REGULATION OF THE FINANCIAL SERVICES AUTHORITY

NUMBER 53/POJK.04/2015

ON

CONTRACTS USED IN THE ISSUANCE OF SHARIA SECURITIES

IN THE CAPITAL MARKET

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 functions, duties, and authorities for regulating and supervising financial business activities in the Capital Market sector, including regulations regarding contracts used in the issuance of Sharia Securities in the Capital Market, have transferred from the Capital Market Supervisory Agency and Financial Institutions to the Financial Services Authority; b. that in order to provide clarity and certainty regarding regulations on contracts used in the issuance of Sharia Securities in the Capital Market, regulations on Contracts Used in the Issuance of Sharia Securities in the Capital Market issued prior to the establishment of the Financial Services Authority need to be changed into a Financial Services Authority Regulation;
c. that based on the considerations referred to in letters a and b, it is necessary to

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY

enact a Financial Services Authority Regulation on Contracts Used in the Issuance of Sharia Securities in the Capital Market;

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:

To Decree: A FINANCIAL SERVICES AUTHABILITY REGULATION ON CONTRACTS USED IN THE ISSUANCE OF SHARIA SECURITIES IN THE CAPITAL MARKET.

CHAPTER I

GENERAL PROVISIONS

Article 1

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

1. Ijarah is an agreement (contract) between the lessor or service provider (mu’jir) and the lessee or service user (musta’jir) to transfer the usage rights (benefits) of an Ijarah object, which may consist of goods and/or services benefits for a certain period, with payment of rent and/or wages (ujrah) without transferring ownership of the Ijarah object itself.

2. Istishna is an agreement (contract) between the orderer or buyer (mustashni’) and the manufacturer or seller (shani’) to produce an Istishna object purchased by the orderer or buyer (mustashni’) with criteria, requirements, and specifications agreed upon by both parties.

3. Kafalah is an agreement (contract) between the guarantor (kafiil/guarantor) and the guaranteed party (makfuul ‘anhu/ashiil/debtor) to guarantee the obligations of the guaranteed party to another party (makfuul lahu/creditor).

4. Mudharabah (qiradh) is an agreement (contract) of cooperation between the capital owner (shahib al-mal) and the business manager (mudharib) whereby the capital owner (shahib al-mal) provides capital and the business manager (mudharib) manages that capital in a business.

5. Musyarakah is an agreement (contract) of cooperation between two or more parties (syarik) by contributing capital, whether in the form of money or other assets, to conduct a business.

6. Wakalah is an agreement (contract) between the principal (muwakkil) and the agent (wakil) whereby the principal (muwakkil) grants authority to the agent (wakil) to perform specific actions or acts.

Article 2

The parties entering into an agreement (contract) in the issuance of Sharia Securities in the Capital Market must have the capacity and authority to perform legal acts according to the provisions of applicable laws and regulations.

CHAPTER II

IJARAH

First Section

Rights and Obligations of Parties in Ijarah

Article 3

The rights and obligations of the lessor or service provider (mu’jir) are:
a. entitled to receive payment of rent or wages (ujrah) as agreed upon in the Ijarah; b. obligated to provide the leased goods or services as agreed upon in the Ijarah;
c. obligated to bear the maintenance costs of the leased goods;
d. obligated to be responsible for damage to the leased goods not caused by violations of usage as agreed upon in the Ijarah or not due to the negligence of the lessee; e. obligated to guarantee that the leased goods or services provided can be used in accordance with the purpose and objectives agreed upon in the Ijarah; and f. obligated to state in writing that the lessor or service provider (mu’jir) transfers the usage or utilization rights of a good and/or provides services owned by them to the lessee or service user (musta’jir) (statement of offer/ijab).

Article 4

The rights and obligations of the lessee or service user (musta’jir) are:
a. entitled to receive and utilize goods and/or services as agreed upon in the Ijarah; b. obligated to pay rent or wages (ujrah) as agreed upon in the Ijarah;
c. obligated to bear the maintenance costs of the goods, which are minor (not material), as agreed upon in the Ijarah;
d. obligated to be responsible for maintaining the integrity of the goods and using them as agreed upon in the Ijarah; e. obligated to be responsible for damage to the leased goods caused by violations of usage as agreed upon in the Ijarah or due to the negligence of the lessee; and f. obligated to state in writing that the lessee or service user accepts the usage or utilization rights of a good and/or services from the lessor or service provider (mu’jir) (statement of acceptance/qabul).

Second Section

Requirements for Ijarah Objects

Article 5

Ijarah objects may consist of goods and/or services benefits meeting the following provisions:
a. goods or services benefits do not conflict with Sharia Principles in the Capital Market and applicable laws and regulations; b. goods or services benefits must be monetizable;
c. benefits from goods or services can be delivered or provided to the lessee or service user;
d. benefits from goods or services must be clearly determined; and e. specifications of goods or services must be clearly stated.

Third Section

Requirements for Setting Rent or Wages (Ujrah)

Article 6

The setting of rent or wages (ujrah) must meet the following provisions:
a. the amount of rent or wages (ujrah) and the time and method of payment are established in writing in the Ijarah; and b. the payment instrument for rent or wages (ujrah) is in the form of money.

Other Provisions That May Be Regulated in Ijarah

Article 7

In addition to meeting the provisions referred to in Article 2, Article 3, Article 4, Article 5, and Article 6, the following may be agreed upon in Ijarah:
a. rent or wages (ujrah) for a specific period and review of such rent or wages (ujrah) applicable to the subsequent period; b. the existence of an Ijarah down payment;
c. replacement of the underlying goods of the Ijarah;
d. appointment of another party to resolve disputes between the parties in the Ijarah; and/or e. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

CHAPTER III

ISTISHNA

First Section

Rights and Obligations of Parties in Istishna

Article 8

The rights and obligations of the manufacturer or seller (shani’) are:
a. entitled to receive payment in the amount, manner, and time agreed upon in the Istishna; b. obligated to know the specifications of the Istishna object clearly;
c. obligated to provide the Istishna object in accordance with the specifications agreed upon in the Istishna;
d. obligated to guarantee that the Istishna object functions properly and/or is defect-free; and e. obligated to deliver the Istishna object in accordance with the time agreed upon in the Istishna.

Article 9

The rights and obligations of the orderer or buyer (mustashni’) are:
a. entitled to receive the Istishna object in accordance with the specifications agreed upon in the Istishna; b. entitled to receive the Istishna object in accordance with the time and place agreed upon in the Istishna;
c. entitled to choose (khiyar) to continue or cancel the Istishna if there are defects or goods that do not match the agreed specifications;
d. obligated to make payment (principal and/or other costs) for the Istishna object as agreed upon in the Istishna; and e. obligated to know and explain the specifications of the Istishna object clearly.

Second Section

Requirements for Istishna Objects

Article 10

Istishna objects must meet the following provisions:
a. do not conflict with Sharia Principles in the Capital Market and applicable laws and regulations; b. characteristics and specifications must be clear and can be recognized as debt and must be recorded in writing in the Istishna;
c. the delivery mechanism of goods, whether in whole or in part, from the manufacturer or seller (shani’) to the orderer or buyer (mustashni’) must be recorded in writing in the Istishna, including time, place, and delivery method;
d. delivery as referred to in letter c is carried out after the Istishna time based on agreement; e. the selling price of the Istishna object is established in writing in the Istishna and is prohibited from changing during the Istishna period; and f. the orderer or buyer (mustashni’) is prohibited from exchanging goods except with similar goods or as agreed.

Third Section

Payment of Istishna Objects

Article 11

Payment of Istishna objects is carried out with the following provisions:
a. payment for Istishna objects is in the form of money; b. payment for Istishna objects can be made in cash and/or installments since the Istishna is signed or by other payment methods as agreed; and
c. payment cannot be in the form of debt forgiveness or in the form of receivables that have not yet matured.

Other Provisions That May Be Regulated in Istishna

Article 12

In addition to meeting the provisions referred to in Article 8, Article 9, Article 10, and Article 11, the following may be agreed upon in Istishna:
a. in fulfilling obligations to the orderer or buyer (mustashni’), the manufacturer or seller (shani’) may conduct another Istishna with another party on the same Istishna object, provided that the first Istishna does not depend on or require the fulfillment of rights and obligations of the second Istishna (mu’allaq); b. provisions regarding costs borne by each party in case of damage, loss, or malfunction of the Istishna object;
c. provisions regarding guarantees and insurance;
d. provisions regarding the termination of transactions that have not yet matured; e. appointment of another party to resolve disputes between the parties in the Istishna; and/or f. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

CHAPTER IV

KAFALAH

First Section

Obligations of Parties in Kafalah

Article 13

The obligations of the guarantor (kafiil/guarantor) are as follows:
a. having sufficient assets to guarantee the obligations of the guaranteed party to the party to whom the guarantee is made (makfuul lahu/creditor); b. having full authority to use their assets as a guarantee for fulfilling the obligations of the guaranteed party to the party to whom the guarantee is made (makfuul lahu/creditor); and
c. stating in writing that the guarantor (kafiil/guarantor) guarantees the obligations of the guaranteed party to the party to whom the guarantee is made (makfuul lahu/creditor) (statement of offer/ijab).

Article 14

The obligations of the guaranteed party (makfuul ‘anhu/ashiil/debtor) are as follows:
a. transferring the obligations (debts) of the guaranteed party (makfuul ‘anhu/ashiil/debtor) to the guarantor (kafiil/guarantor); and b. stating in writing that the guaranteed party (makfuul ‘anhu/ashiil/debtor) accepts the guarantee from the guarantor (kafiil/guarantor) (statement of acceptance/qabul).

Second Section

Forms of Guarantee in Kafalah

Article 15

Guarantees in Kafalah may consist of property guarantees and/or general guarantees.

Third Section

Requirements for Kafalah Objects

Article 16

The object of Kafalah is the obligations (debts) of the guaranteed party to the party to whom the guarantee is made (makfuul lahu/creditor) meeting the following provisions:
a. the obligations may consist of payment of a certain amount of money, delivery of goods, and/or performance of work; b. the obligations must have clear value, amount, and specifications;
c. the obligations are not obligations arising from matters conflicting with Sharia Principles in the Capital Market and applicable laws and regulations; and
d. must be binding debts that cannot be extinguished except after being paid or released.

Other Provisions That May Be Regulated in Kafalah

Article 17

(1) In addition to meeting the provisions referred to in Article 13, Article 14, Article 15, and Article 16, the following may be agreed upon in Kafalah:
a. the parties may establish the amount of remuneration (fee) for the guarantee implementation performed by the guarantor (kafiil/guarantor); b. the validity period of the guarantee in Kafalah;
c. appointment of another party to resolve disputes between the parties in Kafalah; and/or
d. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

(2) In the event that the parties referred to in paragraph (1) letter a agree on the existence of remuneration (fee), such Kafalah is binding and cannot be unilaterally cancelled.

CHAPTER V

MUDHARABAH

First Section

Rights and Obligations of Parties in Mudharabah

Article 18

The rights and obligations of the capital owner (shahib al-mal) are as follows:
a. entitled to supervise the implementation of business activities conducted by the business manager (mudharib); b. entitled to receive a specific share of profits as agreed upon in the Mudharabah;
c. entitled to request guarantees from the business manager (mudharib) or third parties that can be used if the business manager (mudharib) violates the Mudharabah.
d. obligated to provide and deliver all agreed-upon capital; e. obligated to bear all business losses not caused by negligence, intent, and/or violations by the business manager regarding the Mudharabah; and f. obligated to state in writing that the capital owner (shahib al-mal) provides capital to the business manager (mudharib) to be managed in a business in accordance with the agreement (statement of offer/ijab).

Article 19

The rights and obligations of the business manager (mudharib) are:
a. entitled to manage business activities to achieve the objectives of the Mudharabah without interference from the capital provider; b. entitled to receive a specific share of profits as agreed upon in the Mudharabah;
c. obligated to manage the capital received from the capital owner (shahib al-mal) in a business activity in accordance with the agreement;
d. obligated to bear all business losses caused by negligence, intent, and/or violations by the business manager (mudharib); and e. obligated to state in writing that the business manager (mudharib) receives capital from the capital owner (shahib al-mal) and promises to manage that capital in a business in accordance with the agreement (statement of acceptance/qabul).

Second Section

Requirements for Capital Managed in Mudharabah

Article 20

Capital managed in Mudharabah must meet the following provisions:
a. consisting of a certain amount of money and/or other assets, whether tangible or intangible, that can be monetized; b. if the capital provided is in the form of assets other than money, such assets are not pledged or in dispute status;
c. if the capital provided is in the form of assets other than money, such assets must be appraised by an Appraiser, but the determination of the value of assets other than money remains based on the agreement of the parties at the time of the Mudharabah;
d. not consisting of receivables or claims between the parties and/or to other parties; and e. can be delivered to the business manager (mudharib) in whole or in part at the time and place agreed upon.

Third Section

Requirements for Business Activities in Mudharabah

Article 21

Business activities that can be conducted in Mudharabah must meet the following provisions:
a. do not conflict with Sharia Principles in the Capital Market and/or applicable laws and regulations; and b. are not linked (mu’allaq) to a future event that has not yet occurred.

Profit Distribution in Mudharabah

Article 22

Profit distribution in Mudharabah must meet the following provisions:
a. Mudharabah profits are the surplus of Mudharabah wealth minus Mudharabah capital and obligations to other parties related to Mudharabah activities; b. Mudharabah profits are distributed to the capital owner (shahib al-mal) and the business manager (mudharib) in proportions according to the agreed ratio/nisbah; and
c. the share of profits for each party must be recorded in writing in the form of a ratio/nisbah.

Fifth Section

Other Provisions That May Be Regulated in Mudharabah

Article 23

In a Mudharabah agreement (contract), there must be no provisions ensuring that the capital owner will obtain profits.

Article 24

In addition to meeting the provisions referred to in Article 18, Article 19, Article 20, Article 21, Article 22, and Article 23, the following may be agreed upon in Mudharabah:
a. the business manager (mudharib) provides operational costs as agreed upon in the Mudharabah; b. the validity period of the Mudharabah;
c. appointment of another party to resolve disputes between the parties in the Mudharabah; and/or
d. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

CHAPTER VI

MUSYARAKAH

First Section

Rights and Obligations of Parties in Musyarakah

Article 25

(1) Each party in Musyarakah has equal rights and obligations, namely:
a. entitled to receive a specific share of profits according to the agreed ratio/nisbah in Musyarakah or proportionally; b. entitled to propose that if profits exceed a certain amount, the excess may be given to one or more parties;
c. entitled to request guarantees from other parties in Musyarakah to avoid deviations;
d. obligated to provide capital according to the objectives of Musyarakah, either in equal or unequal proportions compared to other parties; e. obligated to provide labor in the form of participation in Musyarakah business activities; and f. obligated to bear losses proportionally based on each party's capital contribution.

(2) In the event that one (1) or more parties cannot participate in Musyarakah business activities as referred to in letter e, this must be agreed upon in the Musyarakah.

Second Section

Requirements for Capital in Musyarakah

Article 26

Capital contributed in Musyarakah must meet the following provisions:
a. consisting of a certain amount of money and/or other assets, whether tangible or intangible, that can be monetized; b. if the capital provided is in the form of assets other than money, such assets must be appraised by an Appraiser, but the determination of the value of assets other than money remains based on the agreement of the parties at the time of the Musyarakah;
c. if the capital provided is in the form of assets other than money, such assets are not pledged or in dispute status; and
d. not consisting of receivables or claims between the parties and/or to other parties.

Third Section

Requirements for Business Activities and Management in Musyarakah

Article 27

a. business activities that can be conducted in Musyarakah do not conflict with Sharia Principles in the Capital Market and/or applicable laws and regulations; b. asset management obligations in accordance with Musyarakah; and
c. the party managing Musyarakah is prohibited from managing capital outside that agreed upon in the Musyarakah, except based on agreement.

Profit and Loss Distribution

Article 28

Profit and loss distribution in Musyarakah must meet the following provisions:
a. Musyarakah profits are the surplus of Musyarakah wealth after being reduced by Musyarakah capital and obligations to other parties related to Musyarakah activities; b. for the purpose of periodic profit distribution, Musyarakah profits are calculated based on the surplus of end-of-period Musyarakah wealth after being reduced by beginning-of-period Musyarakah capital and end-of-period obligations to other parties related to Musyarakah activities;
c. all Musyarakah profits must be distributed to the parties proportionally based on capital contribution or according to the agreed nisbah, and it is not permitted to determine nominal profit amounts or specific percentages of capital for one or more parties at the initial agreement;
d. in the event that one (1) or more parties provide greater management contributions, such parties may receive additional profit shares as agreed; e. the share of profits for each party must be recorded in writing in the form of a ratio/nisbah; and f. Musyarakah losses must be distributed among the parties proportionally based on capital contribution.

Fifth Section

Other Provisions That May Be Regulated in Musyarakah

Article 29

In addition to meeting the provisions referred to in Article 25, Article 26, Article 27, and Article 28, the following may be agreed upon in Musyarakah:
a. operational costs are charged to joint capital; b. the validity period of the Musyarakah;
c. appointment of another party to resolve disputes between the parties in the Musyarakah; and/or
d. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

CHAPTER VII

WAKALAH

First Section

Obligations of Parties in Wakalah

Article 30

The obligations of the principal (muwakkil) are as follows:
a. having the authority to perform legal acts regarding matters that can be delegated; and b. stating in writing that the principal (muwakkil) grants authority to the agent (wakil) to perform specific legal actions or acts (statement of offer/ijab).

Article 31

The obligations of the agent (wakil) are as follows:
a. having the ability to perform the legal acts delegated to them;

b. carry out legal acts delegated to it and is prohibited from delegating authority to other parties except with the consent of the delegating party (muwakkil); and

c. state in writing that the receiving party of the authority (wakil) accepts the authority from the delegating party (muwakkil) to carry out specific legal acts or actions (statement of acceptance/qabul).

Second Section
Requirements for the Object of Wakalah

Article 32
Legal acts as the object of Wakalah must meet the following requirements:

a. the type of legal act delegated and the manner of carrying out the delegated legal act are clearly known; b. do not conflict with Islamic Sharia; and
c. can be delegated according to Islamic Sharia.

Third Section
Other Provisions That May Be Regulated in Wakalah

Article 33
(1) In addition to meeting the provisions as referred to in Article 30, Article 31, and Article 32, the following may be agreed upon in Wakalah:

a. the parties may determine the amount of remuneration (fee) for the implementation of the delegated legal act; b. the duration of the validity of the grant of authority in Wakalah;
c. the appointment of another party to resolve disputes between the parties in Wakalah; and/or

d. other matters as long as they do not conflict with this Financial Services Authority Regulation and Sharia Principles in the Capital Market.

(2) In the event that the parties agree on the existence of remuneration (fee) as referred to in paragraph (1) letter a, then the Wakalah is binding and cannot be unilaterally cancelled.

CHAPTER VIII
SANCTION PROVISIONS

Article 34
(1) Without prejudice to criminal provisions in the Capital Market sector, the Financial Services Authority has the authority to impose sanctions on any party that violates the provisions of this Financial Services Authority 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 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) letter b, letter c, letter d, letter e, letter f, or letter 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) letter c, letter d, letter e, letter f, or letter g.

Article 35
In addition to administrative sanctions as referred to in Article 34 paragraph (1), the Financial Services Authority may take certain actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 36
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 34 paragraph (1) and certain actions as referred to in Article 35 to the public.

CHAPTER IX
CLOSING PROVISIONS

Article 37
Upon the commencement of this Financial Services Authority Regulation, the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number: KEP- 430/BL/2012 dated August 1, 2012 concerning Contracts Used in the Issuance of Sharia Securities in the Capital Market along with Regulation Number IX.A.14 which is its annex is revoked and declared invalid.

Article 38
This Financial Services Authority Regulation shall come into force on the date of its promulgation.

In order that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on December 23, 2015
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY,

signed

MULIAMAN D. HADAD

Promulgated 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 404 Copy in accordance with the original Director of Law 1 Ministry of Law

signed

Sudarmaji

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 53 /POJK.04/2015
CONCERNING
CONTRACTS USED IN THE ISSUANCE OF SHARIA SECURITIES

I. GENERAL

That since December 31, 2012, the functions, duties, and authorities for 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 Financial Services Authority.

In relation to the above, it is necessary to restructure existing regulations, particularly those related to the Capital Market sector, by converting relevant Bapepam-LK Regulations into Financial Services Authority Regulations. This restructuring is carried out so that there are Financial Services Authority Regulations related to the Capital Market sector that are consistent with Financial Services Authority Regulations in other sectors.

Based on the background thinking and aspects mentioned, it is necessary to convert Bapepam-LK Regulations, namely Bapepam-LK Regulation Number IX.A.14, Annex to the Decision of the Chairman of Bapepam-LK Number: KEP- 430/BL/2012 concerning Contracts Used in the Issuance of Sharia Securities dated August 1, 2012.

II. ARTICLE BY ARTICLE

Article 1
It is clear enough.

Article 2
It is clear enough.

Article 3
It is clear enough.

Article 4
It is clear enough.

Article 5
Letter a
It is clear enough.

Letter b
It is clear enough.

Letter c
It is clear enough.

Letter d
It is clear enough.

Letter e
Examples of specifications of goods or services include, for example, identity of goods, quality of goods, service specifications, and duration of utilization.

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
It is clear enough.

Article 12
It is clear enough.

Article 13
It is clear enough.

Article 14
It is clear enough.

Article 15
Examples of general guarantees include, for example, corporate guarantee and personal guarantee.

Article 16
It is clear enough.

Article 17
It is clear enough.

Article 18
Letter a
It is clear enough.

Letter b
It is clear enough.

Letter c
Guarantees can be in the form of property guarantees and/or general guarantees, such as corporate guarantee and personal guarantee.

Letter d
It is clear enough.

Letter e
It is clear enough.

Article 19
It is clear enough.

Article 20
Letter a
It is clear enough.

Letter b
It is clear enough.

Letter c
What is meant by Appraiser is the Appraiser as referred to in the Capital Market Law.

Letter d
It is clear enough.

Letter e
It is clear enough.

Article 21
It is clear enough.

Article 22
It is clear enough.

Article 23
It is clear enough.

Article 24
It is clear enough.

Article 25
It is clear enough.

Article 26
Letter a
It is clear enough.

Letter b
What is meant by Appraiser is the Appraiser as referred to in the Capital Market Law.

Letter c
It is clear enough.

Letter d
It is clear enough.

Article 27
It is clear enough.

Article 28
It is clear enough.

Article 29
It is clear enough.

Article 30
It is clear enough.

Article 31
It is clear enough.

Article 32
It is clear enough.

Article 33
It is clear enough.

Article 34
It is clear enough.

Article 35
It is clear enough.

Article 36
It is clear enough.

Article 37
It is clear enough.

Article 38
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5822