarily suspended, restricted, revoked licenses, or other permits similar to the license you hold?
🗆 yes 🗆 no e. declared you caused a business related to investment, its business license, or license to conduct business to be rejected, frozen, revoked, or restricted? 🗆 yes 🗆 no
Has the Financial Services Authority ever:
a. declared and/or found you making false, misleading, or dishonest statements, unfair or unethical statements, or negligent in providing information that should have been provided? 🗆 yes 🗆 no b. declared and/or found you involved in violations of laws and regulations in the Capital Market sector? 🗆 yes 🗆 no
c. declared you guilty of involvement in Investment activities so that the business license or other licenses similar to the business license owned by a company were frozen, restricted, or revoked/cancelled?
🗆 yes 🗆 no d. rejected your application for licenses, approvals, or registration/registration certificates?
🗆 yes 🗆 no e. imposed sanctions by freezing, restricting activities, or revoking/cancelling licenses, approvals, or registration/registration certificates you hold, for example, registration certificates as supporting professions in the Capital Market such as Accountants, Legal Consultants, Appraisers, or Notaries? 🗆 yes 🗆 no f. declared your business license or license to conduct business related to investment was rejected, frozen, revoked, or restricted? 🗆 yes 🗆 no g. ordered to reject, temporarily suspend, or revoke your business license, impose sanctions by restricting your activities? 🗆 yes 🗆 no
Have other competent authorities ever:
a. declared and/or found you making false, misleading, or dishonest, unfair, or unethical statements?
🗆 yes 🗆 no b. declared and/or found you involved in violations of laws and regulations concerning Investment activities?
🗆 yes 🗆 no
c. declared and/or found you causing a company related to Investment whose application for business license was rejected or its business license, or permits similar to the business license, to be frozen/suspended temporarily, restricted, or revoked?
🗆 yes 🗆 no d. ordered to prohibit you from involvement in Investment activities in the last 20 (twenty) years?
🗆 yes 🗆 no e. rejected your application for licenses, or permits similar to the business license, frozen/suspended temporarily, restricted, revoked licenses, or permits similar to the business license you hold to operate in Investment activities? 🗆 yes 🗆 no f. rejected your application for licenses or permits similar to the business license, frozen/suspended temporarily, restricted, revoked licenses, or permits similar to the business license you hold to operate outside of Investment activities, for example, registration certificates as supporting professions in the Capital Market such as accountants, legal consultants, appraisers, or notaries? 🗆 yes 🗆 no
Has the Stock Exchange ever:
a. declared and/or found you making false, misleading, or dishonest, unfair, unethical, or negligent in providing information that should have been provided? 🗆 yes 🗆 no b. declared and/or found you involved in violations of Stock Exchange Regulations? 🗆 yes 🗆 no
c. disciplined you by issuing or temporarily suspending the Securities Company where you work from membership in a Stock Exchange caused by your fault, by limiting or temporarily suspending the relationship of the said Securities Company with other Stock Exchange members?
🗆 yes 🗆 no d. found you causing the business license or license to conduct business of a company related to Investment to be frozen, revoked, or restricted? 🗆 yes 🗆 no
Has a foreign court ever declared that you were guilty due to criminal charges or civil lawsuits in connection with Investment?
🗆 yes 🗆 no
Have foreign courts, applicable regulations, or Stock Exchanges ordered actions to be taken against you concerning fraud?
🗆 yes 🗆 no
Are you currently a party to a lawsuit in court?
🗆 yes 🗆 no
Do you have commitments, specific ties, or conditional obligations to third parties whose cases are being processed or have obtained decisions from courts?
🗆 yes 🗆 no
Taking disciplinary action against you by expelling or freezing from membership by preventing or freezing relationships with other members, or by restricting activities?
🗆 yes 🗆 no
Has an insurance company ever refused to pay you or cancelled your insurance?
🗆 yes 🗆 no
Have you ever been a member of the Board of Directors of a Securities Company, Investment Advisor, or PSP of a Securities Company that was declared bankrupt?
🗆 yes 🗆 no
Do you individually or collectively hold shares exceeding 5% (five percent) in an issuer?
🗆 yes 🗆 no
Do you individually or collectively hold 20% (twenty percent) or more of shares in another Securities Company?
🗆 yes 🗆 no
Have you ever been declared not to meet the requirements set by the Financial Services Authority as a shareholder, PSP, member of the Board of Directors, member of the Board of Commissioners, and executive officials of a Financial Institution?
🗆 yes 🗆 no
........, .......................20.........
(place and date)
.............................................
(full name and signature)
Note:
*) strike out what is not necessary stamp duty

Format 13
LISTS A, B, AND C

Provide information regarding shareholders, members of the Board of Commissioners, and officials using the table below. If additional explanation is needed, use List C.
Definitions:
a. Official means the Board of Directors or officials one level below the Board of Directors and parties having the same position or function. b. Owner means shareholders or beneficial owners of 5% (five percent) or more of the applicant's shares.
Also report changes in members of the Board of Commissioners, officials, shareholders, and beneficial owners, including the date the new party starts and the date the party in question leaves the previous position in the relevant company using the table below:
List A:
List of Members of the Board of Commissioners, Officials, and Shareholders Full Name Start Date Month Year End Date Month Year Position Ownership Percentage Tax ID (NPWP) Citizenship List B:
List of Authorized Representatives of Securities Companies (WPP) No. Full Name Position WPP License (Number/Date) WPEE License (Number/Date) WMI License (Number/Date) List C:
Filled with detailed explanations for "yes" answers to questions number 1 through 15 according to the answer format for the questionnaire list and further explanations from Lists A and B. List of explanations for Questions Number 1 to 15 No. Question List Explanation
........, .......................20.........
(place and date)
.............................................
(full name and signature) stamp duty

Format 14
INVESTMENT MANAGER LICENSING APPLICATION FORM
I. Before applying for a license, the applicant must understand and realize that if a license is granted, they are obligated to:

Conduct business activities regularly, fairly, and efficiently.
Maintain organizational competence according to regulations applicable to Investment Managers.
Ensure that employees have competence and sufficient understanding of applicable regulations as an Investment Manager.
Have sufficient financial capacity, information technology, and human resources as an Investment Manager.
Have a risk management system.
Have a plan that shows the company monitors, avoids, and implements transparency whenever there is a conflict of interest.
Have a customer complaint handling mechanism, and a plan to implement compensation in efforts to improve customer complaint handling.
Continuously strive to improve, maintain, and monitor organizational and employee compliance with applicable regulations.
II. Company Identity
Company Name : ............................................................
Company Address : ............................................................
E-mail : ............................................................
Telephone : .............................................................
Contact Person(s)
(can be more than one)
: Name : ............................................
Position : ...........................................
Tax ID Number (NPWP)
: ............................................................
Affiliated Company : Due to Ownership:..........................
License Number and Date
held
: ............................................................

III. Business Description
Describe the business condition related to Investment Manager licensing

What licenses does the company currently hold?
❑ Investment Manager
❑ Securities Underwriter
❑ Securities Broker
What is the size of managed funds (including customer funds and company funds)?
❑ Less than Rp 25 billion
❑ Rp 25 billion – Rp 300 billion
❑ Rp 300 billion - Rp 1 trillion
❑ Rp1 trillion, more specify ...
What is the size of company-owned managed funds (excluding customer managed funds)?
❑ Less than Rp 25 billion
❑ Rp 25 billion – Rp 300 billion
❑ Rp 300 billion - Rp 1 trillion
❑ Rp1 trillion – Rp 5 trillion
What is the company's net revenue (average per year) in the last 5 (five) years?
❑ Less than Rp 25 billion
❑ Between Rp 25 billion to Rp 500 billion
❑ More than Rp 500 billion
What business activities will be or have been conducted as an Investment Manager to generate revenue, specify
(answer can be more than one)
❑ Mutual Fund Management
❑ KPD Management
❑ Other fund management, explain........
❑ Investment Advisor
❑ Other activities ....
What is the total number of employees (excluding Board of Directors and Board of Commissioners members)?
❑ Less than 5 people
❑ 6 – 10 people
❑ 11 – 15 people
❑ More than 15 people, specify .......
What is the number of employees in the asset management division who do not hold dual positions in other divisions (excluding Board of Directors and Board of Commissioners members)?
❑ Less than 5 people
❑ 6 – 10 people
❑ 11 – 15 people
❑ More than 15 people, specify .......
What is the company's target managed fund size within the next 5 (five) years?
❑ 20... amounting to Rp ......................
❑ 20... amounting to Rp ......................
❑ 20... amounting to Rp ......................
What is the company's target customer type?
❑ Domestic Retail
❑ Foreign Retail
❑ Domestic Institutional
❑ Foreign Institutional
How does the company market its products?
❑ Directly by company marketing personnel
❑ Through marketing agents, specify ...
Does your company have branch offices to support product marketing activities?
❑ Yes
❑ No
Regarding the above question, is there an official responsible for ensuring marketing activities comply with regulations?
❑ Yes, official at level .............
❑ No
Specify the types of expertise or experience specifications of the investment committee members owned by the company.
❑ Stocks
❑ Fixed Income Instruments
❑ Money Market Instruments
❑ Financial Asset Instruments
❑ Property
❑ High-risk Instruments
❑ Other specify ...
Specify the types of expertise or experience specifications of the investment management team owned by the company.
❑ Stocks
❑ Fixed Income Instruments
❑ Money Market Instruments
❑ Financial Asset Instruments
❑ Property
❑ High-risk Instruments
❑ Other specify ...
IV. Organizational Competence
As an Investment Manager, you must have a mechanism that guarantees the company has the ability to perform tasks and functions according to applicable regulations regularly, fairly, and efficiently, namely; ❑ At least having functions as regulated in this Financial Services Authority Regulation and Financial Services Authority Regulations governing the implementation guidelines for Investment Manager functions. ❑ Having at least 2 (two) members of the Board of Directors and 2 (two) members of the Board of Commissioners in accordance with Law Number 40 of 2007 concerning Limited Liability Companies meeting the criteria of this Financial Services Authority Regulation. ❑ Disclosing the sufficiency of resources owned, including human resources, financial capacity (MKBD and paid-up capital), and information technology as an Investment Manager. ❑ Ensuring all employees holding Securities Company Representative (WPE) licenses, specifically Investment Manager Representative (WMI), Mutual Fund Sales Agent Representative (WAPERD), have sufficient capacity to comply with regulations and rules as an Investment Manager. ❑ Each WPE has sufficient training (training) and competence, including to continuously comply with and follow advanced professional education programs (PPL). ❑ Employees who can represent the Investment Manager are employees who hold Securities Company Representative (WPE) licenses. ❑ Obligation to have employees holding Investment Manager Representative (WMI) licenses with 5 (five) years of experience or holding a Chartered Financial Analyst (CFA) certificate, according to managed products. ❑ Monitoring and monitoring the activities of Securities Company Representatives and ensuring that every violation is identified and corrected.
Does the company monitor and document the review process for employee sufficiency, both in number according to the organizational structure and in expertise?
❑ Yes
❑ No
Does the company document activities conducted to ensure that the organization has met the requirements in supporting the fulfillment of the company's responsibilities as an Investment Manager?
❑ Yes
❑ No
How often is a review conducted on organizational sufficiency in supporting the fulfillment of the company's responsibilities as an Investment Manager?
❑ More than once every 6 months
❑ Every 6 months
❑ Every 1 year
❑ More than once a year, specify ...
Does the company conduct periodic reviews of the knowledge and understanding levels of Board of Directors or Board of Commissioners members and all employees holding WPE or WAPERD licenses regarding applicable regulations and rules?
❑ Yes, explain ...
❑ No, explain ...
Does the company document the review process to ensure that Board of Directors or Board of Commissioners members and all employees holding WPE or WAPERD licenses always update their knowledge and understanding of applicable regulations and rules?
❑ Yes
❑ No
How often is a review conducted on the adequacy of expertise for managed products as required for members of the Board of Directors or the Board of Commissioners and all employees holding WPE or WAPERD licenses?
❑ More than once every 6 months
❑ Every 6 months
❑ Every 1 year
❑ More than once a year, specify ...
Does the Company have a training program, including continuing education programs for members of the Board of Directors or the Board of Commissioners and all employees holding WPE or WAPERD licenses regarding existing regulations?
❑ Yes, explain ...
❑ No, explain ...
Does the Company document materials or notes from the training programs attended by members of the Board of Directors or the Board of Commissioners and all employees holding WPE or WAPERD licenses?
❑ Yes
❑ No
Does the Company document the review process to ensure that the authority of all employees, particularly those holding WPE or WAPERD licenses, does not act outside the regulations?
❑ Yes
❑ No
Does the Company have written procedures for supervising the process of hiring, transfer, or promotion of employees holding WPE or WAPERD licenses, and is this reported to the regulator as required?
❑ Yes
❑ No
Does the Company, in hiring employees holding WPE or WAPERD licenses, go through the following assessment stages, specify (answer can be more than one);
❑ Police record certificate
❑ License as a Securities Company Representative (WPE) from the regulator ❑ Not involved in financial crimes ❑ Reference from independent parties or associations ❑ Ensuring that the Securities Company Representative has good character and is publicly declared ❑ Disclosure of conflicts of interest ❑ Employee employment contract ❑ Others, ...

Information regarding Information Technology owned
12. How does the Company build information technology, explain.
❑ In-house
❑ Contract with information technology service providers ❑ Conducted by affiliated parties ❑ Conducted by unrelated external parties

Does the Company have a Disaster Recovery Plan (DRP) function in case of data loss or computer damage?
❑ Yes
❑ No
How often is the DRP system tested?
❑ Every 4 months
❑ Every 6 months
❑ 1 year
❑ Others ... Explain!
At least how often is information technology data backup performed, explain ...
❑ Continuously, ...
❑ Daily, ...
❑ Weekly, ...
❑ Monthly, ...
❑ Never, ...
❑ Others, ...
At least how often is data backup located outside the office performed?
❑ Continuously, ...
❑ Daily, ...
❑ Weekly, ...
❑ Monthly, ...
❑ Others, ...
Does the Company subscribe to or cooperate with information service providers (providers) that support business activities as an Investment Manager?
❑ Yes, specify ...
❑ No, explain ...
How does the Company assess that the owned systems meet adequacy and support compliance programs as an Investment Manager?
❑ Review
❑ External review
❑ User surveys
❑ Comparison with standards or benchmarks
❑ Development plan for compliance fulfillment
❑ Others ….

Information regarding office rooms supporting company operational activities
19. What is the ownership status of the office rooms?
❑ Rent
❑ Own property

Specify the designated use of office rooms established by the Company (answer can be more than one):
❑ Board of Directors room.
❑ Board of Commissioners room.
❑ Meeting room.
❑ Compliance function room.
❑ Investment function room.
❑ Other function rooms, specify ...

V. Fund Management Type
Investment Managers managing client funds must ensure clear separation between client funds and Securities owned by clients and those owned by the Investment Manager, and store them at a Custodian Bank.

What types of Investment Products has the Company managed? (answer can be more than one)
❑ Mutual Funds:
❑ Money Market
❑ Mixed
❑ Stocks
❑ Fixed Income
❑ Protected
❑ Index
❑ Guarantee
❑ Mutual Funds in the form of Collective Investment Contracts whose Participation Units are traded on the Stock Exchange ❑ Fund Management Contracts (Discretionary Fund) ❑ Limited Participation Mutual Funds ❑ Asset-Backed Securities in the form of Collective Investment Contracts ❑ Real Estate Investment Funds ❑ Others, specify ...
What types of Investment Products will the Company manage? (answer can be more than one)
❑ Mutual Funds;
❑ Money Market
❑ Mixed
❑ Stocks
❑ Fixed Income
❑ Protected
❑ Index
❑ Guarantee
❑ Mutual Funds in the form of Collective Investment Contracts whose Participation Units are traded on the Stock Exchange ❑ Fund Management Contracts (Discretionary Fund) ❑ Limited Participation Mutual Funds ❑ Asset-Backed Securities in the form of Collective Investment Contracts ❑ Real Estate Investment Funds ❑ Others, specify ...
Does the Company document investment decisions related to the management of client funds?
❑ Yes, explain ...
❑ No, explain ...
How is the process for determining the fair market value of Securities managed by the Company:
❑ For debt securities, explain ...
❑ For equity securities, explain ...
How is the investment process conducted by the Company for the client funds it manages?
Explain the stages of the investment decision-making process...

VI. Compliance Arrangements (compliance)
Investment Managers have sufficient processes to supervise the implementation of compliance (compliance) with applicable regulations. In compliance arrangements, the Company can be supported by business groups.

Has the Company arranged regarding the duties and functions of the compliance function implementation?
❑ Yes
❑ No, explain ...
Are compliance arrangements supported by written procedures to determine the frequency of compliance reviews? And is this monitored and reported?
❑ Yes, explain ...
❑ No, explain ...
Does the Company document the process conducted to determine the adequacy of the compliance function implementation and is it monitored?
❑ Yes
❑ No
Is the implementation of the compliance function in the Company an object of audit or review?
❑ Yes, explain ... and specify who conducts the audit ...
❑ No, explain ...
How often is the implementation of the compliance function reviewed and monitored?
❑ More than once every 6 months
❑ Every 6 months
❑ Every 1 year
❑ More than once a year, specify...
❑ Others specify...
Does the Company have compliance officers?
❑ Yes
❑ No
Regarding the above question, what is the job level of the compliance officer in the Company's organizational structure?
❑ Special Staff
❑ Manager
❑ Director
Does the Company guarantee that the compliance officer has been given sufficient authority to work independently and objectively?
❑ Yes, explain ...
❑ No, explain ...
Does the Company have a compliance committee?
❑ Yes
❑ No, explain ...
How often does the compliance committee meet?
❑ Weekly
❑ Monthly
❑ Less than once a year, specify ...
❑ Others specify ...

VII. Arrangement of Functions by Parties Outside the Company (outsources)
In conducting its activities, Investment Managers may appoint other parties to execute their tasks, but if Investment Manager activities are carried out by parties outside the Company, the Investment Manager remains responsible for fulfilling applicable regulations.

Are there activities or functions within the Company carried out by parties outside the Company?
❑ Yes
❑ No
What functions will be executed by parties outside the Company?
❑ Information Technology
❑ Custodian
❑ Marketing
❑ Research
❑ Training
❑ Others …
Who are the parties outside the Company appointed as executors of each function owned by the Company as an Investment Manager?
❑ Related/affiliated parties
❑ Independent/external parties
❑ Both
How is the execution of functions performed by parties outside the Company monitored and supervised?
❑ Periodic examinations, explain ...
❑ Through reports, explain ...
❑ Assessing responsibility based on contracts, explain ...
❑ Others, explain ...
How often does the Company monitor functions performed by parties outside the Company? (answer can be more than one).
❑ Every day, explain ...
❑ Every month, explain ...
❑ Every year, explain ...
❑ Others, specify ...
Has the monitoring process conducted run effectively to prevent violations of applicable regulations as an Investment Manager?
❑ Yes, explain ...
❑ No, explain ...
Does the Company have written procedures to ensure that service providers selected to execute functions as an appointed Investment Manager have complied with applicable regulations?
❑ Yes, explain ...
❑ No, explain ...

VIII. Handling Client Complaints
The Company discloses mechanisms ensuring that the Company applies client complaint handling functions (dispute resolution system), which at minimum includes:
❑ Internal dispute resolution procedures; and/or ❑ Membership in one or more existing external dispute resolutions, including (Indonesia Capital Market Arbitration Body and/or Indonesia National Arbitration Body)

Does the Company have employees tasked with handling client complaints (compliance officer/internal dispute resolution)?
❑ Yes
❑ No, explain ...
Does the Company have written procedures or SOPs ensuring the implementation of client complaint handling functions?
❑ Yes
❑ No
Do the existing written procedures or SOPs consider the existence of External Dispute Resolution (EDR) mechanisms?
❑ Yes
❑ No, explain ...
Regarding the above question, who are the parties appointed as providers of EDR mechanisms?
❑ BANI (Indonesia National Arbitration Body)
❑ BAPMI (Indonesia Capital Market Arbitration Body) ❑ Others, specify ...
Has the Company provided information openness to clients regarding the mechanism for submitting complaints to the Company?
❑ Yes
❑ No

IX. Risk Management
Risk management is a series of actions taken to improve the achievement of established goals and reduce arising risks, including potential losses.

Does the Company have risk management SOPs including arrangements for mechanisms to identify risks, analyze risks, evaluate risks, handle risks, monitor risks, communicate risks, record, and document every action taken against risks?
❑ Yes
❑ No, explain ...
What is the job level of individuals or employees appointed responsible for the implementation of risk management functions?
❑ Compliance Manager
❑ Compliance Director
❑ Risk Management Manager
❑ Risk Management Director
❑ Others, specify ...
Is the implementation of risk management functions prioritized in the Company?
❑ Yes, explain ...
❑ No, explain ...
Are there education processes for employees tasked with handling risk management?
❑ Yes
❑ No
Is the risk management system audited and reviewed?
❑ Yes, explain ...
❑ No, explain ...
If yes, who conducts the audit and review of the risk management function?
❑ Internal parties, explain ...
❑ External parties, explain ...
How often are periodic audit or review processes of the implementation of risk management functions conducted?
❑ Less than once every 6 months
❑ Between 6 months - 1 year once
❑ More than once a year
❑ Others, explain ...

X. Mutual Fund Product Management
To obtain authority to operate Investment Products, the Company must demonstrate that it has sufficient capacity to be responsible for managing Investment Products both currently and in the future.

Does the Company document disclosure documents and materials used in marketing activities to ensure they comply with applicable regulations?
❑ Yes
❑ No, explain ...
Does the Company conduct documentation processes proving that all personnel executing marketing functions have licenses as WPE or WAPERD?
❑ Yes
❑ No, explain ...
How is the marketing function for products managed by the Company executed?
❑ Directly by the Company's marketing personnel ❑ Through sales agents, specify ...
Does the Company supervise and periodically review marketing employees, including branch office marketing employees (if any), to ensure that marketing activities comply with regulations?
❑ Yes
❑ No, explain ...
Regarding the above question, if yes, how often is this done?
❑ Less than once every 6 months
❑ Between 6 months - 1 year once
❑ More than once a year
❑ Others, explain ...

XI. Management of Investment Products other than Mutual Funds
To have the authority to manage Investment Products other than mutual funds, the Company as an Investment Manager must ensure it has adequate systems and expertise according to the managed products and manages them in accordance with applicable regulations.

What is the form of contract agreements with clients regarding the Company's activities in managing Investment Products other than mutual funds?
❑ Collective Investment Contracts
❑ Without Cooperation Contracts
❑ Deeds of Agreement
❑ One-on-one Contracts
Does the Company document processes ensuring that client accounts are accurately recorded and stored securely at a Custodian Bank?
❑ Yes
❑ No, explain ...
Does the Company document processes ensuring that implemented investment policies comply with contracts agreed upon with clients?
❑ Yes
❑ No
Does the Company document processes ensuring that every investment policy for client interests is periodically reviewed?
❑ Yes, how often is this review conducted, explain ...
❑ No, explain ...
Does the Company document every action taken in accordance with client instructions and communicated with clients? (if any)
❑ Yes, explain ...
❑ No, explain ...
Does the Company document processes ensuring that periodic reporting to clients has been conducted so that clients can monitor the development or performance and transactions conducted on their portfolios?
❑ Yes, explain ...
❑ No, explain ...
Does the Company document processes ensuring that maintenance of records of working papers for the management of Investment Products other than mutual funds for client interests exists?
❑ Yes
❑ No
Which official institution stores client portfolios?
❑ Custodian Bank, specify ...
❑ Other parties specify ...

Format 15
STATEMENT LETTER ON FUND SOURCES OR CAPITAL CONTRIBUTIONS The undersigned:
Name : .............
Full Address : .…………………………………………………..............
(street name and number)
………………………………………………….- 🗆🗆🗆🗆🗆
(city and postal code)
Telephone Number : ………………………………………………………….....
as a prospective shareholder/prospective PSP/shareholder/PSP*) of ............ hereby states that the source of funds/capital contribution*) ............ in the name of ............ to ......... does not originate from:
a. loans or financing facilities in any form from other parties; and/or b. funds for the purpose of money laundering and terrorism financing.
Thus, this statement is made truthfully so that it can be used as appropriate.
Applicant,
......., .......................20.........
(place and date)
.............................................
(full name and signature)
Note:
*) strike out what is not necessary stamp duty

Format 16
STATEMENT LETTER OF BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS MEMBERS REGARDING RESPONSIBILITY FOR FINANCIAL REPORTS (period)...
PT ...
We who sign below:

Name :
Office Address :
Residential Address/according to ID card or other identity card :
Telephone Number :
Position : Director …..
Name :
Office Address :
Residential Address/according to ID card or other identity card :
Telephone Number :
Position : Director …..
Name :
Office Address :
Residential Address/according to ID card or other identity card :
Telephone Number :
Position : Commissioner, representing the Board of Commissioners state:
responsible for the preparation and presentation of the Investment Manager's financial reports;
the Investment Manager's financial reports have been prepared and presented in accordance with generally accepted accounting principles;
a. All information in the Investment Manager's financial reports has been included completely and correctly; and
b. The Investment Manager's financial reports do not contain incorrect or material facts and do not omit material information or facts; and
responsible for the internal control system in the Investment Manager.
Thus, this statement is made truthfully.
Director…
(signature)
(full name)
…………….., Date/Month/Year
Director…*)
(signature)
(full name)
Commissioner….
(signature)
(full name)
CHAIRMAN OF THE COMMISSIONER BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
FRIDERICA WIDYASARI DEWI signed.

OJK REGULATION NO. 5 OF 2026

ON

THE CONDUCT OF INVESTMENT MANAGER BUSINESS ACTIVITIES

CHAPTER I

Article 1

CHAPTER II

First Section

Article 2

Article 3

Second Section

Article 4

Article 5

Article 6

Third Section

Article 7

CHAPTER III

First Section

Article 8

Article 9

Second Section

Article 10

Third Section

Article 11

Fourth Section

Article 12

Article 13

Article 14

Article 15

Article 16

Fifth Section

Article 17

Article 18

Sixth Section

Article 19

Article 20

Article 21

Paragraph 1

Article 22

Article 23

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