POJK on Business Licensing and Institutional Framework of Guarantee Institutions — OJK — ID

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS BY THE GRACE OF GOD ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in order to develop dynamic Guarantee Institutions in accordance with developments, comprehensive regulations regarding the licensing and institutional framework of Guarantee Institutions are needed; b. that in order to create dynamic and comprehensive regulations in the field of licensing and institutional framework of Guarantee Institutions while still paying attention to the principle of prudence, it is necessary to perfect the provisions regarding the licensing and institutional framework of Guarantee Institutions;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Business Licensing and Institutional Framework of Guarantee Institutions;
Recalling:

Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
Presidential Regulation Number 2 of 2008 concerning Guarantee Institutions;
DECIDING:
Establish: FINANCIAL SERVICES AUTHABILITY REGULATION CONCERNING BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are meant:

Guarantee is the activity of providing guarantees for the fulfillment of the financial obligations of the Guaranteed Party.
Re-guarantee is the activity of providing guarantees for the fulfillment of the financial obligations of a Guarantee Company or Sharia Guarantee Company that has guaranteed the fulfillment of the financial obligations of the Guaranteed Party.
Guarantee Institution means a Guarantee Company, Sharia Guarantee Company, Re-guarantee Company, and Sharia Re-guarantee Company.
Guarantee Company is a legal entity engaged in the financial sector with business activities involving Guarantee.
Sharia Guarantee Company is a legal entity engaged in the financial sector with business activities involving Guarantee based on Sharia Principles.
Re-guarantee Company is a legal entity engaged in the financial sector with business activities involving Re-guarantee.
Sharia Re-guarantee Company is a legal entity engaged in the financial sector with business activities involving Re-guarantee based on Sharia Principles.
Credit is the provision of money or claims that can be equated with it, based on loan-borrowing agreements or consensus between Financial Institutions and other parties, which obligates the borrower to repay their debt within a certain period with interest.
Financing based on Sharia Principles is financing based on Sharia principles provided by Financial Institutions based on agreements or consensus between Financial Institutions and other parties.
Sharia Principles are Islamic legal provisions based on fatwas or statements of Sharia compliance from the National Sharia Council of the Indonesian Ulema Council.
Sharia Business Unit is a work unit at the headquarters of a Guarantee Company or Re-guarantee Company that functions as the headquarters of branch offices and/or offices other than branch offices that conduct business activities of Guarantee or Re-guarantee based on Sharia Principles.
Financial Institution means banks and non-bank financial institutions.
Branch Office is an office of a Guarantee Institution that is directly responsible to the headquarters.
Recipient of Guarantee is a Financial Institution or outside a Financial Institution that has provided financial facilities to the Guaranteed Party.
Guaranteed Party is a party that has obtained financial facilities from a Financial Institution or outside a Financial Institution, guaranteed by a Guarantee Company or Sharia Guarantee Company, whether individuals, business entities, limited liability companies, business units of foundations, cooperatives, and micro, small, and medium enterprises (MSMEs).
Guarantee Certificate is proof of the approval of Guarantee from a Guarantee Company or Sharia Guarantee Company to the Recipient of Guarantee regarding the financial obligations of the Guaranteed Party.
Board of Directors:
a. for Guarantee Institutions in the form of State-Owned Enterprises (Perseroan Umum) refers to the Board of Directors as referred to in laws concerning state-owned enterprises; b. for Guarantee Institutions in the form of Limited Liability Companies (Perseroan Terbatas) refers to the Board of Directors as referred to in laws concerning limited liability companies;
c. for Guarantee Institutions in the form of Cooperatives refers to the management as referred to in laws concerning cooperatives.
Board of Commissioners:
a. for Guarantee Institutions in the form of State-Owned Enterprises (Perseroan Umum) refers to the Supervisory Board as referred to in laws concerning state-owned enterprises; b. for Guarantee Institutions in the form of Limited Liability Companies (Perseroan Terbatas) refers to the Board of Commissioners as referred to in laws concerning limited liability companies;
c. for Guarantee Institutions in the form of Cooperatives refers to the supervisors as referred to in laws concerning cooperatives.
Sharia Supervisory Board is a part of the organs of a Guarantee Institution that performs supervision functions over the business operations conducted by the Guarantee Institution to ensure compliance with Sharia Principles.
Financial Services Authority is an independent institution free from the interference of other parties that has the functions, duties, and authority for regulation, supervision, examination, and investigation as referred to in Laws concerning the Financial Services Authority.

CHAPTER II
BUSINESS LICENSES, CAPITAL, AND LEGAL FORM
First Section
Business Licenses
Article 2
(1) Guarantee Institutions may only conduct business activities after obtaining a business license from the Financial Services Authority.
(2) Applications for business licenses as referred to in paragraph (1) are submitted by the Board of Directors to the Financial Services Authority according to the format in Appendix I of this Financial Services Authority Regulation and must be accompanied by:
a. the deed of establishment of the legal entity, including the articles of association that have been approved by the competent authority, which at least contain:
1. name, domicile, and scope of operational territory;
2. business activities as a Guarantee Company, Re-guarantee Company, Sharia Guarantee Company, or Sharia Re-guarantee Company;
3. capital;
4. ownership; and
5. authority, responsibilities, and term of office of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board for those conducting business based on Sharia Principles.
b. data on the Board of Directors and Board of Commissioners including:
1. 1 (one) recent 4 x 6 cm passport-sized photo;
2. photocopy of identification cards such as Identity Cards (KTP) or valid passports;
3. curriculum vitae; and
4. a statement letter that the Board of Directors and Board of Commissioners will undergo the fit and proper assessment by the Financial Services Authority;
5. statement letters that:
a) The Board of Directors of a Guarantee Institution does not hold concurrent positions at Guarantee Institutions or other business entities; or b) The Board of Commissioners of a Guarantee Institution does not hold concurrent positions as Board of Commissioners at more than 3 (three) Guarantee Institutions or other business entities.
6. a letter of certificate or written proof of experience in the field of Guarantee or banking or other Financial Institutions for at least 2 (two) years for one of the Directors.
7. proof of passing the fit and proper assessment from the Financial Services Authority.
c. data on shareholders or members:
1. in the case where shareholders are individuals, the attached documents are those referred to in letter b numbers 1, 2, and 3, and a statement letter that the capital contribution does not originate from loans and money laundering crimes;
2. in the case where shareholders are legal entities, the attached documents are:
a) the deed of establishment of the legal entity, including the articles of association and any subsequent amendments that are in effect according to legislation; b) financial reports audited by public accountants and/or the latest financial reports; c) documents as referred to in letter b numbers 1, 2, and 3 for shareholders and the Board of Directors of such legal entities; and d) a statement letter that the capital contribution does not originate from money laundering crimes.
3. proof of passing the fit and proper assessment from the Financial Services Authority for controlling shareholders of Guarantee Institutions.
d. Documents for the Sharia Supervisory Board, for those conducting business based on Sharia principles, include:
1. Recommendation letters from the National Sharia Council of the Indonesian Ulema Council; and
2. proof of passing the fit and proper assessment from the Financial Services Authority;
e. organizational structure having functions for risk management, financial management, and information/database services for the Guaranteed Party; f. work systems and procedures of the Guarantee Institution; g. work plan for the first three years which at least contains:
1. feasibility studies regarding market opportunities and economic potential;
2. plans for Guarantee or Re-guarantee business activities and steps to be taken to realize such plans; and
3. projections of balance sheets, income statements, and monthly cash flow statements for 12 (twelve) months starting from when the Guarantee Institution begins operational activities.
h. Information regarding employees who meet the following requirements:
1. Have experience in the field of Guarantee (including surety in insurance) or credit analysis for at least 1 (one) year;
2. Have previously attended education or training in the field of Guarantee or Financial Institutions for Guarantee Companies and Re-guarantee Companies; and
3. Have previously attended education or training in the field of Guarantee or Sharia Guarantee for Sharia Guarantee Companies and Sharia Re-guarantee Companies.
i. photocopy of proof of paid-up capital settlement or principal deposits and capital certificates in the form of time deposits in the name of the respective Guarantee Institution at:
1. one of the general banks in Indonesia for Guarantee Companies or Re-guarantee Companies; or
2. one of the Sharia general banks in Indonesia for Sharia Guarantee Companies or Sharia Re-guarantee Companies.
j. Proof of operational readiness including:
1. list of fixed assets and inventory;
2. proof of ownership, control, or lease agreements for office buildings;
3. example forms, including Guarantee Certificates to be used for the operations of the Guarantee Institution; and
4. Taxpayer Identification Number (NPWP).

Article 3
(1) Approval or rejection of business license applications is given within a maximum of 45 (forty-five) days after the application documents as referred to in Article 2 are received completely and correctly. (2) In order to provide approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts:
a. examination of document completeness; b. feasibility analysis of work plans; and
c. analysis of compliance with regulations in the field of Guarantee.
(3) Rejection of license applications as referred to in paragraph (1) must be accompanied by reasons for rejection.

Article 4
(1) Guarantee Institutions that have obtained business licenses from the Financial Services Authority must conduct business activities no later than 4 (four) months after the date the business license is established. (2) Reports on business activities as referred to in paragraph (1) must be submitted by the Board of Directors of the Guarantee Institution to the Financial Services Authority, accompanied by photocopies of Guarantee Certificates or cooperation agreements, no later than 15 (fifteen) days after the date operational activities begin, according to the format in Appendix II of this Financial Services Authority Regulation. (3) If after the time period as referred to in paragraph (1) the Guarantee Institution has not conducted business activities, the Financial Services Authority revokes the issued business license.

Article 5
The name of the Guarantee Institution must be clearly stated in the articles of association as referred to in Article 2 paragraph (2) letter a number 1, starting with the legal form followed by the words:
a. Guarantee or Jaminan, for Guarantee Companies; b. Re-guarantee or Jaminan Ulang, for Re-guarantee Companies;
c. Guarantee or Jaminan followed by the word Sharia, for Sharia Guarantee Companies; or
d. Re-guarantee or Jaminan Ulang followed by the word Sharia, for Sharia Re-guarantee Companies.

Second Section
Capital
Article 6
(1) Paid-up capital or principal deposits and capital certificates of Guarantee Institutions are determined based on the scope of operations, namely national or provincial. (2) The amount of paid-up capital or principal deposits and capital certificates for Guarantee Companies and Sharia Guarantee Companies is set at least:
a. IDR 100,000,000,000.00 (one hundred billion rupiah), for national scope; or b. IDR 25,000,000,000.00 (twenty-five billion rupiah), for provincial scope. (3) The amount of paid-up capital or principal deposits and capital certificates for Re-guarantee Companies and Sharia Re-guarantee Companies is set at least IDR 200,000,000,000.00 (two hundred billion rupiah).

Third Section
Legal Form
Article 7
(1) The legal form of Guarantee Institutions is:
a. State-Owned Enterprises (Perseroan Umum); b. Limited Liability Companies (Perseroan Terbatas); or
c. Cooperatives.
(2) Guarantee Institutions in the form of Limited Liability Companies may only have their shares owned by:
a. Indonesian citizens; b. Indonesian legal entities;
c. foreign business entities;
d. The Central Government; and/or e. Regional Governments.
(3) Foreign business entities as referred to in paragraph (2) letter c may only own shares in Guarantee Institutions in the form of Limited Liability Companies. (4) Total foreign ownership in Guarantee Institutions in the form of Limited Liability Companies, whether directly or indirectly, is at most 49% (forty-nine percent) of the paid-up capital. (5) Re-guarantee Companies or Sharia Re-guarantee Companies in the form of Cooperatives may only be owned by a combination of Guarantee Companies or Sharia Guarantee Companies in the form of Cooperatives.

CHAPTER III
OWNERSHIP AND MANAGEMENT
Article 8
(1) For shareholders in the form of Indonesian legal entities, the amount of capital participation in Guarantee Institutions is set at most:
a. the equity of the respective legal entity if there are no other participations; or b. the equity of the respective legal entity minus the amount of other participations already made if there are other participations. (2) Equity as referred to in paragraph (1) is:
a. the sum of paid-up capital, reserves, and profits, minus losses, in the case of Guarantee Institutions in the form of limited liability companies and state-owned enterprises; or b. the sum of principal deposits, capital certificates, and remaining business results, minus participations and losses, in the case of Guarantee Institutions in the form of cooperative legal entities.

Article 9
(1) Shareholders, Directors, and Board of Commissioners of Guarantee Institutions must at least meet the following requirements:
a. not listed in the bad debt list in the banking sector; b. not listed in the DTL (Debtors List) in the banking sector;
c. never convicted of criminal offenses and/or economic or financial sector crimes;
d. capital contributions for shareholders:

do not originate from loans and money laundering crimes for individual shareholders;
do not originate from money laundering crimes for legal entity shareholders.
e. never subjected to administrative sanctions due to violations of regulations in the field of financial services; f. one of the Directors of a Guarantee Institution must have operational experience in the field of Guarantee, banking, or other financial institutions for at least 2 (two) years at the managerial level; g. one of the directors must have operational experience in Financial Institutions conducting business based on Sharia Principles for Sharia Guarantee Companies or Sharia Re-guarantee Companies; and h. never declared bankrupt or declared guilty resulting in a company/business being declared bankrupt based on a court decision that has permanent legal force. (2) In the case where shareholders of Guarantee Institutions are in the form of Limited Liability Companies, the provisions as referred to in paragraph (1), except letters f and g, apply to shareholders and Directors of such Limited Liability Companies. (3) In the case where shareholders of Guarantee Institutions are in the form of Cooperatives, the provisions as referred to in paragraph (1), except letters f and g, apply to the management of such Cooperatives.

Article 10
(1) Directors of Guarantee Institutions are prohibited from holding concurrent positions at Guarantee Institutions or other business entities.
(2) Board of Commissioners of Guarantee Institutions are prohibited from holding concurrent positions as Board of Commissioners at more than 3 (three) Guarantee Institutions or other business entities.

CHAPTER IV
SHARIA BUSINESS UNITS
Article 11
(1) Guarantee Companies or Re-guarantee Companies may conduct part of their business activities based on Sharia Principles by forming Sharia Business Units. (2) Guarantee Companies or Re-guarantee Companies that form Sharia Business Units in their articles of association must contain provisions regarding the purpose and objectives of the company to conduct Guarantee business or Re-guarantee business, including conducting part of the business of Guarantee or Re-guarantee based on Sharia Principles. (3) The formation of Sharia Business Units as referred to in paragraph (1) must first obtain approval from the Financial Services Authority. (4) To obtain approval for the formation of Sharia Business Units as referred to in paragraph (3), Guarantee Companies or Re-guarantee Companies must meet the following requirements:
a. amend the articles of association stating the purpose and objectives of the company to conduct Guarantee business or Re-guarantee business, including business with Sharia Principles; b. have a Sharia Supervisory Board that has received recommendations from the National Sharia Council of the Indonesian Ulema Council with the following conditions:
1. appointed in the general meeting of shareholders or members' meeting;
2. meet the fit and proper assessment requirements conducted by the Financial Services Authority.
c. have prospective leaders of Sharia Business Units meeting the following conditions:
1. have managerial experience of at least 1 (one) year;
2. have knowledge in the field of Sharia Guarantee and/or Sharia economics;
3. submit statement letters:
1) not listed in the bad debt list in the banking sector;
2) not listed in the DTL in the banking sector;
3) never convicted of criminal offenses and/or economic or financial sector crimes;
4) never declared bankrupt or declared guilty resulting in a company/business being declared bankrupt based on a court decision that has permanent legal force; and
5) never subjected to administrative sanctions due to violations of regulations in the field of financial services.
d. allocate working capital for the formation of Sharia Business Units, determined in the general meeting of shareholders or members' meeting, amounting to:
1. IDR 10,000,000,000.00 (ten billion rupiah) for Sharia Business Units from Guarantee Companies; or
2. IDR 20,000,000,000.00 (twenty billion rupiah) for Sharia Business Units from Re-guarantee Companies;
the working capital mentioned must have been fully deposited in Sharia general banks and legalized by the receiving bank, and remains valid during the license application process for Sharia Business Units. e. have accounting systems and data management systems that meet the internal control functions separately for Sharia Business Units; (5) To obtain approval as referred to in paragraph (1), Guarantee Companies or Re-guarantee Companies must submit applications to the Financial Services Authority, attaching:
a. documents proving compliance with requirements as referred to in paragraph (4); b. supporting documents including:
1. description of duties and authorities of Sharia unit leaders in Guarantee or Re-guarantee activities, determination of Guarantee remuneration, determination of commission amounts, and claim settlement;
2. opening balance sheets, accompanied by supporting evidence;
3. data for prospective Sharia unit leaders including:
a) 1 (one) recent 4x6 cm passport-sized photo; b) photocopy of identification cards such as KTP or valid passports; c) curriculum vitae; and d) statement letters as referred to in paragraph (4) letter c number 3.

Article 12
(1) Approval or rejection of Sharia Business Unit license applications is given within a maximum of 45 (forty-five) days after the application documents are received completely and correctly. (2) In order to provide approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts:
a. examination of document completeness; b. feasibility analysis of work plans; and
c. analysis of compliance with regulations in the field of Guarantee.
(3) Rejection of license applications as referred to in paragraph (1) must be accompanied by reasons for rejection.

Article 13
(1) Sharia Business Units that have obtained licenses from the Financial Services Authority must conduct business activities no later than 3 (three) months from the date the license is issued. (2) Reports on business activities as referred to in paragraph (1) must be submitted by the Board of Directors to the Financial Services Authority, accompanied by photocopies of Guarantee Certificates or cooperation agreements, no later than 15 (fifteen) days after the date operational activities begin, according to the format in Appendix III of this Financial Services Authority Regulation. (3) If after the time period as referred to in paragraph (1) the Sharia Business Unit has not conducted business activities, the Financial Services Authority revokes the issued Sharia Business Unit license.

Article 14
(1) Guarantee Companies or Re-guarantee Companies may cease business activities based on Sharia Principles by first submitting applications for the revocation of Sharia Business Unit licenses to the Financial Services Authority. (2) The cessation of business based on Sharia Principles conducted by Sharia Business Units must meet the following requirements:
a. not harm the interests of the guaranteed party and the recipient of guarantee; b. notify the recipient of guarantee;
c. transfer Sharia Guarantee portfolios to Sharia Guarantee Companies or other Sharia Business Units; and
d. settle existing obligations.
(3) Applications for the revocation of Sharia Business Unit licenses as referred to in paragraph (1) must be accompanied by:
b. original license documents for the opening of Sharia Business Units;
c. reasons for closure; and
d. proof of implementation of requirements as referred to in paragraph (2).
(4) The revocation of Sharia Business Unit licenses as referred to in paragraph (1) is given within a maximum of 30 (thirty) days after the application documents are received completely and correctly.

CHAPTER V
SHARIA SUPERVISORY BOARD
Article 15
(1) Sharia Guarantee Companies, Sharia Re-guarantee Companies, and Sharia Business Units are required to have at least 1 (one) Sharia Supervisory Board. (2) The Sharia Supervisory Board referred to in paragraph (1) is appointed in a General Meeting of Shareholders or Members Meeting based on a recommendation from the National Sharia Board of the Indonesian Ulema Council. (3) The Sharia Supervisory Board referred to in paragraph (1) is prohibited from:
a. Holding concurrent positions as the Board of Directors or Board of Commissioners of the Guarantee Institution and/or leadership of the Sharia Business Unit; and b. Holding concurrent positions as a Sharia Supervisory Board in more than 2 (two) other business entities. (4) The Sharia Supervisory Board of Sharia Guarantee Companies, Sharia Re-guarantee Companies, and Sharia Business Units is required to carry out supervision duties and provide advice and suggestions to the Board of Directors to ensure their business activities comply with Sharia Principles. (5) The supervision and advisory duties referred to in paragraph (4) are carried out in the form of:
a. Ensuring and supervising the conformity of the Guarantee Institution's operational activities with fatwas established by the National Sharia Board of the Indonesian Ulema Council. b. Assessing Sharia aspects of operational guidelines and products issued by the Guarantee Institution.
c. Studying new products and services for which no fatwa exists and requesting fatwas from the National Sharia Board of the Indonesian Ulema Council.
(6) The Sharia Supervisory Board is required to meet competency and propriety assessment requirements implemented by the Financial Services Authority.

CHAPTER VI
REPORTING
First Section
Changes in Shareholders, Board of Directors, Board of Commissioners, Sharia Supervisory Board, and Capital
Article 16
(1) The Board of Directors is required to report any changes in shareholders, Board of Directors, Board of Commissioners, Sharia Supervisory Board, and capital to the Financial Services Authority no later than 15 (fifteen) days after the date of receiving approval or recording of such changes from the competent authority. (2) The report referred to in paragraph (1) is submitted according to the format of Appendix IV, Appendix V, or Appendix VI of this Financial Services Authority Regulation and must be accompanied by:
a. proof of change referred to in paragraph (1) which has been approved or reported to the competent authority and/or registered in the Company Register; b. documents of data of the Board of Directors and/or Board of Commissioners and/or shareholder data and/or Sharia Supervisory Board as referred to in Article 2 paragraph (2) letter b and/or letter c and/or letter d; and/or
c. photocopy of proof of additional capital in the form of time deposits in the name of the Guarantee Institution at one of the commercial banks in Indonesia and legalized by the receiving deposit bank, which remains valid during the capital change reporting process.

Second Section
Change of Name
Article 17
(1) The Board of Directors is required to report the change of name of the Guarantee Institution in writing to the Financial Services Authority no later than 15 (fifteen) days after obtaining the name change approval letter from the competent authority, using the format in Appendix VII of this Financial Services Authority Regulation and must be accompanied by documents:
a. minutes of the General Meeting of Shareholders or Members Meeting or determination from the competent authority regarding the change of name of the Guarantee Institution; b. proof of name change which has been approved by the competent authority; and
c. Taxpayer Identification Number (NPWP) in the name of the new Guarantee Institution.
(2) Based on the report referred to in paragraph (1), the Financial Services Authority determines the recording of the change of name of the Guarantee Institution with a decision of the Financial Services Authority Commissioners regarding the change of name of the Guarantee Institution.

Third Section
Change of Legal Form
Article 18
(1) The Board of Directors is required to report the change of legal form of the Guarantee Institution in writing to the Financial Services Authority no later than 15 (fifteen) days since obtaining the letter of approval for the change of legal form from the competent authority according to the format in Appendix VIII of this Financial Services Authority Regulation and accompanied by documents:
a. minutes of the General Meeting of Shareholders or Members Meeting regarding the change of legal form of the Guarantee Institution; b. proof of change of legal form which has been approved by the competent authority;
c. minutes of the transfer of all rights and obligations from the old legal entity to the new legal entity; and
d. Taxpayer Identification Number (NPWP) in the name of the new Guarantee Institution.
(2) Based on the report referred to in paragraph (1), the Financial Services Authority determines the recording of the change of legal form of the Guarantee Institution with a decision of the Financial Services Authority Commissioners regarding the change of legal form of the Guarantee Institution.

CHAPTER VII
MERGER, CONSOLIDATION, AND TAKEOVER
First Section
Merger and Consolidation
Article 19
(1) Guarantee Companies or Re-guarantee Companies may conduct a merger with one or more Guarantee Companies or Re-guarantee Companies by maintaining the existence of one of the Guarantee Companies or Re-guarantee Companies and dissolving other Guarantee Companies or Re-guarantee Companies without prior liquidation. (2) Guarantee Companies or Re-guarantee Companies may conduct a consolidation with one or more Guarantee Companies or Re-guarantee Companies by establishing one new Guarantee Company or Re-guarantee Company and dissolving the Guarantee Companies or Re-guarantee Companies that undergo consolidation. (3) Guarantee Companies and Re-guarantee Companies that will conduct a merger or consolidation must first obtain approval from the Financial Services Authority.
Article 20
(1) To obtain approval for merger or consolidation as referred to in Article 19 paragraph (3), Guarantee Companies or Re-guarantee Companies must submit an application to the Financial Services Authority according to the format in Appendix IX of this Financial Services Authority Regulation. (2) The application referred to in paragraph (1) must be accompanied by a draft merger or consolidation which at least contains:
a. a plan to settle the rights and obligations of the Guarantee Companies or Re-guarantee Companies that will undergo merger or consolidation without reducing the rights of Guarantee Recipients or Guaranteed Parties; and b. proforma financial reports from the Guarantee Companies or Re-guarantee Companies receiving the merger or results of consolidation and meeting the permitted Gearing Ratio requirements. (3) Rights and obligations arising from all objects of Guarantee activities conducted by Guarantee Companies or Re-guarantee Companies after undergoing merger or consolidation become the responsibility of the new Guarantee Company or Re-guarantee Company resulting from the merger or consolidation.
Article 21
(1) Guarantee Companies or Re-guarantee Companies resulting from a merger are required to report the results of the merger implementation to the Financial Services Authority according to the format in Appendix X and must be accompanied by documents:
a. Photocopy of the amended articles of association of the Guarantee Company or Re-guarantee Company which has been approved by the competent authority for entities in the form of Limited Liability Companies or Cooperatives; b. Government Regulations regarding establishment and its amendments for Guarantee Institutions in the form of State-Owned Enterprises (Perum);
c. organizational structure and management of the Guarantee Company or Re-guarantee Company resulting from the merger;
d. Taxpayer Identification Number (NPWP) of the Guarantee Institution, Board of Directors, Board of Commissioners, and shareholders; and e. complete address of the Guarantee Company or Re-guarantee Company resulting from the merger. (2) Guarantee Companies or Re-guarantee Companies resulting from a consolidation are required to report the results of the consolidation implementation to the Financial Services Authority according to the format in Appendix XI and must be accompanied by documents:
a. photocopy of the articles of association of the Guarantee Company or Re-guarantee Company which has been approved by the competent authority for entities in the form of Limited Liability Companies or Cooperatives; b. Government Regulations regarding establishment for Guarantee Institutions in the form of State-Owned Enterprises (Perum);
c. organizational structure and management of the Guarantee Company or Re-guarantee Company resulting from the consolidation;
d. Taxpayer Identification Number (NPWP) of the Guarantee Institution, Board of Directors, Board of Commissioners, and shareholders; and e. complete address of the Guarantee Company or Re-guarantee Company resulting from the consolidation. (3) Reports to the Financial Services Authority as referred to in paragraph (1) and paragraph (2) must be submitted no later than 15 (fifteen) days after the date of receiving approval or recording of the amended articles of association from the competent authority or since the date of the Government Regulation determination. (4) The Financial Services Authority revokes the business license of Guarantee Companies or Re-guarantee Companies that undergo merger after receiving reports on the merger results as referred to in paragraph (1). (5) The Financial Services Authority revokes the business license of Guarantee Companies or Re-guarantee Companies that undergo consolidation and issues business licenses for the Guarantee Companies or Re-guarantee Companies resulting from the consolidation after receiving reports on the consolidation results as referred to in paragraph (2).
Article 22
(1) The headquarters and Branch Offices of Guarantee Companies or Re-guarantee Companies that merge may be treated as Branch Offices of the Guarantee Company or Re-guarantee Company resulting from the merger. (2) One of the headquarters of Guarantee Companies or Re-guarantee Companies that consolidate may be treated as the headquarters of the Guarantee Company or Re-guarantee Company resulting from the consolidation. (3) The headquarters and Branch Offices of Guarantee Companies or Re-guarantee Companies that consolidate may be treated as Branch Offices of the Guarantee Company or Re-guarantee Company resulting from the consolidation.
Article 23
(1) Sharia Guarantee Companies or Sharia Re-guarantee Companies may conduct a merger with one or more Sharia Guarantee Companies or Sharia Re-guarantee Companies by maintaining the existence of one of the Sharia Guarantee Companies or Sharia Re-guarantee Companies and dissolving other Sharia Guarantee Companies or Sharia Re-guarantee Companies without prior liquidation. (2) Sharia Guarantee Companies or Sharia Re-guarantee Companies may conduct a consolidation with one or more Sharia Guarantee Companies or Sharia Re-guarantee Companies by establishing one new Sharia Guarantee Company or Sharia Re-guarantee Company and dissolving the Sharia Guarantee Companies or Sharia Re-guarantee Companies that undergo consolidation. (3) Sharia Guarantee Companies and Sharia Re-guarantee Companies that will conduct a merger or consolidation must first obtain approval from the Financial Services Authority. (4) Provisions on merger or consolidation as referred to in Article 20, Article 21, and Article 22 mutatis mutandis apply to Sharia Guarantee Companies or Sharia Re-guarantee Companies that will undergo merger or consolidation.

Second Section
Takeover
Article 24
(1) Takeover may be conducted by taking over all or a substantial part of the shares of other Guarantee Institutions, resulting in the transfer of control over such Guarantee Institutions. (2) The implementation of takeover of Guarantee Institutions as referred to in paragraph (1) may be conducted by meeting the following provisions:
a. the implementation of takeover does not result in a reduction of the rights of Guarantee Recipients or the rights of Guarantee Institutions; b. the implementation of takeover must meet the requirements for Productive Business Gearing Ratio and total Gearing Ratio as referred to in Financial Services Authority Regulations on the Conduct of Business by Guarantee Institutions; and
c. the implementation of takeover must continue to meet provisions regarding restrictions on investments as referred to in Financial Services Authority Regulations on the Conduct of Business by Guarantee Institutions.
Article 25
Merger, consolidation, and takeover are conducted in accordance with applicable laws and regulations.

CHAPTER VIII
BRANCH OFFICES AND BRANCH OFFICES WITH SHARIA AUTHORITY First Section Branch Offices
Article 26
(1) Guarantee Institutions may open Branch Offices within the territory of the Republic of Indonesia according to their operational area scope.
(2) To open Branch Offices as referred to in paragraph (1), Guarantee Institutions must first obtain approval from the Financial Services Authority. (3) To obtain approval as referred to in paragraph (1), the Board of Directors submits an application to the Financial Services Authority according to the format in Appendix XII of this Financial Services Authority Regulation and must be accompanied by:
a. feasibility study results which at least contain economic potential, market opportunities, and monthly cash flow projections for 12 (twelve) months; b. proof of building control; and
c. work systems and procedures, organizational structure, and personnel including the names of prospective Branch Office Heads and the number of employees.
(4) Approval or rejection of the application as referred to in paragraph (2) is given no later than 30 (thirty) days after complete and correct application documents are received. (5) In order to grant approval or rejection for the application to open branch offices, the Financial Services Authority conducts research on the completeness of documents as referred to in paragraph (3) letter a, letter b, and letter c. (6) The implementation of opening Branch Offices is conducted no later than 60 (sixty) days after the date of issuance of the Financial Services Authority license. (7) Reports on the implementation of opening Branch Offices must be submitted by the Board of Directors of Guarantee Institutions to the Financial Services Authority accompanied by photocopies of Guarantee Certificates or cooperation agreements no later than 15 (fifteen) days since the opening date according to the format in Appendix XIII of this Financial Services Authority Regulation. (8) If within the time period as referred to in paragraph (6) the Guarantee Institution does not implement the opening of Branch Offices, the Financial Services Authority cancels the license to open Branch Offices that has been determined.
Article 27
Branch Offices as referred to in Article 26 have authority among others:
a. deciding on the termination of guarantee agreements; b. signing Guarantee Certificates; and
c. determining to pay or reject claims.
Article 28
(1) The closure of Branch Offices of Guarantee Institutions must obtain approval from the Financial Services Authority.
(2) Applications for closure of offices as referred to in paragraph (1) are submitted to the Financial Services Authority according to the format in Appendix XIV of this Financial Services Authority Regulation accompanied by:
a. reasons for closure; and b. a statement letter from the Board of Directors that all obligations of the Branch Office to Guarantee Recipients and other parties become the responsibility of the Guarantee Institution. (3) Approval or rejection of office closure as referred to in paragraph (2) is given no later than 30 (thirty) days after complete and correct application documents are received. (4) The implementation of closure of offices that have obtained closure approval is conducted no later than 20 (twenty) days after the date of receiving the closure approval from the Financial Services Authority. (5) The implementation of closure of offices that have obtained approval as referred to in paragraph (4) is reported by the Guarantee Institution to the Financial Services Authority no later than 15 (fifteen) days after the closure date.

Second Section
Assignment of Branch Offices with Sharia Authority
Article 29
(1) Guarantee Companies and Re-guarantee Companies may conduct business activities based on Sharia principles by assigning conventional branch offices by providing Sharia authority channeling. (2) Guarantee Companies and Re-guarantee Companies that assign conventional branch offices by providing Sharia authority channeling as referred to in paragraph (1) are required to report to the Financial Services Authority no later than 15 (fifteen) days before the implementation of the assignment of Sharia authority channeling. (3) Heads of conventional branch offices provided with Sharia authority channeling as referred to in paragraph (2) must have knowledge in the field of Sharia Guarantee and/or Sharia economics.

CHAPTER IX
CHANGE OF GUARANTEE INSTITUTION OFFICE ADDRESS
Article 30
(1) Changes in office address must be reported in writing by the Board of Directors to the Financial Services Authority no later than 15 (fifteen) days after the date of implementation of the change according to the format in Appendix XV of this Financial Services Authority Regulation. (2) Changes in office address as referred to in paragraph (1) for Guarantee Companies and Sharia Guarantee Companies at the provincial level may only be conducted within the same province.

CHAPTER X
REVOCATION OF BUSINESS LICENSES
Article 31
(1) Revocation of Business Licenses of Guarantee Institutions is conducted by the Financial Services Authority.
(2) Revocation of Business Licenses as referred to in paragraph (1) is conducted in the event that Guarantee Institutions:
a. dissolve; b. are subject to administrative sanctions of business license revocation;
c. no longer become Guarantee Institutions;
d. dissolve as a result of undergoing Merger or Consolidation; or e. do not meet provisions as referred to in Article 4 paragraph (1).
Article 32
Guarantee Institutions dissolve because of:
a. decisions of the General Meeting of Shareholders or Members Meeting; b. the establishment period of the company set in the articles of association expires;
c. court decisions; or
d. government decisions.
Article 33
In the event that Guarantee Institutions dissolve due to decisions of the General Meeting of Shareholders, liquidators must report the results of the General Meeting of Shareholders to the Financial Services Authority no later than 15 (fifteen) days after the General Meeting of Shareholders is held.
Article 34
(1) In the event that Guarantee Institutions dissolve based on court decisions or government decisions, liquidators or settlement agents must report such dissolution to the Financial Services Authority no later than 15 (fifteen) days since receiving court decisions that have permanent legal force or receiving government decisions. (2) Reports as referred to in paragraph (1) must be accompanied by:
a. court decisions that have permanent legal force; or b. government decisions.
Article 35
(1) Guarantee Institutions that change business activities so that they no longer become Guarantee Institutions must report to the Financial Services Authority no later than 15 (fifteen) days since receiving approval for the amendment of articles of association from the competent authority. (2) Reports as referred to in paragraph (1) must be accompanied by documents:
a. minutes of the General Meeting of Shareholders or Members Meeting; and b. amendments to the articles of association which have been approved by the competent authority or Government Regulations for Guarantee Institutions in the form of State-Owned Enterprises (Perum).
Article 36
(1) Based on reports as referred to in Article 33, Article 34, and Article 35, the Financial Services Authority revokes the Business Licenses of Guarantee Institutions. (2) Revocation of business licenses of Guarantee Institutions as referred to in Article 31 paragraph (2) must be followed by the dissolution of the legal entity.

CHAPTER XI
ADMINISTRATIVE SANCTIONS
Article 37
(1) Guarantee Institutions that do not meet provisions in Article 8, Article 10, Article 11 paragraph (2), Article 11 paragraph (3), Article 14 paragraph (2), Article 15, Article 19 paragraph (3), Article 23 paragraph (3), Article 26 paragraph (2), Article 28 paragraph (1), and Article 29 paragraph (3) of this Financial Services Authority Regulation are subject to administrative sanctions in the form of:
a. warnings; b. suspension of business activities; or
c. revocation of Business Licenses.
(2) Warning sanctions as referred to in paragraph (1) letter a are given in writing no more than 3 (three) times consecutively with each validity period of 60 (sixty) days. (3) In the event that before the validity period of warning sanctions as referred to in paragraph (2) expires, the Guarantee Institution has met the provisions as referred to in paragraph (1), the Financial Services Authority revokes the warning sanctions. (4) In the event that the validity period of the third warning as referred to in paragraph (2) expires and the Guarantee Institution still does not meet the provisions as referred to in paragraph (1), the Financial Services Authority imposes business suspension sanctions. (5) Business suspension sanctions as referred to in paragraph (4) are given in writing and are valid for 6 (six) months since the business suspension sanction letter is issued. (6) During the validity period of business suspension sanctions as referred to in paragraph (4), Guarantee Institutions:
a. are prohibited from conducting new Guarantee or Re-guarantee activities; and b. remain responsible for settling all obligations, including obligations for Guarantee or Re-guarantee activities that have been conducted as stated in guarantee certificates and/or cooperation agreements. (7) In the event that the validity period of warning and/or business suspension sanctions ends on a holiday, warning and/or business suspension sanctions are valid until the first working day following. (8) In the event that before the validity period of business suspension sanctions as referred to in paragraph (5) expires, the Guarantee Institution has met the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business suspension sanctions. (9) In the event that by the end of the validity period of business suspension sanctions as referred to in paragraph (5), the Guarantee Institution still does not meet the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business licenses of the respective Guarantee Institutions.
Article 38
Guarantee Institutions that submit reports as referred to in Article 16 paragraph (1), Article 17 paragraph (1), Article 18 paragraph (1), Article 21 paragraph (1), Article 21 paragraph (2), Article 29 paragraph (2), and Article 30 paragraph (1) of this Financial Services Authority Regulation but have passed the reporting time period are subject to warning administrative sanctions which end automatically.

CHAPTER XII
TRANSITIONAL PROVISIONS
Article 39
(1) Business licenses of Guarantee Institutions that have been issued...

issued before the establishment of this Financial Services Authority Regulation, shall remain valid.
(2) In the event that there are business license applications that have not received approval at the time this Financial Services Authority Regulation comes into force, the provisions of this Financial Services Authority Regulation shall apply to said applications. (3) Provisions regarding capital for Guarantee Institutions as referred to in Article 6 are exempted for Guarantee Institutions whose business licenses are still valid at the time this Financial Services Authority Regulation is promulgated.

Article 40
(1) Every administrative sanction that has been imposed on Guarantee Institutions based on the Minister of Finance Regulation Number 222/PMK.010/2008 concerning Credit Guarantee Companies and Reinsurance Guarantee Companies and the Minister of Finance Regulation Number 99/PMK.010/2011 concerning Amendments to the Minister of Finance Regulation Number 222/PMK.010/2008 concerning Credit Guarantee Companies and Reinsurance Guarantee Companies, is declared valid and effective. (2) Guarantee Institutions that are unable to overcome the causes of the administrative sanctions referred to in paragraph (1) shall be subject to further sanctions in accordance with this Financial Services Authority Regulation.

CHAPTER XIII
CLOSING PROVISIONS

Article 41
At the time this Financial Services Authority Regulation comes into force, provisions regarding business licensing and institutional aspects of Guarantee Institutions shall be subject to this Financial Services Authority Regulation.

Article 42
This Financial Services Authority Regulation comes into force on...

on the date of promulgation.
To ensure that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
Signed.
MULIAMAN D. HADAD

Promulgated in Jakarta on 8 April 2014
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,
Signed.
AMIR SYAMSUDIN
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 72

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

I. GENERAL
The existence of Guarantee Institutions as one of the non-bank financial institutions is expected to be able to bridge access for MSMEs to banking financing facilities, so that the growth of the MSME sector can impact national economic growth. Therefore, for existing Guarantee Institutions, structured and well-managed institutions are needed, including requirements for management, mergers, consolidations, and takeovers of Guarantee Institutions, mechanisms for opening branch offices and offices other than branch offices, reporting of certain changes, including: changes in name, changes in legal entity status, changes in paid-up capital/shareholders, changes in directors/commissioners, and changes in office address. Then, to encourage the growth in the number of Guarantee Institutions, especially those originating from local government initiatives, improvements are needed in the provisions regulating the licensing procedures for Guarantee Institutions. With the ratification of Law Number 21 of 2011 concerning the Financial Services Authority on 22 November 2011, the supervision of Guarantee Institutions shifted to the Financial Services Authority as of 31 December 2012. Naturally, a legal basis is needed for the Financial Services Authority to exercise its functions and authorities, particularly regarding institutional aspects and the authority to grant licenses to Guarantee Institutions. In this regard, the Financial Services Authority establishes the Financial Services Authority Regulation concerning Business Licensing and Institutional Aspects of Guarantee Institutions.

II. ARTICLE BY ARTICLE EXPLANATION

Article 1
Sufficiently clear.

Article 2
Sufficiently clear.

Article 3
Sufficiently clear.

Article 4
Sufficiently clear.

Article 5
Sufficiently clear.

Article 6
Sufficiently clear.

Article 7
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
What is meant by direct foreign ownership is in the form of ownership of shares of a Guarantee Institution in the form of a Limited Liability Company (Perseroan Terbatas) by a foreign business entity. Whereas indirect foreign ownership is in the form of ownership of shares of a Guarantee Institution in the form of a Limited Liability Company by an Indonesian legal entity, which owns part or all of its shares by foreign parties. For example, PT Penjaminan EFG's ownership composition is as follows:
Shareholders:

Direct foreign ownership = 20% (BUA 2)
Indirect ownership...
WNI 1
50%
BUA 1
50%
BHI 1
30%
WNI 2
50%
BUA 2
20%
PT Penjaminan EFG
Indirect foreign ownership = 50% x 30%
= 15% (BUA 1)
Total foreign ownership 20% (BUA 2) + 15% (BUA 1)
= 35%
WNI = Indonesian citizen
BUA = foreign business entity
BHI = Indonesian legal entity
Paragraph (5)
Sufficiently clear.

Article 8
Sufficiently clear.

Article 9
Sufficiently clear.

Article 10
Sufficiently clear.

Article 11
Sufficiently clear.

Article 12
Sufficiently clear.

Article 13
Sufficiently clear.

Article 14
Sufficiently clear.

Article 15
Sufficiently clear.

Article 16
Sufficiently clear.

Article 17
Sufficiently clear.

Article 18
Sufficiently clear.

Article 19
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
Sufficiently clear.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
Sufficiently clear.

Article 27
The authority as referred to in this Article can only be exercised by the Branch Office of the Guarantee Institution that has obtained a license to open a Branch Office from the competent authority.

Article 28
Sufficiently clear.

Article 29
Sufficiently clear.

Article 30
Sufficiently clear.

Article 31
Sufficiently clear.

Article 32
Sufficiently clear.

Article 33
Sufficiently clear.

Article 34
Sufficiently clear.

Article 35
Sufficiently clear.

Article 36
Sufficiently clear.

Article 37
Sufficiently clear.

Article 38
What is meant by being subject to an administrative warning sanction that ends automatically is when a Guarantee Institution submits reports on changes in shareholders, changes in the Board of Directors and/or Board of Commissioners, changes in the Sharia Supervisory Board, changes in capital, changes in name, changes in legal entity status, reports on the results of merger implementation, reports on the results of consolidation implementation, and reports on branch office assignments with Sharia authorities, but past the prescribed deadline, so that the violation of late submission of said reports is subject to a first warning sanction, but because the report has been received by the Financial Services Authority, the Guarantee Institution in question is subject to the first administrative warning sanction which ends automatically.

Article 39
Sufficiently clear.

Article 40
Sufficiently clear.

Article 41
Sufficiently clear.

Article 42
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5527

APPENDIX I
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014

CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF BUSINESS LICENSE APPLICATION FOR GUARANTEE INSTITUTIONS

To the
Head of Executive Supervisor of Non-Bank Financial Institutions u.p. Director of Institutional and Product Supervisor of Non-Bank Financial Institutions Sumitro Djojohadikusumo Building Jl. Lapangan Banteng Timur No. 1-4 Jakarta 10710

Referring to the Financial Services Authority Regulation Number /POJK.05/2014 concerning Business Licensing and Institutional Aspects of Guarantee Institutions, we hereby submit an application to obtain a business license as a Guarantee Company/Sharia Guarantee Company/Reinsurance Guarantee Company/Sharia Reinsurance Guarantee Company*):
Name : PT/State-Owned Enterprise/Cooperative*) Guarantee .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

To complete said application, we hereby submit the following documents:

Deed of establishment of PT/State-Owned Enterprise/Cooperative*) Guarantee ..... including the articles of association that have been approved by the competent authority.
List of shareholders including details of share ownership/member list*) and proof of passing the fit and proper test from the Financial Services Authority for controlling shareholders.
List of the composition of the Board of Directors and Board of Commissioners, accompanied by:
a. recent 4x6 cm passport photos; b. photocopy of identity cards in the form of Identity Cards (KTP) or passports;
c. curriculum vitae;
d. letter of certificate/written proof from the previous employer regarding operational experience in the field of guarantee or banking or other financial institutions for 2 (two) years for at least one Director; e. proof of passing the fit and proper test from the Financial Services Authority.
Proof of approval from the National Sharia Board-Majelis Ulama Indonesia regarding the appointment of the Sharia Supervisory Board and proof of passing the fit and proper test from the Financial Services Authority for the establishment of Sharia Guarantee Companies or Sharia Reinsurance Guarantee Companies.
Work systems and procedures, organizational structure, and personnel composition.
Work plan for the first three years which at least contains:
a. feasibility study regarding market opportunities and economic potential; b. business plan for Guarantee or Reinsurance and steps to be taken to realize said plan; and
c. projected balance sheet, income statement, and monthly cash flow reports for 12 (twelve) months starting from when the Guarantee Institution commences operational activities.
List of human resources with experience in the field of Guarantee (including surety in the field of insurance) or experience as a credit analyst for at least 1 (one) year and has attended education or training in the field of Guarantee or Financial Institutions.
Proof of payment of paid-up capital or principal deposits, mandatory deposits, and grants amounting to Rp ..... (.....) in the form of time deposits in the name of PT/State-Owned Enterprise/Cooperative*) ..... at one of the general banks in Indonesia and legalized by the receiving bank that is still valid during the business license application process.
Proof of operational readiness, including:
a. list of fixed assets and inventory; b. proof of ownership, control, or lease agreements for office buildings;
c. example forms including Guarantee Certificates to be used in the operations of the guarantee company;
d. Taxpayer Identification Number (NPWP) and Business Registration Number (TDP).
Letter of statement from shareholders that paid-up capital or principal deposits and capital certificates:
a. do not originate from loans or financing facilities in any form from banks and/or other parties (specifically for individual shareholders); and b. do not originate from money laundering.
Letter of statement from Board of Directors members stating that they do not hold concurrent positions as Board of Directors or executive officials in Guarantee Companies, Sharia Guarantee Companies, or other business entities.
Letter of statement from Board of Commissioners members, stating that they do not hold concurrent positions as Board of Commissioners in more than 3 (three) Guarantee Institutions or other business entities.

Thus is our application, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee....................
………………………………
*) strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.
MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX II
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF BUSINESS ACTIVITY IMPLEMENTATION REPORT FOR GUARANTEE INSTITUTIONS

Referring to the Financial Services Authority Decision Letter Number ..... dated ..... regarding the granting of business licenses for Guarantee Institutions to PT/State-Owned Enterprise/Cooperative*) Guarantee ....., hereby reported that we have commenced guarantee/reinsurance*) activities on date .....
As supporting data, we hereby submit photocopies of Guarantee Certificates/Cooperation Agreements*).
Thus is this report submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee .....
........................
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.
MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX III
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF BUSINESS ACTIVITY IMPLEMENTATION REPORT FOR SHARIA BUSINESS UNITS

Referring to the Financial Services Authority Decision Letter Number ..... dated ..... regarding the granting of licenses to open Sharia Business Units to PT/State-Owned Enterprise/Cooperative*) Guarantee ....., hereby reported that we have commenced Guarantee/Reinsurance*) activities at the Sharia Business Unit on date .....
As supporting data, we hereby submit photocopies of Guarantee Certificates/cooperation agreements*).
Thus is this report submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee .....
........................
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.
MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX IV
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF SHAREHOLDER CHANGE REPORT

Hereby reported that in accordance with the GMS date ..... changes in shareholders have been made, namely:
Old New
Shareholder Name
Share Value
(Rp)
Shareholder Name
Share Value
(Rp)
..... ..... ..... .....
..... ..... ..... .....

As supporting data, we hereby submit:

Proof of shareholder changes that have been approved or reported to the competent authority and/or registered in the Business Register;
Shareholder data:
a. In the case of individuals, must be accompanied by:
1) recent 4 x 6 cm passport photos;
2) photocopy of identity cards in the form of Identity Cards (KTP) or valid passports;
3) curriculum vitae; and
4) letter of statement from shareholders that capital deposits do not originate from loans and money laundering crimes.
b. In the case of legal entities, must be accompanied by:
1) deed of establishment of the legal entity, including the articles of association including the latest amendments that have received approval from the competent authority;
2) financial reports audited by public accountants and/or the latest financial reports;
3) documents for shareholders and Directors of the legal entity in the form of:
a) recent 4 x 6 cm passport photos; b) photocopy of identity cards in the form of Identity Cards (KTP) or valid passports; and c) curriculum vitae.
4) letter of statement from shareholders that capital deposits do not originate from money laundering crimes.

Thus is this report submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT Guarantee .....
..............................
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.
MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX V
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014

CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF REPORT ON CHANGES IN BOARD OF DIRECTORS/BOARD OF COMMISSIONERS/SHARIA SUPERVISORY BOARD OF GUARANTEE INSTITUTIONS

Hereby reported that in accordance with the GMS/Minister's decree/member meeting*) date ..... changes in the Board of Directors and/or Board of Commissioners or Sharia Supervisory Board have been made, namely:
Old New
Chief Commissioner ..... .....
Commissioner ..... .....
Chief Director ..... .....
Director ..... .....
Sharia Supervisory Board ..... .....
Sharia Supervisory Board ..... .....

As supporting data, we hereby submit:

Proof of changes in the Board of Directors and/or Board of Commissioners or Sharia Supervisory Board that have been approved or reported to the competent authority and/or registered in the Business Register.
Data of the Board of Directors and/or Board of Commissioners includes: )
a. photocopy of identity cards in the form of Identity Cards (KTP) or passports; b. curriculum vitae;
c. letter of statement:
1) no concurrent positions at Guarantee Institutions or other business entities for Directors;
2) no concurrent positions as Board of Commissioners in more than 3 (three) Guarantee Institutions or other business entities.
d. proof of passing the fit and proper test from the Financial Services Authority.
Data of the Sharia Supervisory Board includes: )
a. letter of recommendation from the National Sharia Board-Majelis Ulama Indonesia; b. letter of statement:
1) no concurrent positions as Directors or Commissioners at Guarantee Institutions and/or heads of Sharia Business Units;
2) no concurrent positions as Sharia Supervisory Boards in more than 2 (two) other business entities.
c. proof of passing the fit and proper test from the Financial Services Authority.

Thus is this report submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee .....
………………………………

*) Strike what is not needed
) choose one

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX VI
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF CAPITAL CHANGE REPORT FOR GUARANTEE INSTITUTIONS

Hereby reported that in accordance with the GMS/Minister's decree*) date ..... capital changes have been made, namely:
Old New
Authorized Capital ..... .....
Paid-up Capital ..... .....
Old New
Shareholder Name
Share Value
(Rp)
Shareholder Name
Share Value
(Rp)
..... ..... ..... .....
..... ..... ..... .....
) specific for Guarantee Institutions in the form of Limited Liability Companies (PT)

As supporting data, we hereby submit:

Proof of capital changes that have been approved or reported to the competent authority and/or registered in the Business Register;
Shareholder data:
a. In the case of individuals, must be accompanied by:
1) recent 4 x 6 cm passport photos;
2) photocopy of identity cards in the form of Identity Cards (KTP) or valid passports;
3) curriculum vitae; and
4) letter of statement that capital deposits do not originate from loans and money laundering crimes.
b. In the case of legal entities, must be accompanied by:
1) deed of establishment of the legal entity, including the articles of association including the latest amendments that have received approval from the competent authority;
2) financial reports audited by public accountants and/or the latest financial reports;
3) documents for shareholders and Directors of the legal entity in the form of:
recent 4 x 6 cm passport photos;
photocopy of identity cards in the form of Identity Cards (KTP) or valid passports; and
curriculum vitae.
4) letter of statement that capital deposits do not originate from money laundering crimes.
Photocopy of proof of payment of paid-up capital for those making capital additions.

Thus is this report submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise*)
Guarantee .....
………………………………
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.

MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX VII
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF NAME CHANGE REPORT FOR GUARANTEE INSTITUTIONS

Hereby reported that in accordance with the GMS/Minister's decree/member meeting*) date ..... the name of PT/State-Owned Enterprise/Cooperative*) Guarantee ..... has changed to PT/State-Owned Enterprise/Cooperative*) Guarantee .....
The name change has received approval from the competent authority with decision number ..... dated .....
As supporting data, we hereby submit:
a. minutes of GMS/member meeting/Minister's decree*); b. amendments to the articles of association that have been approved by the competent authority; and
c. Taxpayer Identification Number (NPWP) in the name of PT/State-Owned Enterprise/Cooperative*) Guarantee ..... which is new.

In relation to the above, we request that Sir/Madam*) apply the business license of PT/State-Owned Enterprise/Cooperative*) Guarantee ..... to PT/State-Owned Enterprise/Cooperative*) Guarantee .....
Thus is our application, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee .....
……………………
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.

MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX VIII
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF LEGAL ENTITY STATUS CHANGE REPORT FOR GUARANTEE INSTITUTIONS

Hereby reported that in accordance with the GMS/Minister's decree/member meeting ) date ..... the decision to change the legal entity status of PT/State-Owned Enterprise/Cooperative) Guarantee ..... to PT/State-Owned Enterprise/Cooperative*) Guarantee ..... has been made. As supporting data, we hereby submit:
a. minutes of GMS/Minister's decree/member meeting*); b. proof of change in legal entity status that has been approved by the competent authority;
c. minutes of the transfer of all rights and obligations from the old legal entity to the new legal entity; and
d. NPWP in the name of PT/State-Owned Enterprise/Cooperative*) Guarantee which is new.

Thus is our application, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee .....
……………………
*) Strike what is not needed

Determined in Jakarta on 7 April 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY signed. Signed.

MULIAMAN D. HADAD

A copy in accordance with the original
HEAD OF THE LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX IX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014

CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL ASPECTS OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF APPLICATION FOR APPROVAL OF MERGER OR CONSOLIDATION

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we apply for approval to conduct a merger/consolidation*) of the Guarantee Company/Guarantee Reinsurance Company/Islamic Guarantee Company/Islamic Guarantee Reinsurance Company*).

As supporting data, we submit the following documents:

Plan for the settlement of rights and obligations of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... which will conduct the merger/consolidation*); and
Pro forma financial statements of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... receiving the merger/result of the consolidation*).

We submit this application and thank you for your attention, Sir/Madam*).

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....
........................

*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX X
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF MERGER IMPLEMENTATION REPORT

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we report that in accordance with the GMS/Minister's Decree/Member Meeting*) dated ..... a merger has been conducted between PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... and PT/State-Owned Enterprise/Cooperative*) Guarantee Company ......

As consideration material, we submit the following documents:
1) Photocopy of the amended articles of association of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... which has been approved by the competent authority for those in the form of Limited Liability Company or Cooperative);
2) Government Regulation regarding establishment and its amendments for Guarantee Institutions in the form of State-Owned Enterprise);
3) Organizational structure and management of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... resulting from the merger;
4) Tax Identification Number (NPWP) of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ....., Board of Directors, Board of Commissioners, and shareholders; and
5) Full address of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... resulting from the merger.

We submit this report and thank you for your attention, Sir/Madam*).

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....

..........................
*) Strike out what is not necessary
) choice according to the legal entity form

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX XI
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF CONSOLIDATION IMPLEMENTATION REPORT

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we report that in accordance with the GMS/Minister's Decree/Member Meeting*) dated ..... a consolidation has been conducted between PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... and PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... into PT/State-Owned Enterprise/Cooperative*) Guarantee Company ......

As consideration material, we submit the following documents:
1) Photocopy of the articles of association/Government Regulation*) of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... which has been approved or established by the competent authority;
2) Organizational structure and management of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... resulting from the consolidation;
3) Tax Identification Number (NPWP) of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ....., Board of Directors, Board of Commissioners, and shareholders; and
4) Full address of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ..... resulting from the consolidation.

We submit this report and thank you for your attention, Sir/Madam*).

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....

.......................

*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX XII
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF APPLICATION FOR BRANCH OFFICE OPENING LICENSE OF GUARANTEE INSTITUTION

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we apply for a license to open a Branch Office with the address ......

As supporting data, we attach the following documents:
1) Feasibility study results which at least contain economic potential, market opportunities, and monthly cash flow projections for 12 (twelve) months;
2) Proof of building control for the office; and
3) Work systems and procedures, organizational structure, and personnel including the name of the candidate Branch Office Head and the number of employees.

We submit this application and thank you for your attention, Sir/Madam*).

Board of Directors
PT/State-Owned Enterprise/Cooperative *)
Guarantee Company .....
.........................

*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX XIII
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF BRANCH OFFICE OPENING IMPLEMENTATION REPORT OF GUARANTEE INSTITUTION

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Based on the Financial Services Authority Decision Letter number ..... dated ..... regarding the license for the Opening of Branch Office of PT/State-Owned Enterprise/Cooperative *) Guarantee Company ...., we hereby report that our Branch Office with the address ..... has conducted business activities since the date ......

As supporting data, we attach a photocopy of the Guarantee Certificate/cooperation agreement*).

We submit this report and thank you for your attention, Sir/Madam*).

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....
.........................
*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX XIV
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF APPLICATION FOR BRANCH OFFICE CLOSURE LICENSE OF GUARANTEE INSTITUTION

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we apply for a license to close a branch office located at ..... with the reason ......

As consideration material, we attach a statement letter that all obligations of the Branch Office to the Guarantee Recipient and other parties become the responsibility of the PT/State-Owned Enterprise/Cooperative*) Guarantee Company ......

We submit this application and thank you for your attention, Sir/Madam,*).

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....
……………………
*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

APPENDIX XV
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5/POJK.05/2014
ON
BUSINESS LICENSING AND INSTITUTIONAL FRAMEWORK OF GUARANTEE INSTITUTIONS

EXAMPLE FORMAT OF REPORT ON CHANGE OF GUARANTEE INSTITUTION OFFICE ADDRESS

To the
Head of Executive Supervisor of IKNB

Attention: Director of Institutional and Product Supervision of IKNB Sumitro Djojohadikusumo Building East Banteng Field Street No. 1-4 Jakarta 10710

Hereby we report that our Head Office/Branch Office*) at ..... has been moved with the following data:
Old Address : ......
Telephone : ......
New Address : ......
Telephone : ......
Date of Move : ......

We submit this report and thank you for your attention, Sir/Madam*),

Board of Directors
PT/State-Owned Enterprise/Cooperative*)
Guarantee Company .....
.........................

*) Strike out what is not necessary

Established in Jakarta on April 7, 2014

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY

signed. Signed.

MULIAMAN D. HADAD

Copy matches the original
HEAD OF LEGAL ASSISTANCE DIVISION
LEGAL DIRECTORATE,
Signed.
MUFLI ASMAWIDJAJA

Lineage: No known changes