POJK Regarding Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds

FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 48 /POJK.04/2015
CONCERNING
GUIDELINES FOR THE MANAGEMENT OF PROTECTED MUTUAL FUNDS, GUARANTEED MUTUAL FUNDS, AND INDEX MUTUAL FUNDS BY THE GRACE OF THE ALMIGHTY GOD THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that with the enactment of Law Number 21 of 2011 concerning the Financial Services Authority, since December 31, 2012, the regulation and supervision of financial services activities in the Capital Market sector, including the management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds, has shifted from the Capital Market and Financial Institution Supervisory Body to the Financial Services Authority; b. that in order to provide clarity and certainty regarding the regulation of the management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds, it is necessary to replace the Regulations regarding the management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds issued prior to the establishment of the Financial Services Authority with a Financial Services Authority Regulation;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds;
Considering: 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: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING GUIDELINES FOR THE MANAGEMENT OF PROTECTED MUTUAL FUNDS, GUARANTEED MUTUAL FUNDS, AND INDEX MUTUAL FUNDS.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds are defined as Mutual Funds other than those mentioned in the Financial Services Authority Regulation concerning Guidelines for the Announcement of Daily Net Asset Values of Open-Ended Mutual Funds.

CHAPTER II
MANAGEMENT OF PROTECTED MUTUAL FUNDS, GUARANTEED MUTUAL FUNDS, AND INDEX MUTUAL FUNDS
Article 2
Regulations regarding:
a. Prohibitions for Investment Managers of Mutual Funds to take actions that cause Mutual Funds in the form of a Corporation to:

1. purchase Securities traded on foreign Stock Exchanges whose information can be accessed through mass media or internet facilities available for more than 15% (fifteen percent) of the Net Asset Value;
2. purchase Equity Securities issued by companies that have listed their Securities on a Stock Exchange in Indonesia for more than 5% (five percent) of the paid-up capital of the said company;
3. purchase Securities issued by a company for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund at all times, including ownership of securities issued by banks but excluding Bank Indonesia Certificates and bonds issued by the Government of the Republic of Indonesia;
4. sell shares of Open-Ended Mutual Funds to each investor for more than 2% (two percent) of the issued capital, except for the Investment Manager of the relevant Open-Ended Mutual Fund; and
5. purchase Asset-Backed Securities for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund, with the provision that each type of Asset-Backed Security is not more than 5% (five percent) of the Net Asset Value of the Mutual Fund,
   as referred to in legislation in the Capital Market sector regulating Guidelines for the Management of Mutual Funds in the form of a Corporation; b. Prohibitions for Mutual Funds in the form of a Corporation to:
6. purchase Securities traded on foreign Stock Exchanges whose information can be accessed through mass media or internet facilities available for more than 15% (fifteen percent) of the Net Asset Value;
7. purchase Equity Securities issued by companies that have listed their Securities on a Stock Exchange in Indonesia for more than 5% (five percent) of the paid-up capital of the said company;
8. purchase Securities issued by a company for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund at all times, with the provision that such restrictions include ownership of securities issued by banks but excluding Bank Indonesia Certificates and bonds issued by the Government of the Republic of Indonesia;
9. sell shares of Open-Ended Mutual Funds to each investor for more than 2% (two percent) of the issued capital, except for the Investment Manager of the relevant Open-Ended Mutual Fund;
10. purchase Asset-Backed Securities for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund, with the provision that each type of Asset-Backed Security is not more than 5% (five percent) of the Net Asset Value of the Mutual Fund,
    as referred to in legislation in the Capital Market sector regulating Guidelines for the Management Contract of Mutual Funds in the form of a Corporation;
    c. Obligations of the Investment Manager to determine the composition of the Securities Portfolio of the Mutual Fund with the following provisions:
11. at least 85% (eighty-five percent) of the Net Asset Value of the Mutual Fund is invested in:
    a) Securities portfolios issued, offered, and/or traded in Indonesia based on Indonesian legislation; and/or b) Debt Securities traded abroad, but issued by:

1. The Government of the Republic of Indonesia;
2. Indonesian legal entities that are Emitters and/or Public Companies as referred to in Law Number 8 of 1995 concerning the Capital Market;
3. Foreign legal entities whose majority or all shares are directly or indirectly owned by Emitters or Public Companies as referred to in number 2), and such foreign legal entities are specifically established to raise funds from abroad for the benefit of the said Emitters or Public Companies; and/or
4. Foreign legal entities whose majority or all shares are directly or indirectly owned by State-Owned Enterprises;

2. at most 15% (fifteen percent) of the Net Asset Value of the Mutual Fund is invested in Securities traded on foreign Stock Exchanges whose information can be accessed from Indonesia through mass media or internet facilities,
   as referred to in legislation in the Capital Market sector regulating Guidelines for the Management of Mutual Funds in the form of Collective Investment Contracts; and d. Prohibitions for Investment Managers to take actions that may cause Mutual Funds in the form of Collective Investment Contracts to:
3. hold Securities issued by one Indonesian legal entity or foreign legal entity traded on a foreign Stock Exchange for more than 5% (five percent) of the paid-up capital of the said company or more than 10% (ten percent) of the Net Asset Value of the Mutual Fund at all times;
4. hold Equity Securities issued by companies that have listed their Securities on a Stock Exchange in Indonesia for more than 5% (five percent) of the paid-up capital of the said company;
5. hold Securities issued by one Party for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund at all times, including securities issued by banks, but not applicable to:
   a) Bank Indonesia Certificates; b) Securities issued by the Government of the Republic of Indonesia; and/or c) Securities issued by international financial institutions where the Government of the Republic of Indonesia is one of its members; and
6. hold Asset-Backed Securities for more than 10% (ten percent) of the Net Asset Value of the Mutual Fund, with the provision that each Asset-Backed Security is not more than 5% (five percent) of the Net Asset Value of the Mutual Fund,
   as referred to in legislation in the Capital Market sector regulating Guidelines for the Management of Mutual Funds in the form of Collective Investment Contracts, not applicable to Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds.

Article 3
The Registration Statement for Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds must be submitted to the Financial Services Authority in accordance with legislation in the Capital Market sector regulating Registration Statements in the Framework of Public Offerings of Mutual Funds in the form of a Corporation or legislation in the Capital Market sector regulating Registration Statements in the Framework of Public Offerings of Mutual Funds in the form of Collective Investment Contracts.

Article 4
Public offerings of shares or Investment Units of Protected Mutual Funds and Guaranteed Mutual Funds are limited, both in terms of offering period and the number of shares or Investment Units offered, while Index Mutual Funds may be continuous or limited, both in terms of offering period and the number of shares or Investment Units offered.

Article 5
Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds must include a name that reflects the type of Mutual Fund.

Part One
Protected Mutual Funds
Article 6
Investment Managers intending to issue Protected Mutual Funds must:
a. provide additional information in the Prospectus which must at least contain the following:

1. Protection mechanisms which must at least contain:
   a) the amount of protected investment which must be at least equal to the initial investment amount; b) the protection period; c) the percentage of investment in Debt Securities used as the protection basis; d) early settlement before the protection period, if any; e) the scope and requirements for the protection to apply; f) matters that cause shareholders or Investment Unit holders to lose their rights to protection; and g) risks borne by shareholders or Investment Unit holders.
2. Investment policies, with the following provisions:
   a) Investment Managers must:

1. explain the percentage of the Net Asset Value of the Protected Mutual Fund to be invested in Debt Securities, money market instruments, and other Securities;
2. form a Securities Portfolio as the protection basis by investing in Debt Securities, including Fixed Cash Flow Asset-Backed Securities that fall into the investment grade category, so that the value of Debt Securities at maturity can at least cover the protected amount;
3. determine the composition of the Securities Portfolio of the Protected Mutual Fund with the following provisions:
   (a) at least 70% (seventy percent) of the Net Asset Value of the Mutual Fund is invested in:
   i. Securities portfolios issued, offered, and/or traded in Indonesia based on Indonesian legislation; and/or
   ii. Debt Securities traded abroad, but issued by:
   i) The Government of the Republic of Indonesia; ii) Indonesian legal entities that are Emitters and/or Public Companies as referred to in Law Number 8 of 1995 concerning the Capital Market; iii) Foreign legal entities whose majority or all shares are directly or indirectly owned by Emitters or Public Companies as referred to in item ii), and such foreign legal entities are specifically established to raise funds from abroad for the benefit of the said Emitters or Public Companies; and/or iv) Foreign legal entities whose majority or all shares are directly or indirectly owned by State-Owned Enterprises; (b) at most 30% (thirty percent) of the Net Asset Value of the Mutual Fund is invested in Securities traded on foreign Stock Exchanges whose information can be accessed from Indonesia through mass media or internet facilities;
4. explain the criteria for selecting Securities and/or money market instruments.
   b) Investment Managers are prohibited from:
5. taking actions that result in the Mutual Fund holding Securities issued by its affiliated parties as the protection basis, except where the Affiliation relationship arises from government capital participation, with the provision that the implementation of this regulation must pay attention to the prohibition for Mutual Funds to purchase Securities issued by affiliated parties both with the Investment Manager and Investment Unit holders for more than 20% (twenty percent) of the Net Asset Value, except for affiliation relationships arising from government capital participation;
6. changing the Securities Portfolio as referred to in letter a number 2 letter a) number 2), except in the context of fulfilling repurchases from shareholders or Investment Unit holders or a downgrade in Security ratings;
   c) Investment policies as referred to in letter a number 2 letter a) number 2) do not apply as long as the Investment Manager invests in Government Securities; d) Investment Managers may invest in Derivative Securities without first holding the underlying Assets of the derivative, with the provision that investments in Debt Securities remain the basis for the protection value; e) In the event that Investment Managers invest in Securities that are derivatives of Securities (derivatives), Investment Managers must add information disclosure regarding investments in such Securities, at least regarding:
7. types of Derivative Securities;
8. maturity (if any);
9. underlying Assets;
10. acquisition price of the Derivative Securities (premium);
11. Parties with obligations to fulfill benefits of the Derivative Securities (counterparty);
12. calculation of cash value at maturity; and
13. risks of Derivative Securities.

3. The offering period for shares or Investment Units.
4. The minimum and maximum number of shares or Investment Units offered.
5. Protected Mutual Funds must announce and report Net Asset Values at least 1 (one) time in 1 (one) month.
   b. provide an illustration in the Prospectus and/or disclosure documents regarding the performance of the Protected Mutual Fund or indications of results to be received by shareholders or Investment Unit holders of the Protected Mutual Fund in the future, with the following provisions:
6. explain in full the calculation of performance or indications of such performance including all possible performance or results that may occur;
7. explain the assumptions underlying the calculation and possibilities; and
8. explain the risks borne by shareholders or Investment Unit holders of the Protected Mutual Fund in relation to the assumptions and calculations of performance and indications of such performance, which must at least contain:
   a) market risk; b) interest rate risk; c) credit risk; d) foreign exchange rate risk; e) industry risk reflecting a large portion of the Securities Portfolio that serves as the protection basis; and f) liquidity risk for shareholders or Investment Unit holders of the Protected Mutual Fund.

Article 7
Disclosure documents as referred to in Article 6 letter b must be submitted to the Financial Services Authority as part of the Registration Statement documents as referred to in legislation in the Capital Market sector regulating Registration Statements in the Framework of Public Offerings of Mutual Funds in the form of a Corporation or legislation in the Capital Market sector regulating Registration Statements in the Framework of Public Offerings of Mutual Funds in the form of Collective Investment Contracts.

Part Two
Guaranteed Mutual Funds
Article 8
Investment Managers intending to issue Guaranteed Mutual Funds must:
a. Submit to the Financial Services Authority a copy of the Notarial Guarantee Contract made between the Investment Manager and the Custodian Bank with the party providing the guarantee (guarantor) which must at least contain the following:

1. the amount of guaranteed investment, at least equal to the initial investment amount;
2. the guarantee period;
3. early settlement before the guarantee period (if any);
4. the scope and requirements for the guarantee to apply;
5. matters that cause the Mutual Fund to lose its rights to the guarantee;
6. conditions and parties that can terminate the guarantee;
7. risks borne by the Mutual Fund;
8. emergency situations; and
9. matters contained in this agreement must not cause or eliminate the responsibilities of the parties according to applicable regulations.
   b. Appoint an institution that can conduct guarantee activities and has a business license from the competent authority as the guarantor.
   c. Provide additional information in the Prospectus which must at least contain the following:
10. explanations regarding the guarantee as referred to in letter a;
11. explanations regarding the guarantor, which must at least contain:
    a) business license; and b) brief profile of the guarantor.
12. Investment policies, with the following provisions:
    a) Investment Managers must:

1. invest in Debt Securities including Fixed Cash Flow Asset-Backed Securities that fall into the investment grade category for at least 80% (eighty percent) of the Net Asset Value;
2. determine the composition of the Securities Portfolio of the Mutual Fund with the following provisions:
   (a) At least 70% (seventy percent) of the Net Asset Value of the Mutual Fund is invested in:
   i. Securities portfolios issued, offered, and/or traded in Indonesia based on Indonesian legislation; and/or
   ii. Debt Securities traded abroad, but issued by:
   i) The Government of the Republic of Indonesia; ii) Indonesian legal entities that are Emitters and/or Public Companies as referred to in Law Number 8 of 1995 concerning the Capital Market; iii) Foreign legal entities whose majority or all shares are directly or indirectly owned by Emitters or Public Companies as referred to in item ii), and such foreign legal entities are specifically established to raise funds from abroad for the benefit of the said Emitters or Public Companies; and/or iv) Foreign legal entities whose majority or all shares are directly or indirectly owned by State-Owned Enterprises. (b) At most 30% (thirty percent) of the Net Asset Value of the Mutual Fund is invested in Securities traded on foreign Stock Exchanges whose information can be accessed from Indonesia through mass media or internet facilities.
3. explain the percentage of the Net Asset Value of the Guaranteed Mutual Fund to be invested in Securities and money market instruments; and
4. explain the criteria for selecting Securities and/or money market instruments.
   b) Investment Managers are prohibited from changing the Securities Portfolio as referred to in letter a) number 1), except in the context of fulfilling repurchases from shareholders or Investment Unit holders of the Guaranteed Mutual Fund or a downgrade in Security ratings; c) Investment Managers may invest in Derivative Securities without first holding the underlying Assets of the derivative; d) In the event that Investment Managers invest in Securities that are derivatives of Securities (derivatives), Investment Managers must add information disclosure regarding investments in such Securities, namely:
5. types of Derivative Securities;
6. maturity (if any);
7. underlying Assets;
8. acquisition price of the Derivative Securities (premium);
9. Parties with obligations to fulfill benefits of the Derivative Securities (counterparty);
10. calculation of cash value at maturity;
11. risks of Derivative Securities; and
12. other relevant information regarding investments in such Securities.

4. The offering period for shares or Investment Units.
5. The minimum and maximum number of shares or Investment Units of the Guaranteed Mutual Fund offered.
6. Guaranteed Mutual Funds must announce and report Net Asset Values at least 1 (one) time in 1 (one) month.
   d. Provide an illustration in the Prospectus and/or disclosure documents regarding the performance of the Guaranteed Mutual Fund or indications of results to be received by shareholders or Investment Unit holders in the future, with the following provisions:
7. explain in full the calculation of performance or indications of such performance including all possible performance or results that may occur;
8. explain the assumptions underlying the calculation and possibilities; and
9. explain the risks borne by shareholders or Investment Unit holders of the Guaranteed Mutual Fund in relation to the assumptions and calculations of performance and indications of such performance, which must at least contain:
   a) market risk; b) derivative risk; c) interest rate risk; d) credit risk; e) foreign exchange rate risk; f) industry risk reflecting a large portion of the Securities Portfolio; and g) liquidity risk for shareholders or Investment Unit holders.

Article 9
Disclosure documents as referred to in Article 8 letter d must be submitted to the Financial Services Authority as part of the Registration Statement documents as referred to in legislation in the Capital Market sector regulating Registration Statements in the Framework of Public Offerings of Mutual Funds in the form of Collective Investment Contracts.

Part Two
Guaranteed Mutual Funds
Article 10
Investment Managers intending to issue Index Mutual Funds must:
a. provide additional information in the Prospectus regarding investment regulations as follows:

1. at least 80% (eighty percent) of the Net Asset Value of such Mutual Fund must be invested in Securities that are part of the collection of Securities in the index;
2. investments in Securities in the index as referred to in number 1 must amount to at least 80% (eighty percent) of all Securities in the said index;
3. the weighting of each Security in the Index Mutual Fund must be at least 80% (eighty percent) and at most 120% (one hundred twenty percent) of the weighting of each Security in the index serving as the reference; and
4. the level of deviation (tracking error) of the performance of the Index Mutual Fund against the performance of the index serving as the reference.

b. inform that the relevant Equity Index is available in the mass media or can be accessed via internet facilities.

Article 11
Index Mutual Funds are required to report the Net Asset Value in accordance with the legislation in the Capital Market sector regulating Mutual Fund Reports.

Article 12
The Otoritas Jasa Keuangan (OJK) has the authority to reject the Equity Index that will be used as the investment objective by providing reasons for the rejection.

CHAPTER III
SANCTION PROVISIONS

Article 13
(1) Without prejudice to criminal provisions in the Capital Market sector, the Otoritas Jasa Keuangan (OJK) has the authority to impose administrative sanctions on any party that violates the provisions of this OJK Regulation, including parties that 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 on 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 14
In addition to administrative sanctions as referred to in Article 13 paragraph (1), the Otoritas Jasa Keuangan (OJK) may take specific actions against any party that violates the provisions of this OJK Regulation.

Article 15
The Otoritas Jasa Keuangan (OJK) may announce the imposition of administrative sanctions as referred to in Article 13 paragraph (1) and specific actions as referred to in Article 14 to the public.

CHAPTER IV
CLOSING PROVISIONS

Article 16
Upon the commencement of this OJK Regulation, the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: KEP-262/BL/2011 dated May 31, 2011 concerning Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds, along with Regulation Number IV.C.4 which is its attachment, is repealed and declared invalid.

Article 17
This OJK Regulation shall commence on the date of its enactment.

In order that everyone may know it, it is ordered to enact this OJK Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta
On December 23, 2015
CHAIRMAN OF THE BOARD OF COMMISSIONERS
OTORITAS JASA KEUANGAN

signed
MULIAMAN D. HADAD

Enacted in Jakarta
On December 29, 2015
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2015 NUMBER 5817 A copy in accordance with the original Director of Legal Affairs 1 Department of Law

signed
Sudarmaji

EXPLANATION
OF
OTORITAS JASA KEUANGAN REGULATION
NUMBER 48 /POJK.04/2015
CONCERNING
GUIDELINES FOR THE MANAGEMENT OF PROTECTED MUTUAL FUNDS, GUARANTEED MUTUAL FUNDS, AND INDEX MUTUAL FUNDS

I. GENERAL

That since December 31, 2012, the functions, duties, and authorities for the regulation and supervision of financial services activities in the Capital Market, Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions sectors have shifted from the Minister of Finance and the Capital Market Supervisory Board and Financial Institutions to the Otoritas Jasa Keuangan (OJK).

In light of the above, it is necessary to reorganize the existing regulatory structure, particularly those related to the Capital Market sector, by converting Capital Market-related regulations of the Capital Market Supervisory Board and Financial Institutions into Otoritas Jasa Keuangan Regulations. This reorganization is conducted to ensure that there are Otoritas Jasa Keuangan Regulations regarding the Capital Market sector that are consistent with Otoritas Jasa Keuangan Regulations in other sectors.

Based on the background and aspects mentioned, it is necessary to replace the legislation in the Capital Market sector regulating the Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds, namely the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep262/BL/2011 dated May 31, 2011 concerning Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds, along with Regulation of the Capital Market Supervisory Board and Financial Institutions Number IV.C.4 as its attachment, with an Otoritas Jasa Keuangan Regulation concerning Guidelines for the Management of Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds.

II. ARTICLE BY ARTICLE

Article 1
It is clear enough.

Article 2
Letter a
Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating the Guidelines for the Management of Mutual Funds in the form of a Corporation that is in effect is Regulation Number IV.A.3, attachment of the Decision of the Chairman of the Capital Market Supervisory Board Number KEP-13/PM/2002 dated August 14, 2002 concerning Guidelines for the Management of Mutual Funds in the form of a Corporation.

Letter b
Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating the Guidelines for the Management Contract of Mutual Funds in the form of a Corporation that is in effect is Regulation Number IV.A.4, attachment of the Decision of the Chairman of the Capital Market Supervisory Board Number KEP-14/PM/2002 dated August 14, 2002 concerning Guidelines for the Management Contract of Mutual Funds in the form of a Corporation.

Letter c
Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating the Guidelines for the Management of Mutual Funds in the form of a Collective Investment Contract that is in effect is Regulation Number IV.B.1, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-552/BL/2010 dated December 30, 2010 concerning Guidelines for the Management of Mutual Funds in the form of a Collective Investment Contract.

Letter d
It is clear enough.

Article 3
Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating the Registration Statement in the Framework of the Public Offering of Mutual Funds in the form of a Corporation that is in effect is Regulation Number IX.C.4, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-52/PM/1996 dated January 17, 1996 concerning Registration Statement in the Framework of the Public Offering of Mutual Funds in the form of a Corporation.

Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating the Registration Statement in the Framework of the Public Offering of Mutual Funds in the form of a Collective Investment Contract that is in effect is Regulation Number IX.C.5, attachment of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number KEP-430/BL/2007 dated December 19, 2007 concerning Registration Statement in the Framework of the Public Offering of Mutual Funds in the form of a Collective Investment Contract.

Article 4
It is clear enough.

Article 5
It is clear enough.

Article 6
It is clear enough.

Article 7
It is clear enough.

Article 8
It is clear enough.

Article 9
It is clear enough.

Article 10
It is clear enough.

Article 11
Upon the commencement of this OJK Regulation, the legislation in the Capital Market sector regulating Mutual Fund Reports that is in effect is Regulation Number X.D.1, attachment of the Decision of the Chairman of the Capital Market Supervisory Board Number KEP-430/PM/2004 dated February 09, 2004 concerning Mutual Fund Reports.

Article 12
It is clear enough.

Article 13
It is clear enough.

Article 14
It is clear enough.

Article 15
It is clear enough.

Article 16
It is clear enough.

Article 17
It is clear enough.

ADDITION TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5817