POJK on Licensing of Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 27/POJK.04/2014
CONCERNING
LICENSING OF SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVES AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVES BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to improve the quality of Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives, it is necessary to establish a Financial Services Authority Regulation concerning the Licensing of Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary 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 SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVES AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVES.

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

1. Underwriter is a Party that enters into a contract with an Issuer to conduct a Public Offering for the benefit of the Issuer with or without the obligation to purchase unsold Securities.
2. Securities Brokerage Intermediary is a Party that conducts business activities of buying and selling Securities for its own benefit or for the benefit of other Parties.
3. Securities Company is a Party that conducts business activities as a Securities Issuance Underwriter, Securities Brokerage Intermediary and/or Investment Manager.
4. Securities Issuance Underwriting Representative is an individual who acts on behalf of the interests of a Securities Company that conducts business activities as a Securities Issuance Underwriter.
5. Securities Brokerage Intermediary Representative is an individual who acts on behalf of the interests of a Securities Company that conducts business activities as a Securities Brokerage Intermediary.
6. Individual license as a Securities Issuance Underwriting Representative, hereinafter referred to as the Securities Issuance Underwriting 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 that conducts business activities as a Securities Issuance Underwriter.
7. Individual license as a Securities Brokerage Intermediary Representative, hereinafter referred to as the Securities Brokerage Intermediary 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 that conducts business activities as a Securities Brokerage Intermediary.

CHAPTER II
LICENSING AND REQUIREMENTS FOR SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVES AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVES
Article 2
(1) Securities Issuance Underwriting Representatives must hold a Securities Issuance Underwriting Representative License from the Financial Services Authority.
(2) Securities Brokerage Intermediary Representatives must hold a Securities Brokerage Intermediary Representative License from the Financial Services Authority.
(3) Individuals who hold a Securities Issuance Underwriting Representative License may act as Securities Brokerage Intermediary Representatives.

Article 3
(1) The obligation to hold a Securities Issuance Underwriting Representative License as referred to in Article 2 paragraph (1) applies to:
a. Directors responsible for securities issuance underwriting activities; b. Employees responsible for securities issuance underwriting activities; and
c. Employees with positions below directors, who supervise units responsible for securities issuance underwriting activities,
from Securities Companies that hold a business license to conduct business activities as Securities Issuance Underwriters.
(2) The obligation to hold a Securities Brokerage Intermediary Representative License as referred to in Article 2 paragraph (2) applies to:
a. Directors responsible for securities brokerage intermediary activities; b. Employees conducting marketing activities;
c. Employees conducting risk management activities;
d. Employees acting as officials supervising compliance functions; and e. Employees acting as officials supervising securities trading analysis/research functions, from Securities Companies that hold a business license to conduct business activities as Securities Brokerage Intermediaries. (3) Under certain conditions, the Financial Services Authority may determine or exempt parties working at Securities Companies conducting activities as Securities Issuance Underwriters and Securities Brokerage Intermediaries from the obligation to hold a Securities Issuance Underwriting Representative License or a Securities Brokerage Intermediary Representative License. (4) Further provisions regarding certain conditions and the exemption of parties working at Securities Companies conducting activities as Securities Issuance Underwriters and Securities Brokerage Intermediaries from the obligation to hold a Securities Issuance Underwriting Representative License and a Securities Brokerage Intermediary Representative License as referred to in paragraph (3) are regulated in a Financial Services Authority Circular.

Article 4
Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives must meet the following requirements:
a. Integrity requirements including:

1. having good character and morality;
2. having legal capacity;
3. never having committed disgraceful acts and/or being sentenced for proven criminal offenses in the financial services sector;
4. never having been subject to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years;
5. never having been declared bankrupt or being a manager declared at fault causing a company to be declared bankrupt; and
6. having a high commitment to comply with laws and regulations;
   b. Competency requirements including:
7. having a minimum education level of secondary education;
8. having adequate knowledge and expertise in the Capital Market sector, proven by:
   a) holding an expertise certificate:

1. as a Securities Issuance Underwriting Representative, for Securities Issuance Underwriting Representatives; and
2. as a Securities Issuance Underwriting Representative or Securities Brokerage Intermediary Representative, for Securities Brokerage Intermediary Representatives,
   which is recognized by the Financial Services Authority and issued by a specialized educational institution in the Capital Market sector 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:
3. at least 2 (two) years in a managerial position; or
4. at least 5 (five) years in an operational position,
   in job duties and functions related to the regulation and/or supervision of the Capital Market industry;
   c. working at 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) may be used for the application for a Securities Issuance Underwriting Representative License or a Securities Brokerage Intermediary Representative License provided that it is not older than 2 (two) years calculated from the date of issuance until the time of license application.

CHAPTER III
PROCEDURES FOR APPLICATION FOR SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVE LICENSE AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVE LICENSE
Article 6
(1) Applications to obtain a Securities Issuance Underwriting Representative License or a Securities Brokerage Intermediary Representative License are submitted by the applicant in printed document form to the Financial Services Authority according to the format of the application letter for the Securities Issuance Underwriting Representative License/Securities Brokerage Intermediary Representative License 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 applications for Securities Issuance Underwriting Representative Licenses and Securities Brokerage Intermediary Representative Licenses, applications for such licenses may be submitted through that electronic system. (3) Applications for Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses as referred to in paragraph (1) or paragraph (2) must be accompanied by complete documents as follows:
a. copies of the latest formal educational diplomas; b. photocopies of valid Identity Cards or passports;
c. the latest signed resume by the applicant according to the resume format 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 sector in the form of:

1. photocopies of expertise certificates:

1. as a Securities Issuance Underwriting Representative, for Securities Issuance Underwriting Representatives; and
2. as a Securities Issuance Underwriting Representative or Securities Brokerage Intermediary Representative, for Securities Brokerage Intermediary Representatives,
   which are recognized by the Financial Services Authority from specialized educational institutions in the Capital Market sector based on recommendations from the Expertise Standards Committee; or

2. photocopies of work experience letters from Capital Market supervisory institutions and/or organizations 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. employment letters from financial services institutions in Indonesia for foreign citizens; f. latest color photographs size 4x6 cm with a red background, 2 (two) sheets; 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 of not working 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. has legal capacity;
5. has never committed disgraceful acts and/or been sentenced for proven criminal offenses in the financial services sector;
6. has never been subject to license revocation, approval cancellation, and/or registration cancellation by the Financial Services Authority in the last 3 (three) years;
7. has never been declared bankrupt or been a manager declared at fault causing a company to be declared bankrupt; and
8. has a high commitment to comply with laws and regulations,
   according to the integrity statement letter format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
   i. reference letters and/or recommendations from the company where the applicant works according to the work reference letter format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation (if any);
   j. photocopies of permits to employ foreign labor issued by competent authorities, 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 licensing fees for Securities Issuance Underwriting Representatives or Securities Brokerage Intermediary Representatives;
   m. letters of explanation of name differences from the Competent Official/agency, if there are differences between the applicant's name and the attached documents; and n. Domicile letters, if there are differences between the domicile address and the Identity Card address. (4) The Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary 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 applications for Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses, the Financial Services Authority is authorized to:
a. conduct research on the completeness of documents submitted by the applicant as referred to in Article 6 paragraph (3); and/or b. request information from the applicant, to ensure compliance with the requirements as referred to in Article 6.

Article 8
(1) Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses are granted by the Financial Services Authority no later than 45 (forty-five) days from the receipt of the application for the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License that meets the requirements. (2) In the event that an application for a Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License does not meet the requirements 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) Applicants must 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 cancelled the application for the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License already submitted to the Financial Services Authority.

CHAPTER IV
VALIDITY PERIOD AND EXTENSION OF SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVE LICENSES AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVE LICENSES
Article 9
(1) Securities Issuance Underwriting Representative Licenses and Securities Brokerage Intermediary Representative Licenses are valid for 2 (two) years and may be extended.
(2) Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses are not valid if the following conditions occur:
a. the validity period has expired; or b. after the validity period has expired, the approval for license extension has not been granted by the Financial Services Authority even though the application for extension of the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License has been submitted to the Financial Services Authority before the validity period expired.

Article 10
(1) Applications for extension of Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses as referred to in Article 9 paragraph (1) are submitted to the Financial Services Authority before the validity period of the license expires, with the earliest condition being 90 (ninety) days before the validity period of the license expires. (2) Applications for extension of Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses cannot be made after the validity period of the license has expired. (3) License extension applications as referred to in paragraph (1) are prepared according to the format of the application letter for extension of Securities Issuance Underwriting Representative Licenses and/or Securities Brokerage Intermediary Representative Licenses 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 signed resume according to the resume format as contained in the Appendix which is an integral part of this Financial Services Authority Regulation, if there are changes to the resume at the time of license application; b. photocopies of valid Identity Cards or passports;
c. photocopies of permits to employ foreign labor issued by competent authorities, for foreign citizens working at financial services institutions;
d. latest color photographs size 4x6 cm with a red background, 1 (one) sheet; e. copies of the latest formal educational diplomas (in case of changes); f. employment letters from companies conducting securities issuance underwriting and/or securities brokerage intermediary activities where the Securities Issuance Underwriting Representative or Securities Brokerage Intermediary Representative works (if any); g. photocopies of valid member cards from associations that accommodate Securities Issuance Underwriting Representatives or Securities Brokerage Intermediary Representatives that have received recognition from the Financial Services Authority; h. photocopies of continuing education documents executed between the start date and the expiration date of the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License; and
i. domicile letters, if there are differences between the domicile address and the Identity Card address.
(4) The obligation to attach photocopies of association member cards as referred to in paragraph (3) letter g becomes effective if there are associations that accommodate Securities Issuance Underwriting Representatives or Securities Brokerage Intermediary Representatives that have received recognition from the Financial Services Authority.

Article 11
(1) Extension of Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses is granted by the Financial Services Authority no later than 21 (twenty-one) working days from the receipt of the application for extension of the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License that meets the requirements. (2) In the event that an application for extension of a Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License does not meet the requirements 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 extension of Securities Issuance Underwriting Representative Licenses or Securities Brokerage Intermediary Representative Licenses who do not complete the required deficiencies before the validity period of the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License expires are considered to have cancelled the application for extension of the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License already submitted to the Financial Services Authority.

Article 12
In the event that the validity period of a Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License has expired but an extension application has been submitted to the Financial Services Authority before the validity period of the license expired, the Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License is not valid until there is approval for license extension from the Financial Services Authority.

Article 13
The validity period of a Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License that receives approval for extension 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 extension of a Securities Issuance Underwriting Representative License or Securities Brokerage Intermediary Representative License, the license holder still has obligations based on laws and regulations 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 extension of the license.

CHAPTER V
OBLIGATIONS AND PROHIBITIONS FOR SECURITIES ISSUANCE UNDERWRITING REPRESENTATIVES AND SECURITIES BROKERAGE INTERMEDIARY REPRESENTATIVES
Section One
Obligations
Article 15
Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives are obligated to:
a. understand and comply with Indonesian Capital Market laws and regulations; b. act and behave professionally and have broad knowledge in the Capital Market sector; and
c. become members of associations that accommodate Securities Issuance Underwriting Representatives or Securities Brokerage Intermediary Representatives that have received recognition from the Financial Services Authority.

Article 16
(1) Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives are obligated to attend continuing education organized by associations that accommodate Securities Issuance Underwriting Representatives and/or Securities Brokerage Intermediary 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 requirements to attach documents of having attended continuing education in the context of license extension applications as referred to in Article 10 paragraph (3) letter h becomes effective if there are:
a. associations that accommodate Securities Issuance Underwriting Representatives and/or Securities Brokerage Intermediary Representatives; or b. other parties, that have received recognition from the Financial Services Authority to conduct specialized education in the Capital Market sector.

Section Two
Prohibitions
Article 17
(1) Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives are prohibited from holding concurrent positions at more than one Securities Company and/or other financial services institutions. (2) The prohibition on concurrent positions as referred to in paragraph (1) does not apply to Securities Issuance Underwriting Representatives and Securities Brokerage Intermediary Representatives who hold positions as members of the Board of Directors of Securities Issuance Underwriters and/or Securities Brokerage Intermediaries to concurrently serve as commissioners of Stock Exchanges, Clearing and Guarantee Institutions, or Custody and Settlement Institutions.

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 conduct education and training for Securities Issuance Underwriting Representatives and/or Securities Brokerage Intermediary Representatives. (4) Further provisions 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 codes of ethics for members; b. conducting continuing education for license holders; and
c. conducting other education and/or training.
(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 provisions regarding associations that accommodate Securities Issuance Underwriting Representatives and/or Securities Brokerage Intermediary Representatives are regulated in Financial Services Authority Circulars.

CHAPTER VII
REPORTING
Article 20
(1) Individuals who hold a Securities Issuance Underwriting Representative License or a Securities Brokerage Intermediary Representative License are obligated 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...

counting from the date the individual starts working, stops working, or moves to another job; and/or b. Report of participation in continuous education at the latest 14 (fourteen) days counting from the date the individual completes the program, accompanied by supporting evidence. (2) In the event that the deadline for submitting the report as referred to in paragraph (1) falls on a holiday, the report on starting work, stopping work, or moving to another job, and the report on participation in continuous education, shall be submitted at the latest on 1 (one) working day following the holiday.
Article 21
(1) The report as referred to in Article 20 paragraph (1) shall be submitted to the Financial Services Authority in the form of a printed document.
(2) In the event that the Financial Services Authority has provided an electronic system for the submission of reports by Equity Underwriting Representatives and Equity Brokerage Representatives, the report of the Equity Underwriting Representative or Equity Brokerage Representative as referred to in Article 20 paragraph (1) may be submitted through that electronic system.
CHAPTER VIII
RETURN OF EQUITY UNDERWRITING REPRESENTATIVE LICENSE AND EQUITY BROKERAGE REPRESENTATIVE LICENSE
Article 22
(1) The holder of an Equity Underwriting Representative License or Equity Brokerage Representative License may return the license held by the holder to the Financial Services Authority by using the Return of Equity Underwriting Representative License and/or Equity Brokerage Representative License letter according to the format as stated in the Appendix which is an inseparable part of this Financial Services Authority Regulation. (2) The return of the Equity Underwriting Representative License or Equity Brokerage Representative License as referred to in paragraph (1) does not automatically 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, which arose at the time the individual held the Equity Underwriting Representative License or Equity Brokerage Representative License.
CHAPTER IX
SANCTIONS
Article 23
(1) Without prejudice to criminal provisions in the Capital Market sector, the Financial Services Authority has the authority 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 may 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 may 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 may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.
Article 25
The Financial Services Authority may 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) Equity Underwriting Representative Licenses and Equity Brokerage Representative Licenses that were suspended through the Decision of the Board of Commissioners of the Financial Services Authority Number KEP-51/D.04/2013 dated 4 October 2013 concerning the Suspension of Equity Brokerage Representative Licenses and Equity Underwriting Representative Licenses may be reactivated by submitting an application to the Financial Services Authority at the latest 1 (one) year from the effective date of this Financial Services Authority Regulation. (2) The reactivation of the license as referred to in paragraph (1) is carried out by following the procedures as referred to in Article 10 paragraph (3).
Article 27
(1) Provisions regarding expertise certificates as referred to in Article 6 paragraph (3) letter d number 1 shall 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 paragraph (1) has not yet been formed, expertise certificates in the Capital Market sector related to Equity Underwriting Representatives or Equity Brokerage Representatives for the licensing of Equity Underwriting Representatives or Equity Brokerage Representatives shall still refer to the provisions of number 2 letter a of Regulation Number V.B.1, Appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-547/BL/2010 dated 28 December 2010 concerning the Licensing of Equity Company Representatives.
Article 28
Equity Underwriting Representative Licenses and Equity Brokerage Representative Licenses that have been issued before the effective date of this Financial Services Authority Regulation are declared to remain valid until 2 (two) years from the effective date of this Financial Services Authority Regulation.
Article 29
(1) Expertise certificates for Equity Underwriting Representatives issued from the year 2009 to the year 2013 may be used to fulfill the requirement of having adequate knowledge and expertise in the Capital Market sector in submitting applications for Equity Underwriting Representative Licenses or Equity Brokerage Representative Licenses under this Financial Services Authority Regulation for at most 1 (one) year from the effective date of this Financial Services Authority Regulation. (2) Expertise certificates for Equity Underwriting Representatives issued from the year 2014 until the effective date of this Financial Services Authority Regulation may be used to fulfill the requirement of having adequate knowledge and expertise in the Capital Market sector in submitting applications for Equity Underwriting Representative Licenses or Equity Brokerage Representative Licenses under this Financial Services Authority Regulation for at most 2 (two) years from the effective date of this Financial Services Authority Regulation. (3) Expertise certificates for Equity Brokerage Representatives issued from the year 2009 to the year 2013 may be used to fulfill the requirement of having adequate knowledge and expertise in the Capital Market sector in submitting applications for Equity Brokerage Representative Licenses under this Financial Services Authority Regulation for at most 1 (one) year from the effective date of this Financial Services Authority Regulation. (4) Expertise certificates for Equity Brokerage Representatives issued from the year 2014 until the effective date of this Financial Services Authority Regulation may be used to fulfill the requirement of having adequate knowledge and expertise in the Capital Market sector in submitting applications for Equity Brokerage Representative Licenses under this Financial Services Authority Regulation for at most 2 (two) years from the effective date of this Financial Services Authority Regulation.
Article 30
Applications for individual licenses as Equity Underwriting Representatives or Equity Brokerage Representatives that have been submitted to the Financial Services Authority before the effective date 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 Board and Financial Institutions Number KEP-547/BL/2010 dated 28 December 2010 concerning the Licensing of Equity Company Representatives.
CHAPTER XI
CLOSING PROVISIONS
Article 31
At the time this Financial Services Authority Regulation comes into force, provisions regarding the licensing of Equity Underwriting Representatives and Equity Brokerage Representatives shall be subject to this Financial Services Authority Regulation.
Article 32
At the time this Financial Services Authority Regulation comes into force, the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-547/BL/2010 dated 28 December 2010 concerning the Licensing of Equity Company Representatives, along with Regulation Number V.B.1 which is its appendix, is revoked and declared invalid, except:
a. provisions regarding expertise certificates as referred to in number 2 letter a are revoked and declared invalid at the time the Expertise Standards Committee as referred to in Article 27 paragraph (1) is formed; and b. for the submission of applications for Equity Underwriting Representative Licenses or Equity Brokerage Representative Licenses that have been submitted to the Financial Services Authority before the effective date of this Financial Services Authority Regulation.
Article 33
This Financial Services Authority Regulation comes into force on the date of its enactment.
In order that everyone knows it, it is ordered to enact this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.
Determined in Jakarta on 19 November 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,
Signed,
MULIAMAN D. HADAD
Enacted in Jakarta
On 19 November 2014
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,
Signed,
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 362 Copy in accordance with the original Director of Legal Affairs I Ministry of Law, Signed, Tini Kustini

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 27/POJK.04/2014
CONCERNING
LICENSING OF EQUITY UNDERWRITING REPRESENTATIVES AND EQUITY BROKERAGE REPRESENTATIVES
I. GENERAL
Individuals who carry out activities as Equity Underwriting Representatives and/or Equity Brokerage Representatives have characteristics that are different from Investment Manager Representatives, where Equity Underwriting Representatives and/or Equity Brokerage Representatives are specifically required to have expertise and/or ability in the field of equity underwriting and/or equity brokerage representation. The regulation of individuals who carry out activities as Equity Underwriting Representatives and/or Equity Brokerage 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 28 December 2010 concerning the Licensing of Equity Company Representatives, where that regulation does not yet regulate matters related to the improvement of capabilities and competencies of Equity Underwriting Representatives and/or Equity Brokerage Representatives and the improvement of the supervision mechanism for holders of Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses. On the other hand, the rapid and continuous development and growth of the equity underwriting and/or equity brokerage representation industry, both in terms of regulation and product variety, requires a continuous education program for Equity Underwriting Representatives and/or Equity Brokerage 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 Equity Underwriting Representatives and/or Equity Brokerage Representatives which is intended to improve the competence of holders of Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses by increasing licensing requirements and requiring holders of Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses to participate in continuous education programs. In addition, in order to supervise Equity Underwriting Representatives and/or Equity Brokerage Representatives, there is a need for an obligation to submit reports on starting work, stopping work, or moving to another job, and an increased role of associations in the implementation of continuous education programs for Equity Underwriting Representatives and/or Equity Brokerage Representatives.
II. ARTICLE BY ARTICLE
Article 1
Clear enough.
Article 2
Clear enough.
Article 3
Paragraph (1)
Securities Companies that carry out equity underwriting activities are Securities Companies that have a Securities Company Business License to carry out business activities as Equity Underwriters. Paragraph (2) Securities Companies that carry out equity brokerage representation activities are Securities Companies that have a Securities Company Business License to carry out business activities as Equity Brokerage Representatives. Paragraph (3) Exemptions from the obligation to hold an Equity Underwriting Representative License or Equity Brokerage Representative License include, among others, parties who work at Securities Companies in the context of carrying out duties as Statutory Managers where in certain and urgent conditions, there is a possibility that the party appointed by the Financial Services Authority as Statutory Manager does not have a license. Paragraph (4) Clear enough.
Article 4
Letter a
Clear enough.
Letter b
As regulated in Law Number 20 of 2013 concerning the National Education System, secondary education takes the form of Senior High School (SMA), Islamic Senior High School (MA), Vocational High School (SMK), and Islamic Vocational High School (MAK), or other equivalent forms. Letter c Clear enough. Letter d 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 Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses in the form of printed documents if the applications have 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 Clear enough. Letter h Number 1 Clear enough. Number 2 Clear enough. Number 3 Criminal offenses in the financial services sector include, among others, criminal offenses in the banking, Capital Market, non-bank financial industry, or tax sectors. Number 4 Clear enough. Number 5 Clear enough. Number 6 Clear enough. Letter i Clear enough. Letter j Clear enough. Letter k Clear enough. Letter l The term "licensing costs for Equity Underwriting Representatives and/or Equity Brokerage Representatives" in this letter refers to the licensing costs for Equity Underwriting Representatives and/or Equity Brokerage 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 others, request applicants to show original documents from photocopies of documents included to meet the requirements for applications for Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses. Letter b Clear enough.
Article 8
Paragraph (1)
Clear enough.
Paragraph (2)
Letter a
Applications do not meet requirements, among others, if submitted documents are insufficient and/or 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 Equity Underwriting Representative Licenses and/or Equity Brokerage Representative Licenses have a validity period, extensions may only be requested before the validity period expires. If the holder of an Equity Underwriting Representative License and/or Equity Brokerage Representative License does not submit a license extension application during the validity period, the license holder is deemed not to intend to extend the license. In the event that the license holder intends to still hold an Equity Underwriting Representative License and/or Equity Brokerage Representative License after the validity period expires and does not submit a license extension application, the applicant must submit a new license application. Paragraph (3) Clear enough. Paragraph (4) Clear enough.
Article 11
Clear enough.
Article 12
For example, the Equity Underwriting Representative License and/or Equity Brokerage Representative License held by Mr. A has a validity period until 31 December 2014. Mr. A submits a license extension application to the Financial Services Authority on 27 December 2014, and the Financial Services Authority issues a letter approving the extension of the Equity Underwriting Representative License and/or Equity Brokerage Representative License held by Mr. A on 10 January 2015. Thus, the Equity Underwriting Representative License and/or Equity Brokerage Representative License held by Mr. A is not valid between 1 January 2015 and 9 January 2015. During the period when the license is not valid, Mr. A is not allowed to carry out legal activities related to Equity Underwriting Representatives and/or Equity Brokerage Representatives.
Article 13
Clear enough.
Article 14
Clear enough.
Article 15
Clear enough.
Article 16
Paragraph (1)
Clear enough.
Paragraph (2)
The term "recognition by the Financial Services Authority" includes:
a. approval by the Financial Services Authority to an association or other party that submits an application to organize continuous education in the Capital Market sector; and/or b. appointment by the Financial Services Authority to an association or other party to organize continuous education in the Capital Market sector.
Article 17
Paragraph (1)
The term "financial services institution" refers to institutions that carry out activities in the Banking, Capital Market, Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution sectors as referred to in Article 1 number 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)
The Financial Services Authority no longer requires the submission of reports in the form of printed documents if the reports have been submitted through an electronic system.
Article 22
Clear enough.
Article 23
Clear enough.
Article 24
The term "specific actions" includes, among others, the postponement of the issuance of Equity Underwriting Representative License extensions or Equity Brokerage Representative License extensions.
Article 25
Clear enough.
Article 26
Clear enough.
Article 27
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 Capital Market education institutions. Paragraph (2) Clear enough.
Article 28
Clear enough.
Article 29
Clear enough.
Article 30
Clear enough.
Article 31
Clear enough.
Article 32
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 Capital Market education institutions. Letter b Clear enough.
Article 33
Clear enough
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 5636

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 27/POJK.04/2014
CONCERNING
LICENSING OF EQUITY UNDERWRITING REPRESENTATIVES AND EQUITY BROKERAGE REPRESENTATIVES

APPLICATION FOR EQUITY UNDERWRITING REPRESENTATIVE/ EQUITY BROKERAGE REPRESENTATIVE LICENSE
Number : .................... ........, ................... 20.....
Attachments : ....................
Subject : Application for License
Equity Underwriting
Representative/Equity
Brokerage Representative*)
TO
The Head of Executive
Capital Market Supervisor
Financial Services Authority in Jakarta
Hereby I submit an application for an Equity Underwriting Representative/Equity Brokerage Representative License*). As a consideration, I hereby submit the following data:

1. Applicant Name :...............................................................
2. Applicant Address :...............................................................
   ................................................................
   (street name and number)
   .................................................. -  (city and postal code)
3. Applicant Phone Number :...............................................................
4. Company :...............................................................
5. Company Address :...............................................................
   ................................................................
   (street name and number)
   .................................................. -  (city and postal code) For...
6. Company Phone Number :...............................................................
   To complete this application, I hereby attach the following documents:
7. photocopy of the latest formal education diploma;
8. photocopy of the Identity Card or valid passport;
9. latest signed curriculum vitae, according to the curriculum vitae format as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Equity Underwriting Representatives and Equity Brokerage Representatives;
10. photocopy of the expertise certificate as an Equity Underwriting Representative/Equity Brokerage Representative*) recognized by the Financial Services Authority from a specialized Capital Market education institution or document proving work experience in the Capital Market sector related to equity underwriting/equity brokerage representation*);
11. employment certificate from a financial services institution in Indonesia, for foreign citizens;
12. latest color passport-sized photos, 4x6 cm size, with a red background, 2 (two) sheets;
13. statement letter that the applicant will not work for more than one Securities Company and/or other financial services institution, according to the statement letter format not to work for more than one Securities Company and/or other financial services institution as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Equity Underwriting Representatives and Equity Brokerage Representatives;
14. integrity statement letter according to the integrity statement letter format as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Equity Underwriting Representatives and Equity Brokerage Representatives;
15. reference letter and/or recommendation from the company where the applicant works according to the work reference letter format as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Equity Underwriting Representatives and Equity Brokerage Representatives (if any);
16. photocopy of the permit to employ foreign workers issued by the competent authority, for foreign citizens working at financial services institutions;
17. answers to the questionnaire according to the questionnaire as stated in the Appendix of the Financial Services Authority Regulation on Licensing of Equity Underwriting Representatives and Equity Brokerage Representatives;
18. proof of payment of licensing costs for Equity Underwriting Representative/Equity Brokerage Representative*);
19. name difference certificate from the official/competent authority, if there is a difference between the applicant's name and the attached documents; and
20. domicile certificate, if there is a difference between the domicile address and the Identity Card address.
    Thus I submit this application and thank you for your attention.
    Applicant,
    .............................................
    (full name and signature)
    Note:
    *) Strike out what is not necessary stamp duty

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 Licenses Held :
   1).....................................................
   2).....................................................

Educational History

1. Formal Education
   Level of Education
   Major/Specialization
   Name/Place
   Year of Graduation

2. Non-Formal (Certified)
   Course/Seminar
   Organizer
   Year

3. Professional Education (Profession)
   Certification
   Organizer
   Year of Graduation

Work History
Company Name
Position
Description of Main Duties
Date of Start
Date of End
Reason for Leaving
.........., ......................20.....
(place and date)
Applicant,
.............................................
(full name and signature) stamp

STATEMENT OF NOT WORKING AT MORE THAN ONE SECURITIES COMPANY AND/OR OTHER FINANCIAL SERVICE INSTITUTIONS I, the undersigned:
Name : .......................................................
Full Address : .......................................................
........................................ (street name and number) ...................................-  (city and postal code)
Telephone number : .......................................................
hereby state truthfully that I am willing not to work at more than one Securities Company and/or other financial service institutions and that currently I only work at PT ...........................................
This statement is made truthfully to be used as appropriate.
.........., ......................20.....
(place and date)
Applicant,
.............................................
(full name and signature) stamp

INTEGRITY STATEMENT
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 during the last 3 (three) years; e. have/have not*) been declared bankrupt or become a manager declared at fault causing a company to be declared bankrupt; and f. have a high commitment to comply with laws and regulations. This statement is made truthfully to be used as appropriate.
.........., ......................20.....
(place and date)
Applicant,
.............................................
(full name and signature) stamp

Note:
*) strike out what is not necessary stamp

WORK REFERENCE LETTER
Number: ................
I, the undersigned:
Name :.........................................................................
Position :.........................................................................
Company Name :.........................................................................
Full Address :.........................................................................
.........,........................(street name and number) ..................... -  (city and postal code) hereby provide a reference for our employee:
Name :.........................................................................
Position :.........................................................................
Start of Employment/Period :.........................................................................
During employment at our Company, the aforementioned employee has demonstrated good competence and integrity.
This reference letter is made truthfully to be used in the context of applying for a license as a Securities Issuance Underwriter and/or Securities Broker Intermediary *).
.........., ......................20.....
(place and date)
Board of Directors or Competent Official
.............................................
(full name and signature)

Note:
*) strike out what is not necessary

QUESTIONNAIRE
I. INSTRUCTIONS FOR ANSWERING QUESTIONS

1. All questions must be answered by the applicant.
2. Place a checkmark  in the box in front of the word "Yes" if your answer is "Yes", or place a checkmark  in the box in front of the word "No" if your answer to the following questions is "No".
3. For every "Yes" answer, the applicant must provide a detailed and clear answer on a separate sheet which includes among other things:
   a. The institutions concerned; b. The case and date of the action taken;
   c. The court or institution that took the action; and
   d. The actions and sanctions imposed.

II. APPLICANT INTEGRITY
Definition
Investment is an activity regarding Securities, banking, insurance, pension funds, cooperatives, other financial institutions including activities, whether direct or indirect, related to Securities Companies, Investment Advisors, Banks or other companies operating in the financial sector, and/or other investment activities in the real sector such as housing or real estate businesses.

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 engaging in 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 the license (or other licenses of a similar nature to the license) you hold?
    yes  no
3. Has the Financial Services Authority ever:
   a. stated and/or found you to have made false, misleading, or dishonest statements, unfair or unethical statements, or failed to provide information that should have been provided?
    yes  no b. stated and/or found you to be 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 licenses of a similar nature to the business license) held by a company was frozen, restricted, or revoked/cancelled?
    yes  no d. rejected your application for a License, Approval, or Registration/Registration Certificate?
    yes  no e. imposed sanctions by freezing, restricting activities, or revoking/cancelling the License, Approval, or Registration/Registration Certificate you hold, for example, a Registration Certificate as a Capital Market Supporting Profession such as Accountant, Legal Consultant, Appraiser, or Notary?  yes  no
4. Have other competent authorities ever:
   a. stated and/or found you to have made false, misleading, or dishonest statements, unfair or unethical statements?
    yes  no b. stated and/or found you to be involved in violations of laws and regulations concerning investment activities?
    yes  no
   c. stated and/or found you to have caused a company related to Investment whose business license application was rejected or business license (or other licenses of a similar nature to the business license) to be frozen/stopped temporarily, restricted, or revoked?
    yes  no d. ordered to prohibit you from engaging in activities related to investment in the last 10 (ten) years?
    yes  no e. rejected license applications (other licenses of a similar nature to the license), or frozen/stopped temporarily, restricted, or revoked the license (other licenses of a similar nature to the license) you hold to operate in investment activities?  yes  no f. rejected license applications (other licenses of a similar nature to the license), or frozen/stopped temporarily, restricted, or revoked the license (other licenses of a similar nature to the license) you hold to operate in activities other than investment activities, for example, a Registration Certificate as a Capital Market Supporting Profession such as Accountant, Legal Consultant, Appraiser, or Notary?  yes  no
5. Has the Stock Exchange ever:
   a. stated and/or found you to have made false, misleading, or dishonest statements, unfair or unethical statements, or failed to provide information that should have been provided?
    yes  no b. stated and/or found you to be involved in violations of Stock Exchange Regulations?
    yes  no
   c. disciplined you by issuing or temporarily stopping the Securities Company where you work from membership in a Stock Exchange resulting from your fault, by restricting or temporarily stopping the relationship of the said Securities Company with other Stock Exchange members.
    yes  no
6. Has a foreign court ever declared that you were guilty due to criminal charges or civil lawsuits related to investment?
    yes  no
7. Are you currently a party to a lawsuit in court?
    yes  no
8. Do you have commitments, specific ties, or conditional obligations to third parties whose cases are being processed or have obtained a court decision?
    yes  no
   .........., ......................20.....
   (place and date)
   Applicant,
   .............................................
   (full name and signature) stamp

APPLICATION FOR RENEWAL OF LICENSE AS SECURITIES ISSUANCE UNDERWRITER/SECURITIES BROKER INTERMEDIARY
Number : ................................. ........, ................... 20....
Attachments : .................................
Subject : Application for Renewal
License as Securities Issuance Underwriter/
Securities Broker Intermediary *)

TO
The Executive Head of
Capital Market Supervision
Financial Services Authority in Jakarta

I hereby apply for the renewal of the license as a Securities Issuance Underwriter and/or Securities Broker Intermediary *).
As consideration material, we submit the following data:
Applicant Name :.........................................................................
Applicant Address :.........................................................................
.........,........................(street name and number) ..................... -  (city and postal code) Applicant Telephone Number
:.........................................................................
Company :.........................................................................
Company Address :.........................................................................
.........,........................(street name and number) ..................... -  (city and postal code) Company Telephone Number
:.........................................................................

To complete this application, we attach the following documents:
a. the latest curriculum vitae signed according to the format of the curriculum vitae as stated in the Attachment to the Financial Services Authority Regulation on Licensing of Securities Issuance Underwriters and Securities Broker Intermediaries (if there are changes to the data from the curriculum vitae data at the time of the license application); b. photocopy of the valid Identity Card or passport;
c. photocopy of the license to employ foreign workers issued by the competent authority, for foreign citizens working at financial service institutions;
d. latest 4x6 cm color photograph with a red background, 1 (one) sheet; e. copy of the latest formal education diploma (in case of changes); f. work certificate from the company conducting securities issuance underwriting and/or securities broker activities (if any); g. photocopy of the membership card of the association accommodating Securities Issuance Underwriters and/or Securities Broker Intermediaries that has received recognition from the Financial Services Authority and is still valid; h. photocopy of continuing education documents implemented between the date of license validity and the date of license expiration; and
i. domicile certificate, if there is a difference between the domicile address and the Identity Card address.

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

Note:
*) strike out what is not necessary stamp

RETURN OF LICENSE AS SECURITIES ISSUANCE UNDERWRITER/ SECURITIES BROKER INTERMEDIARY
Number : ................................. ........, ................... 20.....
Attachments : .................................
Subject : Return of License as Securities Issuance Underwriter and/or Securities Broker Intermediary *)

TO
The Executive Head of
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 License as Securities Issuance Underwriter/Securities Broker Intermediary *) that has been granted by the Financial Services Authority to me.
In relation to this matter, I enclose the original Decree of the Board of Commissioners of the Financial Services Authority Number ..... dated ..... regarding the Granting of License as Securities Issuance Underwriter/Securities Broker Intermediary *) to me. This is submitted, thank you for your attention.
.........................................
(full name and signature)

Note:
*) strike out what is not necessary

Determined in Jakarta on 19 November 2014
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,
Signed.
Saliman D. Hadad
Legal Director I
Legal Department,
Signed.
Tini Kustini