Regulation of the Financial Services Authority of the Republic of Indonesia Number 28/POJK.04/2021 Concerning Property Valuation and Presentation of Property Valuation Reports in the Capital Market

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 28/POJK.04/2021
CONCERNING
PROPERTY VALUATION AND PRESENTATION OF PROPERTY VALUATION REPORTS IN THE CAPITAL MARKET

BY THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that it is necessary to increase the objectivity and quality of property valuation results in the capital market; b. that it is necessary to align the standards or guidelines for property valuation and presentation of property valuation reports in the capital market with the development of legislation and professional appraiser standards;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Property Valuation and Presentation of Property Valuation Reports 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:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING PROPERTY VALUATION AND PRESENTATION OF PROPERTY VALUATION REPORTS IN THE CAPITAL MARKET.

CHAPTER I
GENERAL PROVISIONS

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

1. Appraiser is an individual who, with their expertise, conducts valuation activities in the capital market.

2. Valuation is a work process to provide a written opinion on the economic value of a valuation object.

3. Property Appraiser is an Appraiser who conducts Property Valuation activities as referred to in the Financial Services Authority regulation concerning Appraisers who conduct activities in the capital market.

4. Property Valuation is a work process to provide a written opinion on Property Valuation objects as referred to in the Financial Services Authority regulation concerning Appraisers who conduct activities in the capital market.

5. Professional Valuation Assignment is an assignment received by the Appraiser from the assignor to conduct Valuation on an object, purpose of Valuation, and a specific date on which the Appraiser bases their opinion, which is presented in the Valuation Report.

6. Value is an opinion of the economic benefit of asset ownership or the most probable price to be paid for an asset in an exchange on the Valuation Date.

7. Market Value is the estimated amount for which an asset or liability could be exchanged on the Valuation Date between a willing buyer and a willing seller in an arm's length transaction, where both parties have acted knowledgeably, prudently, and without compulsion.

8. Existing Use Value is the Market Value of an asset based on the continuation of its existing use, assuming that the asset can be sold in an open market for its existing use at that time, but still consistent with the definition of Market Value without considering whether the existing use represents the highest and best use.

9. Value in Use is the Value held by an asset for a specific use by a specific user and therefore not related to Market Value, or the Value given by a specific asset to the business entity where the asset is part of the business entity without regard to the highest and best use of the asset, or the amount of money that can be obtained from its sale.

10. Real Property is the legal control over land that includes all rights over land including legal relationships with a specific land area, all interests, and benefits related to real estate ownership.

11. Personal Property is a legal concept referring to all rights, interests, and benefits related to the ownership of a property other than real estate.

12. Operational Assets are assets used in company operations that are used continuously.

13. Non-Operational Assets are assets separable from company operations, consisting of assets to be used in the future, surplus assets, or investment assets.

14. Plant Assets are plants cultivated commercially on a specific land and managed based on generally applicable cultivation techniques in a specific place.

15. Non-Plant Assets are facilities and infrastructure and other supporting facilities including processing units that are an inseparable part of a single asset unit in an agricultural entity.

16. Property Valuation Report is a written report created by the Property Appraiser containing the Property Appraiser's opinion regarding the Valuation object and presenting information about the Valuation process.

17. Valuation Approach is a way to estimate Value using one or more Valuation Methods.

18. Market Approach is a Valuation Approach by comparing the asset being valued with comparable and similar assets, where transaction or offer price information is available.

19. Income Approach is a Valuation Approach that provides an indication of Value by converting future cash flows into a single present value.

20. Cost Approach is a Valuation Approach to obtain an indication of the Value of the Valuation object based on new reproduction cost or new replacement cost on the Valuation Date after deducting depreciation.

21. Valuation Date is the date on which the Value, Valuation result, or economic benefit calculation is stated.

22. Property Valuation Report Date is the date the Property Valuation Report is signed by the Property Appraiser.

23. Inspection is a visit conducted to a Valuation object to examine the physical condition and obtain relevant information in the context of providing a credible value opinion.

24. Assumption is something considered to happen, including facts, conditions, or circumstances that may affect the Valuation object or Valuation Approach and its reasonableness, which have been analyzed by the Property Appraiser as part of the Valuation process.

25. Valuation Method is a specific way or series of ways to conduct Valuation.

26. Expert is a person who has expertise and qualifications in a specific field outside the scope of Valuation activities and does not work at a public appraisal services firm.

Article 2
(1) Property Appraisers, in conducting Property Valuation activities in the capital market, must:
a. comply with the valuation guidelines and presentation of valuation reports in the capital market established by the Financial Services Authority; b. comply with the code of ethics and conduct Valuation in the capital market in accordance with the Indonesian Valuation Standards established by the professional appraiser association, as long as they do not conflict with the valuation guidelines and presentation of valuation reports in the capital market established by the Financial Services Authority;
c. possess qualifications, competence, and expertise consistent with the industry specialization related to the Valuation object; and
d. use Market Value.
(2) In the event that a Property Appraiser cannot conduct Property Valuation activities in the capital market using the provisions referred to in paragraph (1) letters a and b, the Property Appraiser may use other internationally applicable Valuation standards as long as otherwise not stated by the Financial Services Authority.

Article 3
(1) A Property Valuation Report is valid for 6 (six) months from the Valuation Date.
(2) If within the 6 (six) month period referred to in paragraph (1) has not yet expired and there are matters that can affect the Value conclusion by more than 5% (five percent), the Property Valuation Report becomes invalid.

Article 4
In the event that a Property Appraiser revises a Property Valuation Report, the Property Appraiser must:
a. re-issue the Property Valuation Report with a different date and number, accompanied by reasons and explanations for the issuance of the revision to the Property Valuation Report in question; b. state in the revised Property Valuation Report that the report is a revision report and cancel the previous Property Valuation Report; and
c. disclose material facts and changes in the revised Property Valuation Report.

CHAPTER II
REPLACEMENT OF PROPERTY APPRAISER

Article 5
(1) Replacement of a Property Appraiser is prohibited unless the Property Appraiser:
a. resigns; or b. is dismissed by the assignor with notification that the assignment has been terminated accompanied by objective reasons. (2) Replacement of a Property Appraiser as referred to in paragraph (1) must be proven by a written letter from the assignor. (3) Replacement of a Property Appraiser is only conducted for Valuation of the Valuation object with the same purpose, objective, and Valuation Date.

Article 6
Before accepting a Professional Valuation Assignment, a replacement Property Appraiser must first:
a. request written approval from the prospective assignor to request information from the replaced Property Appraiser; b. communicate, either in writing or orally, with the replaced Property Appraiser regarding issues that, in the belief of the replacement Property Appraiser, will help in accepting or rejecting the Professional Valuation Assignment; and
c. evaluate the provisions referred to in letters a and b to decide whether to accept or reject the Professional Valuation Assignment.

Article 7
(1) The replaced Property Appraiser must provide immediate and complete answers to questions from the replacement Property Appraiser based on facts known to them. (2) The replaced Property Appraiser and the replacement Property Appraiser must maintain the confidentiality of information obtained, except upon request from the Financial Services Authority or as required by legislation. (3) The replacement Property Appraiser must repeat the implementation of Valuation in accordance with the standards and guidelines for Valuation as referred to in Article 2. (4) The replacement Property Appraiser is not responsible for the work of the replaced Property Appraiser and does not issue a report reflecting a division of responsibility.

CHAPTER III
REVIEW AND RE-VALUATION OF VALUATION RESULTS

Article 8
(1) In the event of suspected violations in the implementation of Valuation, the Financial Services Authority may appoint another Property Appraiser to conduct a review or re-valuation. (2) The review of the Property Valuation Report as referred to in paragraph (1) aims to provide an opinion that the analysis, Valuation Approach, Valuation Method, and Value conclusion in the reviewed Property Valuation Report are correct, reasonable, and supported by sufficient evidence. (3) The re-valuation as referred to in paragraph (1) aims to obtain a second opinion. (4) If necessary, the other Property Appraiser appointed by the Financial Services Authority as referred to in paragraph (1) may request opinions from Experts.

(5) Review or re-valuation of the Property Valuation Report as referred to in paragraph (1) is prohibited from being based on events after the Valuation Date of the Property Valuation Report being reviewed or re-valued.

Article 9
Review or re-valuation of the Property Valuation Report as referred to in Article 8 paragraph (1) must be conducted on at least:
a. the accuracy of Valuation projections and calculations in the Valuation Method; b. the accuracy and reasonableness of all Assumptions used in accordance with relevant data and information;
c. the sufficiency and relevance of data and the reasonableness of the Valuation Approach and Valuation Method used;
d. the correctness, reasonableness, and consistency of the analysis, opinion, and conclusion of the Property Valuation Report being reviewed; and e. the conformity of the Valuation results presented in the Property Valuation Report being reviewed with the standards and guidelines as regulated in this Financial Services Authority Regulation.

Article 10
(1) The report of the review or re-valuation results of the Property Valuation Report as referred to in Article 8 paragraph (1) must disclose at least:
a. the identity of the Property Appraiser who issued the Property Valuation Report being reviewed or re-valued, and the purpose and objective of the Valuation assignment; b. the identity of the assignor, purpose, and users of the review or re-valuation results report;
c. the results of identification of the Valuation object, Valuation Date, Property Valuation Report Date, and the opinion of the Property Appraiser existing in the Property Valuation Report being reviewed or re-valued;
d. the date of implementation of the review or re-valuation; e. a description of the review or re-valuation process conducted; f. Assumptions and limiting conditions in the implementation of the review or re-valuation; g. the opinion of the Expert, if there is an Expert opinion; h. the opinion and conclusion; and
i. all information used in the review or re-valuation process.
(2) The report of the review or re-valuation results as referred to in paragraph (1) must disclose comprehensive reasons for the stated opinion and conclusion. (3) In the report of the review or re-valuation results of the Property Valuation Report, a signed statement by the Appraiser must be included in the review or re-valuation results report.

Article 11
A difference in Value conclusion between the review or re-valuation results report and the Property Valuation Report being reviewed or re-valued is considered material if there is a difference in Value conclusion of more than 15% (fifteen percent) from the Value conclusion of the Property Valuation Report being reviewed or re-valued.

Article 12
The Property Appraiser conducting the review or re-valuation of the Property Valuation Report must submit the review or re-valuation results report of the Property Valuation Report as referred to in Article 10 to the Financial Services Authority at the latest 7 (seven) days after the date of the review or re-valuation results report.

Article 13
Costs arising as a result of the review or re-valuation of the Property Valuation Report become the burden of the assignor as mentioned in the Property Valuation Report being reviewed or re-valued.

CHAPTER IV
OBLIGATIONS OF PROPERTY APPRAISERS IN PROFESSIONAL VALUATION ASSIGNMENTS

Article 14
Before accepting a Professional Valuation Assignment, a Property Appraiser must:
a. obtain adequate information at least:

1. identity of the assignor;
2. condition of the entity and its industry;
3. Valuation object;
4. Valuation Date;
5. scope of the Professional Valuation Assignment, at least:
   a) purpose of the Professional Valuation Assignment; b) Assumptions and limiting conditions used in the Professional Valuation Assignment; and c) Basis of Value and premise of Value used;
6. Professional Valuation Assignment contract or work agreement;
7. conditions of the Professional Valuation Assignment proposed by the assignor;
8. nature of the Valuation object;
9. procedures that must be fulfilled in the Professional Valuation Assignment and restrictions on those procedures by the assignor;
10. other circumstances outside the control of the Property Appraiser or assignor, if there are other circumstances outside the control of the Property Appraiser or assignor; and
11. relevant legislation concerning the Valuation object or Professional Valuation Assignment; and
    b. create a Professional Valuation Assignment contract or work agreement with the assignor in written form, signed by the Property Appraiser who signs the Property Valuation Report and the assignor, containing at least:
12. the Basis of Value to be used;
13. the nature and purpose of the Professional Valuation Assignment;
14. rights and obligations of the assignor;
15. rights and obligations of the Property Appraiser;
16. initial Assumptions that can be used and limiting conditions;
17. type and use of the report to be issued; and
18. basis for calculating the remuneration of the Property Appraiser's services.

Article 15
(1) After receiving the assignment, the Property Appraiser must:
a. conduct an analysis regarding the nature, facts, Valuation object, and planned transaction conditions, at the beginning of the professional assignment; b. conduct Valuation impartially, objectively, and without accommodating personal interests or specific parties;
c. conduct an analysis of all aspects of the Valuation object;
d. conduct an Inspection of the Valuation object; e. create and maintain Property Valuation working papers; and f. create and maintain supporting documentation. (2) The analysis as referred to in paragraph (1) letter a is used for:
a. clarifying data needs and conducting discussions with the assignor to obtain mutual understanding of the Professional Valuation Assignment; b. identifying, collecting, and analyzing data; and
c. determining the application of appropriate and suitable Valuation Approaches and Valuation Methods.
(3) In the event that conditions require the revision of the Professional Valuation Assignment contract or work agreement as referred to in Article 14 letter b, the revision must be conducted based on agreement between the Property Appraiser and the assignor.

Article 16
The Property Appraiser must consider the scope of the Professional Valuation Assignment containing at least:
a. the Valuation object that needs to be identified and inspected; b. Inspection of the Valuation object;
c. data that needs to be examined; and
d. analysis of data and information that needs to be conducted to obtain an opinion or Valuation result.

Article 17
(1) In the event that a Property Appraiser uses opinions, work results, or statements from an Expert, the Property Appraiser must:
a. disclose Assumptions and limiting conditions including the level of responsibility and Assumptions of the Property Appraiser regarding the work results of the Expert; b. include the opinion or work results or statements of the Expert in the Property Valuation Report; and
c. attach the Expert's work results report in the Property Valuation Report.
(2) The time period between the Expert's work results report and the Valuation Date is prohibited from being more than 12 (twelve) months from the date of issuance of the Expert's report.

Article 18
(1) The Property Appraiser must determine the classification of assets that are the Valuation object.
(2) The classification of assets that are the Valuation object as referred to in paragraph (1) consists of:
a. Operational Assets; and b. Non-Operational Assets.

Article 19
(1) The Property Appraiser must use data and information or comparable property sourced from and/or validated by the professional appraiser association for each approach in Property Valuation. (2) The data and information as referred to in paragraph (1) and the time of its acquisition must be disclosed in the Property Valuation Report. (3) The Property Appraiser must make adjustments to the data and information as referred to in paragraph (2).

Article 20
The Property Appraiser must ensure that the Professional Valuation Assignment team has:
a. qualifications, competence, and expertise consistent with the industry specialization related to the Valuation object; and b. adequate understanding of the obligations of the Property Appraiser in the Professional Valuation Assignment as referred to in Article 14 to Article 19.

CHAPTER V
PROHIBITIONS FOR PROPERTY APPRAISERS IN PROFESSIONAL VALUATION ASSIGNMENTS

Article 21
In conducting a Professional Valuation Assignment, a Property Appraiser is prohibited from:
a. providing an opinion or conclusion in the Property Valuation Report before the Valuation process is conducted; b. conducting Valuation where the opinion or conclusion in the Property Valuation Report has been predetermined;
c. issuing 2 (two) or more Valuation results on the same Valuation object and for the same Valuation Date;
d. accepting a Professional Valuation Assignment if the Property Appraiser has information that another Property Appraiser has been appointed by the same assignor to conduct Valuation on the Valuation object with the same purpose, objective, and Valuation Date, unless conducted in the context of replacing a Property Appraiser as regulated in this Financial Services Authority Regulation; e. producing a misleading Property Valuation Report and/or allowing other parties to submit a misleading Property Valuation Report; f. accepting a Professional Valuation Assignment from both the buyer and seller of the same Valuation object on the same Valuation Date; g. accepting a Professional Valuation Assignment where there are restrictions on the scope of the assignment and/or conditions that restrict the scope of the assignment to such an extent that the Valuation result cannot be justified; h. providing Assumptions and limiting conditions that can result in limited use of the Property Valuation Report;
i. using Assumptions and limiting conditions that cause the Basis of Valuation to deviate from the Professional Valuation Assignment contract or work agreement;
j. using Assumptions that reduce the substance of Value; k. using Assumptions and limiting conditions that reduce the responsibility of the Property Appraiser regarding the Valuation result;
l. using Assumptions and limiting conditions that limit the implementation of Valuation procedures as a whole;
m. accepting payment for Valuation services, whether in the form of commissions or otherwise, other than what has been agreed upon in the Professional Valuation Assignment contract or work agreement; or n. providing confidential data and/or information used to conduct Property Valuation and/or for purposes other than for the needs of Property Valuation activities to anyone, except:

1. having obtained approval from the party owning the confidential data and/or information;
2. for supervision conducted by the Financial Services Authority and/or other parties in accordance with legislation;
   and/or
3. for judicial interests.

CHAPTER VI
PROPERTY VALUATION WORK PAPERS
Article 22
In carrying out a Professional Valuation Assignment, a Property Valuer is required to create and maintain Property Valuation Work Papers.

Article 23
Property Valuation Work Papers must contain records organized by the Property Valuer regarding Valuation procedures, testing, all data and information used including comparable properties, data and information sources, analysis of data and information, and conclusions made related to the Valuation process performed.

Article 24
Property Valuation Work Papers must show:
a. that the Professional Valuation Assignment has been planned and supervised properly; b. that adequate understanding of the Valuation object has been obtained by the Property Valuer; and
c. that the data and information used, evidence of Valuation obtained, Valuation procedures established, and tests conducted, are adequate as a basis for stating an opinion on the Valuation object.

Article 25
Property Valuation Work Papers must be documented in both printed document and/or unalterable electronic document form.

Article 26
Property Valuation Work Papers must be stored for a period in accordance with the Law concerning company documents.

CHAPTER VII
INSPECTION
Article 27
(1) The Inspection Object is a Valuation object consisting of:
a. Operational Assets; and/or b. Non-Operational Assets.

(2) In carrying out Inspection of the Inspection Object as referred to in paragraph (1), the Property Valuer is required to:
a. submit a written request to the client to obtain data on the Valuation object; b. conduct identification to obtain objective information regarding the condition of the Valuation object;
c. identify the legality and form of ownership of the Valuation object and permits, including:

1. form of ownership;
2. type of ownership or control of the Valuation object;
3. identity of the holder of rights to the Valuation object; and
4. terms and conditions of the Valuation object;
   d. conduct verification to check the correspondence between data on the Valuation object obtained from the client and the condition of the Valuation object; e. obtain a list of assets and/or other proof of ownership from the client and conduct confirmation to ensure the legality of the Valuation object as referred to in letter c; and f. disclose doubts regarding the legality of the Valuation object after conducting confirmation as referred to in letter e that may affect the Value, if there are doubts regarding the legality of the Valuation object that may affect the Value.

Article 28
In the event that Inspection of the Valuation object cannot be carried out due to the characteristics of the Valuation object, the Property Valuer is required to:
a. use data that reflects the condition and specifications of the Valuation object that can be accounted for; b. believe that the data source can be accounted for; and
c. disclose the reasons for the inability to conduct Inspection of the Valuation object in the Property Valuation Report.

Article 29
(1) The Property Valuer is required to comply with the procedures for carrying out Inspection for Property Valuation objects.
(2) Provisions regarding the procedures for carrying out Inspection for Property Valuation objects are established by the Financial Services Authority.

CHAPTER VIII
IMPORTANT EVENTS AFTER THE VALUATION DATE
Article 30
(1) Important events after the Valuation Date, both known and those that should have been known up to the Property Valuation Report Date, must be disclosed in the Property Valuation Report.

(2) Important events after the Valuation Date cannot be used to update the Valuation results.

(3) In the event that the important event after the Valuation Date contains information that may affect the Value of the Valuation object, the Property Valuer is required to disclose the nature and impact in the Property Valuation Report.

(4) The disclosure of important events as referred to in paragraph (1) and paragraph (3) must clearly indicate that such disclosure is not intended to influence the determination of the Value as of the Valuation Date.

CHAPTER IX
ASSUMPTIONS AND LIMITING CONDITIONS
Article 31
Assumptions and limiting conditions used by the Property Valuer must:
a. produce a Property Valuation Report that is a non-disclaimer opinion; b. reflect that the Property Valuer has reviewed the documents used in the Valuation process;
c. reflect data and information or comparable properties obtained from and/or validated by the Property Valuer professional association;
d. use financial projections made by management and reviewed and/or adjusted by the Property Valuer; e. reflect that the Property Valuer is responsible for the execution of the Valuation and the reasonableness of financial projections; f. produce a Property Valuation Report that is open to the public, except for information that is confidential and may affect company operations; g. reflect that the Property Valuer is responsible for the Property Valuation Report and Value conclusions; and h. reflect that the Property Valuer has identified the legal status of the Valuation object.

CHAPTER X
VALUATION APPROACHES, VALUATION METHODS, AND VALUATION PROCEDURES
Article 32
In using Valuation Approaches, Valuation Methods, and Valuation procedures, the Property Valuer is required to:
a. select and apply Valuation Approaches, Valuation Methods, and Valuation procedures that are appropriate for the purpose and objective of the Valuation, the definition of Value sought, and the characteristics of the Valuation; b. use at least 2 (two) Valuation Approaches to obtain accurate and objective Valuation results; and
c. pay attention to the requirements and disclosures established in this Financial Services Authority Regulation.

Article 33
The Valuation Approaches as referred to in Article 32 letter b consist of:
a. Market Approach; b. Income Approach; and
c. Cost Approach.

Article 34
(1) In the event that the Property Valuer conducts a Property Valuation on a specific Valuation object, the Property Valuer may use 1 (one) Valuation Approach as referred to in Article 33.

(2) A Property Valuer conducting a Property Valuation on a specific Valuation object as referred to in paragraph (1) is required to comply with provisions regarding the types of Property Valuation objects that can be conducted using 1 (one) Valuation Approach.

(3) Provisions regarding the types of Property Valuation objects as referred to in paragraph (2) are established by the Financial Services Authority.

Article 35
Property Valuers in implementing the provisions as referred to in Article 32, Article 33, and Article 34 are required to disclose their reasons in the Property Valuation Report.

CHAPTER XI
GUIDELINES FOR VALUATION USING THE MARKET APPROACH
Article 36
(1) In using the Market Approach, the Property Valuer is required to use current market data from the Valuation object and comparable properties.

(2) Comparable properties as referred to in paragraph (1) must be properties that are comparable and similar to the Valuation object and have been transacted or offered.

(3) The Value of the Valuation object must be obtained through comparison between market data of the Valuation object and market data of comparable properties.

(4) Comparable properties as referred to in paragraph (1) must number at least 3 (three) properties.

Article 37
In determining comparable properties, the Property Valuer must pay attention to the following:
a. the level of demand and supply for comparable properties; b. the price that should be paid to obtain a substitution for the Valuation object with similar utility;
c. the balance between demand and supply for comparable properties; and
d. the significant influence of the environment surrounding the Valuation object.

Article 38
Data on comparable properties that must be obtained includes at least:
a. transaction or offer data; b. legislation; and
c. other data from comparable properties that are substitutes for the Valuation object.

Article 39
(1) Comparable properties used must be located in the surrounding environment or area similar to the Valuation object and originate from transactions or offers that are reasonable and fair.

(2) Any significant difference in data between the Valuation object and comparable properties that affects the Value must be used as a comparison factor.

Article 40
The Property Valuer is required to verify and analyze each data used, at least:
a. conducting Inspection to identify similarities and differences between the Valuation object and comparable properties; b. analyzing comparable property data so that it meets the requirements or Assumptions in Market Value which include:

1. sellers and buyers are not in a forced condition;
2. sellers and buyers do not have a special relationship that could cause the transaction to be unfair; and
3. sellers and buyers have sufficient time to make decisions in the transaction;
   c. selecting appropriate comparison factors and developing comparative analysis for each comparison factor; and
   d. using comparison factors and making adjustments to comparison factors in conducting comparisons between market data of the Valuation object and market data of comparable properties.

Article 41
(1) The Property Valuer is required to comply with guidelines regarding procedures carried out in conducting Valuation using the Market Approach.

(2) Provisions regarding procedures carried out by the Property Valuer in conducting Valuation using the Market Approach are established by the Financial Services Authority.

CHAPTER XII
GUIDELINES FOR VALUATION USING THE INCOME APPROACH
Article 42
In the event that the Property Valuer uses the Income Approach, the following provisions apply:
a. The Income Approach is prohibited from being used except for conducting Valuation on properties as follows:

1. income-producing properties:
   a) income-producing properties that are already operational; b) income-producing properties that are not yet operational; or c) income-producing properties that are owner-used;
2. land that meets the principle of highest and best use to be developed as an income-producing property; or
3. land that meets the principle of highest and best use to be developed as a property that can be sold in parts or lots;
   b. The Property Valuer is required to:
4. verify and analyze each data used;
5. analyze cash flow reports as well as income statements and other comprehensive income reports for the last 3 (three) years or since establishment if established for less than 3 (three) years obtained from management;
6. request a business plan that includes projections of cash flow reports as well as income statements and other comprehensive income reports for the next 5 (five) years;
7. adjust the business plan by considering the analysis of cash flow reports as well as income statements and other comprehensive income reports as referred to in item 2, current market conditions and projections, and comparison with comparable and similar properties; and
8. create revenue projections and net operating income projections for the Valuation object;
   c. A Property Valuer making adjustments as referred to in letter b item 4 is required to use at least 3 (three) comparable and similar comparable properties to the Valuation object;
   d. In the event that the Valuation object is an income-producing property that is not yet operational as referred to in letter a item 1 letter b) and an income-producing property that is owner-used as referred to in letter a item 1 letter c), the provisions as referred to in letter c are not mandatory; e. The Property Valuer is required to disclose data regarding comparable properties as referred to in letter c in the Property Valuation Report; and f. The Property Valuer is required to present revenue projections and net operating income projections in the Property Valuation Report, after adjustments to relevant items in cash flow reports as well as income statements and other comprehensive income reports.

Article 43
Methods used in the Income Approach consist of:
a. discounted cash flow method; b. direct capitalization method;
c. residual method; and/or
d. gross income multiplier.

Article 44
(1) The Property Valuer is required to comply with provisions regarding the use of methods used in the Income Approach.

(2) Provisions regarding the use of methods used in the Income Approach are established by the Financial Services Authority.

CHAPTER XIII
GUIDELINES FOR VALUATION USING THE COST APPROACH
Article 45
The Cost Approach is prohibited from being used to conduct Valuation on:
a. right to build handed over; b. property units with strata title status;
c. Land Valuation;
d. Valuation of vehicles that are not special properties; and e. Valuation of lease rights.

Article 46
The Value of the Valuation object in the Cost Approach must produce:
a. Market Value; b. Value in Use; or
c. Market Value for Existing Use.

Article 47
(1) Data used in the Cost Approach consists of:
a. market data; and b. limited available market data or non-market-based data, considering the market conditions of the Valuation object according to its use.

(2) In the event that the Cost Approach uses data as referred to in paragraph (1) letter a, it will produce Market Value.

(3) In the event that the Cost Approach uses data as referred to in paragraph (1) letter b, it will produce Value in Use or Market Value for Existing Use.

(4) The use of data as referred to in paragraph (1) must be presented consistently by the Property Valuer in the Property Valuation Report.

Article 48
Methods used in the Cost Approach consist of:
a. replacement cost method; b. reproduction cost method; and/or
c. summation method.

Article 49
(1) The Property Valuer is required to comply with provisions regarding the use of methods used in the Cost Approach.

(2) Provisions regarding the use of methods used in the Cost Approach are established by the Financial Services Authority.

CHAPTER XIV
HIGHEST AND BEST USE PRINCIPLE
Article 50
(1) In conducting Property Valuation to produce Market Value, the Property Valuer is required to conduct highest and best use analysis.

(2) In conducting the analysis as referred to in paragraph (1), the Property Valuer must meet the following provisions:
a. review aspects of legislation regulations at the time of Valuation of the Valuation object; b. review physical aspects of the Valuation object;
c. review financial aspects of the Valuation object supported by market conditions;
d. provide conclusions showing optimal productivity of the Valuation object; and e. it is not permitted to consider changes in the purpose of the Valuation object, building floor area ratio, building floor area index, green area index, and building height.

(3) The Property Valuer is required to disclose explanations and reasons used in conducting highest and best use analysis in the Property Valuation Report.

CHAPTER XV
REAL PROPERTY VALUATION
Article 51
In Real Property Valuation, the Property Valuer is required to meet the following provisions:
a. Real Property Valuation is conducted on Valuation objects consisting of land and buildings and infrastructure, either separately or as a unity; b. conduct identification of the nature of the Valuation object, which includes:

1. location;
2. description of physical data;
3. legal data;
4. economic aspects and economic parameters or financial parameters for income-producing Valuation objects;
5. property fixtures that are not Real Property;
6. restrictions in agreements;
7. specific tax levies; and
8. legislative regulations; and
   c. disclose in the Property Valuation Report matters affecting Valuation, as follows:
9. analysis of the possibility of combining ownership or separating ownership rights;
10. analysis of the influence of the possibility of changing land purpose and infrastructure development; and
11. analysis of uncertain market conditions.

Article 52
(1) The Property Valuer is required to comply with Real Property Valuation guidelines for Real Property Valuation objects.

(2) Further provisions regarding Real Property Valuation guidelines for Real Property Valuation objects are established by the Financial Services Authority.

CHAPTER XVI
PERSONAL PROPERTY VALUATION
Article 53
Personal Property Valuation is conducted on Valuation objects consisting of machinery and equipment that meet the following criteria:
a. used for:

1. production or providing goods or services;
2. leased to other parties; and/or
3. administrative purposes;
   b. valued as a part that can be relocated or moved (ex-situ);
   c. valued as part of a unity production unit or valued as an individual unit on-site (in-situ); and
   d. used in a continuous production for more than one fiscal year.

Article 54
(1) The Property Valuer is required to comply with Personal Property Valuation guidelines for Personal Property Valuation objects.

(2) Further provisions regarding Personal Property Valuation guidelines for Personal Property Valuation objects are established by the Financial Services Authority.

CHAPTER XVII
PLANTATION PROPERTY VALUATION
Article 55
(1) Valuation objects in plantation properties consist of:
a. Plant Assets; and b. Non-Plant Assets.

(2) The Property Valuer is required to understand and know the nature and characteristics of plantation properties.

(3) Plantation properties include:
a. land in land units with a certain area, with one or more cultivated plant commodities; and b. facilities and infrastructure and other supporting facilities.

Article 56
(1) The Property Valuer is required to comply with Plantation Property Valuation guidelines for Plantation Property Valuation objects.

(2) Further provisions regarding Plantation Property Valuation guidelines for Plantation Property Valuation objects are established by the Financial Services Authority.

CHAPTER XVIII
FORESTRY PROPERTY VALUATION
Article 57
Forestry Property Valuation is conducted on:
a. rights to manage natural forests; b. rights to manage industrial tree plantations; or
c. property facilities and infrastructure.

Article 58
(1) The Property Valuer is required to comply with Forestry Property Valuation guidelines for Forestry Property Valuation.

(2) Further provisions regarding Forestry Property Valuation guidelines for Forestry Property Valuation are established by the Financial Services Authority.

CHAPTER XIX
MINING PROPERTY VALUATION
Article 59
Valuation objects in mining properties consist of:
a. reserve assets; and b. non-reserve assets.

Article 60
(1) The Property Valuer is required to comply with Mining Property Valuation guidelines for Mining Property Valuation objects.

(2) Provisions regarding Mining Property Valuation guidelines for Mining Property Valuation objects are established by the Financial Services Authority.

CHAPTER XX
VALUE CONCLUSIONS
Article 61
(1) In making Value conclusions, the Property Valuer is required to consider:
a. Valuation Approaches, Valuation Methods, and Valuation procedures that are relevant according to the purpose and objective of the Valuation; and b. relevant and accountable data and information.

(2) Value conclusions as referred to in paragraph (1) that use multiple Valuation Approaches must be obtained by:
a. measuring the reliability of Valuation results obtained from the use of multiple Valuation Approaches and different Valuation Methods; b. connecting and reconciling Valuation results obtained from the use of multiple Valuation Approaches and different Valuation Methods; and
c. determining that the Value conclusion is the result of Valuation on more than one Valuation Approach and Valuation Method.

(3) For Property Valuations using 1 (one) Valuation Approach, the provisions as referred to in paragraph (2) do not apply.

Article 62
The Property Valuer is required to clearly disclose in the Property Valuation Report regarding the adjustment and reconciliation procedures carried out to obtain Value conclusions, which include:
a. reasons for the application of Valuation Approaches and Valuation Methods used; b. considerations in adjusting cash flow reports as well as income statements and other comprehensive income reports, in the event the Property Valuer uses data and information from financial reports;
c. considerations in adjusting projections obtained from the client, in the event the Property Valuer uses data and information from the client; and
d. reconciliation of Value indications produced by each Valuation Approach and Valuation Method used.

Article 63
Value conclusions must be stated as a single value in a currency that corresponds to the currency used in the financial reports of the Valuation object.

CHAPTER XXI
PROPERTY VALUATION REPORTS
Article 64
(1) A Property Valuer conducting a Professional Valuation Assignment is required to create a Property Valuation Report.

(2) The Property Valuation Report as referred to in paragraph (1) must be created in the form of a full report and a summary report.

(3) The summary report as referred to in paragraph (2) is a summary of all important information from the Property Valuation Report in the form of a full report.

(4) The summary report may be presented separately but is a unity of the Property Valuation Report.

(5) The type and content of the report depend on the use of the Valuation report, legal requirements for the type of property, basic nature, and complexity of the assignment.

(6) The Property Valuer is required to disclose in the Property Valuation Report regarding provisions related to reporting obligations in this Financial Services Authority Regulation.

(7) The Property Valuer is required to use definitions and terms as referred to in the valuation guidelines and presentation of valuation reports in the capital market established by the Financial Services Authority in the Property Valuation Report.

(8) In the event that the Property Valuer uses definitions and terms other than those referred to in the valuation guidelines and presentation of valuation reports in the capital market established by the Financial Services Authority, such other definitions and terms must be clearly disclosed in the Property Valuation Report.

Article 65
Property Valuation Reports in the form of a full report must contain at least:
a. cover letter; b. table of contents;
c. introduction;
d. market review; e. asset disclosures; f. data and information; g. considerations of Valuation Approaches and Valuation Methods;

h. use of Valuation Approaches and Valuation Methods;
i. calculation of value indications;
j. reconciliation of value estimates and value conclusions; k. Property Valuer’s Statement;
l. Property Valuer’s qualifications;
m. Property Valuation signature; and n. appendices.

Article 66
(1) Property Valuation Reports as referred to in Article 65 must be prepared in accordance with regulations regarding the form and content of Property Valuation Reports. (2) Further regulations regarding the form and content of Property Valuation Reports are determined by the Financial Services Authority.

CHAPTER XXII
ADMINISTRATIVE SANCTIONS

Article 67
(1) Any party that violates the provisions as referred to in Article 2 paragraph (1), Article 4, Article 5 paragraph (1) and (2), Article 6, Article 7 paragraph (1), (2), and (3), Article 8 paragraph (5), Article 9, Article 10, Article 12, Article 14, Article 15 paragraph (1) and (3), Article 16, Article 17, Article 18 paragraph (1), Article 19, Article 20, Article 21, Article 22, Article 23, Article 24, Article 25, Article 26, Article 27 paragraph (2), Article 28, Article 29 paragraph (1), Article 30 paragraph (1), (3) and (4), Article 31, Article 32, Article 34 paragraph (2), Article 35, Article 36 paragraph (1), (2) and (3), Article 37, Article 38, Article 39, Article 40, Article 41 paragraph (1), Article 42 letters a, b, c, e, and f, Article 44 paragraph (1), Article 45, Article 46, Article 47 paragraph (4), Article 49 paragraph (1), Article 50, Article 51, Article 52 paragraph (1), Article 54 paragraph (1), Article 55 paragraph (2), Article 56 paragraph (1), Article 58 paragraph (1), Article 60 paragraph (1), Article 61 paragraph (1) and (2),

Article 62, Article 63, Article 64 paragraph (1), (2), (6), (7), and (8), Article 65, and Article 66 paragraph (1) shall be subject to administrative sanctions.
(2) Sanctions as referred to in paragraph (1) shall also be imposed on parties who cause the occurrence of violations as referred to in paragraph (1). (3) Sanctions as referred to in paragraph (1) and paragraph (2) shall be imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fines, 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/or g. cancellation of registration. (5) Administrative sanctions as referred to in paragraph (4) 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 (4) letter a. (6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letters c, d, e, f, or g. (7) The procedures for imposing sanctions as referred to in paragraph (3) shall be carried out in accordance with applicable legislation.

Article 68
In addition to administrative sanctions as referred to in Article 67 paragraph (4), the Financial Services Authority may take specific actions against any party that violates the provisions of this Financial Services Authority Regulation.

Article 69
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 67 paragraph (4) and specific actions as referred to in Article 68 to the public.

CHAPTER XXIII
TRANSITIONAL PROVISIONS

Article 70
Upon the commencement of this Financial Services Authority Regulation, regarding the assignment of Property Valuation and the presentation of Property Valuation Reports that have begun and are still in the process of completion, reference shall remain to the provisions as regulated in the Decision of the Head of the Capital Market Supervisory Agency and Financial Institutions Number Kep-478/BL/2009 dated December 31, 2009 concerning Guidelines for Valuation and Presentation of Property Valuation Reports in the Capital Market together with Regulation Number VIII.C.4 which is its appendix.

CHAPTER XXIV
FINAL PROVISIONS

Article 71
Upon the commencement of this Financial Services Authority Regulation, the Decision of the Head of the Capital Market Supervisory Agency and Financial Institutions Number Kep-478/BL/2009 concerning Guidelines for Valuation and Presentation of Property Valuation Reports in the Capital Market together with Regulation Number VIII.C.4 which is its appendix, is repealed and declared invalid.

This copy is in accordance with the original
Director of Law 1
Legal Department signed
Mufli Asmawidjaja

Article 72
This Financial Services Authority Regulation shall take effect on the date of its promulgation.
To ensure that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on December 28, 2021
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Promulgated in Jakarta on December 30, 2021
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2021 NUMBER 290

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 28 /POJK.04/2021
CONCERNING
VALUATION AND PRESENTATION OF PROPERTY VALUATION REPORTS IN THE CAPITAL MARKET

I. GENERAL
A Valuer is an individual who, with their expertise, conducts Valuation activities in the capital market. The scope of Valuation activities conducted by a Valuer includes Property Valuation and Business Valuation. A Property Valuer is a Valuer who conducts Property Valuation activities.

Valuers who are registered in the capital market must comply with the Indonesian Valuation Standards (SPI) developed by the professional association of Valuers and other standards that are valid internationally if not yet regulated in the SPI, provided they do not conflict with applicable Financial Services Authority Regulations. In addition to the SPI, Valuers are also required to comply with Financial Services Authority Regulations as guidelines for Valuation in the capital market. For the Valuation guidelines used as a reference by Property Valuers, it is the Capital Market Supervisory Agency and Financial Institutions Regulation Number VIII.C.4 appendix of Kep-478/BL/2009 concerning Guidelines for Valuation and Presentation of Property Valuation Reports in the Capital Market (Regulation Number VIII.C.4).

In recent years, there have been changes and adjustments to the guideline and standard regulations applicable to the financial profession, including the Valuer profession. In addition, in current practice, there are inconsistencies in the implementation or use of Regulation Number VIII.C.4, both for Valuers and for the Financial Services Authority as the supervisor.

In light of the above, it is necessary to replace the legislation regulating guidelines for Valuation and the presentation of Property Valuation Reports in the capital market issued before the establishment of the Financial Services Authority with a Financial Services Authority Regulation, with the aim of harmonizing legislation regarding Valuers as well as the supervision needs and internal review processes of the Financial Services Authority.

II. ARTICLE BY ARTICLE

Article 1
Sufficiently clear.

Article 2
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
The professional association of Valuers is a national professional organization of Valuers that oversees Valuers who conduct Valuation activities in the capital market. Letter c Sufficiently clear. Letter d Sufficiently clear. Paragraph (2) To respond to current and future developments, which do not rule out the emergence of business models for Valuation not yet covered in the existing scope, Property Valuers may use other Valuation standards commonly used internationally, so that they can reflect the true Value of the Valuation object. The Financial Services Authority does not state otherwise regarding standards valid internationally, among others because such standards are already regulated in international valuation standards.

Article 3
Sufficiently clear.

Article 4
Sufficiently clear.

Article 5
Paragraph (1)
Letter a
Sufficiently clear.
Letter b
Reasons for a Property Valuer being dismissed by the client include, among others, death, suspension of the Property Valuer’s registration certificate by the Financial Services Authority, illness, and others. Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear.

Article 6
Sufficiently clear.

Article 7
Sufficiently clear.

Article 8
Paragraph (1)
In its implementation, the appointment of another Property Valuer can be carried out by the Financial Services Authority through the professional association of Valuers. Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear. Paragraph (4) Sufficiently clear. Paragraph (5) Sufficiently clear.

Article 9
Sufficiently clear.

Article 10
Sufficiently clear.

Article 11
Sufficiently clear.

Article 12
Sufficiently clear.

Article 13
Sufficiently clear.

Article 14
Sufficiently clear.

Article 15
Sufficiently clear.

Article 16
Sufficiently clear.

Article 17
Sufficiently clear.

Article 18
Sufficiently clear.

Article 19
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Data and information and the time of their acquisition include, among others, land market data, building cost standards, and property market data. Paragraph (3) Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
Sufficiently clear.
Letter e
The term "other parties" refers to, among others, other Property Valuers or Property Valuation Clients.
Letter f
Sufficiently clear.
Letter g
Sufficiently clear.
Letter h
Sufficiently clear.
Letter i
Sufficiently clear.
Letter j
Sufficiently clear.
Letter k
Sufficiently clear.
Letter l
Sufficiently clear.
Letter m
Sufficiently clear.
Letter n
Number 1
Sufficiently clear.
Number 2
Examples of legislative provisions include, among others, Financial Services Authority regulations regarding follow-up supervision in the capital market sector. Number 3 Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
The form of Property Valuation work papers includes, among others, Valuation programs, analyses, memoranda, confirmation letters, representation letters, summaries of client documents, comparable property documents, all documents related to Inspection results, confirmation evidence of the status and legal position of the Valuation object from the client, and lists or comments made or obtained by the Property Valuer in the course of the Professional Valuation Assignment.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
Sufficiently clear.

Article 27
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Letter a
A written request from the Property Valuer to the client to obtain data includes, among others, the legality of the Valuation object and permits. Letter b Sufficiently clear. Letter c Number 1 Forms of ownership include, among others, sole ownership, partnership, or partial ownership rights. Number 2 Types of ownership or control of the Valuation object include, among others, freehold rights, building use rights, business use rights, build-and-transfer rights, property finance leases, or other rights and controls. Number 3 Sufficiently clear. Number 4 Conditions and terms of the Valuation object include, among others:

1. agreements binding the Valuation object;
2. impact on spatial and urban planning, environmental, and other spatial and urban planning plans;
3. impact on government plans for areas subject to construction restrictions; and/or
4. violations of legislative provisions.
   Letter d
   Sufficiently clear.
   Letter e
   Sufficiently clear.
   Letter f
   Sufficiently clear.

Article 28
Sufficiently clear.

Article 29
Sufficiently clear.

Article 30
Sufficiently clear.

Article 31
Sufficiently clear.

Article 32
Sufficiently clear.

Article 33
Sufficiently clear.

Article 34
Sufficiently clear.

Article 35
Sufficiently clear.

Article 36
Sufficiently clear.

Article 37
Sufficiently clear.

Article 38
Sufficiently clear.

Article 39
Sufficiently clear.

Article 40
Sufficiently clear.

Article 41
Sufficiently clear.

Article 42
Sufficiently clear.

Article 43
Sufficiently clear.

Article 44
Sufficiently clear.

Article 45
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.
Letter d
The term "special property" refers to property that has specific characteristics, has limited utility for specific uses or users, and is rarely traded in the open market, except as part of a total property sale. Letter e Sufficiently clear.

Article 46
Sufficiently clear.

Article 47
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.
Paragraph (4)
Examples of the obligation to use data consistently include, among others, a Property Valuer using Market Data, then that Market Data is used and disclosed consistently in the Property Valuation Report.

Article 48
Letter a
The term "replacement cost method" is a method that indicates Value by calculating the cost to create an asset similar in utility to the subject asset. Letter b The term "reproduction cost method" is a method that indicates Value by calculating the cost to create a replica of the asset. Letter c The term "summation method" is a method that calculates the value of an asset by summing the values of each of its component parts.

Article 49
Sufficiently clear.

Article 50
Sufficiently clear.

Article 51
Letter a
Sufficiently clear.
Letter b
Number 1
Sufficiently clear.
Number 2
Descriptions of physical data include, among others, area, spatial layout, and construction quality.
Number 3
Sufficiently clear.
Number 4
Sufficiently clear.
Number 5
Sufficiently clear.
Number 6
Sufficiently clear.
Number 7
Sufficiently clear.
Number 8
Sufficiently clear.
Letter c
Number 1
Sufficiently clear.
Number 2
Examples of analysis of the impact of possible changes in land use and infrastructure development include, among others, expansion of public utility systems or access corridors. Number 3 Sufficiently clear.

Article 52
Sufficiently clear.

Article 53
Sufficiently clear.

Article 54
Sufficiently clear.

Article 55
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Letter a
Sufficiently clear.
Letter b
Examples of facilities and other supporting infrastructure include, among others, road infrastructure, bridges, heavy equipment, and office inventories.

Article 56
Sufficiently clear.

Article 57
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
Valuation of property facilities and infrastructure includes, among others, buildings and working equipment.

Article 58
Sufficiently clear.

Article 59
Letter a
Reserve assets in mining properties include, among others, mining reserves, productive areas, and unproductive areas.
Letter b
Non-reserve assets in mining properties include, among others, property facilities and infrastructure including buildings and working equipment.

Article 60
Sufficiently clear.

Article 61
Sufficiently clear.

Article 62
Sufficiently clear.

Article 63
Sufficiently clear.

Article 64
Sufficiently clear.

Article 65
Sufficiently clear.

Article 66
Sufficiently clear.

Article 67
Sufficiently clear.

Article 68
The term "specific actions" includes, among others, ordering the improvement of quality control procedures in the valuation process.

Article 69
Sufficiently clear.

Article 70
Property Valuation assignments in this Article include review assignments or Re-valuation assignments.

Article 71
Sufficiently clear.

Article 72
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6749