POJK on Licensing of Investment Manager Representatives

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 25/POJK.04/2014
CONCERNING
LICENSING OF INVESTMENT MANAGER REPRESENTATIVES BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to improve the quality of Investment Manager Representatives and the supervision mechanism for holders of Investment Manager Representative Licenses, it is necessary to establish a Financial Services Authority Regulation concerning the Licensing of Investment Manager Representatives; Recalling: 1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
DECIDING:
Establishing: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING LICENSING OF INVESTMENT MANAGER REPRESENTATIVES.

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

1. Investment Manager is a Party whose business activities manage Securities Portfolios for clients or manage collective investment portfolios for a group of clients, except Insurance Companies, Pension Funds, and Banks that conduct their own business activities based on applicable legislation.
2. Investment Manager Representative is an individual who acts on behalf of the interests of a Securities Company conducting business activities as an Investment Manager.
3. Individual License as an Investment Manager Representative, hereinafter referred to as Investment Manager Representative License, is a license granted by the Financial Services Authority to an individual to act on behalf of the interests of a Securities Company conducting business activities as an Investment Manager.

CHAPTER II
REQUIREMENTS AND LICENSING OF INVESTMENT MANAGER REPRESENTATIVES
Article 2
Investment Manager Representatives are required to hold an Investment Manager Representative License from the Financial Services Authority.
Article 3
The obligation to hold an Investment Manager Representative License as referred to in Article 2 does not apply to:
a. individuals who work for an Investment Manager but are not required to hold an Investment Manager Representative License as regulated in the Financial Services Authority Regulation regarding guidelines for the implementation of Investment Manager functions; and/or b. parties who work for the interests of an Investment Manager limited to advertising Investment Manager products and do not represent the Investment Manager in selling products and/or entering into agreements with clients and/or prospective clients, even if such advertisements are broadcast on television or in newspapers.
Article 4
Investment Manager Representatives are required to meet the following requirements:
a. Integrity requirements including:

1. having good character and morality;
2. being competent to perform legal acts;
3. never having committed disgraceful acts and/or being punished for proven criminal offenses in the financial services sector;
4. never having been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority during the last 3 (three) years;
5. never having been declared bankrupt or having been a manager declared at fault causing a company to be declared bankrupt; and
6. having a high commitment to comply with legislation.
   b. Competency requirements including:
7. having an education level of at least Diploma Three (D3);
8. having adequate knowledge and expertise in the Capital Market, proven by:
   a) holding an expertise certificate as an Investment Manager Representative recognized by the Financial Services Authority from a specialized educational institution in the Capital Market based on a recommendation from the Expertise Standards Committee; or b) having work experience at a Capital Market supervisory institution and/or an organization authorized by the Capital Market Law to regulate and/or supervise the Capital Market industry with the following conditions:

1. at least 2 (two) years in a managerial position; or
2. at least 5 (five) years in an operational position,
   in job duties and functions related to the regulation and/or supervision of investment management.
   c. working for a financial services institution in Indonesia, for foreign citizens; and
   d. not working for more than one Securities Company and/or other financial services institutions.
   Article 5
   The expertise certificate as referred to in Article 4 letter b number 2 letter a) can be used for the application for an Investment Manager Representative License as long as it is not older than 2 (two) years calculated from the date of issuance until the time of license application.

CHAPTER III
PROCEDURE FOR APPLICATION FOR INVESTMENT MANAGER REPRESENTATIVE LICENSE
Article 6
(1) Applications for an Investment Manager Representative License are submitted by the applicant in printed document form to the Financial Services Authority according to the format of the Investment Manager Representative License application letter as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) In the event that the Financial Services Authority has provided an electronic system for Investment Manager Representative License applications, the application can be submitted through that electronic system. (3) Applications for Investment Manager Representative Licenses as referred to in paragraph (1) or paragraph (2) must be accompanied by complete documents as follows:
a. a copy of the latest formal education diploma; b. a photocopy of the Identity Card or valid passport;
c. the latest curriculum vitae signed by the applicant according to the format of the curriculum vitae as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
d. proof of having knowledge and expertise in the Capital Market in the form of:

1. a photocopy of the expertise certificate as an Investment Manager Representative recognized by the Financial Services Authority from a specialized educational institution in the Capital Market based on a recommendation from the Expertise Standards Committee; or
2. a photocopy of a work experience letter from a Capital Market supervisory institution and/or an organization authorized by the Capital Market Law to regulate and/or supervise the Capital Market industry as referred to in Article 4 letter b number 2 letter b).
   e. a work letter from a financial services institution in Indonesia, for foreign citizens; f. the latest 4x6 cm color photos with a red background, 2 (two) copies; g. a statement letter that the applicant will not work for more than one Securities Company and/or other financial services institutions according to the format of the statement letter not to work for more than one Securities Company and/or other financial services institutions as contained in the Appendix which is an integral part of this Financial Services Authority Regulation; h. a statement letter stating that the applicant:
3. has good character and morality;
4. is competent to perform legal acts;
5. has never committed disgraceful acts and/or been punished for proven criminal offenses in the financial services sector;
6. has never been subjected to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority during the last 3 (three) years;
7. has never been declared bankrupt or has been a manager declared at fault causing a company to be declared bankrupt; and
8. has a high commitment to comply with legislation;
   according to the format of the integrity statement letter as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
   i. reference and/or recommendation letters from the company where the applicant works according to the format of the work reference letter as contained in the Appendix which is an integral part of this Financial Services Authority Regulation (if available);
   j. a photocopy of the permit to employ foreign labor issued by the competent authority, for foreign citizens working at financial services institutions; k. answers to the questionnaire as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
   l. proof of payment of the Investment Manager Representative licensing fees;
   m. a letter of explanation of name differences from the Official/competent authority, if there is a difference between the applicant's name and the attached documents; and n. a domicile letter, if there is a difference between the domicile address and the Identity Card address. (4) The Investment Manager Representative License as referred to in paragraph (1) is granted by the Financial Services Authority if the applicant has met the requirements as referred to in paragraph (3).
   Article 7
   In order to process the application for an Investment Manager Representative License, the Financial Services Authority is authorized to:
   a. conduct research on the completeness of documents submitted by the applicant; and/or b. request information from the applicant, to ensure the fulfillment of requirements as referred to in Article 6.
   Article 8
   (1) The Investment Manager Representative License is granted by the Financial Services Authority no later than 45 (forty-five) days from the receipt of the complete Investment Manager Representative License application. (2) In the event that the Investment Manager Representative License application is incomplete upon receipt, no later than 45 (forty-five) days from the receipt of the application, the Financial Services Authority provides a notification letter to the applicant stating that:
   a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.
   (3) The applicant is required to complete the deficiencies required in the notification letter as referred to in paragraph (2) letter a no later than 45 (forty-five) days after the date of the notification letter. (4) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (3) is considered received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of requirement deficiencies. (5) Since the receipt of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (4), the license application is considered newly received by the Financial Services Authority and processed as referred to in paragraph (1). (6) Applicants who do not complete the deficiencies required within the time limit as referred to in paragraph (3) are considered to have canceled the Investment Manager Representative License application already submitted to the Financial Services Authority.

CHAPTER IV
VALIDITY PERIOD AND RENEWAL OF INVESTMENT MANAGER REPRESENTATIVE LICENSE
Article 9
(1) The Investment Manager Representative License has a validity period of 2 (two) years and can be renewed.
(2) The Investment Manager Representative License is not valid if the following conditions occur:
a. its validity period has expired; or b. after its validity period has expired, the renewal approval has not been granted by the Financial Services Authority even though the application for renewal of the Investment Manager Representative License has been submitted to the Financial Services Authority before the validity period expired.
Article 10
(1) Applications for renewal of the Investment Manager Representative License as referred to in Article 9 paragraph (1) are submitted to the Financial Services Authority before the validity period of the license expires, with a minimum of 90 (ninety) days before the validity period expires. (2) Applications for renewal of the Investment Manager Representative License cannot be made after the validity period of the license has expired. (3) Applications for renewal of the Investment Manager Representative License as referred to in paragraph (1) are prepared according to the format of the Investment Manager Representative License renewal application letter as contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by complete documents as follows:
a. the latest curriculum vitae signed according to the format of the curriculum vitae as contained in the Appendix which is an integral part of this Financial Services Authority Regulation, if there are changes to the curriculum vitae at the time of license application; b. a photocopy of the Identity Card or valid passport;
c. a photocopy of the permit to employ foreign labor issued by the competent authority, for foreign citizens working at financial services institutions;
d. the latest 4x6 cm color photos with a red background, 1 (one) copy; e. a copy of the latest formal education diploma (in case of changes); f. a work letter from the company conducting investment management activities where the Investment Manager Representative works (if available); g. a photocopy of the membership card of the association accommodating Investment Manager Representatives which has been recognized by the Financial Services Authority and is still valid; h. a photocopy of continuing education documents implemented between the start date and the end date of the Investment Manager Representative License; and
i. a domicile letter, if there is a difference between the domicile address and the Identity Card address.
(4) The obligation to include a photocopy of the association membership card as referred to in paragraph (3) letter g becomes effective if there is an association accommodating Investment Manager Representatives that has been recognized by the Financial Services Authority.
Article 11
(1) Renewal of the Investment Manager Representative License is granted by the Financial Services Authority no later than 21 (twenty-one) working days from the receipt of the complete Investment Manager Representative License renewal application. (2) In the event that the Investment Manager Representative License renewal application is incomplete upon receipt, no later than 21 (twenty-one) working days from the receipt of the application, the Financial Services Authority provides a notification letter to the applicant stating that:
a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.
(3) The submission of document changes, additional information, and/or completion of requirement deficiencies as referred to in paragraph (2) letter a is considered received by the Financial Services Authority on the date of receipt of the document changes, additional information, and/or completion of requirement deficiencies. (4) Applicants for renewal of the Investment Manager Representative License who do not complete the deficiencies required before the validity period of the Investment Manager Representative License expires are considered to have canceled the application for renewal of the Investment Manager Representative License already submitted to the Financial Services Authority.
Article 12
In the event that the validity period of the Investment Manager Representative License has expired but the renewal application has been submitted to the Financial Services Authority before the validity period expired, the Investment Manager Representative License is not valid until there is approval for license renewal from the Financial Services Authority.
Article 13
The validity period of the Investment Manager Representative License that has received renewal approval is 2 (two) years calculated from the date of approval granted by the Financial Services Authority.
Article 14
If at the time of the application for renewal of the Investment Manager Representative License, the license holder still has obligations based on legislation in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled, the Financial Services Authority has the right to reject the application for renewal of the Investment Manager Representative License.

CHAPTER V
OBLIGATIONS AND PROHIBITIONS FOR INVESTMENT MANAGER REPRESENTATIVES
Section One
Obligations
Article 15
Investment Manager Representatives are required to:
a. understand and comply with Indonesian Capital Market legislation; b. act and behave professionally and have broad knowledge in the Capital Market; and
c. become members of an association accommodating Investment Manager Representatives that has been recognized by the Financial Services Authority.
Article 16
(1) Investment Manager Representatives are required to attend continuing education organized by the association accommodating Investment Manager Representatives or other parties recognized by the Financial Services Authority at least once every 2 (two) years. (2) The obligation as referred to in paragraph (1) and the fulfillment of the requirement to attach documents of having attended continuing education for the purpose of license renewal as referred to in Article 10 paragraph (3) letter h becomes effective if there is:
a. an association accommodating Investment Manager Representatives; or b. other parties, that have been recognized by the Financial Services Authority to organize specialized education in the Capital Market.
Section Two
Prohibitions
Article 17
(1) Investment Manager Representatives are prohibited from holding concurrent positions at more than one Securities Company and/or other financial services institutions. (2) The prohibition on concurrent employment as referred to in paragraph (1) does not apply to Investment Manager Representatives who hold the position of board member of a Securities Company conducting business activities as an Investment Manager to concurrently hold the position of commissioner of the Stock Exchange, Clearing and Guarantee Institution, or Custody and Settlement Institution.

CHAPTER VI
EXPERTISE STANDARDS COMMITTEE AND ASSOCIATIONS
Section One
Expertise Standards Committee
Article 18
(1) The Expertise Standards Committee is formed by the Financial Services Authority.
(2) The Expertise Standards Committee is tasked with providing recommendations to the Financial Services Authority in the context of granting recognition for expertise certificates issued by specialized educational institutions. (3) Expertise certificates as referred to in paragraph (2) are issued by specialized educational institutions that meet the requirements established to organize education and training for Investment Manager Representative expertise. (4) Further regulations regarding the Expertise Standards Committee, requirements and procedures for granting recognition of expertise certificates, and specialized educational institutions are regulated in or based on Financial Services Authority Regulations.
Section Two
Associations
Article 19
(1) Associations as referred to in Article 15 letter c have tasks including:
a. drafting member codes of ethics; b. implementing continuing education for holders of Investment Manager Representative Licenses; and
c. implementing other education and/or training to improve the competence of Investment Manager Representatives.
(2) The implementation of association activities as referred to in paragraph (1) is reported every 6 (six) months to the Financial Services Authority.
(3) Further regulations regarding associations accommodating Investment Manager Representatives are regulated in Financial Services Authority Circular Letters.

CHAPTER VII
REPORTING
Article 20
(1) Individuals holding licenses as Investment Manager Representatives are required to submit reports to the Financial Services Authority with the following provisions:
a. Reports of starting work, stopping work, or changing jobs, no later than 14 (fourteen) days calculated from when the individual starts working, stops working, or changes jobs; and/or b. Reports of participation in continuing education no later than 14 (fourteen) days calculated from when the individual finishes following the program, accompanied by supporting evidence. (2) In the event that the deadline for submitting reports as referred to in paragraph (1) falls on a holiday, reports of starting work, stopping work, or changing jobs and reports of participation in continuing education are submitted no later than 1 (one) working day thereafter.
Article 21
(1) Reports as referred to in Article 20 paragraph (1) are submitted to the Financial Services Authority in printed document form.
(2) In the event that the Financial Services Authority has provided an electronic system for submitting Investment Manager Representative reports, Investment Manager Representative reports as referred to in Article 20 paragraph (1) can be submitted through that electronic system.

CHAPTER VIII
RETURN OF INVESTMENT MANAGER REPRESENTATIVE LICENSE
Article 22
(1) Holders of Investment Manager Representative Licenses can return their licenses to the Financial Services Authority using the Investment Manager Representative License return letter according to the format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The return of the Investment Manager Representative License as referred to in paragraph (1) does not immediately eliminate the obligations and responsibilities regarding legislation in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled arising while the individual held the Investment Manager Representative License.

CHAPTER IX
SANCTIONS
Article 23
(1) Without prejudice to criminal provisions in the Capital Market sector, the Financial Services Authority is authorized to impose administrative sanctions on any party that violates the provisions of this Financial Services Authority Regulation, including parties who cause the violation to occur, in the form 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; and g. Cancellation of registration.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, e, f, or g can be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a. (3) Administrative sanctions in the form of a fine as referred to in paragraph (1) letter b can be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (1) letters c, d, e, f, or g.
Article 24
In addition to administrative sanctions as referred to in Article 23 paragraph (1), the Financial Services Authority can take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.
Article 25
The Financial Services Authority can announce the imposition of administrative sanctions as referred to in Article 23 paragraph (1) and specific actions as referred to in Article 24 to the public.

CHAPTER X
TRANSITIONAL PROVISIONS
Article 26
(1) Provisions regarding expertise certificates as referred to in Article 6 paragraph (3) letter d number 1 become effective after the Financial Services Authority forms the Expertise Standards Committee. (2) In the event that the Expertise Standards Committee as referred to in...

POJK on Licensing of Investment Manager Representatives

If the expertise certificate for Investment Manager Representatives related to licensing has not yet been formed, the issuance of Investment Manager Representative licenses shall still refer to item 2 letter a of Regulation Number V.B.1, Appendix of the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institutions Number KEP-547/BL/2010 dated December 28, 2010 concerning Licensing of Securities Company Representatives.

Article 27
Investment Manager Representative licenses issued before the implementation of this Financial Services Authority Regulation are declared to remain valid until 2 (two) years from the implementation of this Financial Services Authority Regulation.

Article 28
Expertise certificates for Investment Manager Representatives issued in 2013 may be used as a requirement for submitting applications for Investment Manager Representative licenses based on this Financial Services Authority Regulation for a maximum of 1 (one) year from the implementation of this Financial Services Authority Regulation.

Article 29
Applications for licenses for individuals as Investment Manager Representatives that have been submitted to the Financial Services Authority before the implementation of this Financial Services Authority Regulation shall be resolved based on Regulation Number V.B.1, Appendix of the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institutions Number KEP-547/BL/2010 dated December 28, 2010 concerning Licensing of Securities Company Representatives.

CHAPTER XI
FINAL PROVISIONS

Article 30
At the time this Financial Services Authority Regulation comes into force, provisions regarding the licensing of Investment Manager Representatives are subject to this Financial Services Authority Regulation.

Article 31
At the time this Financial Services Authority Regulation comes into force, the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institutions Number KEP-547/BL/2010 dated December 28, 2010 concerning Licensing of Securities Company Representatives, along with Regulation Number V.B.1 which is its appendix, are revoked and declared not to apply for the licensing of Investment Manager Representatives, except:
a. provisions regarding expertise certificates as referred to in item 2 letter a, which are declared not to apply at the time the Expertise Standards Committee is formed as referred to in Article 26 paragraph (1); and b. for the submission of applications for Investment Manager Representative licenses that have been submitted to the Financial Services Authority before the implementation of this Financial Services Authority Regulation.

Article 32
This Financial Services Authority Regulation comes into force on the date of its promulgation.

To ensure...

Determined in Jakarta
On November 19, 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,
Signed.
MULIAMAN D. HADAD

Promulgated in Jakarta
On November 19, 2014
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,
Signed.
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 360 To ensure 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.

Copy consistent with the original
Director of Legal Affairs I
Ministry of Law,
Signed.
Tini Kustini

supervision...
EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 25/POJK.04/2014
CONCERNING
LICENSING OF INVESTMENT MANAGER REPRESENTATIVES

I. GENERAL
Individuals who carry out activities as Investment Manager Representatives have different characteristics from Securities Underwriting Representatives (WPEE) and Securities Brokerage Representatives (WPPE), where Investment Manager Representatives are specifically required to have expertise and/or ability to manage Securities Portfolio investments. The regulation of individuals carrying out activities as Investment Manager Representatives is regulated in Regulation Number V.B.1, Appendix of the Decision of the Chairman of Bapepam and Financial Institutions Number KEP-547/BL/2010 dated December 28, 2010 concerning Licensing of Securities Company Representatives, where that regulation does not yet regulate matters related to increasing the capability and competence of Investment Manager Representatives and increasing the supervision mechanism for holders of Investment Manager Representative licenses. On the other hand, the rapid and continuous development and growth of the investment management industry, both in terms of regulation and product variety, requires a continuing education program for Investment Manager Representatives so that they always have knowledge and expertise quality in accordance with current developments. In relation to the above, it is deemed necessary to regulate the licensing of Investment Manager Representatives aimed at increasing the competence of holders of Investment Manager Representative licenses by increasing licensing requirements and mandating holders of Investment Manager Representative licenses to participate in continuing education programs. In addition, in order to

Letter d... supervision of Investment Manager Representatives, there is a need for a requirement to submit reports starting work, stopping work, or moving to work, and an increased role of associations in organizing continuing education programs for Investment Manager Representatives.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Paragraph (1)
Clear enough.

Paragraph (2)
The Financial Services Authority no longer requires the submission of applications for Investment Manager Representative licenses in printed document form if the application has been submitted through an electronic system.

Paragraph (3)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
Clear enough.

Letter g
Item 1
Clear enough.

Item 2
Criminal offenses in the financial services sector include, among others, criminal offenses in the banking, Capital Market, non-bank financial industry, or tax sectors.

Item 3
Clear enough.

Item 4
Clear enough.

Item 5
Clear enough.

Item 6
Clear enough.

Letter i
Clear enough.

Letter j
Clear enough.

Letter k
Clear enough.

Paragraph (3)...
Letter l
The term "Investment Manager Representative licensing fees" in this letter refers to the licensing fees for Investment Manager Representatives as referred to in Government Regulation Number 11 of 2014 concerning Levies by the Financial Services Authority.

Letter m
Clear enough.

Letter n
Clear enough.

Paragraph (4)
Clear enough.

Article 7
Letter a
In conducting research on the completeness of documents submitted by applicants, the Financial Services Authority may, among other things, request applicants to show original documents from photocopies of documents included to meet the requirements for the Investment Manager Representative license application.

Letter b
Clear enough.

Article 8
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
Applications do not meet requirements, among others, if the documents submitted are insufficient and/or the information submitted is incomplete.

Letter b
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Clear enough.

Paragraph (6)
Clear enough.

Article 9
Clear enough.

Article 10
Paragraph (1)
Clear enough.

Paragraph (2)
Considering that the Investment Manager Representative license has a limited validity period, renewal can only be requested before the validity period expires. If the holder of the Investment Manager Representative license does not submit a license renewal application during the validity period of the license, the license holder is deemed not to intend to renew the license. If the license holder intends to still hold the Investment Manager Representative license after the validity period expires and does not submit a license renewal application, the applicant must submit a license application as a new license.

Paragraph (3)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
Examples of companies carrying out investment management activities are Securities Companies carrying out business activities as Investment Managers and insurance companies.

Letter g
Clear enough.

Letter h
Clear enough.

Letter i
Clear enough.

Paragraph (4)
Clear enough.

Article 11
Clear enough.

Article 12
As an example, the Investment Manager Representative license held by Mr. A has a validity period until December 31, 2014. Mr. A submits a license renewal application to the Financial Services Authority on December 27, 2014, and the Financial Services Authority determines the approval letter for the renewal of the Investment Manager Representative license held by Mr. A on January 10, 2015. Thus, the Investment Manager Representative license held by Mr. A is not valid between January 1, 2015, and January 9, 2015. During the period when the license is not valid, Mr. A must not carry out legal activities related to Investment Manager Representatives.

Article 13
Clear enough.

Article 14
Clear enough.

Article 15
Clear enough.

Article 16
Paragraph (1)
Clear enough.

Paragraph (2)
The term "recognition from the Financial Services Authority" includes:
a. approval from the Financial Services Authority to an association or other party that submits an application to organize education in the Capital Market sector; and/or b. designation by the Financial Services Authority to an association or other party to organize education in the Capital Market sector.

Article 17
Paragraph (1)
The term "financial services institution" refers to an institution that carries out activities in the Banking, Capital Market, Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution sectors as referred to in Article 1 item 4 of Law Number 21 of 2011 concerning the Financial Services Authority.

Paragraph (2)
Clear enough.

Article 18
Clear enough.

Article 19
Clear enough.

Article 20
Clear enough.

Article 21
Paragraph (1)
Clear enough.

Paragraph (2)
In the event that reporting has been submitted through an electronic system, the Financial Services Authority no longer requires the submission of reporting in printed document form.

Article 22
Clear enough.

Article 23
Clear enough.

Article 24
The term "certain actions" includes, among others, the postponement of the granting of renewal of the Investment Manager Representative license.

Article 25
Clear enough.

Article 26
Paragraph (1)
The term "after the Financial Services Authority forms the Expertise Standards Committee" means after the Financial Services Authority forms the Expertise Standards Committee and the committee has given recommendations on expertise certificates issued by specialized education institutions in the Capital Market sector.

Paragraph (2)
Clear enough.

Article 27
Clear enough.

Article 28
Clear enough.

Article 29
Clear enough.

Article 30
Clear enough.

Article 31
Letter a
The term "at the time the Expertise Standards Committee is formed" means at the time the Financial Services Authority has formed the Expertise Standards Committee and the Committee has given recommendations on expertise certificates issued by specialized education institutions in the Capital Market sector.

Letter b
Clear enough.

Article 32
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5634

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 25/POJK.04/2014
CONCERNING
LICENSING OF INVESTMENT MANAGER REPRESENTATIVES

APPLICATION FOR INVESTMENT MANAGER REPRESENTATIVE LICENSE
Number: .................... ........, ................... 20.....
Attachments: ....................
Subject: Application for License
Investment Manager Representative
To
The Executive Head
Capital Market Supervisor
Financial Services Authority in Jakarta.

Hereby I submit an application for an Investment Manager Representative License. As consideration material, I hereby submit the following data:

1. Applicant Name: ...............................................................
2. Applicant Address: ...............................................................
   ...............................................................
   (street name and number)
   .................................................. -  (city and postal code)
3. Applicant Telephone Number: ...............................................................
4. Company: ...............................................................
5. Company Address: ...............................................................
   ...............................................................
   (street name and number)
   .................................................. -  (city and postal code)
6. Company Telephone Number: ...............................................................
   To...

To complete this application, I hereby attach the following documents:

1. photocopy of the latest formal education diploma;

2. photocopy of ID card or valid passport;

3. latest signed curriculum vitae, in accordance with the curriculum vitae format as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Investment Manager Representatives;

4. photocopy of expertise certificate as Investment Manager Representative recognized by the Financial Services Authority from specialized education institutions in the Capital Market sector or document proving work experience in the Capital Market sector related to investment management;

5. employment certificate from a financial services institution in Indonesia, for foreign citizens;

6. latest 4x6 cm color photograph with red background, 2 (two) sheets;

7. statement letter that the applicant will not work for more than one Securities Company and/or other financial services institutions, in accordance with the format of the statement letter not to work for more than one Securities Company and/or other financial services institutions as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Investment Manager Representatives;

8. integrity statement letter in accordance with the format of the integrity statement letter as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Investment Manager Representatives;

9. reference and/or recommendation letter from the company where the applicant works in accordance with the format of the work reference letter as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Investment Manager Representatives (if any);

10. photocopy of permit to employ foreign labor issued by the competent authority, for foreign citizens working at financial services institutions;

11. answer...

12. answers to the questionnaire in accordance with the questionnaire as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Investment Manager Representatives;

13. proof of payment of Investment Manager Representative licensing fees;

14. name difference certificate from the official/competent authority, if there is a difference between the applicant's name and the attached documents; and

15. domicile certificate, if there is a difference between the domicile address and the ID card address.

Thus I submit this application and thank you for your attention.
Applicant,
..............................................
(clear name and signature) stamp

CURRICULUM VITAE
Personal Data

1. Name: .......................................................
2. Place & Date of Birth: .......................................................
3. Gender: .......................................................
4. Religion: .......................................................
5. Nationality: .......................................................
6. Full Address: .......................................................
   ................... (Street Name & Number)
   ............. -  (City & Postal Code)
7. Telephone Number: .......................................................
8. Mobile Phone Number: .......................................................
9. Individual License Held: 1) ....................................................

2. ....................................................
   Education History

1. Formal
   Level of Education
   Major/Specialization
   Name/Place
   Year
   Graduated
2. Non-Formal (Certified)
   Course/Seminar
   Organizer
   Year
3. Professional Education (Profession)
   Certification
   Organizer
   Year
   Graduated
   Work History
   Company Name
   Position
   Main Duties Description
   Start Date
   End Date
   Reason for Leaving
   .........., ...................... 20.....
   (place and date)
   Applicant,
   ..............................................
   (clear name and signature) stamp

STATEMENT LETTER NOT TO WORK FOR MORE THAN ONE SECURITIES COMPANY AND/OR OTHER FINANCIAL SERVICES INSTITUTIONS I, the undersigned:
Name: .......................................................
Full Address: .......................................................
........................................ (street name and number) ...................................... -  (city and postal code)
Telephone Number: .......................................................
hereby state that I am willing not to work for more than one Securities Company and/or other financial services institutions and currently I only work at
PT ...................................

Thus this statement is made truthfully to be used as appropriate.
.........., ...................... 20.....
(place and date)
Applicant,
..............................................
(clear name and signature) stamp

INTEGRITY STATEMENT LETTER
I, the undersigned:
Name: .......................................................
Full Address: .......................................................
(street name and number)
......................... -  (city and postal code)
Telephone Number: .......................................................
hereby state that I:
a. have good character and morality; b. competent/incompetent*) to perform legal acts;
c. have/have not*) committed disgraceful acts and/or been punished for proven criminal offenses in the financial services sector;
d. have/have not*) been subject to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years; e. have/have not*) been declared bankrupt or become a manager who is declared guilty causing a company to be declared bankrupt; and f. have a high commitment to comply with laws and regulations.

Thus this statement is made truthfully to be used as appropriate.
.........., ...................... 20.....
(place and date)
Applicant,
..............................................
(clear name and signature)
Note:
*) strike out what is not needed stamp

WORK REFERENCE LETTER
Number: ................
I, the undersigned:
Name: .........................................................................
Position: ..........................................................................
Company Name: ..........................................................................
Full Address: ..........................................................................
...................................(street name and number) ......................... -  (city and postal code) hereby give a reference to our employee:
Name: ........................................................................
Position: ..........................................................................
Start Work/Period: ..........................................................................
During employment at our Company, the aforementioned person has good competence and integrity.

Thus this reference letter is made truthfully to be used in the context of the Investment Manager Representative license application.
.........., ...................... 20.....
(place and date)
Board of Directors or Competent Official
..............................................
(clear name and signature)

QUESTIONNAIRE
I. INSTRUCTIONS FOR ANSWERING QUESTIONS

1. All questions must be answered by the applicant.
2. Place a check mark  in the box in front of the word "Yes" if your answer is "Yes", or place a check mark  in the box in front of the word "No" if your answer to the following question is "No".
3. For every "Yes" answer, the applicant must provide a detailed and clear answer on a separate sheet which includes among others:
   a. The institutions concerned; b. Cases and dates of actions taken;
   c. Courts or institutions that took action; and
   d. Actions and sanctions taken.

II. APPLICANT INTEGRITY
Definition
Investment is an activity regarding Securities, banking, insurance, pension funds, cooperatives, other financial institutions including activities, both direct and indirect, 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:

1. In the last 10 (ten) years, have you ever been punished for:
   a. criminal offenses related to investment?
    yes  no b. or other crimes?
    yes  no
2. Has the court ever:
   a. declared you bankrupt?
    yes  no b. in the last 10 (ten) years, prohibited you from activities related to investment?
    yes  no
   c. declared you guilty of being involved in legal violations (criminal offenses) related to investment and/or involved in legal violations of laws and regulations in the financial services sector?
    yes  no d. frozen/stopped temporarily, restricted, or revoked licenses (or other similar permits) that you hold?
    yes  no
3. Has the Financial Services Authority ever:
   a. declared and/or found you making false, misleading, or dishonest, 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 being involved in investment activities so that the business license (or other similar business licenses) held by other companies was frozen, restricted, or revoked/cancelled?
    yes  no d. rejected...

d. rejected applications for Licenses, Approvals, or Registrations/Registration Certificates that you submitted?
 yes  no e. imposed sanctions by freezing, restricting activities, or revoking/cancelling Licenses, Approvals, or Registrations/Registration Certificates that you hold, for example, Registration Certificates for Capital Market Supporting Professions such as Accountants, Legal Consultants, Valuers, or Notaries?  yes  no
4. 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 business license application was rejected or business license (or other similar business licenses) to be frozen/stopped temporarily, restricted, or revoked?
 yes  no d. ordered to prohibit you from being involved in investment activities in the last 10 (ten) years?
 yes  no e. rejected applications for licenses (other similar permits), or frozen/stopped temporarily, restricted, or revoked licenses (other similar permits)...

other similar permits) that you hold to operate in investment activities?
☐ yes ☐ no f. rejecting the permit application (other similar permits), or suspending, limiting, or revoking the permit (other similar permits) that you hold to operate in activities other than investment, such as a Registered Certificate as a Capital Market Supporting Profession like Accountant, Legal Consultant, Appraiser, or Notary? ☐ yes ☐ no
5. Has the Stock Exchange ever:
a. stated and/or found that you made false, misleading, dishonest, unfair, or unethical statements, or failed to provide information that should have been provided? ☐ yes ☐ no b. stated and/or found that you were involved in violations of Stock Exchange Regulations? ☐ yes ☐ noc. disciplined you by issuing or temporarily suspending the Securities Company where you work from membership in a Stock Exchange resulting from your error, by limiting or temporarily suspending the relationship between the said Securities Company and other Stock Exchange members. ☐ yes ☐ no
6. Has a court in another country ever declared you guilty due to criminal charges or civil lawsuits related to investment?
☐ yes ☐ no
7. Are you currently a party to litigation in court?
☐ yes ☐ no
8. Do you have commitments, specific ties, or contingent obligations to third parties whose cases are being processed or have received a court decision?
☐ yes ☐ no
.........., ...................... 20.....
(place and date)
Applicant,
..............................................
(full name and signature) stamp

APPLICATION FOR RENEWAL OF INVESTMENT MANAGER REPRESENTATIVE PERMIT
Number : ................................. ........, ................... 20.....
Attachments : .................................
Subject : Application for Renewal
Investment Manager Representative Permit
To
The Executive Head
Capital Market Supervision
Financial Services Authority in Jakarta

I hereby submit an application for the renewal of my Investment Manager Representative Permit. As consideration material, I hereby submit the following data:

1. Applicant Name : ............................................................
2. Applicant Address : ............................................................
   ............................................................
   (street name and number)
   ............................................. - ☐☐☐☐☐ (city and postal code)
3. Applicant Telephone Number : ............................................................
4. Company : ............................................................
5. Company Address : ............................................................
   (street name and number)
   ............................................. - ☐☐☐☐☐ (city and postal code)
6. Company Telephone Number : ..............................................................

To complete this application, I hereby attach the following documents:
a. the latest signed curriculum vitae, according to the curriculum vitae format as stated in the Attachment of the OJK Regulation on Investment Manager Representative Licensing (if there are changes from the curriculum vitae data at the time of the permit application); b. photocopy of the valid Identity Card or passport;
c. photocopy of the foreign worker employment permit issued by the competent authority, for foreign nationals working in financial service institutions;
d. the latest 4x6 cm color photograph with a red background, 1 (one) copy; e. copy of the latest formal education diploma (in case of changes); f. employment letter from the company conducting investment management activities where the Investment Manager Representative works (if any); g. photocopy of the membership card of the association housing the Investment Manager Representative that has received recognition from the Financial Services Authority and is still valid; h. photocopy of continuing education documents executed between the validity date and the expiration date of the Investment Manager Representative's permit; and
i. domicile letter, if there is a difference between the domicile address and the Identity Card address.

This application is submitted, and I thank you for your attention.
Applicant,
..............................................
(full name and signature) stamp

RETURN OF INVESTMENT MANAGER REPRESENTATIVE PERMIT
Number : ................................. ........, ................... 20.....
Attachments : .................................
Subject : Return of Investment Manager Representative Permit To The Executive Head Capital Market Supervision Financial Services Authority in Jakarta

I, the undersigned:
Name : ...............................................................
Full Address : ...............................................................
...............................................................
(street name and number)
................................................. - (city and postal code)
Telephone Number : ...............................................................

hereby voluntarily return the Investment Manager Representative Permit granted to me by the Financial Services Authority.
In this regard, I hereby enclose the original Decision Letter of the Financial Services Authority Commissioners Number ..... dated ..... regarding the Granting of Investment Manager Representative Permit to me.

This is communicated, and I thank you for your attention.
.........................................
(full name and signature)

Established in Jakarta on 19 November 2014
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,
Sgd.
MULIAMAN D. HADAD

Copy consistent with the original
Legal Director I
Legal Department,
Sgd.
Tini Kustini