Regulation of the Financial Services Authority of the Republic of Indonesia Number 10/POJK.05/2022 Concerning Technology-Based Crowdfunding Services

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
REGULATION OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 10/POJK.05/2022 CONCERNING TECHNOLOGY-BASED CROWDFUNDING SERVICES BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that information technology has been used to develop the financial industry by providing funding access to the public and business actors through a technology-based funding service, and that the Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Technology-Based Money Lending and Borrowing Services has been established; b. that to encourage the development of technology-based funding service providers, the Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Technology-Based Money Lending and Borrowing Services is no longer suitable with industry developments and legal needs;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Technology-Based Crowdfunding Services;

Recalling:
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: THE FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING TECHNOLOGY-BASED CROWDFUNDING SERVICES.

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

Technology-Based Crowdfunding Services, hereinafter abbreviated as LPBBTI, is the provision of financial services to match fund providers with fund recipients in conducting conventional funding or based on Sharia principles directly through an electronic system using the internet.
Other Financial Service Institutions are pawnshops, guarantee institutions, Indonesian export financing institutions, secondary housing financing companies, and institutions that manage public funds on a mandatory basis, including the administration of social security, pension, and welfare programs, as referred to in legislation concerning pawnshops, guarantees, Indonesian export financing institutions, secondary housing financing companies, and institutions that manage public funds on a mandatory basis, as well as other financial service institutions supervised by the Financial Services Authority based on legislation.
Funding is the disbursement of funds from fund providers to fund recipients with a promise to be paid or returned according to a specific timeframe in LPBBTI transactions.
Sharia Principles are Islamic legal provisions based on fatwas and/or Sharia compliance statements from the National Sharia Board of the Indonesian Ulema Council.
Sharia Contract is a written agreement or contract between parties containing the rights and obligations of each party in LPBBTI that does not conflict with Sharia Principles.
Electronic System is a series of electronic devices and procedures that function to prepare, collect, process, analyze, store, display, announce, send, and/or disseminate electronic information in the field of financial services.
Information Technology is a technique to collect, prepare, store, process, announce, analyze, and/or disseminate information in the field of financial services.
LPBBTI Provider, hereinafter referred to as Provider, is an Indonesian legal entity that provides, manages, and operates LPBBTI, either conventionally or based on Sharia Principles.
Fund Recipient is an individual, legal entity, and/or business entity that receives Funding.
Fund Provider is an individual, legal entity, and/or business entity that provides Funding.
LPBBTI User, hereinafter referred to as User, is the Fund Provider and Fund Recipient.
Board of Directors is a corporate organ authorized and fully responsible for managing the corporation for the interests of the corporation, in accordance with the purpose and objectives of the corporation, and representing the corporation, both inside and outside of court, according to the articles of association.
Board of Commissioners is a corporate organ tasked with conducting general and/or specific supervision according to the articles of association and providing advice to the Board of Directors.
Sharia Supervisory Board, hereinafter abbreviated as DPS, is a board that has the task and function of supervision and provides advice to the Board of Directors regarding the implementation of the Provider's activities to ensure compliance with Sharia Principles.
Principal Party is a party that owns, manages, supervises, and/or has significant influence on the Provider.
Electronic Document is any electronic information created, forwarded, sent, received, or stored in analog, digital, electromagnetic, optical, or similar forms, which can be seen, displayed, and/or heard through a computer or Electronic System, including but not limited to writings, voices, images, maps, designs, photos or similar, letters, signs, numbers, access codes, symbols, or perforations that have meaning or can be understood by those capable of understanding them, as referred to in laws regulating electronic information and transactions.
Direct Examination is a series of activities to search, collect, process, and evaluate data and/or information regarding the Provider conducted at the Provider's office and/or at other locations directly or indirectly related to the Provider's activities.
Personal Data is any data about a person, whether identifiable and/or identifiable separately or combined with other information, whether directly or indirectly through an Electronic System and/or nonelectronic means.
Association is the Provider association officially designated by the Financial Services Authority through an appointment letter from the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions.
Electronic Signature is a signature consisting of electronic information attached, associated, or related to other electronic information used as a verification and authentication tool, as referred to in laws regulating electronic information and transactions.
Merger is a legal act performed by 1 (one) or more Providers to merge with an existing Provider, resulting in the assets, liabilities, and equity of the merging Provider transferring by law to the receiving Provider, and subsequently the legal status of the merging Provider ending by law.
Consolidation is a legal act performed by 2 (two) or more Providers to consolidate by establishing 1 (one) new Provider, which by law acquires the assets, liabilities, and equity of the consolidating Providers, and the legal status of the consolidating Providers ends by law.
Dissolution is the process of ending the legal status of the Provider after the revocation of the business license.
Liquidation is the action to settle all assets and obligations of the Provider as a result of the revocation of the Provider's business license and Dissolution.
General Meeting of Shareholders, hereinafter abbreviated as GMS, is a corporate organ that has authority not granted to the Board of Directors or Board of Commissioners within limits determined by laws regulating limited liability companies and/or the articles of association.
Liquidation Team is a team tasked with conducting Liquidation, formed by the GMS or the Financial Services Authority.
Escrow Account is a current account at a bank in the name of the Provider, which is a deposit used for specific purposes, namely the receipt and disbursement of funds from and to Users.
Virtual Account is an identification number for Users (end users) included in or part of the Escrow Account, created by the bank, for the purpose of identifying a specific account.
Controlling Shareholder, hereinafter abbreviated as CSP, is a legal entity, individual, and/or business group that owns shares or capital of the Provider amounting to 25% (twenty-five percent) or more of the issued shares and has voting rights, or owns shares or capital of the Provider less than 25% (twenty-five percent) of the issued shares and has voting rights but can be proven to have controlled the Provider, either directly or indirectly.

CHAPTER II
INSTITUTIONAL STRUCTURE OF LPBBTI PROVIDERS
First Section
Legal Entity Form, Ownership, and Capital
Article 2
(1) Providers are designated as Other Financial Service Institutions.
(2) The legal form of Providers is a limited liability company.

Article 3
(1) Shares of Providers as referred to in Article 2 paragraph (2) are prohibited from being owned by parties other than:
a. Indonesian citizens and/or Indonesian legal entities; or b. Indonesian citizens and/or Indonesian legal entities as referred to in letter a, together with foreign legal entities and/or foreign citizens. (2) Foreign citizens as referred to in paragraph (1) letter b can become owners only through transactions on the stock exchange. (3) Indonesian legal entities as referred to in paragraph (1) do not include entities in the form of cooperatives. (4) Foreign ownership in Providers, whether directly or indirectly, is prohibited from exceeding 85% (eighty-five percent) of the Provider's paid-up capital. (5) The foreign ownership limitation for Providers as referred to in paragraph (4) does not apply to Providers that are public companies and trade their shares on the stock exchange.

Article 4
(1) Providers must have a minimum paid-up capital of IDR 25,000,000,000.00 (twenty-five billion rupiah) at the time of establishment.
(2) The paid-up capital as referred to in paragraph (1) must be paid in cash, in full, and placed in the form of a time deposit in the name of the Provider at:
a. commercial banks, Sharia commercial banks, or Sharia business units of commercial banks in Indonesia for conventional Providers; or b. Sharia commercial banks or Sharia business units of commercial banks in Indonesia for Providers based on Sharia Principles. (3) Funds for capital investment in Providers are prohibited from originating from:
a. money laundering, terrorism financing, proliferation financing of weapons of mass destruction, and other financial crimes; and b. loans.

Second Section
Controlling Shareholders
Article 5
(1) Providers must designate at least 1 (one) CSP.
(2) In the event that shareholders meeting the criteria as CSPs number more than 1 (one), Providers must designate all shareholders meeting the criteria as CSPs. (3) In the event that there are other CSPs not designated by the Provider, the Financial Services Authority has the authority to designate CSPs outside those referred to in paragraph (1). (4) Providers that have obtained business licenses at the time this Financial Services Authority Regulation is promulgated must report the designation of CSPs and any changes to the Financial Services Authority using Format 1 contained in the Appendix, which is an integral part of this Financial Services Authority Regulation, no later than 6 (six) months after this Financial Services Authority Regulation is promulgated.

Article 6
(1) Any Party is prohibited from becoming a CSP for more than 1 (one) conventional Provider or 1 (one) Provider based on Sharia Principles.
(2) The provisions as referred to in paragraph (1) do not apply if the CSP is the Republic of Indonesia.

Article 7
(1) CSPs are responsible for losses experienced by the Provider if the losses arise from:
a. CSPs, directly or indirectly, acting in bad faith by utilizing the Provider for the CSP's interests; b. CSPs involved in illegal acts committed by the Provider; or
c. CSPs, directly or indirectly, illegally using the Provider's assets, resulting in the Provider's assets being insufficient to meet financial obligations.
(2) CSPs are declared responsible if the conditions as referred to in paragraph (1) are met based on:
a. GMS decisions for Providers that are public companies; b. final and binding court decisions; or
c. Financial Services Authority decisions for losses arising from provisions as referred to in paragraph (1) letter a.

Third Section
Business Licensing
Article 8
(1) Providers conducting LPBBTI business activities must first obtain a business license from the Financial Services Authority.
(2) Providers that have obtained a business license from the Financial Services Authority must submit a registration application as an Electronic System provider to the competent authority no later than 30 (thirty) calendar days from the date of issuance of the business license by the Financial Services Authority. (3) The registration application as referred to in paragraph (2) is copied to the Financial Services Authority simultaneously with submission to the competent authority. (4) Providers are prohibited from conducting Funding before registering as an Electronic System provider with the competent authority. (5) Providers must submit a copy of the certificate of registration as an Electronic System provider to the Financial Services Authority no later than 7 (seven) calendar days from the date of the certificate of registration as an Electronic System provider. (6) Providers must commence funding no later than 30 (thirty) calendar days from registration as an Electronic System provider with the competent authority. (7) In the event that Providers:
a. do not meet the provisions of paragraph (6); and/or b. do not obtain the certificate of registration as an Electronic System provider as referred to in paragraph (2) within 60 (sixty) calendar days from the issuance of the business license by the Financial Services Authority, the Financial Services Authority revokes the business license issued to the Provider.

Article 9
(1) To obtain the business license as referred to in Article 8 paragraph (1), the Board of Directors must submit a business license application to the Financial Services Authority using Format 2 contained in the Appendix, which is an integral part of this Financial Services Authority Regulation, attaching at least the following documents:
a. copy of the articles of incorporation accompanied by proof of approval by the competent authority; b. copy of the articles of association amendment accompanied by proof of approval, and/or notification receipt letter from the competent authority, if any;
c. list of shareholders including details of each shareholding up to the last shareholder and/or beneficial owners, and a list of other companies owned by shareholders;
d. shareholder data; e. photocopy of annual tax notification for the 2 (two) years prior to capital investment for individual prospective shareholders; f. documents demonstrating the financial capacity and source of funds for individual prospective shareholders; g. photocopy of proof of paid-up capital settlement; h. documents proving that paid-up capital does not originate from loans;
i. data of Board of Directors and Board of Commissioners members;
j. proof of work competency certificates from professional certification institutions in the field of financial technology registered with the Financial Services Authority for the Board of Directors and Board of Commissioners; k. proof of operational readiness supporting business activities;
l. business feasibility study for the first 3 (three) years;
m. additional documents for Providers based on Sharia Principles; n. confirmation from the supervisory authority in the country of origin of foreign parties, if there is direct investment by foreign legal entities that have a supervisory authority in their home country; and o. proof of payment of licensing fees in the context of granting business licenses. (2) In the licensing process, Providers present the business model and Electronic System to the Financial Services Authority. (3) The Financial Services Authority may conduct an inspection at the Provider's office to ensure operational readiness. (4) The inspection as referred to in paragraph (3) may be conducted by other parties designated by the Financial Services Authority. (5) In the event of missing documents or the need to improve the business model and/or Electronic System based on the presentation results as referred to in paragraph (2), the Financial Services Authority submits requests for document completeness or business model and/or Electronic System improvements. (6) Providers submit missing documents or improvements to the business model and/or Electronic System no later than 20 (twenty) working days from the date of the letter requesting document completeness or business model and/or Electronic System improvements submitted by the Financial Services Authority. (7) If within the timeframe as referred to in paragraph (6) the Financial Services Authority has not received document completeness or letters improving the business model and/or Electronic System, the prospective Provider is considered to have cancelled the business license application. (8) The Financial Services Authority provides approval or rejection of business license applications no later than 20 (twenty) working days from the date the complete business license application is received. (9) Further provisions regarding the procedures and mechanisms for business licensing are established by the Financial Services Authority.

Fourth Section
Conversion from Conventional Providers to Providers Based on Sharia Principles
Article 10
(1) Conventional Providers converting to Providers based on Sharia Principles must first obtain conversion approval from the Financial Services Authority.
(2) The implementation of conversion from conventional Providers to Providers based on Sharia Principles must meet the following provisions:
a. meeting the minimum equity requirements; and b. the conversion does not harm Users.
(3) Providers must include conversion plans in the business plan as referred to in Financial Services Authority Regulations regarding business plans for non-bank financial service institutions. (4) Providers must announce the conversion plan and the impact of the conversion on Users through an Electronic System in the form of a website and/or mobile application. (5) To obtain conversion approval, the Board of Directors must submit an application to the Financial Services Authority using Format 4 contained in the Appendix, which is an integral part of this Financial Services Authority Regulation, attaching the following documents:
a. proof of announcement regarding the conversion plan and the impact of the conversion on Users through an Electronic System in the form of a website and/or mobile application; b. draft minutes of the GMS approving the conversion to Providers based on Sharia Principles;
c. draft articles of association amendment containing:

name based on Sharia Principles;
purpose and objectives of Providers based on Sharia Principles to conduct business activities based on Sharia Principles; and
authority and responsibilities of the DPS;
d. the latest audited financial statements; e. plan for settling User rights and obligations; f. projection of initial financial statements from the business activities of the converted Providers based on Sharia Principles; g. work plan regarding business activities based on Sharia Principles to be conducted for the first 3 (three) years after obtaining business licenses as Providers based on Sharia Principles; h. draft cooperation agreements for Escrow Accounts and Virtual Accounts with banks conducting business activities based on Sharia Principles. (6) For the conversion process, Providers present the business model and Electronic System to the Financial Services Authority. (7) The conversion approval application as referred to in paragraph (5) is submitted simultaneously with the application for the assessment of competence and propriety for prospective members of the Board of Directors, Board of Commissioners, CSPs, and DPS members of Providers based on Sharia Principles.

Article 11
(1) The Financial Services Authority provides approval or rejection of conversion approval applications as referred to in Article 10 paragraph (5) within a timeframe of no longer than 20 (twenty) working days from the date the complete application is received. (2) To provide approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts:
a. analysis and research on document completeness; b. feasibility analysis of the conversion implementation plan;
c. assessment of competence and propriety for prospective members of the Board of Directors, Board of Commissioners, CSPs, and DPS members; and
d. analysis of compliance with applicable regulations.
(3) The Financial Services Authority may conduct an inspection at the Provider's office to ensure the operational readiness of Providers based on Sharia Principles. (4) In the event that the conversion approval application is approved, the Financial Services Authority issues a conversion approval letter to the respective Provider. (5) In the event that the conversion approval application is rejected, the rejection is conducted in writing and accompanied by reasons for the rejection.

Article 12
(1) Providers that have obtained approval for the conversion implementation plan from the Financial Services Authority must hold a GMS no later than 60 (sixty) working days from the date of the Financial Services Authority's approval letter. (2) If the timeframe as referred to in paragraph (1) has expired and the Provider has not held a GMS approving the conversion, the Financial Services Authority has the authority to revoke the approval.

Article 13
(1) Providers must report the implementation of the GMS approving the conversion to Providers based on

Principle of Sharia in writing to the Financial Services Authority at the latest 15 (fifteen) working days calculated from the date of the General Meeting of Shareholders (GMS). (2) The reporting of the GMS implementation that approved the conversion into a Service Provider based on Sharia Principles as referred to in paragraph (1) must be submitted by the Board of Directors by attaching documents:
a. a copy of the amendment to the Articles of Association; b. a photocopy of the tax identification number of the Service Provider based on Sharia Principles resulting from the conversion;
c. a copy of the GMS minutes approving the conversion into a Service Provider based on Sharia Principles;
d. a copy of the GMS minutes stating the appointment of members of the Board of Directors, members of the Board of Commissioners, and/or members of the Sharia Supervisory Board (DPS); e. proof of appointment of DPS members and proof of approval by the National Sharia Board regarding the appointment of DPS members; f. approval of the DPS regarding business activities based on Sharia Principles; g. a cooperation agreement for Escrow Account and Virtual Account with a conventional bank conducting business activities based on Sharia Principles; h. a copy of the application (specifically for Service Providers based on mobile applications); and
i. an electronic copy of all attachment documents of the report.
(3) Based on the reporting of the GMS implementation that approved the conversion as referred to in paragraph (2), the Financial Services Authority:
a. conducts analysis and research on the completeness of documents as referred to in paragraph (2); b. provides approval or rejection of the business license change as a Service Provider based on Sharia Principles, which becomes effective calculated from the date the Articles of Association are approved, agreed upon, or notified to the competent agency; and
c. provides approval, recording, or rejection of the contracts used by the Service Provider based on Sharia Principles resulting from the conversion.
(4) The Financial Services Authority provides:
a. approval or rejection of the business license as referred to in paragraph (3) letter b; and b. approval, recording, or rejection of the contracts used by the Service Provider based on Sharia Principles resulting from the conversion as referred to in paragraph (3) letter c. (5) In the event that the Financial Services Authority approves the granting of a business license as referred to in paragraph (3) letter b and approves or records the contracts used by the Service Provider based on Sharia Principles resulting from the conversion as referred to in paragraph (3) letter c, the Financial Services Authority:
a. determines the decision granting the business license; and/or b. issues a letter of approval or recording of the contracts used by the Service Provider based on Sharia Principles. (6) In the event that the Financial Services Authority rejects to:
a. determine the business license; and/or b. approve or record the contracts used by the Service Provider based on Sharia Principles, such rejection is done in writing and accompanied by the reasons.
Article 14
(1) Service Providers based on Sharia Principles resulting from conversion are required to report the implementation of the conversion to the Financial Services Authority at the latest 15 (fifteen) working days calculated from the date the Articles of Association are approved by, or notified to, the competent agency.

(2) The reporting of the conversion implementation as referred to in paragraph (1) must be submitted by the Board of Directors to the Financial Services Authority by attaching documents consisting of Articles of Association that have been approved by, or notified to, the competent agency. Fifth Part Administrative Sanctions
Article 15
(1) Service Providers violating provisions as referred to in Article 3 paragraph (1) and (4), Article 4 paragraph (3), Article 5 paragraph (1), (2), and (4), Article 6 paragraph (1), Article 7 paragraph (1), Article 8 paragraph (2), (4), (5), and (6), Article 10 paragraph (1), (3), (4), Article 13 paragraph (1), and/or Article 14 paragraph (1) are subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Service Provider's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are given at most 3 (three) times with each validity period of at most 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) expires and the Service Provider still cannot overcome the cause of the imposition of sanctions, the Financial Services Authority imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and are effective from the date determined for a period of at most 6 (six) months.

(6) If the validity period of administrative sanctions in the form of written warnings and/or restriction of business activities expires on a holiday, administrative sanctions in the form of written warnings and/or restriction of business activities are effective until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Service Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes administrative sanctions in the form of written warnings or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Service Provider continues to conduct business activities, the Financial Services Authority can directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restriction of business activities as referred to in paragraph (6), the Service Provider still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the respective Service Provider.
CHAPTER III
HUMAN RESOURCES
First Part
Certification
Article 16
(1) Members of the Board of Directors, members of the Board of Commissioners, and officials 1 (one) level below the Board of Directors are required to have competency certificates from professional certification bodies in the field of financial technology registered with the Financial Services Authority.

(2) Members of the Board of Directors who are foreign citizens are required to have Indonesian language proficiency proven by Indonesian language certification at the latest 1 (one) year from the date of approval as members of the Board of Directors by the Financial Services Authority. (3) In the event that the competency certification bodies as referred to in paragraph (1) and Article 9 paragraph (1) letter j have not been formed, expertise certification in the field of financial technology can be carried out by the Association. Second Part Information Technology Workforce
Article 17
(1) Service Providers are required to have experts who have the ability to develop, change, and delete the Electronic System used by the Service Provider.
(2) Experts as referred to in paragraph (1) have at least 3 (three) years of experience and expertise in the field of Information Technology including abilities in the fields of databases, networks, Electronic System security, and programming. Third Part Use of Foreign Workforce
Article 18
(1) Service Providers may use foreign workforce with criteria:
a. the use of foreign workforce is prohibited for more than 3 (three) years for each foreign workforce for one term of office and cannot be extended; and

b. they are prohibited from being employed other than in the field of Information Technology as experts at one level below the Board of Directors or as consultants. (2) Foreign workforce as referred to in paragraph (1) must meet the requirements:
a. have expertise in accordance with the field of duty that will be their responsibility; and b. meet the provisions of legislation in the field of manpower.
(3) Service Providers employing foreign workforce as referred to in paragraph (1) are required to report to the Financial Services Authority using format 5 contained in the Appendix which is an integral part of this Financial Services Authority regulation at the latest 20 (twenty) working days after the foreign workforce is employed by attaching documents:
a. a list of resumes of foreign workforce employed using format 3 contained in the Appendix which is an integral part of this Financial Services Authority regulation, accompanied by photocopies of documents describing the field of expertise as referred to in paragraph (2) letter a; b. an annual education and training program plan during the employment of the foreign workforce; and
c. a placement plan and field of responsibility of the foreign workforce.
(4) Service Providers employing foreign workforce as referred to in paragraph (1) are required to:
a. conduct knowledge transfer activities from foreign workforce to Service Provider employees; and b. appoint at least 1 (one) Indonesian workforce as a companion for 1 (one) foreign workforce.

(5) Knowledge transfer as referred to in paragraph (4) letter a must be made in the form of an annual education and training program for Service Provider employees. (6) Service Providers are required to report the implementation of the education and training program as referred to in paragraph (5) in writing to the Financial Services Authority at the latest 1 (one) month after the end of the calendar year for each year. (7) If the final deadline for submitting reports as referred to in paragraph (3) and paragraph (6) falls on a holiday, the final deadline for submitting reports is on the next working day. (8) The Financial Services Authority has the authority to require Service Providers to dismiss foreign workforce who do not meet the requirements as referred to in paragraph (2). (9) Foreign workforce as referred to in paragraph (1) and paragraph (2) does not include foreign workforce employed as Board of Directors and Board of Commissioners. (10) Service Providers who have employed foreign workforce as referred to in paragraph (1) before this Financial Services Authority Regulation is promulgated are required to report the use of foreign workforce to the Financial Services Authority at the latest 3 (three) months since this Financial Services Authority Regulation is promulgated. Fourth Part Use of Outsourced Workforce
Article 19
(1) Service Providers may entrust part of the work execution to third parties with an outsourcing agreement.
(2) The form of outsourcing agreement is carried out by Service Providers through agreements:
a. work contracting; and/or b. provision of workforce services.

(3) Service Providers are prohibited from outsourcing work that executes the functions:
a. feasibility assessment of Financing; and/or b. Information Technology.
(4) Service Providers are prohibited from entrusting part of the work to third parties as referred to in paragraph (1) other than to third parties that meet the provisions:
a. the third party is a legal entity in Indonesia; b. the third party is registered in an association of similar third-party companies;
c. does not affect the reputation of the Service Provider; and
d. is carried out in accordance with the provisions of legislation in the field of manpower.
(5) Service Providers are responsible for the execution of activities entrusted to third parties.
Fifth Part
Administrative Sanctions
Article 20
(1) Service Providers violating provisions as referred to in Article 16 paragraph (1) and (2), Article 17 paragraph (1), Article 18 paragraph (1) letter a, paragraph (3), (4), (6), and (10), Article 19 paragraph (3), (4), and/or (5), are subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Service Provider's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are given at most 3 (three) times with each validity period of at most 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3)

expires and the Service Provider still cannot overcome the cause of the imposition of sanctions, the Financial Services Authority imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and are effective from the date determined for a period of at most 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warnings and/or restriction of business activities expires on a holiday, administrative sanctions in the form of written warnings and/or restriction of business activities are effective until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Service Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes administrative sanctions in the form of written warnings or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Service Provider continues to conduct business activities, the Financial Services Authority can directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restriction of business activities as referred to in paragraph (6), the Service Provider still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the respective Service Provider.
CHAPTER IV
ASSESSMENT OF ABILITY AND PROPRIETY
Article 21
(1) Prospective Key Parties are required to obtain approval from the Financial Services Authority before carrying out actions, duties, and functions as Key Parties. (2) Key Parties as referred to in paragraph (1) include:
a. PSP; b. members of the Board of Directors;
c. members of the Board of Commissioners; and
d. members of the DPS.
(3) To provide approval as referred to in paragraph (1), the Financial Services Authority conducts ability and propriety assessments of prospective Key Parties.
(4) Ability and propriety assessments as referred to in paragraph (3) are carried out in accordance with Financial Services Authority Regulations regarding ability and propriety assessments for key parties of financial service institutions.
Article 22
(1) In the event that Key Parties are indicated to be involved and/or responsible for issues of integrity, financial feasibility, financial reputation, and/or competence, the Financial Services Authority conducts a re-assessment of Key Parties. (2) Re-assessment of Key Parties as referred to in paragraph (1) is carried out in accordance with Financial Services Authority Regulations regarding re-assessment for key parties of financial service institutions.

Article 23
(1) Service Providers violating provisions as referred to in Article 21 paragraph (1) are subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Service Provider's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are given at most 3 (three) times with each validity period of at most 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) expires and the Service Provider still cannot overcome the cause of the imposition of sanctions, the Financial Services Authority imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and are effective from the date determined for a period of at most 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warnings and/or restriction of business activities expires on a holiday, administrative sanctions in the form of written warnings and/or restriction of business activities are effective until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Service Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes administrative sanctions in the form of written warnings or restriction of business activities.

(8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Service Provider continues to conduct business activities, the Financial Services Authority can directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restriction of business activities as referred to in paragraph (6), the Service Provider still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the respective Service Provider.
CHAPTER V
BUSINESS ACTIVITIES
First Part
Service Provider Business Activities
Article 24
(1) Service Provider business activities consist of:
a. provision; b. management; and
c. operation,
LPBBTI.
(2) In carrying out business activities as referred to in paragraph (1), Service Providers conduct business activities conventionally or based on Sharia Principles. (3) Service Providers conducting business activities conventionally as referred to in paragraph (2) are prohibited from conducting business activities based on Sharia Principles. (4) Service Providers conducting business activities based on Sharia Principles as referred to in paragraph (2) are prohibited from conducting business activities conventionally.

Article 25
(1) LPBBTI as referred to in Article 24 paragraph (1) is carried out through:
a. Productive Financing; and/or b. Multi-purpose Financing.
(2) Service Providers are prohibited from facilitating factoring except:
a. factoring with collateral provided by the creditor; and b. in the form of Productive Financing.
(3) Further provisions regarding Service Provider business activities are determined by the Financial Services Authority.
Second Part
Maximum Funding Limits
Article 26
(1) Service Providers are required to provide equal access to every Fund Provider in LPBBTI business activities.
(2) Service Providers are required to meet maximum Funding limits:
a. to every Fund Recipient; and b. by every Fund Provider and its affiliates.
(3) The maximum funding limit to every Fund Recipient as referred to in paragraph (2) letter a is IDR 2,000,000,000.00 (two billion rupiah).
(4) The maximum funding limit by every Fund Provider and its affiliates as referred to in paragraph (2) letter b is at most 25% (twenty-five percent) of the final Funding position at the end of the month. (5) The maximum funding limit by every Fund Provider and its affiliates as referred to in paragraph (4) is carried out in stages with provisions:
a. the maximum funding limit by every Fund Provider and its affiliates is at most 80% (eighty percent) of the final Funding position at the end of the current month at the latest 6 (six) months since this Financial Services Authority Regulation is promulgated; b. the maximum funding limit by every Fund Provider and its affiliates is at most 50% (fifty percent) of the final Funding position at the end of the current month at the latest 12 (twelve) months since this Financial Services Authority Regulation is promulgated; and
c. the maximum funding limit by every Fund Provider and its affiliates is at most 25% (twenty-five percent) of the final Funding position at the end of the current month at the latest 18 (eighteen) months since this Financial Services Authority Regulation is promulgated.
(6) Provisions on maximum funding limits as referred to in paragraph (4) do not apply to Fund Providers who are financial service business actors supervised by the Financial Services Authority in accordance with the provisions of legislation. (7) Fund Providers as referred to in paragraph (6) may provide Funding at most 75% (seventy-five percent) of the final Funding position at the end of the month. (8) Further provisions regarding Service Provider business activities are determined by the Financial Services Authority. Third Part Fund Providers and Fund Recipients
Article 27
(1) Fund Providers may come from within and/or outside the country.
(2) Fund Providers as referred to in paragraph (1) consist of:
a. Indonesian citizens; b. foreign citizens;
c. Indonesian legal entities;
d. foreign legal entities;

e. Indonesian business entities; f. foreign business entities; and/or g. international institutions.
Article 28
(1) Service Providers are prohibited from conducting Financing other than to Fund Recipients domiciled within the legal territory of the Unitary State of the Republic of Indonesia. (2) Fund Recipients as referred to in paragraph (1) consist of:
a. Indonesian citizens; b. Indonesian legal entities; and/or
c. Indonesian business entities.
Article 29
(1) Service Providers are required to meet maximum economic benefit limits of Financing in facilitating Financing.
(2) The maximum economic benefit limit of Financing as referred to in paragraph (1) is determined by the Financial Services Authority.
(3) Further provisions regarding Fund Providers and Fund Recipients are determined by the Financial Services Authority.
Fourth Part
LPBBTI Agreements
Article 30
LPBBTI implementation agreements must at least consist of:
a. agreements between Service Providers and Fund Providers; and b. agreements between Fund Providers and Fund Recipients.
Article 31
(1) Agreements between Service Providers and Fund Providers are stipulated in Electronic Documents.

(2) Electronic Documents as referred to in paragraph (1) must at least contain:
a. agreement number; b. agreement date;
c. identity of the parties consisting of the name of the Fund Provider and the Fund Provider's Population Identification Number;
d. rights and obligations of the parties; e. amount of Financing; f. economic benefit of Financing; g. commission amount; h. duration;
i. cost details;
j. provisions regarding penalties, if any; k. use of Personal Data;
l. Financing collection mechanism;
m. risk mitigation in the event of overdue Financing; n. dispute resolution mechanism; and o. mechanism for resolving rights and obligations in the event that the Service Provider cannot continue its operational activities. (3) Service Providers are required to provide information access to Fund Providers regarding the use of their funds. (4) Information access as referred to in paragraph (3) does not include information related to the identity of Fund Recipients outside the identity of the parties as referred to in paragraph (2) letter c. (5) Fund usage information as referred to in paragraph (3) must at least contain:
a. final Funding position; b. fund usage purpose;
c. economic benefit of Financing; and
d. Financing duration.
(6) In the event that prior approval has been obtained from the Fund Recipient, the provisions as referred to in paragraph (4) do not apply.

(7) Organizers must submit the agreement referred to in paragraph (1) to the Fund Provider.

Article 32
(1) The Financing Agreement between the Fund Provider and the Fund Recipient must be documented in an Electronic Document.
(2) The Electronic Document referred to in paragraph (1) must contain at least:
a. agreement number; b. agreement date;
c. identity of the parties;
d. rights and obligations of the parties; e. financing amount; f. economic benefits of the financing; g. installment value; h. duration;
i. collateral object, if any;
j. related costs; k. provisions regarding penalties, if any;
l. use of Personal Data;
m. dispute resolution mechanism; and n. mechanism for resolving rights and obligations in accordance with applicable laws and regulations if the Organizer cannot continue its operational activities. (3) The Organizer must provide information access to the Fund Recipient regarding the received financing position. (4) The information access referred to in paragraph (3) does not include information related to the identity of the Fund Provider outside the identity of the parties as referred to in paragraph (2) letter c. (5) Fund usage information as referred to in paragraph (3) must contain at least:
a. final financing position; b. economic benefits of the financing; and
c. financing duration.

(6) The Organizer must submit the agreement referred to in paragraph (1) to the User.
(7) Further provisions regarding Fund Providers and Fund Recipients are determined by the Financial Services Authority (OJK).

Article 33
Organizers must ensure that Users have read and understood the content of the agreement as referred to in Article 30.

Article 34
Organizers must clearly state information regarding the financing duration, payment terms, and total costs including the economic benefits of the financing on the Electronic System used by the Organizer.

Fifth Section
Risk Management by Organizers

Article 35
(1) Organizers must implement effective risk management.
(2) The implementation of risk management as referred to in paragraph (1) must cover at least:
a. active supervision by the Board of Directors, Board of Commissioners, and DPS; b. adequacy of risk management policies and procedures as well as the establishment of risk limits;
c. adequacy of risk identification, measurement, control, and monitoring processes, as well as risk management information systems; and
d. comprehensive internal control systems.
(3) Organizers must facilitate risk mitigation for Users.
(4) Risk mitigation facilitation activities for Users as referred to in paragraph (3) must include at least:
a. analyzing financing risks submitted by Fund Recipients; b. verifying User identities and document authenticity;
c. optimally collecting disbursed financing;
d. facilitating financing risk transfer; and e. facilitating risk transfer regarding collateral objects, if any collateral objects exist.
(5) Organizers must consider the alignment between Fund Recipients' needs and capabilities.
(6) Further provisions regarding risk management by Organizers are determined by the Financial Services Authority (OJK).

Sixth Section
Escrow Accounts, Virtual Accounts, Fund Accounts, and Other Fund Transfer Media

Article 36
(1) Organizers must use:
a. Escrow Accounts; and b. Virtual Accounts or payment gateways, for LPBBTI.
(2) In cases where Fund Providers use special fund accounts, all funds must still be sent using Virtual Accounts or payment gateways to be subsequently transferred to the Organizer's Escrow Account. (3) Organizers must provide Virtual Accounts or payment gateways for each User. (4) For financing and financing repayment, Users make payments through Virtual Accounts or payment gateways to the Organizer's Escrow Account to be forwarded to respective Users. (5) The maximum duration for placing funds from Fund Providers that have not yet been used for financing transactions in Escrow Accounts as referred to in paragraph (1) must not exceed 2 (two) working days. (6) The maximum duration for placing funds in Escrow Accounts as referred to in paragraph (1) from Fund Recipients who have made payments for received financing must not exceed 1 (one) working day. (7) In cases where funds placed in Escrow Accounts exceed the time limits as referred to in paragraphs (5) and (6), Organizers must ensure the return of such funds to Users' accounts on the next working day. (8) User funds held in the Organizer's Escrow Account and currently being disbursed are not the Organizer's assets. (9) Further provisions regarding Escrow Accounts, Virtual Accounts, Fund Accounts, and Other Fund Transfer Media are determined by the Financial Services Authority (OJK).

Seventh Section
Electronic Signatures

Article 37
(1) Agreements as referred to in Article 30 must be executed using Electronic Signatures.
(2) Agreements other than those referred to in Article 30, drafted for the implementation of LPBBTI, may use Electronic Signatures.
(3) The use of Electronic Signatures as referred to in paragraph (1) must be documented in Electronic Signature usage guidelines and implemented in accordance with applicable laws and regulations governing Electronic Signatures.

Eighth Section
Cooperation

Article 38
(1) Organizers may cooperate with financial service institutions and non-financial institutions.
(2) Cooperation as referred to in paragraph (1) must meet the following criteria:
a. conducted with parties registered, licensed, or equivalent at the Financial Services Authority (OJK) or other competent authorities; b. documented in an agreement; and
c. included in the business plan.
(3) In cases where Organizers conduct cooperation:
a. informative services; b. to facilitate risk mitigation; and/or
c. outsourcing,
Organizers must report such cooperation to the Financial Services Authority (OJK) within 5 (five) working days from the date of the cooperation agreement.
(4) In cases where Organizers conduct informative service cooperation within the Organizer's Electronic System, such cooperation is prohibited from being conducted with financial service institutions other than those supervised by the Financial Services Authority (OJK). (5) In implementing cooperation as referred to in paragraph (1), Organizers must comply with applicable laws and regulations.

Article 39
(1) To support government programs, Organizers may cooperate with government agencies to become distribution partners for government securities.
(2) To conduct cooperation with government agencies as referred to in paragraph (1), Organizers are prohibited from offering anything other than primary market sales, excluding secondary market sales.

Article 40
(1) Organizers may conduct data exchange cooperation to improve LPBBTI quality.
(2) Organizers must document data exchange as referred to in paragraph (1) in a data confidentiality agreement.
(3) Organizers must ensure that data recipients fulfill the data confidentiality agreement as referred to in paragraph (2).
(4) Data confidentiality agreements as referred to in paragraph (2) must contain at least:
a. the parties; b. data types;
c. data usage and disclosure;
d. rights and obligations of the parties; e. party accountability; and f. duration of data usage and storage.
(5) Data exchange cooperation as referred to in paragraph (1) must be reported to the Financial Services Authority (OJK) using Format 6 contained in the Appendix, which is an integral part of this Financial Services Authority Regulation, by attaching business licenses from authorities at the time of implementing cooperation and drafts of data confidentiality agreements. (6) Data exchange cooperation as referred to in paragraph (1) must be implemented in accordance with applicable laws and regulations regarding Personal Data. (7) Further provisions regarding cooperation are determined by the Financial Services Authority (OJK).

Ninth Section
Administrative Sanctions

Article 41
(1) Organizers violating provisions as referred to in Article 24 paragraph (3) and (4), Article 25 paragraph (2), Article 26 paragraph (1) and (2), Article 28 paragraph (1), Article 29 paragraph (1), Article 30, Article 31 paragraph (2), (3), and (7), Article 32 paragraph (2), Article 32 paragraph (3) and (6), Article 33, Article 34, Article 35 paragraph (1), (3), and (5), Article 36 paragraph (1), (3), and (7), Article 37 paragraph (3), Article 38 paragraph (2), (3), (4), and (5), Article 39 paragraph (2), Article 40 paragraph (2), (3), (5), and/or (6) shall be subject to administrative sanctions consisting of:
a. written warnings; b. business activity restrictions; and/or
c. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by blocking the Organizer's Electronic System.
(3) Administrative sanctions consisting of written warnings as referred to in paragraph (1) letter a are issued at most 3 (three) times, with each validity period lasting at most 2 (two) months. (4) In cases where the validity period of administrative sanctions consisting of written warnings as referred to in paragraph (3) expires and Organizers still cannot resolve the cause of the sanction, the Financial Services Authority (OJK) imposes administrative sanctions consisting of business activity restrictions. (5) Administrative sanctions consisting of business activity restrictions as referred to in paragraph (4) are issued in writing and take effect from the date of establishment for a maximum duration of 6 (six) months. (6) If the validity period of administrative sanctions consisting of written warnings and/or business activity restrictions ends on a holiday, the administrative sanctions consisting of written warnings and/or business activity restrictions remain valid until the first working day thereafter. (7) In cases where before the expiration of the validity period of administrative sanctions consisting of written warnings as referred to in paragraph (3) or business activity restrictions as referred to in paragraph (5), Organizers have fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority (OJK) revokes administrative sanctions consisting of written warnings or business activity restrictions. (8) In cases where administrative sanctions consisting of business activity restrictions remain in effect and Organizers continue to conduct business activities, the Financial Services Authority (OJK) may directly impose administrative sanctions consisting of license revocation. (9) In cases where by the end of the validity period of business activity restrictions as referred to in paragraph (6), Organizers still do not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority (OJK) revokes the business licenses of the respective Organizers.

CHAPTER VI
ELECTRONIC SYSTEMS FOR LPBBTI IMPLEMENTATION

First Section
Electronic Systems

Article 42
(1) Organizers must use Electronic Systems in conducting their business activities.
(2) Electronic Systems as referred to in paragraph (1) must be owned, controlled, and managed by Organizers.
(3) Electronic Systems as referred to in paragraph (2) must be registered in accordance with applicable laws and regulations.

(4) Organizers are prohibited from having more than 1 (one) Electronic System for each type of device operation and 1 (one) website address in conducting their business activities.

Article 43
(1) Organizers must submit financing transaction data accurately and completely to the OJK fintech lending data center.
(2) Submission of financing transaction data as referred to in paragraph (1) is conducted in real-time.
(3) Submission of financing transaction data as referred to in paragraph (1) is submitted by integrating Organizers' Electronic Systems with the fintech lending data center. (4) In cases where the fintech lending data center cannot yet receive financing transaction data in real-time as referred to in paragraph (2), Organizers submit financing transaction data to the Financial Services Authority (OJK) daily. (5) In cases where the fintech lending data center experiences technical disruptions or force majeure, the Financial Services Authority (OJK) notifies Organizers of the submission time limits for transaction data as referred to in paragraph (2) via letters and/or announcements through the fintech lending data center. (6) Financing transaction data as referred to in paragraph (1) must contain at least:
a. User information; b. financing transaction information; and
c. financing quality information.

Article 44
(1) Organizers must:
a. maintain the confidentiality, integrity, and availability of Personal Data, transaction data, and financial data they manage from the time the data is obtained until it is destroyed; b. ensure the availability of authentication, verification, and validation processes supporting non-repudiation in accessing, processing, and executing Personal Data, transaction data, and financial data they manage;
c. guarantee that the acquisition, usage, utilization, and disclosure of Personal Data, transaction data, and financial data obtained by Organizers are based on the consent of the owners of Personal Data, transaction data, and financial data, unless otherwise determined by applicable laws and regulations; and
d. notify owners of Personal Data, transaction data, and financial data in writing if there are failures in protecting the confidentiality of Personal Data, transaction data, and financial data they manage. (2) Further provisions regarding data and information management are determined by the Financial Services Authority (OJK).

Second Section
Audit Trails

Article 45
(1) Organizers must provide audit trails for all their activities within Electronic Systems.
(2) Organizers must ensure that the Information Technology system devices used can support the provision of audit trails.
(3) Audit trails as referred to in paragraph (1) are used for supervision, law enforcement, dispute resolution, verification, testing, and other purposes.

(4) Organizers must maintain transaction logs based on data retention policies in accordance with applicable laws and regulations.

Third Section
Security Systems

Article 46
(1) Organizers must secure Electronic Systems by implementing procedures and means for security to avoid disruptions, failures, and losses.
(2) Organizers must provide security systems covering procedures, prevention systems, and countermeasures against threats and attacks causing disruptions, failures, and losses. (3) Organizers must participate in managing Information Technology security gaps to support information security within the industry conducting financial service business activities based on Information Technology. (4) Organizers managing Electronic Systems must possess information security management system certificates with comprehensive coverage. (5) Information security management system certificates as referred to in paragraph (4) must be obtained at the latest 6 (six) months after receiving business licenses from the Financial Services Authority (OJK).

Fourth Section
Access and Use of Personal Data

Article 47
(1) Organizers must obtain consent from Personal Data owners to acquire and use Personal Data.

(2) Consent as referred to in paragraph (1) may be exempted in accordance with applicable laws and regulations.
(3) Personal Data owners may submit requests for access and copies of their Personal Data to Organizers.
(4) Personal Data owners have the right to supplement, correct errors and inaccuracies, and destroy Personal Data submitted to Organizers.
(5) Fulfillment of rights as referred to in paragraph (4) is conducted through written requests.

Fifth Section
Data Duration and Data Deletion

Article 48
(1) Organizers must store Personal Data in Electronic Systems for at least 5 (five) years from the end of business relationships.
(2) Unless otherwise determined by applicable laws and regulations, data owners may request Organizers to delete their Personal Data.
(3) In cases where data deletion occurs upon the request of data owners as referred to in paragraph (2), Organizers must provide mechanisms for deleting Users' Personal Data. (4) Personal Data deletion mechanisms must include at least:
a. providing communication channels between Organizers and Personal Data owners; b. features allowing Personal Data owners to request Organizers to delete their Personal Data; and
c. recording electronic information deletion requests.

(5) Personal Data deletion as referred to in paragraph (4) may be performed with the following requirements:
a. obtained and processed without the consent of Personal Data owners; b. obtained and processed unlawfully;
c. no longer aligned with the purposes of acquisition based on agreements and/or applicable laws and regulations;
d. usage has exceeded the time limits according to agreements and/or applicable laws and regulations; e. displayed by Organizers' Electronic Systems causing harm to Personal Data owners; and/or f. business relationships have ended and are not regulated in agreements. (6) Personal Data deletion provisions are implemented in accordance with applicable laws and regulations regarding Personal Data protection.

Sixth Section
Administrative Sanctions

Article 49
(1) Organizers violating provisions as referred to in Article 42, Article 43 paragraph (1), Article 44, Article 45 paragraph (1) and (2), Article 46, Article 47 paragraph (1), Article 48 paragraph (1) and/or (3) shall be subject to administrative sanctions consisting of:
a. written warnings; b. fines, i.e., the obligation to pay a certain amount of money;
c. business activity restrictions; and/or
d. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by blocking the Organizer's Electronic System.

(3) Administrative sanctions consisting of fines as referred to in paragraph (1) letter b may be imposed separately or concurrently with administrative sanctions as referred to in paragraph (1) letters a, c, and d. (4) Administrative sanctions consisting of written warnings as referred to in paragraph (1) letter a are issued at most 3 (three) times, with each validity period lasting at most 2 (two) months. (5) In cases where the validity period of administrative sanctions consisting of written warnings as referred to in paragraph (3) expires and Organizers still cannot resolve the cause of the sanction, the Financial Services Authority (OJK) imposes administrative sanctions consisting of business activity restrictions. (6) Administrative sanctions consisting of business activity restrictions as referred to in paragraph (5) are issued in writing and take effect from the date of establishment for a maximum duration of 6 (six) months. (7) If the validity period of administrative sanctions consisting of written warnings and/or business activity restrictions ends on a holiday, the administrative sanctions consisting of written warnings and/or business activity restrictions remain valid until the first working day thereafter. (8) In cases where before the expiration of the validity period of administrative sanctions consisting of written warnings as referred to in paragraph (4) or business activity restrictions as referred to in paragraph (6), Organizers have fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority (OJK) revokes administrative sanctions consisting of written warnings or business activity restrictions. (9) In cases where administrative sanctions consisting of business activity restrictions remain in effect and Organizers continue to conduct business activities, the Financial Services Authority (OJK) may directly impose administrative sanctions consisting of license revocation.

(10) In cases where by the end of the validity period of business activity restrictions as referred to in paragraph (6), Organizers still do not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority (OJK) revokes the business licenses of the respective Organizers. (11) In cases where, based on Financial Services Authority (OJK) supervision, errors are found in transaction data submitted by Organizers as referred to in Article 39 paragraph (1), Organizers are subject to administrative sanctions consisting of administrative fines of IDR 50,000.00 (fifty thousand rupiah) per transaction data entry error and at most IDR 1,000,000.00 (one million rupiah) per day. (12) Payment of fines as referred to in paragraphs (1) and (2) does not exempt the obligation to submit reports. (13) Payment of fines as referred to in paragraphs (3) does not exempt Organizers' obligation to submit corrections to their reports.

CHAPTER VII
EQUITY AND FINANCING QUALITY RATIO OF ORGANIZERS

First Section
Organizer Equity

Article 50
(1) Organizers must always have equity of at least IDR 12,500,000,000.00 (twelve billion five hundred million rupiah).
(2) Equity as referred to in paragraph (1) must be implemented in stages, as follows:
a. at least IDR 2,500,000,000.00 (two billion five hundred million rupiah) valid 1 (one) year from the date this Financial Services Authority Regulation is enacted; b. at least IDR 7,500,000,000.00 (seven billion five hundred million rupiah) valid 2 (two) years from the date this Financial Services Authority Regulation is enacted; and
c. at least IDR 12,500,000,000.00 (twelve billion five hundred million rupiah) valid 3 (three) years from the date this Financial Services Authority Regulation is enacted.

Second Section
Organizer Financing Quality Ratio

Article 51
(1) Organizer Financing Quality consists of:
a. performing; b. special attention;
c. substandard;
d. doubtful; and e. loss.
(2) Financing Quality as referred to in paragraph (1) is categorized:
a. performing if there are no delays in principal and/or financing benefit payments; b. special attention if there are delays in principal and/or financing benefit payments exceeding the due date up to 30 (thirty) calendar days;
c. substandard if there are delays in principal and/or financing benefit payments exceeding 30 (thirty) calendar days up to 60 (sixty) calendar days;
d. doubtful if there are delays in principal and/or financing benefit payments

Funding that has exceeded 60 (sixty) calendar days up to 90 (ninety) calendar days; and e. in default when there is a delay in payment of principal and/or economic benefits of Funding that has exceeded 90 (ninety) calendar days. (3) Further provisions regarding the quality level of funding shall be determined by the Financial Services Authority.

Part Three
Administrative Sanctions
Article 52
(1) Providers who violate the provisions as referred to in Article 50 shall be subject to administrative sanctions consisting of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Provider's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a shall be given at most 3 (three) times with a validity period of each at most 2 (two) months. (4) In the event that the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) expires and the Provider still cannot overcome the cause of the sanction, the Financial Services Authority shall impose an administrative sanction in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) shall be given in writing and shall be effective from the date of establishment for a period of at most 6 (six) months.

(6) If the validity period of the administrative sanction in the form of a written warning and/or restriction of business activities ends on a holiday, the administrative sanction in the form of a written warning and/or restriction of business activities shall remain effective until the first working day thereafter. (7) In the event that before the expiration of the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the administrative sanction in the form of a written warning or restriction of business activities. (8) In the event that the administrative sanction in the form of restriction of business activities is still in effect and the Provider continues to conduct business activities, the Financial Services Authority may directly impose an administrative sanction in the form of revocation of business license. (9) In the event that by the end of the validity period of the restriction of business activities as referred to in paragraph (6), the Provider has not fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the business license of the Provider concerned.

CHAPTER VIII
GOOD CORPORATE GOVERNANCE FOR PROVIDERS

Part One
Governance Principles
Article 53
(1) Providers are required to apply good corporate governance principles in all their business activities at all levels or tiers of the organization.
(2) The good corporate governance principles as referred to in paragraph (1) include:
a. Transparency; b. accountability;
c. responsibility;
d. independence; and e. equality and fairness.

Article 54
The implementation of good corporate governance principles as referred to in Article 53 paragraph (1) must be formulated in a guideline that contains at least:
a. procedures for the implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS; b. completeness and procedures for the implementation of duties of the unit carrying out the Provider's internal control functions;
c. policies and procedures for the implementation of compliance functions, internal auditors, and external auditors; and
d. policies and procedures for the implementation of risk management, including internal control systems and the implementation of Information Technology governance.

Part Two
Board of Directors
Article 55
(1) Providers are required to have at least 2 (two) members of the Board of Directors.
(2) At least half of the number of Board of Directors members must have managerial experience in financial service institutions for at least 2 (two) years in the fields of credit or financing, risk management, and/or finance. (3) For Providers conducting business activities based on Sharia Principles, at least half of the number of Board of Directors members must have operational experience of at least 1 (one) year in financial service institutions that conduct business activities based on Sharia Principles.

(4) Board of Directors members are prohibited from holding concurrent positions in other companies except as members of the board of commissioners or equivalent in at most 3 (three) companies other than the Provider. (5) In the event that the Provider has ownership by a foreign legal entity of at least 25% (twenty-five percent), the Provider may appoint foreign citizens as Directors for at most half of the number of Board of Directors members. (6) All Board of Directors members must reside in Indonesia. (7) Foreign citizen members of the Board of Directors must possess:
a. a residence permit; and b. a work permit from the competent authority.

Part Three
Board of Commissioners
Article 56
(1) Providers are required to have at least 1 (one) member of the Board of Commissioners and at most equal to the number of Board of Directors members.
(2) At least half of the number of Board of Commissioners members must have experience of at least 2 (two) years at the managerial level in financial service institutions. (3) Board of Commissioners members are prohibited from holding concurrent positions except in at most 3 (three) companies other than the Provider. (4) Concurrent positions as referred to in paragraph (3) do not include:
a. members of the Board of Commissioners of a conventional Provider holding concurrent positions as members of the Board of Commissioners of a Provider based on Sharia Principles; or b. members of the Board of Commissioners of a Provider based on Sharia Principles holding concurrent positions as members of the Board of Commissioners of a conventional Provider.

(5) In the event that the Provider has ownership by a foreign legal entity of at least 25% (twenty-five percent), the Provider may appoint foreign citizens as members of the Board of Commissioners for at most half of the number of Board of Commissioners members. (6) At least half of the number of Board of Commissioners members must reside in Indonesia. (7) Foreign citizen members of the Board of Commissioners residing in Indonesia must possess:
a. a residence permit; and b. a work permit from the competent authority.

Part Four
Sharia Supervisory Board
Article 57
(1) Providers based on Sharia Principles are required to have at least 1 (one) member of the DPS who receives a recommendation from the National Sharia Board.
(2) DPS members are prohibited from holding concurrent positions as DPS members in more than 3 (three) other Sharia financial institutions.

Part Five
Internal Audit
Article 58
(1) Providers are required to have an internal audit unit operated by at least 1 (one) human resource with expertise and/or background in the field of audit.
(2) The internal audit unit as referred to in paragraph (1) is directly responsible to the Chief Director.
(3) Providers are required to conduct internal audits at least 1 (one) time every year.

(4) In conducting internal audits as referred to in paragraph (3), Providers may appoint other parties.

Part Six
Administrative Sanctions
Article 59
(1) Providers who violate the provisions as referred to in Article 53 paragraph (1), Article 54, Article 55 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (6), and paragraph (7), Article 56 paragraph (1), paragraph (2), paragraph (3), paragraph (6), and paragraph (7), Article 57, Article 58 paragraph (1) and/or paragraph (3) shall be subject to administrative sanctions consisting of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Provider's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a shall be given at most 3 (three) times with a validity period of each at most 2 (two) months. (4) In the event that the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) expires and the Provider still cannot overcome the cause of the sanction, the Financial Services Authority shall impose an administrative sanction in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) shall be given in writing and shall be effective from the date of establishment for a period of at most 6 (six) months. (6) If the validity period of the administrative sanction in the form of a written warning and/or restriction of business activities ends on a holiday, the administrative sanction in the form of a written warning and/or restriction of business activities shall remain effective until the first working day thereafter. (7) In the event that before the expiration of the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the administrative sanction in the form of a written warning or restriction of business activities. (8) In the event that the administrative sanction in the form of restriction of business activities is still in effect and the Provider continues to conduct business activities, the Financial Services Authority may directly impose an administrative sanction in the form of revocation of business license. (9) In the event that by the end of the validity period of the restriction of business activities as referred to in paragraph (6), the Provider has not fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the business license of the Provider concerned.

CHAPTER IX
REPORTING

Part One
Opening Offices Other Than the Head Office
Article 60
(1) Providers may open offices other than the head office.
(2) Offices other than the head office are prohibited from operating an Electronic System different from the Electronic System that has been submitted to the Financial Services Authority. (3) Providers are required to report the opening of offices other than the head office as referred to in paragraph (1) to the Financial Services Authority. (4) The opening of offices other than the head office must be included in the annual business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (5) The opening of offices other than the head office as referred to in paragraph (1) must be reported to the Financial Services Authority at the latest 10 (ten) working days after the office other than the head office begins operations using Format 7 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, by attaching documents:
a. description of the office name and office functions; b. company domicile certificate from the competent authority or equivalent document;
c. proof of ownership or control over the office other than the head office;
d. description stating the name of the office leader, description of duties and authority of the office leader; e. proof of inclusion of global positioning system (GPS) address of the office other than the head office on the Electronic System website; f. proof of appointment letter of the leader of the office other than the head office; and g. Board of Directors decision regarding the opening of the office other than the head office.

Article 61
(1) Providers intending to close an office other than the head office must first report to the Financial Services Authority at most 15 (fifteen) working days before the date of closure of the office other than the head office concerned. (2) The plan to close the office other than the head office must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) Providers are required to convey to Users through the Electronic System used by the Provider, information regarding the plan to cease or close the office other than the head office by informing the transfer of services to the head office or another office other than the head office. (4) The reporting of the cessation or closure of the office other than the head office as referred to in paragraph (1) shall be submitted to the Financial Services Authority by the Board of Directors using Format 8 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, by attaching documents:
a. cover letter containing the reasons for closing the office other than the head office; b. proof of submission of announcement through the Electronic System used by the Provider to Users regarding the closure of the office other than the head office; and
c. proof of submission of transfer of services of the closed office other than the head office to the head office or the nearest office other than the head office.

Part Two
Change of Name and Electronic System
Article 62
(1) Providers may change the name of the Provider and/or the Electronic System.
(2) Providers must include the change of name and/or Electronic System in the annual business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) Providers that have changed the name of the Provider and/or Electronic System are required to submit a report on the implementation of the change of name of the Provider and/or Electronic System to the Financial Services Authority using Format 9 contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (4) The submission of the report as referred to in paragraph (3) shall be made at the latest 15 (fifteen) working days since the date of the notification letter or approval from the competent authority, by attaching documents of the notification receipt or approval letter from the competent authority.

Part Three
Change of Address
Article 63
(1) Providers are required to report changes of address of the head office and offices other than the head office to the Financial Services Authority at the latest 15 (fifteen) working days calculated from the date of change. (2) The plan to change the address must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) The reporting of the change of address of the head office and offices other than the head office as referred to in paragraph (1) must be submitted by the Board of Directors to the Financial Services Authority using Format 10 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by:
a. data regarding the office address accompanied by supporting documents from the competent authority that state at least the name and address of the Provider; b. proof of ownership or control of the office building showing the address of the Provider's office along with photos of the exterior of the building and photos of the interior and room layout; and
c. proof of inclusion of global positioning system (GPS) address of the head office and offices other than the head office on the Electronic System website.

Part Four
Change of Business Model
Article 64
(1) Providers are required to report changes of business model to the Financial Services Authority at the latest 15 (fifteen) working days calculated from the date the business model is realized. (2) The plan to change the business model must first be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) The reporting on the change of business model as referred to in paragraph (1) must be submitted by the Board of Directors to the Financial Services Authority using Format 11 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, by attaching documents at least:
a. business feasibility study containing at least an explanation of the business model, and 3 (three) years or more of Funding projections; b. cost-benefit analysis;
c. risk analysis and mitigation; and
d. cooperation agreements with other parties, if any.
(4) Providers must pay attention to the provisions of legislation in implementing changes of business model as referred to in paragraph (1).

Part Five
Periodic Reports and Incident Reports
Article 65
(1) Providers are required to submit periodic reports and incident reports to the Financial Services Authority.
(2) Periodic reports as referred to in paragraph (1) consist of:
a. monthly reports; and b. annual financial reports that have been audited by a public accountant registered with the Financial Services Authority.
(3) The Financial Services Authority may request other reports besides incident reports as referred to in paragraph (1).

Article 66
(1) Providers are required to prepare reports as referred to in Article 65 paragraph (1) correctly and completely, in accordance with the provisions in this Financial Services Authority Regulation. (2) The Board of Directors is responsible for the preparation and presentation of the Provider's reports. (3) Providers are required to submit monthly reports as referred to in Article 65 paragraph (2) letter a to the Financial Services Authority at the latest 10 (ten) working days after the reporting period ends. (4) Providers are required to submit annual financial reports as referred to in Article 65 paragraph (2) letter b to the Financial Services Authority at the latest by April 30 of the following year. (5) Providers are required to submit incident reports as referred to in Article 65 paragraph (1) to the Financial Services Authority at the latest 10 (ten) working days since the occurrence of the incident concerned. (6) Providers are required to submit other reports requested by the Financial Services Authority as referred to in Article 65 paragraph (3) to the Financial Services Authority in accordance with the time limit established in the request letter. (7) If the deadline for submission of annual financial reports as referred to in paragraph (4) falls on a holiday, the submission deadline shall be on the first working day thereafter. (8) If a Provider obtains a business license for less than 6 (six) months until the end of the calendar year, the obligation to submit annual financial reports as referred to in Article 65 paragraph (2) letter b shall begin to apply in the following calendar year. (9) Providers are required to publish to the public the audited financial position reports and income statements along with the auditor's opinion on the reports concerned on the Electronic System used by the Provider. (10) The publication as referred to in paragraph (9) must be carried out at the latest 1 (one) month after the expiration of the submission period for annual financial reports as referred to in paragraph (4). (11) Further provisions regarding reporting procedures and mechanisms shall be determined by the Financial Services Authority.

Part Six
Administrative Sanctions
Article 67
(1) Providers who violate the provisions as referred to in Article 60 paragraph (2), paragraph (3), paragraph (4), and paragraph (5), Article 61 paragraph (1) and paragraph (2), Article 62 paragraph (2) and paragraph (3), Article 63 paragraph (1) and paragraph (2), Article 64 paragraph (1), paragraph (2), and paragraph (4), Article 65 paragraph (1), Article 66 paragraph (1), paragraph (3), paragraph (4), paragraph (5), paragraph (6), paragraph (9), and/or paragraph (10) shall be subject to administrative sanctions consisting of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities; and/or
d. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Provider's Electronic System.
(3) Administrative sanctions in the form of fines 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 a, letter c, and letter d. (4) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a shall be given at most 3 (three) times with a validity period of each at most 2 (two) months. (5) In the event that the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) expires and the Provider still cannot overcome the cause of the sanction, the Financial Services Authority shall impose an administrative sanction in the form of restriction of business activities. (6) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (5) shall be given in writing and shall be effective from the date of establishment for a period of at most 6 (six) months. (7) If the validity period of the administrative sanction in the form of a written warning and/or restriction of business activities ends on a holiday, the administrative sanction in the form of a written warning and/or restriction of business activities shall remain effective until the first working day thereafter. (8) In the event that before the expiration of the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (4) or restriction of business activities as referred to in paragraph (6), the Provider has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the administrative sanction in the form of a written warning or restriction of business activities.

(9) In the event that the administrative sanction in the form of restriction of business activities is still in effect and the Provider continues to conduct business activities, the Financial Services Authority may directly impose an administrative sanction in the form of revocation of business license. (10) In the event that by the end of the validity period of the restriction of business activities as referred to in paragraph (6), the Provider has not fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority shall revoke the business license of the Provider concerned. (11) Providers who do not fulfill the provisions as referred to in Article 66 paragraph (3) and paragraph (4) shall be subject to administrative sanctions in the form of a fine of Rp500,000.00 (five hundred thousand rupiah) per day of delay per report and may be subject to other administrative sanctions. (12) In the event that a Provider submits a report 20 (twenty) working days after the time limit as referred to in Article 66 paragraph (3) and paragraph (4), the Provider is deemed not to have submitted the report and shall be subject to written warning sanctions and the obligation to pay a fine of Rp30,000,000.00 (thirty million rupiah). (13) In the event that errors are found in the reports submitted by the Provider as referred to in Article 66 paragraph (1) based on the supervision of the Financial Services Authority, the Provider shall be subject to administrative sanctions in the form of an administrative fine of Rp100,000.00 (one hundred thousand rupiah) per line and at most Rp30,000,000.00 (thirty million rupiah).

CHAPTER X
CHANGES IN OWNERSHIP,
MERGERS, AND CONSOLIDATIONS
First Section
Changes in Ownership
Article 68
(1) Any change in ownership must first obtain approval from the Financial Services Authority.
(2) Changes in ownership as referred to in paragraph (1) include changes in:
a. shareholders of an Organizer that is not a public company; b. shareholders of a shareholder of an Organizer that is not a public company;
c. Principal Service Provider (PSP) of an Organizer that is a public company; and
d. controlling shareholders of a shareholder of an Organizer that is a public company.
(3) Organizers are prohibited from making changes in ownership as referred to in paragraph (2) that result in:
a. new shareholders; and/or b. changes in the Principal Service Provider (PSP), within a period of 3 (three) years from the date of the business license as an Organizer issued by the Financial Services Authority. (4) Plans for changes in ownership must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (5) Changes in ownership must comply with the provisions as referred to in Article 3. (6) In order to provide approval for changes in ownership that result in changes in the Principal Service Provider (PSP) as referred to in paragraph (3) letter b, the Financial Services Authority conducts an assessment of competence and propriety for the new prospective Principal Service Provider (PSP) as referred to in Article 19.

Article 69
(1) Requests for approval as referred to in Article 68 paragraph (1) are submitted to the Financial Services Authority using Format 12 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents:
a. draft Minutes of the Extraordinary General Meeting of Shareholders (RUPS) approving the change in ownership in the event that the change in ownership requires RUPS approval; b. plan of ownership structure up to the final ownership;
c. copy of government regulations regarding state capital participation for changes in ownership of the Organizer in the event that the shareholder is the central government;
d. copy of regional regulations regarding regional government capital participation for changes in ownership in the event that the shareholder is the regional government; e. draft deed of transfer of shares or draft deed of sale and purchase of shares; f. the latest audited financial statements and the Organizer's proforma financial statements; g. photocopy of tax notification letters for the last 2 (two) years prior to the capital injection and other documents showing the financial capacity and source of funds of prospective individual shareholders, in the event that the change in ownership results in:

new shareholders in an Organizer that is not a public company;
new shareholders of a shareholder of an Organizer that is not a public company;
new Principal Service Provider (PSP) in an Organizer that is a public company; and/or
new controlling shareholders of a shareholder of an Organizer that is a public company,
as referred to in Article 68 paragraph (2), which are individuals; h. confirmation from the supervisory authority in the country of origin of the foreign party, if there is direct participation by a foreign legal entity that has a supervisory authority in its country of origin;
i. debtor data documents from the Financial Services Authority's Financial Services Information System (SLIK) from prospective shareholders resulting from changes in ownership as referred to in Article 68 paragraph (2), or documents considered equivalent by the Financial Services Authority;
j. data of members of the Board of Directors and members of the Board of Commissioners as referred to in Article 9 paragraph (1) letter i and/or data of members of the Sharia Supervisory Board (DPS) as referred to in Article 9 paragraph (1) letter m in the event of changes to the Board of Directors, Board of Commissioners, and/or DPS; k. letter of recommendation from the Association for prospective shareholders;
l. data of the Organizer's shareholders:
individuals must attach documents as referred to in Article 9 paragraph (1) letter d number 1; or
legal entities must attach documents as referred to in Article 9 paragraph (1) letter d number 2;
m. proof of funds placement in an Escrow Account and/or time deposits, if the change in ownership is carried out through cash deposits; and n. proof of fund readiness of prospective shareholders. (2) In the event of missing documents as referred to in paragraph (1), the Financial Services Authority issues a request for document completeness. (3) Organizers must submit complete documents within a maximum of 10 (ten) working days from the date of the document completeness request letter from the Financial Services Authority. (4) If within 10 (ten) working days from the date of the document completeness request letter as referred to in paragraph (3), the Financial Services Authority has not received the requested complete documents, the Organizer is deemed to have cancelled the request. (5) Approval or rejection of the request for changes in ownership is carried out within a maximum period of 10 (ten) working days from the receipt of the request documents for changes in ownership in accordance with the requirements in this Financial Services Authority Regulation.

Second Section
Increase in Paid-up Capital
Article 70
(1) Organizers intending to increase paid-up capital must obtain approval from the Financial Services Authority.
(2) Increases in paid-up capital must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) Requests for approval as referred to in paragraph (1) are submitted to the Financial Services Authority using Format 13 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents:
a. proof that the capital does not originate from loans; b. proof of increase in paid-up capital;
c. letter of statement from shareholders stating that capital deposits do not originate from loans, terrorism financing, financing of proliferation of weapons of mass destruction, and other financial crimes in the event that the capital increase as referred to in letter b is carried out in the form of cash deposits;
d. tax notification letters for the last 2 (two) years and other documents showing the financial capacity and source of funds of prospective individual shareholders; e. financial statements of shareholders audited by public accountants and/or the latest financial statements, in the event that shareholders are legal entities; f. bank statements for individual shareholders; and g. proof of funds placement in an Escrow Account and/or time deposits, if the change in ownership is carried out through cash deposits. (4) Organizers that have increased paid-up capital must submit a report on the realization of the increase in paid-up capital to the Financial Services Authority, accompanied by the change deed along with proof of approval from the competent authority. (5) Increases in paid-up capital are prohibited from being carried out other than in the form of:
a. cash deposits; b. transfer of retained earnings; and/or
c. stock dividends.

Third Section
Changes in Members of the Board of Directors, Members of the Board of Commissioners, and Members of the Sharia Supervisory Board
Article 71
(1) Organizers making changes to members of the Board of Directors, members of the Board of Commissioners, and/or members of the Sharia Supervisory Board (DPS) must first submit a request for approval to the Financial Services Authority within a maximum of 15 (fifteen) working days calculated from the date of appointment based on the RUPS. (2) Plans for changes in members of the Board of Directors, members of the Board of Commissioners, and/or members of the Sharia Supervisory Board (DPS) must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions. (3) Requests for approval as referred to in paragraph (1) must be submitted by the Board of Directors to the Financial Services Authority using Format 14 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents:
a. copies of the RUPS Minutes; and b. data of members of the Board of Directors and members of the Board of Commissioners as referred to in Article 9 paragraph (1) letter i and/or members of the Sharia Supervisory Board (DPS) as referred to in Article 9 paragraph (1) letter m. (4) To provide approval as referred to in paragraph (1), the Financial Services Authority conducts an assessment of competence and propriety for prospective new members of the Board of Directors, members of the Board of Commissioners, and/or members of the Sharia Supervisory Board (DPS).

Fourth Section
Mergers and Consolidations
Article 72
(1) Organizers may carry out:
a. Mergers; or b. Consolidations.
(2) Mergers or Consolidations as referred to in paragraph (1) must first obtain approval from the Financial Services Authority.
(3) Plans for Mergers and Consolidations must be included in the business plan as referred to in the Financial Services Authority Regulation regarding the business plan of non-bank financial institutions. (4) Mergers or Consolidations as referred to in paragraph (1) may only be carried out by Organizers that have similar financing principles. (5) Requests for approval as referred to in paragraph (2) are submitted to the Financial Services Authority using Format 15 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents:
a. summary of the draft Merger or Consolidation in accordance with the provisions of laws regarding limited liability companies; b. draft Minutes of the Extraordinary General Meeting of Shareholders (RUPS) approving the Merger or Consolidation;
c. draft deed of Merger or Consolidation;
d. draft ownership list, for Organizers intending to carry out a Merger or Consolidation; e. the latest audited financial statements by public accountants registered with the Financial Services Authority at each Organizer; f. proforma financial statements of the Organizer resulting from the Merger or Consolidation; g. organizational structure resulting from the Merger or Consolidation; h. list of shareholders and details of the magnitude of each share ownership up to the final shareholders and/or beneficial owners resulting from the Merger or Consolidation; and
i. business feasibility study for the first 3 (three) years of the Organizer resulting from the Merger or Consolidation as referred to in Article 9 paragraph (1) letter l.
(6) In the event of changes in:
a. members of the Board of Directors; b. members of the Board of Commissioners; and
c. members of the Sharia Supervisory Board (DPS),
Organizers must attach documents as referred to in Article 9 paragraph (1) letter i, letter j, and letter m.
(7) To obtain approval for Mergers or Consolidations as referred to in paragraph (2), the following requirements must be met:
a. The Merger or Consolidation does not reduce User rights; b. The Merger or Consolidation has been included in the business plan;
c. The financial condition of the Organizer resulting from the Consolidation or Merger must meet the minimum equity provisions as regulated in Article 50 paragraph (2); and
d. It does not cause the Organizer to violate provisions as regulated in this Financial Services Authority Regulation.

Article 73
(1) Requests for approval of the implementation plan for Mergers or Consolidations as referred to in Article 72 paragraph (2) are submitted simultaneously with requests for assessments of competence and propriety for prospective members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board (DPS), and/or Principal Service Providers (PSP) of the Organizer. (2) The Financial Services Authority provides approval or rejection of the implementation plan for Mergers or Consolidations within a maximum period of 20 (twenty) working days from the date the request documents are received in complete form. (3) In the event of missing documents as referred to in paragraph (2), the Financial Services Authority issues a request for document completeness. (4) If within 20 (twenty) working days from the date of the document completeness request letter, the Financial Services Authority has not received the requested complete documents, the Board of Directors of the Organizer is deemed to have cancelled the request for approval of the implementation plan for Mergers or Consolidations. (5) In the event that the request is approved, the Financial Services Authority issues a letter of approval for the implementation plan for Mergers or Consolidations to the Board of Directors of the Organizer.

Fifth Section
Implementation and RUPS Approval Regarding Changes in Ownership, Mergers, or Consolidations
Article 74
(1) Organizers that have obtained approval for the implementation plan for changes in ownership, Mergers, or Consolidations from the Financial Services Authority must hold a RUPS approving the changes in ownership, Mergers, or Consolidations within a maximum of 60 (sixty) working days calculated from the date of the Financial Services Authority's approval letter. (2) In the event that the holding of a RUPS approving the implementation plan for changes in ownership, Mergers, or Consolidations does not comply with the time limit as referred to in paragraph (1), the Financial Services Authority's approval letter becomes invalid.

Article 75
(1) Organizers that have obtained approval for changes in ownership, Mergers, or Consolidations must report the implementation of the RUPS approving the changes in ownership, Mergers, or Consolidations to the Financial Services Authority within a maximum of 10 (ten) working days calculated from the date of the RUPS. (2) Reporting the implementation of the RUPS approving changes in ownership, Mergers, or Consolidations as referred to in paragraph (1) is submitted by the Board of Directors to the Financial Services Authority using Format 16 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents:
a. copies of the RUPS Minutes approving changes in ownership, Mergers, or Consolidations; b. copies of the deeds for changes in ownership, Mergers, or Consolidations;
c. drafts of the latest Articles of Association resulting from changes in ownership, Mergers, or Consolidations;
d. documents stating that the Organizer has no tax debts from the competent authority; and e. proof of announcement of changes in ownership, Mergers, or Consolidations. (3) Based on the reporting of the implementation of the RUPS approving Mergers or Consolidations as referred to in paragraph (2), the Financial Services Authority conducts:
a. analysis and research on the completeness of documents as referred to in paragraph (2); and b. revocation of the business license of Organizers carrying out Mergers or Consolidations, and issuance of business licenses for Organizers resulting from Consolidations, which take effect from the date the Articles of Association are approved, agreed upon, or notified to the competent authority. (4) Organizers must announce changes in ownership, Mergers, or Consolidations to the public within a maximum of 5 (five) working days after the RUPS decision.

Article 76
Organizers that receive approval for changes in ownership, Mergers, or Consolidations must report the implementation of changes in ownership, Mergers, or Consolidations to the Financial Services Authority using Format 17 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by copies of the establishment deed or Articles of Association that have been approved, agreed upon, or notified to the competent authority to the Financial Services Authority within a maximum of 20 (twenty) working days calculated from the date of approval, agreement, or receipt of notification.

Sixth Section
Administrative Sanctions
Article 77
(1) Organizers violating provisions as referred to in Article 68 paragraph (1), paragraph (3), paragraph (4), and paragraph (5), Article 70 paragraph (1), paragraph (2), paragraph (4), and paragraph (5), Article 71 paragraph (1) and paragraph (2), Article 72 paragraph (2), paragraph (3), and paragraph (6), Article 75 paragraph (1) and paragraph (4), and/or Article 76 are subject to administrative sanctions in the form of:
a. written warnings; b. restrictions on business activities; and/or
c. license revocation.
(2) Administrative sanctions as referred to in paragraph (1) may be accompanied by blocking the Organizer's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are given a maximum of 3 (three) times, with each validity period being a maximum of 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) expires and the Organizer is still unable to overcome the cause of the sanction, the Financial Services Authority imposes administrative sanctions in the form of restrictions on business activities. (5) Administrative sanctions in the form of restrictions on business activities as referred to in paragraph (4) are given in writing and take effect from the date of establishment for a maximum period of 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warnings and/or restrictions on business activities ends on a holiday, the administrative sanctions in the form of written warnings and/or restrictions on business activities take effect until the first working day thereafter. (7) In the event that before the end of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restrictions on business activities as referred to in paragraph (5), the Organizer has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes administrative sanctions in the form of written warnings or restrictions on business activities. (8) In the event that administrative sanctions in the form of restrictions on business activities are still in effect and the Organizer continues to carry out business activities, the Financial Services Authority may directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restrictions on business activities as referred to in paragraph (6), the Organizer still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the relevant Organizer.

CHAPTER XI
DISSOLUTION, LIQUIDATION, AND BANKRUPTCY
First Section
Return of Business Licenses
Article 78
(1) Organizers intending to cease operational activities must submit a request for a plan to return business licenses to the Financial Services Authority.
(2) Organizers intending to cease their business activities as referred to in paragraph (1) must meet the requirement of not being subject to sanctions for suspension of business activities. (3) Requests for plans to return business licenses as referred to in paragraph (1) are submitted to the Financial Services Authority using Format 18 contained in the Appendix which is an integral part of this Financial Services Authority Regulation, accompanied by documents containing:
a. reasons for ceasing operational activities; b. plans for settling User rights and obligations;
c. RUPS Minutes regarding plans to cease the Organizer's business activities; and
d. the latest monthly report.
(4) The Financial Services Authority may conduct clarifications with members of the Board of Directors, members of the Board of Commissioners, and/or other parties related to the Organizer to ensure the plan for returning business licenses and the settlement of User rights and obligations. (5) The Financial Services Authority provides approval for requests for plans to return business licenses within a maximum of 20 (twenty) working days from the date the request is received in complete form. (6) In the event that the Financial Services Authority provides approval for requests for plans to return business licenses as referred to in paragraph (5), Organizers must cease the Organizer's business activities.

Second Section
Settlement of User Rights and Obligations
Article 79
(1) The settlement of the Organizer's rights and obligations to all Users is carried out by:
a. final position of transfer of unfunded Financing portfolios; and/or b. other mechanisms agreed upon by Users.
(2) The settlement of the Organizer's obligations as referred to in paragraph (1) must be completed within a maximum of 6 (six) months from the approval as referred to in Article 78 paragraph (5). (3) The settlement of the Organizer's obligations to all Users as referred to in paragraph (1) and paragraph (2) is prohibited from harming or reducing User rights.

Article 80
(1) In the event that the settlement of obligations to Users is carried out by transferring the final position of unfunded Financing portfolios as referred to in Article 79 paragraph (1) letter a to another Organizer, the Organizer must notify the plan to transfer the portfolio to Users through:
a. announcements of plans to cease business activities through the Electronic System used by the Organizer; and b. letters and/or announcements through other media to each User. (2) The total transfer of final positions of unfunded Financing as referred to in paragraph (1) must meet the following requirements:
a. does not reduce User rights; b. is carried out by Organizers that have similar business management principles;
c. does not cause the Organizer receiving the portfolio transfer to violate regulations in the field of Technology-Based Collective Financing Services (LPBBTI); and
d. is approved by Users.

Article 81
In settling rights and obligations as referred to in Article 79 paragraph (1), Organizers may provide information needed by Users to settle rights and obligations between Users while observing applicable legislation.

Article 82
(1) After all User rights and obligations are settled as referred to in Article 79, the Board of Directors must submit a report to the Financial Services Authority. (2) The Financial Services Authority issues a decision regarding the revocation of the Organizer's business license within a maximum period of 30 (thirty) working days from the receipt of the report as referred to in paragraph (1) in complete form.

Third Section
Obligations and Prohibitions for Organizers After Revocation of Business Licenses
Article 83
(1) Organizers must cease business activities since the revocation of the Organizer's business license.
(2) Since the revocation of the Organizer's business license, shareholders, the Board of Directors, the Board of Commissioners, and/or employees of the Organizer are prohibited from transferring, mortgaging, pledging, using assets, and/or carrying out other actions that can reduce assets or decrease the value of the Organizer's assets.

Article 84
(1) The Board of Directors must prepare and submit a report on the closing financial position to the Financial Services Authority within a maximum of 15 (fifteen) working days from the date of revocation of the Organizer's business license. (2) If within the time limit as referred to in paragraph (1) the closing financial position report is not submitted to the Financial Services Authority, the Financial Services Authority appoints a public accountant to prepare the closing financial position report within a specific time limit. (3) The time limit as referred to in paragraph (2) is a maximum of 50 (fifty) working days from the date of appointment of the public accountant. (4) In the event that the closing financial position report is prepared by a public accountant as referred to in paragraph (2), responsibility for the closing financial position report remains with the Board of Directors. (5) Costs for preparing the closing financial position report by a public accountant as referred to in paragraph (2) become the burden of the Organizer. (6) The Financial Services Authority submits the closing financial position report to the Liquidation Team after receiving the closing financial position report prepared and submitted by the Board of Directors as referred to in paragraph (1) or that prepared and submitted by a public accountant as referred to in paragraph (2) and paragraph (3).

Fourth Section
Dissolution

Article 85
(1) An Operator whose business license has been revoked is required to convene a General Meeting of Shareholders (GMS) to decide on the Dissolution and form a Liquidation Team within a maximum period of 30 (thirty) calendar days from the date the business license was revoked. (2) Members of the Liquidation Team as referred to in paragraph (1) must first obtain approval from the Financial Services Authority (OJK). (3) To obtain the approval of the OJK as referred to in paragraph (2), the Board of Directors must submit the following documents:
a. photocopy of the identity proof of the proposed members of the Liquidation Team; b. curriculum vitae of the proposed members of the Liquidation Team; and
c. a statement from the proposed members of the Liquidation Team that they are willing to carry out the Liquidation.
(4) The documents as referred to in paragraph (3) must be submitted to the OJK at the latest 15 (fifteen) working days before the date of the GMS implementation. (5) The OJK grants approval or rejection of the proposed members of the Liquidation Team as referred to in paragraph (2) within a maximum of 5 (five) working days after receiving the complete documents. (6) In the event that the OJK rejects the proposal for members of the Liquidation Team, the Board of Directors is required to submit a proposal for new members of the Liquidation Team and submit the documents as referred to in paragraph (3) within a maximum of 5 (five) working days after receiving the notification from the OJK.

Article 86
(1) In the Dissolution, the Liquidation Team formed by the GMS as referred to in Article 76 paragraph (1) is required to register and notify the Dissolution to the competent authority, as well as announce it in the State Gazette of the Republic of Indonesia and the Electronic System used by the Operator. (2) The registration, notification, and announcement actions as referred to in paragraph (1) are carried out by the Liquidation Team within a maximum of 30 (thirty) calendar days from the date of the Dissolution decision by the GMS. (3) The notification and announcement as referred to in paragraph (1) must contain:
a. the Dissolution and its legal basis; b. the name and address of the Liquidation Team;
c. the procedure for submitting claims; and
d. the time limit for submitting claims.
(4) The time limit for submitting claims as referred to in paragraph (3) letter d is a maximum of 60 (sixty) calendar days calculated from the date of the announcement as referred to in paragraph (1).

Article 87
(1) If within the time limit as referred to in Article 85 paragraph (1) the GMS cannot be convened or the GMS can be convened but fails to decide on the Dissolution and/or fails to form a Liquidation Team, the OJK:
a. decides on the Dissolution and forms a Liquidation Team; b. registers and notifies the Dissolution to the competent authority, as well as announces it in the State Gazette of the Republic of Indonesia and the Electronic System used by the Operator;
c. orders the Liquidation Team to carry out the Liquidation in accordance with applicable laws and regulations; and
d. orders the Liquidation Team to report the results of the Liquidation implementation to the OJK.
(2) The actions as referred to in paragraph (1) letter b are carried out by the OJK within a maximum of 15 (fifteen) working days from the date of the Dissolution decision by the OJK as referred to in paragraph (1) letter a. (3) The notification and announcement as referred to in paragraph (1) letter b must contain:
a. the Dissolution and its legal basis; b. the name and address of the Liquidation Team;
c. the procedure for submitting claims; and
d. the time limit for submitting claims.
(4) All costs arising as referred to in paragraph (1) become the burden of the Operator's assets in Liquidation and are paid out first from every realization result.

Article 88
An Operator is referred to as an Operator in Liquidation and is required to append the word "in liquidation" abbreviated as "(DL)" behind the name of the Operator since the GMS decision as referred to in Article 85 paragraph (1) or the OJK decision as referred to in Article 87 paragraph (1) letter a.

Fifth Section
Liquidation Time Limit

Article 89
(1) The implementation of Liquidation by the Liquidation Team must be completed within a maximum period of 2 (two) years calculated from the date of the formation of the Liquidation Team. (2) In the event that the implementation of Liquidation cannot be completed within the time limit as referred to in paragraph (1), then:
a. the GMS has the authority to extend the implementation time limit of Liquidation at most 2 (two) times, each time for a maximum of 1 (one) year, for a Liquidation Team formed by the GMS after first obtaining approval from the OJK; or b. the OJK may extend the implementation time limit of Liquidation at most 2 (two) times, each time for a maximum of 1 (one) year, for a Liquidation Team formed by the OJK. (3) The application for extension of the implementation time limit of Liquidation as referred to in paragraph (2) must at least be accompanied by:
a. reasons for extending the implementation time limit of Liquidation; b. a progress report of the Liquidation process up to the date of the application along with supporting evidence; and
c. a work plan and budget during the extension of the implementation time limit of Liquidation.
(4) The application for extension of the implementation time limit of Liquidation as referred to in paragraph (2) is submitted at the latest 4 (four) months before the expiration of the implementation time limit of Liquidation as referred to in paragraph (1) or the expiration of the first extension time limit. (5) In the event that the implementation of Liquidation cannot be completed within the time limit as referred to in paragraph (2), the OJK may:
a. wait until there is a final court decision, in the event that the implementation of Liquidation has not been completed within the time limit as referred to in paragraph (2) due to lawsuits or disputes regarding the problematic assets of the Operator in Liquidation; or b. determine other settlement steps in accordance with applicable laws and regulations.

Sixth Section
Supervision and Reporting of Liquidation

Article 90
(1) The OJK conducts supervision over the implementation of Liquidation.
(2) Supervision of the implementation of Liquidation as referred to in paragraph (1) is conducted indirectly by analyzing reports submitted by the Liquidation Team to the OJK. (3) If necessary, the OJK may conduct direct supervision on the Operator in Liquidation. (4) The OJK may appoint a public accountant or other party on behalf of the OJK to conduct direct supervision as referred to in paragraph (3).

Article 91
(1) The Liquidation Team is required to submit a report on the realization of the work plan and budget to the OJK every month at the latest on the 10th (ten) day of the following month. (2) If the final deadline for submitting the report on the realization of the work plan and budget as referred to in paragraph (1) falls on a holiday, the final deadline for submitting the report is the next working day.

Seventh Section
Termination of Liquidation

Article 92
The implementation of Liquidation is considered complete in the event:
a. all obligations of the Operator in Liquidation have been paid; b. there are no more assets available to pay obligations before the expiration of the implementation time limit of Liquidation; or
c. the expiration of the implementation time limit of Liquidation as referred to in Article 89.

Article 93
(1) In the event that the implementation of Liquidation will end as referred to in Article 89 paragraph (1) and paragraph (2), at the latest 3 (three) months before the estimated end of the implementation of Liquidation, the Liquidation Team is required to announce the final payment date to creditors, including follow-up actions if creditors do not exercise their rights within the time limit up to the final payment date. (2) The final payment date as referred to in paragraph (1) is a maximum of 30 (thirty) working days from the date of the announcement. (3) The announcement as referred to in paragraph (1) is conducted through the Electronic System used by the Operator. (4) In the event that creditors have not exercised their rights up to the time limit as referred to in paragraph (2), the funds belonging to the creditors are deposited with the court. (5) The deposit of funds as referred to in paragraph (4) is carried out within a maximum of 30 (thirty) working days from the payment time limit as referred to in paragraph (2). (6) The Liquidation Team is deemed to have fulfilled the payment of obligations to the respective creditors after the deposit of funds belonging to creditors who have not been claimed as referred to in paragraph (4). (7) In the event that within a time limit of 30 (thirty) years the funds belonging to creditors as referred to in paragraph (4) are not claimed by the respective creditors, such funds are handed over to the state treasury.

Eighth Section
Bankruptcy

Article 94
(1) In the event that an Operator is in a bankruptcy process, whether upon its own application or upon the application of its creditors, the Operator is required to report to the OJK within a maximum of 5 (five) working days after receiving the notification of the application. (2) The reporting as referred to in paragraph (1) must be submitted by the Board of Directors to the OJK using Format 19 contained in the Appendix which is an integral part of this OJK Regulation, attaching at least:
a. the name of the party filing for bankruptcy; b. a summary of the bankruptcy declaration application including:

the legal standing of the applicant containing a clear description of the applicant's right to file the application; and
the reasons for the bankruptcy declaration application described clearly and in detail; and
c. the follow-up plan to be carried out by the Operator to handle the bankruptcy process.

Article 95
Provisions regarding the settlement of Users' rights and obligations as referred to in Article 79 and Article 80 apply mutatis mutandis to Operators declared bankrupt.

Article 96
Provisions regarding the bankruptcy mechanism follow the provisions of laws and regulations governing bankruptcy.

Article 97
In the event that the settlement of assets of an Operator declared bankrupt has been carried out and the bankruptcy of the Operator has ended, the OJK revokes the business license of the Operator.

Ninth Section
Administrative Sanctions

Article 98
(1) An Operator violating the provisions as referred to in Article 79 paragraph (2) and (3), Article 80 paragraph (1), Article 82 paragraph (1), Article 83 paragraph (2), Article 84 paragraph (1), Article 85 paragraph (1), (2), and (4), Article 86 paragraph (1), Article 89 paragraph (1), Article 91 paragraph (1), and/or Article 94, is subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Operator's Electronic System.
(3) Administrative sanctions in the form of written warning as referred to in paragraph (1) letter a are given at most 3 (three) times, each with a validity period of a maximum of 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) expires and the Operator still cannot overcome the cause of the sanction, the OJK imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and take effect from the date of establishment for a maximum period of 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warning and/or restriction of business activities expires on a holiday, the administrative sanctions in the form of written warning and/or restriction of business activities remain valid until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Operator has fulfilled the provisions as referred to in paragraph (1), the OJK revokes the administrative sanctions in the form of written warning or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Operator continues to conduct business activities, the OJK may directly impose administrative sanctions in the form of revocation of business license. (9) In the event that by the expiration of the validity period of restriction of business activities as referred to in paragraph (6), the Operator still does not fulfill the provisions as referred to in paragraph (1), the OJK revokes the business license of the respective Operator.

Article 99
Parties violating the provisions of Article 83 paragraph (2), Article 84 paragraph (1), Article 85 paragraph (1), (2), and (6), Article 86 paragraph (1), Article 88, Article 89 paragraph (1), Article 91 paragraph (1), and/or Article 93 paragraph (1), are subject to administrative sanctions in the form of:
a. warning letter; b. termination as a Liquidation Team; and/or
c. prohibition from becoming a shareholder, Board of Directors, Board of Commissioners, or Sharia Supervisory Board on the Operator.

CHAPTER XII
EDUCATION AND USER PROTECTION OF TECHNOLOGY-BASED COLLECTIVE FUNDING SERVICES (LPBBTI)

First Section
Consumer Protection

Article 100
(1) To realize consumer protection, Operators are required to apply the following principles:
a. transparency; b. fair treatment;
c. reliability;
d. confidentiality and security of consumer data/information; and e. handling of complaints and settlement of consumer disputes simply, quickly, and at affordable costs. (2) Consumer protection as referred to in paragraph (1) is implemented in accordance with OJK Regulations regarding consumer protection in the financial services sector.

Second Section
Operator Transparency

Article 101
(1) Operators are required to clearly state the name of the Operator at the headquarters, offices other than the headquarters, and the Electronic System.
(2) Operators are required to state the global positioning system (GPS) coordinates on the Operator's webpage regarding the location:
a. headquarters; and b. offices other than the headquarters.
(3) The Electronic System used by the Operator must at least contain:
a. the name of the Operator; b. the logo;
c. the name of the Electronic System;
d. the profile of all members of the Board of Directors, Board of Commissioners, Sharia Supervisory Board (DPS), and shareholders of the Operator; e. Funding Performance; and f. information that the Operator is supervised by the OJK. (4) Funding Performance as referred to in paragraph (3) letter e must contain at least the following information:
a. the value of Funding disbursed; b. the number of Fund Providers;
c. the number of Fund Recipients; and
d. the repayment success rate.
(5) Information as referred to in paragraph (4) letters a through c is submitted:
a. since commencing business activities; b. in the current year; and
c. in the form of end-of-period positions.
(6) Further provisions regarding the calculation of the repayment success rate are determined by the OJK.

Third Section
Debt Collection

Article 102
(1) In the event that a Fund Recipient defaults, the Operator is required to conduct debt collection on the Fund Recipient, at least by issuing a warning letter in accordance with the time limit in the Funding agreement between the Fund Provider and the Fund Recipient. (2) The warning letter as referred to in paragraph (1) must contain at least the following information:
a. the number of days of payment delay; b. the end position of total Funding not yet settled or principal owed;
c. the economic benefits of Funding; and
d. the owed penalty.

Article 103
(1) The Operator may cooperate with other parties to perform debt collection functions on Fund Recipients as referred to in Article 102 paragraph (1).
(2) The Operator is required to document the cooperation with other parties as referred to in paragraph (1) in the form of a written agreement.
(3) Cooperation with other parties as referred to in paragraph (1) must meet the following provisions:
a. the other party is a legal entity; b. the other party has a license from the competent authority;
c. the other party has human resources that have obtained certification in the field of debt collection from a professional certification body registered with the OJK; and
d. the other party is not an affiliate of the Operator or Fund Provider.
(4) The Operator is fully responsible for all impacts arising from cooperation with other parties as referred to in paragraph (1).
(5) The Operator is required to conduct periodic evaluations of cooperation with other parties as referred to in paragraph (1).

Article 104
(1) In conducting debt collection on Fund Recipients as referred to in Article 102 paragraph (1) and Article 103 paragraph (1), the Operator must ensure that debt collection is conducted in accordance with prevailing social norms and applicable laws and regulations. (2) Further provisions regarding debt collection are determined by the OJK.

Fourth Section
Administrative Sanctions

Article 105
(1) An Operator violating the provisions as referred to in Article 100 paragraph (1), Article 101 paragraph (1), (2), and (3), Article 102, Article 103 paragraph (2), (3), (4), and (5), and/or Article 104 is subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Operator's Electronic System.
(3) Administrative sanctions in the form of written warning as referred to in paragraph (1) letter a are given at most 3 (three) times, each with a validity period of a maximum of 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) expires and the Operator still cannot overcome the cause of the sanction, the OJK imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and take effect from the date of establishment for a maximum period of 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warning and/or restriction of business activities expires on a holiday, the administrative sanctions in the form of written warning and/or restriction of business activities remain valid until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Operator has fulfilled the provisions as referred to in paragraph (1), the OJK revokes the administrative sanctions in the form of written warning or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Operator continues to conduct business activities, the OJK may directly impose administrative sanctions in the form of revocation of business license. (9) In the event that by the expiration of the validity period of restriction of business activities as referred to in paragraph (6), the Operator still does not fulfill the provisions as referred to in paragraph (1), the OJK revokes the business license of the respective Operator.

CHAPTER XIII
SUBMISSION OF LICENSING APPLICATIONS, APPROVAL APPLICATIONS, AND REPORTING VIA ONLINE NETWORK

Article 106
(1) Applications for licensing, applications for approval, and reporting as referred to in Article 5 paragraph (4), Article 9 paragraph (1), Article 10 paragraph (5), Article 13 paragraph (2), Article 14 paragraph (2), Article 18 paragraph (3), (6), and (10), Article 43 paragraph (4), Article 60 paragraph (5), Article 61 paragraph (4), Article 62 paragraph (3), Article 63 paragraph (3), Article 64 paragraph (3), Article 66 paragraph (3), (4), and (5), Article 69 paragraph (1), Article 70 paragraph (3), Article 71 paragraph (3), Article 72 paragraph (5), Article 75 paragraph (1), Article 76, Article 78 paragraph (3), and/or Article 94 paragraph (2) are submitted through the OJK's data communication network system. (2) With the submission of licensing applications, approval applications, and reporting to the OJK via the online network as referred to in paragraph (1), Operators do not need to submit printed documents. (3) Operators are required to account for every document submitted to the OJK as being consistent with the original documents. (4) In the event that the OJK's data communication network system as referred to in paragraph (1) is not yet available or experiences technical difficulties, the Operator submits applications in the form of electronic data via email designated by the OJK.

Article 107
(1) An Operator violating the provisions as referred to in Article 106 paragraph (3) is subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Operator's Electronic System.
(3) Administrative sanctions in the form of written warning as referred to in paragraph (1) letter a are given at most 3 (three) times, each with a validity period of a maximum of 2 (two) months. (4) In the event that the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) expires and the Operator still cannot overcome the cause of the sanction, the OJK imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are given in writing and take effect from the date of establishment for a maximum period of 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warning and/or restriction of business activities expires on a holiday, the administrative sanctions in the form of written warning and/or restriction of business activities remain valid until the next working day. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warning as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Operator has fulfilled the provisions as referred to in paragraph (1), the OJK revokes the administrative sanctions in the form of written warning or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Operator continues to conduct business activities, the OJK may directly impose administrative sanctions in the form of revocation of business license. (9) In the event that by the expiration of the validity period of restriction of business activities as referred to in paragraph (6), the Operator still does not fulfill the provisions as referred to in paragraph (1), the OJK revokes the business license of the respective Operator.

CHAPTER XIV
ASSOCIATIONS
Article 108
(1) Organizers must be registered as members of the Association.
(2) Organizers must comply with the market code of conduct issued by the Association within the scope of LPBBTI.
(3) The Association submits an annual report to the Financial Services Authority no later than 4 (four) months after the end of the fiscal year.

Article 109
(1) Organizers who violate the provisions as referred to in Article 108 paragraph (1) are subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Organizer's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are issued a maximum of 3 (three) times, with each validity period being a maximum of 2 (two) months. (4) In the event that the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) expires and the Organizer still cannot overcome the cause of the sanction, the Financial Services Authority imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are issued in writing and take effect from the date of establishment for a maximum period of 6 (six) months.

(6) If the validity period of administrative sanctions in the form of written warnings and/or restriction of business activities ends on a holiday, the administrative sanctions in the form of written warnings and/or restriction of business activities remain valid until the first working day following. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Organizer has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes the administrative sanctions in the form of written warnings or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Organizer continues to conduct business activities, the Financial Services Authority may directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restriction of business activities as referred to in paragraph (6), the Organizer still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the Organizer concerned.

CHAPTER XV
SUPERVISION
Article 110
(1) The Financial Services Authority has the authority to conduct supervision over Organizers.
(2) Supervision as referred to in paragraph (1) is conducted by means of:
a. Direct Examination; and b. indirect examination.
(3) The implementation of Direct Examination as referred to in paragraph (2) letter a is conducted in accordance with the Financial Services Authority Regulation regarding direct examination of non-bank financial service institutions. (4) The Financial Services Authority conducts integrated supervision over Organizers that are part of financial conglomerates in accordance with the Financial Services Authority Regulation regarding financial conglomerates.

CHAPTER XVI
PROHIBITIONS
Article 111
In conducting business activities, Organizers are prohibited from:
a. conducting business activities other than those regulated in this Financial Services Authority Regulation; b. acting as a Lender or a Borrower;
c. representing Lenders to conduct Funding and/or provide automatic Funding features;
d. providing access to members of the Board of Directors, members of the Board of Commissioners, Sharia Supervisory Board (DPS), employees, and their affiliates to act as Lenders; e. providing access to members of the Board of Directors, members of the Board of Commissioners, DPS, shareholders, and their affiliates to act as Borrowers; f. providing guarantees in any form regarding the fulfillment of obligations of other parties; g. issuing debt instruments; h. having loans;
i. providing recommendations to Users;
j. publishing fictitious and/or misleading information; k. offering services directly or indirectly to Users and/or the public through personal communication means without permission;
l. charging fees to Users and/or the public for complaint services; and/or
m. taking actions that cause or force other financial service institutions under the supervision of the Financial Services Authority to violate and/or evade statutory regulations.

Article 112
(1) Organizers who violate the provisions as referred to in Article 111 are subject to administrative sanctions in the form of:
a. written warning; b. restriction of business activities; and/or
c. revocation of license.
(2) The administrative sanctions as referred to in paragraph (1) may be accompanied by the blocking of the Organizer's Electronic System.
(3) Administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a are issued a maximum of 3 (three) times, with each validity period being a maximum of 2 (two) months. (4) In the event that the validity period of the administrative sanction in the form of a written warning as referred to in paragraph (3) expires and the Organizer still cannot overcome the cause of the sanction, the Financial Services Authority imposes administrative sanctions in the form of restriction of business activities. (5) Administrative sanctions in the form of restriction of business activities as referred to in paragraph (4) are issued in writing and take effect from the date of establishment for a maximum period of 6 (six) months. (6) If the validity period of administrative sanctions in the form of written warnings and/or restriction of business activities ends on a holiday, the administrative sanctions in the form of written warnings and/or restriction of business activities remain valid until the first working day following. (7) In the event that before the expiration of the validity period of administrative sanctions in the form of written warnings as referred to in paragraph (3) or restriction of business activities as referred to in paragraph (5), the Organizer has fulfilled the provisions as referred to in paragraph (1), the Financial Services Authority revokes the administrative sanctions in the form of written warnings or restriction of business activities. (8) In the event that administrative sanctions in the form of restriction of business activities are still in effect and the Organizer continues to conduct business activities, the Financial Services Authority may directly impose administrative sanctions in the form of license revocation. (9) In the event that by the end of the validity period of restriction of business activities as referred to in paragraph (6), the Organizer still does not fulfill the provisions as referred to in paragraph (1), the Financial Services Authority revokes the business license of the Organizer concerned.

CHAPTER XVII
TRANSITIONAL PROVISIONS
Article 113
(1) Provisions regarding paid-up capital as referred to in Article 4 paragraph (1) do not apply to Organizers who:
a. have obtained licenses; b. are in the process of applying for licenses; and
c. have returned registration certificates and will apply for licenses again,
before this Financial Services Authority Regulation is enacted.
(2) The paid-up capital requirements as referred to in paragraph (1) letters b and c are set at IDR 2,500,000,000.00 (two billion five hundred million rupiah) and only apply to Organizers applying for licenses no later than 6 (six) months after this Financial Services Authority Regulation is enacted.

(3) When applying for licensing to the Financial Services Authority, Organizers who have returned registration certificates and will apply for licenses as referred to in paragraph (1) letter c must fulfill the provisions:
a. without changes to the Payment Service Provider (PSP); and b. having equity of at least IDR 2,500,000,000 (two billion five hundred million rupiah).

Article 114
(1) Conventional Organizers who have Sharia products or business units and have not yet fulfilled the provisions as referred to in Article 24 paragraph (3) must stop marketing Sharia products since this Financial Services Authority Regulation is enacted and settle the Organizer's rights and obligations no later than 6 (six) months after this Financial Services Authority Regulation is enacted. (2) Provisions regarding the number of Board of Directors members as referred to in Article 55 paragraph (1), the number of Board of Commissioners members as referred to in Article 56 paragraph (1), certifications as regulated in Article 15 paragraph (1), ownership, control, and management of Electronic Systems as regulated in Article 42 paragraph (2), and ownership of Electronic Systems on devices and website addresses as regulated in Article 42 paragraph (4) must be fulfilled no later than 1 (one) year after this Financial Services Authority Regulation is enacted. (3) Provisions regarding concurrent positions of directors as regulated in Article 55 paragraph (4), concurrent positions of commissioners as referred to in Article 56 paragraph (3), and ownership of internal audit units as regulated in Article 58 paragraph (1) must be fulfilled no later than 6 (six) months after this Financial Services Authority Regulation is enacted. (4) In the event that Organizers have used foreign labor as referred to in Article 18 paragraph (1) before the enactment of this Financial Services Authority Regulation, the validity period of using foreign labor remains valid until the end of the agreed foreign labor employment contract. (5) Upon the enactment of this Financial Services Authority Regulation, every party who is a PSP in more than 1 (one) conventional Organizer and 1 (one) Organizer based on Sharia Principles must adjust to the provisions in Article 6 paragraph (1) no later than 1 (one) year after the enactment of this Financial Services Authority Regulation. (6) Key Parties in Organizers who have held office before this Financial Services Authority Regulation was enacted may continue to serve as Key Parties until the end of their term of office. (7) Key Parties as referred to in paragraph (6) must undergo fitness and propriety assessments before their term of office is extended or transferred.

Article 115
Organizers who have obtained business licenses upon the enactment of this Financial Services Authority Regulation and have foreign ownership, both direct and indirect, exceeding 85% (eighty-five percent) are exempt from the foreign ownership limits as referred to in Article 3 paragraph (4) provided that they do not change ownership.

Article 116
Technology-Based Money Lending Services as referred to in Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Technology-Based Money Lending Services are declared as LPBBTI based on this Financial Services Authority Regulation.

CHAPTER XVIII
FINAL PROVISIONS
Article 117
Upon the enactment of this Financial Services Authority Regulation, the implementation provisions of Financial Services Authority Regulation Number 77/POJK.01/2016 Year 2016 concerning Technology-Based Money Lending Services (State Gazette of the Republic of Indonesia Year 2016 Number 324, Supplement to the State Gazette of the Republic of Indonesia 6005) remain valid insofar as they do not conflict with the provisions in this Financial Services Authority Regulation.

Article 118
Upon the enactment of this Financial Services Authority Regulation, Financial Services Authority Regulation Number 77/POJK.01/2016 Year 2016 concerning Technology-Based Money Lending Services (State Gazette of the Republic of Indonesia Year 2016 Number 324, Supplement to the State Gazette of the Republic of Indonesia 6005) is revoked and declared invalid.

Article 119
Upon the enactment of this Financial Services Authority Regulation, Article 30 letter a of Financial Services Authority Regulation Number 4/POJK.05/2021 concerning the Implementation of Risk Management in the Use of Information Technology by Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2021 Number 78, Supplement to the State Gazette of the Republic of Indonesia Number 6668) is declared invalid for Organizers.

Article 120
This Financial Services Authority Regulation takes effect upon the date of enactment.

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja

To ensure that everyone knows it, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Established in Jakarta on June 29, 2022 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed WIMBOH SANTOSO

Enacted in Jakarta on July 4, 2022
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2022 NUMBER 2/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 10 /POJK.05/2022
CONCERNING
TECHNOLOGY-BASED COLLECTIVE FUNDING SERVICES

I. GENERAL
The development of information technology has a major impact on the financial services industry (FSI). The digitalization of FSI has driven FSI to innovate rapidly and adapt to societal needs. One FSI that has developed very rapidly in recent years is the financial technology (fintech) industry, specifically the technology-based money lending services (LPMUBTI) industry. Since it was first regulated and supervised by the Financial Services Authority in 2016, the development of the LPMUBTI industry has recorded very high growth, far above the growth of other FSI. The number of users continues to increase significantly. Business models and cooperation with other parties in the ecosystem continue to develop and become more complex. This positive industry development needs to be directed to provide optimal contribution to the Indonesian nation through funding to society, regions, and business sectors that have not been optimally funded by existing financial institutions.

The LPMUBTI industry is supported by information technology with characteristics different from existing FSI, such as face-to-face transaction mechanisms, high transaction frequency, fast processes, simple requirements, including support for artificial intelligence. These characteristics result in a business nature that requires supervision different from conventional supervision methods. Supervision must be conducted by optimally utilizing information technology to increase effectiveness and efficiency. Support for information technology in supervision is also to accommodate the increasingly complex development of the industry.

The very rapid development and industry characteristics as described above require a principle-based regulatory model that is more flexible in accommodating industry development. The supervision approach also needs to be directed towards market conduct by involving industry associations. Furthermore, transparency to the public needs to be prioritized so that the public can also assess the quality of the industry and Organizers, and can increase public trust.

Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Technology-Based Money Lending Services (POJK 77/2016) is deemed no longer able to accommodate the rapid development of the industry and the industry's future demands. Many things are not regulated in POJK 77/2016, including many provisions that are not accommodating to the industry's current and future needs. This impacts the suboptimal support of regulations for development, quality, and industry contribution. In addition, POJK 77/2016 has not been able to provide optimal regulation on consumer protection.

Furthermore, the development of LPMUBTI with Sharia principles and the emergence of Sharia products have caused the term "money lending" to be less appropriate for use. To accommodate business activities with Sharia and conventional principles, adjustments need to be made using more universal terms. Thus, to accommodate needs and describe the concept of money lending in LPMUBTI, the use of the term technology-based collective funding services (LPBBTI) is more appropriate and more universal.

POJK 77/2016 which regulates the LPMUBTI industry needs to be replaced with new regulations that can accommodate future needs. Through the new regulation, it is hoped that the Financial Services Authority's needs regarding the effectiveness and efficiency of supervision, the industry's needs to develop optimally, healthily, and contributively, and consumers' needs for more optimal protection can be accommodated.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Paragraph (1)
Letter a
Clear enough.
Letter b
Foreign legal entities include naamloze vennootschap (NV), private limited (Pte. Ltd), or sendirian berhad (Sdn. Bhd).
Paragraph (2)
Clear enough.
Paragraph (3)
Clear enough.
Paragraph (4)
Clear enough.
Paragraph (5)
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Paragraph (1)
Example of prohibition to be a PSP in more than 1 (one) conventional Organizer or 1 (one) Organizer based on Sharia Principles:

A is a PSP at PT X which is a conventional Organizer. A cannot be a PSP at another conventional Organizer.
B is a PSP at PT Y which is an Organizer based on Sharia Principles. B cannot be a PSP at another Organizer based on Sharia Principles.
A is a PSP at PT X which is a conventional Organizer and can be a PSP at PT Y which is an Organizer based on Sharia Principles.
Paragraph (2)
Clear enough.

Article 7
Clear enough.

Article 8
Paragraph (1)
Clear enough.
Paragraph (2)
Clear enough.
Paragraph (3)
Clear enough.
Paragraph (4)
Clear enough.
Paragraph (5)
What is meant by "from the date" is that the time calculation starts from the specified date. Example: if the Organizer registers on June 5, the date is calculated. Paragraph (6) Clear enough. Paragraph (7) Clear enough.

Article 9
Paragraph (1)
Letter a
Clear enough.
Letter b
Clear enough.
Letter c
Ultimate shareholder, commonly known as ultimate shareholder.
Beneficial owner, commonly known as beneficial owner.
Letter d
Clear enough.
Letter e
Clear enough.
Letter f
What is meant by "other documents showing the financial capacity and source of funds of prospective shareholders who are individuals" includes bank statements and deposit certificates. Letter g Clear enough. Letter h Examples of documents proving that paid-up capital does not come from loans include:

information regarding shareholders from the financial services information system,
equivalent documents from other countries' authorities,
bank statements, and
others.
Letter i
Clear enough.
Letter j
Clear enough.
Letter k
Clear enough.
Letter l
Clear enough.
Letter m
Clear enough.
Letter n
Clear enough.
Letter o
What is meant by "proof of payment of licensing fees" is valid proof of payment of licensing fees by the Organizer to the Financial Services Authority.
Paragraph (2)
What is meant by "presentation of Electronic Systems" is a presentation regarding Electronic Systems owned by the Organizer, the Funding flow both from Lenders and Borrowers, the reliability of Electronic Systems, and the integration of Electronic Systems with the fintech lending data center. Paragraph (3) Clear enough. Paragraph (4) Clear enough. Paragraph (5) Clear enough. Paragraph (6) Clear enough. Paragraph (7) What is meant by "completeness of documents" is that documents are complete and meet the requirements and provisions in this Financial Services Authority Regulation. Paragraph (8) Clear enough. Paragraph (9) Clear enough.

Article 10
Clear enough.

Article 11
Clear enough.

Article 12
Clear enough.

Article 13
Clear enough.

Article 14
Clear enough.

Article 15
Clear enough.

Article 16
Paragraph (1)
What is meant by "competency certificates" refers to the applicable Indonesian National Qualification Framework in the field of financial technology.
What is meant by "professional certification institution" is a professional certification institution accredited by the National Professional Certification Agency and registered with the Financial Services Authority. Paragraph (2) Clear enough. Paragraph (3) Clear enough.

Article 17
Paragraph (1)
Examples of Electronic Systems used by Organizers include websites and mobile applications.
Paragraph (2)
Expertise can be proven, for example, through certification.

Article 18
Clear enough.

Article 19
Paragraph (1)
Clear enough.
Paragraph (2)
Clear enough.
Paragraph (3)
Clear enough.
Paragraph (4)
Letter a
Clear enough.
Letter b
What is meant by "registered in a third-party industry association" is an association recognized under Indonesian law or recognized internationally when there is no similar association in Indonesia. Letter c Clear enough. Letter d Clear enough. Paragraph (5) Clear enough.

Article 20
Clear enough.

Article 21
Clear enough.

Article 22
Clear enough.

Article 23
Clear enough.

Article 24
Paragraph (1)
Clear enough.
Paragraph (2)
This provision means that Organizers conducting business activities conventionally cannot conduct Sharia-based business activities simultaneously with conventional business activities, including through the formation of Sharia units or vice versa. Paragraph (3) Clear enough.

Article 25
Paragraph (1)
Letter a
What is meant by "Productive Funding" is Funding for businesses that produce goods and/or services, including businesses that add value and increase income for Borrowers. Productive funding includes invoice financing, purchase order procurement, online seller procurement, business capital facilities, or Project Funding. Letter b What is meant by "Multiguna Funding" is Funding for goods and/or services needed by Borrowers for use/consumption and not for business or productive activities within the agreed time frame. Multiguna Funding activities are conducted directly to Borrowers or indirectly to Borrowers through other parties. Paragraph (2) Letter a What is meant by "provision of guarantees" is that the seller of receivables bears the risk of non-collection of part or all of the receivables involved in factoring. Letter b Clear enough. Paragraph (3) Clear enough.

Article 26
Paragraph (1)
Clear enough.
Paragraph (2)
Letter a
Clear enough.
Letter b
What is meant by "affiliation" is:
a. when the Lender is a company that has:

family relationships due to marriage or descent up to the second degree, both horizontally and vertically with employees, board of directors members, board of commissioners members, Sharia supervisory board members, and/or shareholders;
relationships with companies due to the existence of one or more board of directors or board of commissioners members;
control relationships with companies both directly and indirectly;
share ownership relationships in companies of 20% (twenty percent) or more;
and/or
relationships between 2 (two) companies controlled, both directly and indirectly, by the same party
b. when the Lender is an individual who has:
family relationships due to marriage or descent up to the second degree, both horizontally and vertically;
employees employed directly by the Lender; and/or
parties other than letters a and b acting on behalf of other Lenders.
Paragraph (3)
What is meant by "maximum limit of Funding to each Borrower" is the maximum total limit of Funding

that have not been paid off by each Financing Recipient within one Organizer.

Example:
A is a Financing Recipient at Organizer ABCD. A cannot submit a new Financing application if A's total outstanding Financing has reached IDR 2,000,000,000 (two billion rupiah). If A has paid off part or all of the loan, A can submit a new Financing application again until A's total outstanding Financing reaches IDR 2,000,000,000 (two billion rupiah).

Paragraph (4)
The term “25% (twenty-five percent) of outstanding Financing at the end of the month” is determined based on the Organizer's Financing transaction information at any time.

Example:
At the end of the month, the Organizer submits Financing information amounting to 50B, so in the following month, each Financing Provider can only disburse Financing up to a maximum of 12.5B (50 x 25%).

Paragraph (5)
Sufficiently clear.

Paragraph (6)
The maximum Financing limit for financial services business actors supervised by the Financial Services Authority (OJK) is applied while still following the applicable laws and regulations for such financial services business actors.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Article 27

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Indonesian legal entities do not include the government or government agencies such as ministries, public service agencies, and/or revolving fund management agencies.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Article 28

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 29

Paragraph (1)
The term “economic benefit” refers to the rate of return, including but not limited to interest, profit-sharing, ujrah (fee), or margin.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 30
Sufficiently clear.

Article 31

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Sufficiently clear.

Letter j
Sufficiently clear.

Letter k
The term “use of Personal Data” includes, among others, the consent for the use of Personal Data from the Financing Provider and the scope of data usage by the Organizer.

Letter l
The term “Financing collection mechanism” refers to collection by the Organizer and the transfer of collection to third parties.

Letter m
The term “risk mitigation in the event of default Financing” refers to the settlement of default Financing that can be carried out by the Financing Provider, consisting of collection by the Organizer, the transfer of collection to third parties, and insurance claims or guarantees.

Letter n
Sufficiently clear.

Letter o
Examples of Organizers that cannot continue operational activities are:

The Organizer has returned the license to the Financial Services Authority (OJK);
The Financial Services Authority (OJK) has revoked the Organizer's business license; and
The Organizer is undergoing conversion from conventional LPBBTI management to LPBBTI management based on Sharia Principles.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Letter a
The term “final Financing position” includes, among others, the remaining amount of Financing that has not been paid.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Submission of the agreement is done by providing a special section on the Electronic System used by the Organizer. Examples include websites or mobile applications that provide access to Financing Providers to view previously signed agreements.

Article 32

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
The identities of the parties only include names and National Identity Number (NIK) or Business Identification Number (NIB) or other equivalent numbers.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

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
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 33
The term “ensuring Users have read and understood the contents of the agreement” means providing facilities that ensure Users have read and understood the contents of the agreement before the agreement is signed.

Example:
Before the User agrees to the agreement on the Organizer's Electronic System, there is a notification “Has the User read and understood the contents of the agreement?” delivered to the User.

Article 34
Sufficiently clear.

Article 35

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Letter a
In conducting financing risk analysis to be facilitated, the Organizer can conduct it independently or in cooperation with other parties, such as credit management providers or data providers. The term “financing risk analysis” includes, among others, the Organizer conducting scoring/assessment of Financing Recipients who apply for Financing. Financing Recipients who meet the criteria to receive funds are presented to potential Financing Providers to be selected/provided with Financing. The position of all potential Financing Recipients is equal or all are eligible for financing. The Organizer is prohibited from directing potential Financing Providers to select only some Financing Recipients who meet the criteria (eligible). The Organizer frees (without providing input/suggestions/directions) potential Financing Providers to choose the Financing Recipients presented by the Organizer.

Example:
From 5 (five) potential Financing Recipients who applied, only 4 (four) met the criteria based on the Organizer's scoring/assessment for financing (with different or same scoring/assessment results). The Organizer presents the scoring/assessment results for the 4 (four) persons to potential Financing Providers to be selected/financed. The Organizer is prohibited from providing input/suggestions/directions for potential Financing Providers to provide funds to specific persons among the 4 (four) persons.

Letter b
In conducting User identity verification, the Organizer cooperates with electronic certification organizers.
In ensuring the authenticity of documents, the Organizer examines the truthfulness and authenticity of documents submitted by either Financing Recipients or Financing Providers, including in the case of collateral in the process mentioned.

Letter c
In facilitating Financing Providers to conduct collection until Financing is paid, the Organizer can conduct collection independently until Financing is paid or transfer it to third parties to conduct collection. In addition, the Organizer can also represent Financing Providers to take actions in the context of collection or payment settlement with Financing Recipients.

Letter d
In the context of financing risk transfer, it can be done through the transfer of risks arising from Financing conducted by Financing Providers.

Letter e
The term “transfer of risk over collateral objects” refers to insuring the collateral objects. Other risk mitigation that can be done by the Organizer includes, among others, when there is collateral in the Financing agreement between Financing Providers and Financing Recipients, the Organizer cooperates with other parties who have the authority to accept or store collateral objects in accordance with applicable laws and regulations.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 36

Paragraph (1)
The term “using Escrow Accounts and Virtual Accounts/payment gateways for LPBBTI” means all Financing activities between Users are not through the Organizer's account but use Escrow Accounts and Virtual Accounts/payment gateways.

Paragraph (2)
The term “special fund account” refers to accounts at banks specifically used for LPBBTI transactions.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Paragraph (9)
Sufficiently clear.

Article 37
Sufficiently clear.

Article 38

Paragraph (1)
The term “non-financial institutions” includes, among others, the use of population data, data center organizers, partnerships, and others.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
The term “informational services” refers to services limited only to providing information on the Organizer's Electronic System without further interaction and not followed by financial transaction execution.

Example:
An insurance company cooperates on informational services with the Organizer by placing advertisements; when Users click on the indicated advertisements, Users will be directed to the insurance company's website without following up with financial transaction execution.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 39
Sufficiently clear.

Article 40

Paragraph (1)
The term “data exchange cooperation” refers to cooperation with technology-based support service organizers for the purpose of data exchange.
Examples of technology-based support service organizers include credit information management agencies, alternative credit scoring organizers based on telecommunications, or e-commerce organizers. The term “data” refers to data needed in the credit scoring process, including Personal Data and transaction data.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 41
Sufficiently clear.

Article 42

Paragraph (1)
Sufficiently clear.

Paragraph (2)
The term “owned, controlled, and managed” includes the ability to develop, change, and delete Electronic Systems.

Paragraph (3)
The term “registered” means Electronic Systems are registered with the authority overseeing the communication and information sector.

Paragraph (4)
Sufficiently clear.

Article 43

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Letter a
Sufficiently clear.

Letter b
The term “Financing transaction information” includes information related to Financing applications and provision, including the final position of total outstanding Financing, the number of transactions, and the amount of disbursement.

Letter c
The term “Financing quality information” refers to information regarding Financing payments consisting of due dates, payment status, fines, and payment values.

Article 44
Sufficiently clear.

Article 45

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The term “other purposes” refers to the use of audit trails for purposes other than supervision, law enforcement, dispute resolution, verification, and testing.
Example of examination to obtain certification from international standardization organizations (ISO).

Paragraph (4)
Sufficiently clear.

Article 46
Sufficiently clear.

Article 47

Paragraph (1)
The term “consent” refers to consent from Users in writing or in other forms in accordance with applicable regulations.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
The term “written application” refers to applications via letters, electronic mail (e-mail), or other channels on the Electronic System provided by the Organizer.

Article 48
Sufficiently clear.

Article 49

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Paragraph (9)
Sufficiently clear.

Paragraph (10)
Sufficiently clear.

Paragraph (11)
The term “errors in transaction data entry” refers to any errors in transaction data reported by the Organizer through the fintech lending data center of the Financial Services Authority (OJK).

Example:
In each transaction data report, there are several dimensions (columns), including the Organizer's name, Financing Provider's name, Financing Recipient's name, economic benefit amount, and payment date. If the Organizer incorrectly reports the economic benefit amount dimension and payment date, the Organizer is subject to administrative sanctions in the form of fines for transaction data entry errors amounting to IDR 50,000.00 (fifty thousand) x 2 (two) entries.

Paragraph (12)
Sufficiently clear.

Paragraph (13)
Sufficiently clear.

Article 50

Paragraph (1)
Sufficiently clear.

Paragraph (2)
The term “equity” refers to equity based on accounting standards applicable in Indonesia.

Article 51
Sufficiently clear.

Article 52
Sufficiently clear.

Article 53

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
The term “transparency” refers to transparency in the decision-making process and transparency in the disclosure and provision of relevant information regarding the Organizer, which is easily accessible by stakeholders in accordance with applicable laws and regulations in the field of LPBBTI as well as standards, principles, and practices of healthy LPBBTI business operations.

Letter b
The term “accountability” refers to the clarity of functions and the implementation of accountability of the Organizer's organs so that the Organizer's performance can run transparently, fairly, effectively, and efficiently.

Letter c
The term “responsibility” refers to the alignment of the Organizer's management with applicable laws and regulations in the field of LPBBTI and ethical values, standards, principles, and practices of healthy LPBBTI business operations.

Letter d
The term “independence” refers to the state of the Organizer being managed independently and professionally and free from conflicts of interest and influence or pressure from any party that is not in accordance with applicable laws and regulations in the field of LPBBTI and ethical values, standards, principles, and practices of healthy LPBBTI business operations.

Letter e
The term “fairness” refers to equality, balance, and justice in fulfilling the rights of stakeholders arising from agreements, applicable laws and regulations, and ethical values, standards, principles, and practices of healthy LPBBTI operations.

Article 54
Sufficiently clear.

Article 55

Paragraph (1)
Sufficiently clear.

Paragraph (2)
The term “managerial experience” refers to persons who have held managerial positions and have the authority to make decisions.
The term “credit/financing, risk management, and/or finance fields” refers to job functions that must exist in financial services institutions so that if such jobs do not exist, the activities would be severely disrupted or not carried out as intended.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 56

Paragraph (1)
Sufficiently clear.

Paragraph (2)
The term “managerial level” refers to persons who have held managerial positions and have the authority to make decisions.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 57

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Example of regulations prohibiting concurrent positions as members of the Sharia Supervisory Board (DPS) in more than 3 (three) other Sharia financial institutions, namely:
A is a member of the DPS for Organizer based on Sharia Principles O. A holds concurrent positions as:
a. member of the DPS at Sharia financing company P; b. member of the DPS at Sharia insurance company Q;
c. member of the DPS at Sharia commercial bank R; and
d. member of the DPS at Sharia rural financing bank S.

Article 58
Sufficiently clear.

Article 59
Sufficiently clear.

Article 60
Sufficiently clear.

Article 61
Sufficiently clear.

Article 62
Sufficiently clear.

Article 63
Sufficiently clear.

Article 64

Paragraph (1)
The term “business model change” refers to changes or additions to business models that differ significantly from the business model operated by the Organizer.

Example:
Organizer X is a platform providing multi-purpose Financing services. If it wishes to open productive Financing services, the Organizer must report to the Financial Services Authority (OJK). Organizer X operates in disbursing Financing for agriculture. If the Organizer intends to disburse Financing for employees with fixed incomes, the Organizer must report to the Financial Services Authority (OJK). Organizer X, which previously disbursed Financing for employees with fixed incomes at a specific company, when wishing to disburse Financing generally, must report to the Financial Services Authority (OJK).

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 65

Paragraph (1)
Incidental reports are reports not regulated in Financial Services Authority (OJK) Regulations and must be reported immediately.
Examples of reports include fraud actions, internal audit implementation reports, and education implementation reports.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 66

Paragraph (1)
The term “correct” means in accordance with the actual conditions of the LPBBTI Financial Institution and does not contain incorrect or material information or facts. The term “complete” means containing all report elements and not omitting information or material facts.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Paragraph (9)
Sufficiently clear.

Paragraph (10)
Sufficiently clear.

Paragraph (11)
Sufficiently clear.

Article 67
Sufficiently clear.

Article 68

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Example of ownership changes under these regulations:
A is an Organizer whose shares are owned by B and C. B and C are closed companies that do not trade shares on the stock exchange. When shareholders of B and/or C undergo ownership changes, A is obligated to first obtain approval from the Financial Services Authority (OJK).

Letter c
Sufficiently clear.

Letter d
Example of ownership changes under these regulations:
A is an Organizer whose shares are owned by B. B is an open company that trades shares on the stock exchange. When controlling shareholders of B undergo ownership changes, A is obligated to first obtain approval from the Financial Services Authority (OJK).

Paragraph (3)
The term “ownership change” refers to changes in share ownership proportions or shareholder structure resulting from share sales, whether directly or through public offerings.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 69

Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

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
Proof of fund readiness for prospective shareholders includes, among others:

copies of deposit ownership or ownership of funds belonging to prospective shareholders at banks in accordance with the fair value stated in the draft deed and/or share sale/transfer agreements;
proof of fund deposits that have been disbursed to the Organizer; and/or
bank statements for the last 3 (three) months.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 70
Sufficiently clear.

Article 71
Sufficiently clear.

Article 72

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
The term “similar Financing principles” refers to:
a. Conventional Organizers merging or consolidating with Conventional Organizers; or b. Sharia Principle Organizers merging or consolidating with Sharia Principle Organizers.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 73
Sufficiently clear.

Article 74
Sufficiently clear.

Article 75

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Announcing ownership changes, Mergers, or Consolidations to the public can be done through newspapers or print media and electronic media or the Organizer's website.

Article 76
Sufficiently clear.

Article 77
Sufficiently clear.

Article 78
Sufficiently clear.

Article 79
Sufficiently clear.

Article 80

Paragraph (1)
Letter a
Sufficiently clear.

Letter b
The term “letters” also includes electronic letters.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
The term “similar business operation principles” refers to the following:
a. Conventional Organizers with Conventional Organizers; or b. Sharia Principle Organizers with Sharia Principle Organizers.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Article 81
The term “applicable laws and regulations” includes, among others, Financial Services Authority (OJK) Regulations regarding consumer protection in the financial services sector.

Article 82
Sufficiently clear.

Article 83
Sufficiently clear.

Article 84

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The determination of the time limit for submitting closing financial position reports takes into account, among others, office location, asset conditions, and the complexity of the Organizer's problems.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 85
Sufficiently clear.

Article 86
Sufficiently clear.

Article 87
Sufficiently clear.

Article 88
Sufficiently clear.

Article 89

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Letter a
Sufficiently clear.

Letter b
The term “other settlement steps in accordance with applicable laws and regulations” includes, among others, settlement through the courts.

Article 90

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The term “direct supervision” refers to examinations.

Paragraph (4)
The term “other parties” includes, among others, independent appraiser institutions.

Article 91
Sufficiently clear.

Article 92
Sufficiently clear.

Article 93
Sufficiently clear.

Article 94
Sufficiently clear.

Article 95
Sufficiently clear.

Article 96
Sufficiently clear.

Article 97
Sufficiently clear.

Article 98
Sufficiently clear.

Article 99
Sufficiently clear.

Article 100
Sufficiently clear.

Article 101

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Calculation of repayment success rate (TKB), namely:
TKB90 = 100% - TWP90 final position of default above 90 days TWP90 = (x100%) Total final position TKB90 is a measure of the LPBBTI Organizer's success rate in facilitating the settlement of Financing obligations within up to 90 (ninety) days from the due date. TWP90 is a measure of the default rate or failure to settle obligations stated in the Financing agreement above 90 (ninety) days from the due date.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 102

Paragraph (1)
Warning letters can be delivered physically or digitally through the Electronic System or personal communication channels registered on the Electronic System used by the Organizer.

Paragraph (2)
Sufficiently clear.

Article 103
Sufficiently clear.

Article 104
Norms applicable in society include norms of propriety, decency, and morality.

Examples:
a. not using threats, violence, and/or actions that humiliate Financing Recipients; b. not using physical or verbal pressure;
c. conducted only towards Financing Providers; and
d. not conducted continuously in a manner that is disturbing if collection uses communication channels.

Article 105
Sufficiently clear.

Article 106
Sufficiently clear.

Article 107
Sufficiently clear.

Article 108
Clearly stated.

Article 109
Clearly stated.

Article 110
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
What is meant by "part of a financial conglomerate" is an Organizer that is part of a financial conglomerate meeting the criteria for financial conglomerates as stipulated in the Financial Services Authority Regulation regarding financial conglomerates.

Article 111
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
What is meant by "Automatic Financing" is Financing using a scheme where the Funder transfers their funds to the Organizer for distribution to the Fund Recipient without any interaction or involvement of the Funder in the Financing carried out. Letter d Clearly stated. Letter e Clearly stated. Letter f Clearly stated.

Letter g
What is meant by "debt instrument" is a short-term or long-term debt security issued by the Organizer to other parties, including but not limited to promissory notes, medium-term notes (MTN), or bonds. Letter h What is meant by "loan" is a loan in the form of money that causes the Organizer to have an obligation to repay a certain amount. Examples:
a. loans from banks; b. loans from shareholders; and
c. loans from other sources.
Letter i
What is meant by "prohibited from giving recommendations to Users" is that the Organizer is prohibited from directing prospective Funders to choose specific prospective Fund Recipients who meet the criteria (eligible). The Organizer frees (without providing input/advice/direction) prospective Funders to choose from the prospective Fund Recipients presented by the Organizer. Example:
From 5 (five) prospective Fund Recipients who applied, only 4 (four) met the criteria based on the Organizer's scoring/assessment for financing (with different or same scoring/assessment results). The Organizer presents the scoring/assessment results of the 4 (four) persons to prospective Funders to be chosen/financed. The Organizer is prohibited from providing input/advice/direction so that prospective Funders give funds to a specific person among the 4 (four) persons. The explanation above does not fall under the category of giving recommendations as referred to in letter i, because the activities carried out by the Organizer fall under the main activities of organizing IT-Based Joint Financing Services (LPBBTI). Letter j Clearly stated.

Letter k
What is meant by "conducting service offerings both directly and indirectly" is offerings conducted by the Organizer, whether conducted independently or through specific cooperation with other parties to offer the Organizer's products through its media or facilities. Letter l Clearly stated. Letter m Examples of "conducting actions that cause or force other financial service institutions" include the Organizer cooperating with Rural Banks (BPR); the Organizer must pay attention to the operational area of the Rural Bank in accordance with applicable legislation.

Article 112
Clearly stated.

Article 113
Clearly stated.

Article 114
Clearly stated.

Article 115
Clearly stated.

Article 116
Clearly stated.

Article 117
Clearly stated.

Article 118
Clearly stated.

Article 119
Clearly stated.

Article 120
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 2/OJK

APPENDIX
REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 10 /POJK.05/2022 CONCERNING INFORMATION TECHNOLOGY-BASED JOINT FINANCING SERVICES

FORMAT 1 : REPORT ON THE APPOINTMENT OF CONTROLLING SHAREHOLDERS EXISTING/NEW Number : .......................... .....,20 ...
Attachment : ..........................
Subject: Reporting the Appointment of Existing/New Controlling Shareholders

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* .....
Company Address : .....
City: ..... Province: .....
Postal Code: …..
Company Phone/Fax No. : .....
Company Website Address : .....
Company Email : .....
submit the report on the appointment of controlling shareholders (PSP)/report on the appointment of new controlling shareholders (PSP) with the Minutes of the General Meeting of Shareholders dated ...................... and the number of the deed of establishment/deed of amendment…. Date……., with the following details: *)

In the case of the appointment of a controlling shareholder
Name of PSP : .....
PSP Identity Number : .....
PSP Form : .....
PSP Citizenship : .....
PSP Address : .....
City : ..... Province : .....
Postal Code : …..
Share Ownership :
Number of Shares
Par Value of Shares
Percentage of Ownership

In the case of the appointment of a new controlling shareholder Before Change After Change Name of PSP Name of PSP PSP Identity Number PSP Identity Number PSP Form PSP Form PSP Citizenship PSP Citizenship PSP Address PSP Address Share Ownership Share Ownership Number of Shares Par Value of Shares Percentage of Ownership Number of Shares Par Value of Shares Percentage of Ownership

As additional data, we hereby submit the documents referred to in Article … paragraph … of the Financial Services Authority Regulation Number .../POJK.XX/... concerning Information Technology-Based Joint Financing Services (LPBBTI).

This is our report, and for your attention, Sir/Madam, we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify
*) Delete what is not necessary

FORMAT 2 : APPLICATION FOR BUSINESS LICENSE OF THE ORGANIZER Number : .......................... …...,20 ...
Attachment : ...........................
Subject : Application for Business License for the Organization of Information Technology-Based Joint Financing Services

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Referring to the Financial Services Authority Regulation Number .../POJK.XX/... concerning Information Technology-Based Joint Financing Services, we hereby apply for a business license as an LPBBTI Organizer:

Name : PT *………………………………………………………….
Address : ……………………………………………………………….
City: ..... Province: ..... Postal Code: ......Phone Number ……………………………………………………….
Email : …………………………………………………………………..

To complete the aforementioned application, we hereby submit the following documents:

copy of the deed of establishment of the legal entity accompanied by proof of approval from the competent authority;
copy of the last amendment to the articles of association (if any) accompanied by proof of approval, and/or letter of acceptance of notification from the competent authority;
list of shareholders along with details of each share ownership down to the ultimate shareholder and/or beneficial owner, and a list of other companies owned by the shareholders;
shareholder data;
photocopy of tax return statements (SPT) for the last 2 (two) years prior to the capital injection;
other documents showing financial capability and funding sources, for individual prospective shareholders;
photocopy of proof of paid-up capital;
documents proving that the paid-up capital does not originate from loans;
data of Board of Directors members, Board of Commissioners members, and/or Sharia Supervisory Board (DPS) members;
proof of professional competency certificates from professional certification bodies in the field of financial technology;
proof of operational readiness supporting business activities;
business feasibility study for the first 3 (three) years;
additional documents for Organizers conducting business activities based on Sharia Principles;
confirmation from the supervisory authority in the home country of foreign parties, if there is direct participation by foreign legal entities that have a supervisory authority in their home country; and
proof of payment of licensing fees for the issuance of the business license;

We would like to inform that for licensing purposes, you may contact Mr./Ms............. via email ........ or phone number..........

This is our application, and for your attention, Sir/Madam, we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
(Clear Name* and signature)
*) Specify

FORMAT 3 : CURRICULUM VITAE LIST
CURRICULUM VITAE LIST*
(to be filled in by Board of Directors Members/Board of Commissioners Members/Sharia Supervisory Board (DPS) Members/Individual Shareholders/directors or equivalents on Shareholders in the form of Legal Entities/Foreign Workers*)

I. Personal Data

Name :…………………………………………………………
Gender :…………………………………………………………
Place/Date of Birth :…………………………………………………………
Citizenship :…………………………………………………………
Home Address :…………………………………………………………
Office Address :…………………………………………………………
ID Card/Passport Number :…………………………………………………………
Taxpayer Identification Number (NPWP) :…………………………………………………………
MUI DSN Recommendation :…………………………………………………………
for DPS
Office/Mobile Phone :…………………………………………………………
Email :…………………………………………………………

[Formal Color Photo 4x6]

II. Educational History

Formal
Education Level
Major/Specialization
Name/Place
Year of Graduation
Non-Formal (Certified)
Course/Seminar
Organizer
Year of Graduation
Professional Education (Profession)
Certification Organizer
Year of Graduation

III. Work History*
Company Name
Position
Description of Main Duties
Start Date of Work
End Date of Work
Reason for Leaving

IV. Awards Achieved and Relevant to the Financial Service Sector
No.
Type of Award
Year
Remarks

V. Skills Mastered and Proficiency in Indonesian/Foreign Languages
No.
Type of Skill
Proficiency Level
Remarks

This Curriculum Vitae List is made truthfully.
….., …………..……. 20....
(place, date)
……………………….
*) To be filled
*) Proven by attaching proof of work experience letter

FORMAT 4 : APPLICATION FOR APPROVAL OF CONVERSION OF CONVENTIONAL LPBBTI ORGANIZER TO SHARIA Number : .......................... …...,20 ...
Attachment : ...........................
Subject : Application for Approval of Conversion of Conventional LPBBTI Organizer to Sharia

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Referring to the Financial Services Authority Regulation Number .../POJK.05/xx concerning Information Technology-Based Joint Financing Services, we hereby apply for approval to convert from a conventional Information Technology-Based Joint Financing Services (LPBBTI) Organizer to an LPBBTI Organizer based on Sharia principles:

Name : PT.....
Address : .....
City .....
Province .....
Phone/fax No. : .....
Email : .....

To complete the aforementioned application, we hereby submit the following documents:

proof of announcement regarding the conversion plan and the impact of conversion on Users via Electronic System in the form of website and/or mobile application;
draft minutes of the General Meeting of Shareholders approving the conversion into a Sharia Financing Company;
draft amendment to the articles of association;
latest audited financial statements;
plan for settling User rights and obligations;
projection of initial financial statements from the Organizer's business activities based on Sharia principles resulting from the conversion;
work plan regarding business activities based on Sharia principles to be carried out for the first 3 (three) years; and
Draft Agreement for Escrow Account and Virtual Account cooperation with a bank conducting business activities based on Sharia principles.

We would like to inform that for this purpose, you may contact Mr./Ms. ..., via email ... or phone number ...

This application is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................

FORMAT 5 : REPORT ON THE USE OF FOREIGN WORKERS Number : .......................... …...,20 ...
Attachment : ...........................
Subject : Report on the Use of Foreign Workers

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Referring to the Financial Services Authority Regulation Number .../POJK.XX/... concerning Information Technology-Based Joint Financing Services (LPBBTI), we hereby report the appointment of foreign workers as follows:

No.
Name
Position
Country of Origin
Appointment Duration
1.
2. Etc.

As additional documents, we hereby submit the following documents:

curriculum vitae list of employed foreign workers using Format 3 as contained in the Appendix which is an integral part of the Financial Services Authority Regulation, accompanied by photocopies of documents reflecting their field of expertise;
annual education and training program plan during the employment of the aforementioned foreign workers; and
placement plan and scope of responsibilities for foreign workers.

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 6 : REPORT ON DATA EXCHANGE COOPERATION Number : .......................... .....,20 ...
Attachment : ..........................
Subject : Report on Data Exchange Cooperation between Information Technology-Based Joint Financing Services Organizer with (Name of Third-Party Legal Entity)

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

To complete the aforementioned report, we hereby attach the business license document from the relevant authority when implementing the cooperation and the draft data confidentiality agreement.

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify
) Strike through

FORMAT 7 : REPORT ON THE OPENING OF OFFICES OTHER THAN THE HEAD OFFICE Number : .......................... .....,20 ...
Attachment : ..........................
Subject : Report on the Opening of Offices Other Than the Head Office

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

No.
City
Full Address
Person in Charge
1.
2.

To complete the aforementioned report, we hereby submit:

Description of office name and office function;
Company domicile certificate from the competent authority or equivalent document;
proof of ownership or control of offices outside the head office;
description stating the name of the office head, description of duties and authority of the office head, accompanied by:
a. photocopy of identity documents such as valid ID card or passport;

b. photocopy of taxpayer identification number for Indonesian citizens or equivalent valid document for foreign citizens;
c. curriculum vitae; and
d. 2 (two) recent color photos with size 4 x 6 cm;
5. proof of GPS address of offices outside the head office on the Electronic System website;
6. proof of appointment letter of the head of offices outside the head office; and
7. Board of Directors decision regarding the opening of offices other than the head office.

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 8 : REPORT ON THE CLOSURE/SUSPENSION OF OFFICES OTHER THAN THE HEAD OFFICE Number : .......................... .....,20 ...
Attachment : ..........................
Subject : Report on the Closure of Offices Other Than the Head Office

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Hereby we:
Name : PT...................
Address : ..........................................
submit the report on the closure of offices other than the head office as follows:

No.
City/Regency and Province
Address, Phone No. and Fax No.

etc.

To complete the aforementioned report, we hereby submit the following attachment documents:

cover letter containing reasons for the closure of offices other than the head office;
proof of electronic announcement to users regarding the closure of the head office; and
proof of transfer of services from the closed office outside the head office to the head office or the nearest office outside the head office.

We would like to inform that for this purpose, you may contact Mr./Ms. ..., via email ... or phone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................

FORMAT 9 : REPORT ON CHANGE OF ORGANIZER NAME AND/OR ELECTRONIC SYSTEM Number : .......................... .....,20 …
Attachment : ..........................
Subject : Report on Change of Company Name and/or Electronic System in Information Technology-Based Joint Financing Services

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* .....
Company Address : .....
City: ..... Province: .....
Postal Code: …..
Company Phone/Fax No. : .....
Company Website Address : .....
Company Email : .....
report that in accordance with the General Meeting of Shareholders/Member Meeting) dated ......................, a change of Company Name and/or Electronic System) has been made, as follows:

Number and date of business license decision
Old Name
New Name company/electronic system number)

As additional data, we hereby submit documents consisting of by attaching the document of receipt of notification or approval from the competent authority.

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 10 : REPORT ON CHANGE OF HEAD OFFICE AND OFFICES OTHER THAN THE HEAD OFFICE ADDRESS Number : .......................... `.....,20…
Attachment : ..........................
Subject : Report on Change of Head Office and Offices Other Than the Head Office Address

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* .....
Company Address : .....
City: ..... Province: .....
Postal Code: …..
Company Phone/Fax No. : .....
Company Website Address : .....
Company Email : .....
report that our Head Office/Offices Other Than the Head Office has moved to a new address with the following details:
New Address : ...............
Phone : ...............
Date of move : ...............

As additional data, we hereby submit documents consisting of:

data regarding the office address accompanied by supporting documents from the competent authority stating at least the name and address of the Organizer; and
proof of ownership or control of the office building showing the Organizer's office address along with photos of the building exterior and interior photos and room layout (lay-out).

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 11 : REPORT ON CHANGE OF BUSINESS MODEL Number : .......................... .....,20…
Attachment : ..........................
Subject : Report on Change or Addition of Business Model for Information Technology-Based Joint Financing Services

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

business feasibility study containing at least an explanation of the business model, and 3 (three) years or more of Financing projections;
cost and benefit analysis;
risk analysis and mitigation; and
cooperation agreement with other parties (if any).

This is our report, and for your attention, Sir/Madam), we express our gratitude.

Respectfully,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 12 : APPLICATION FOR APPROVAL OF CHANGE OF OWNERSHIP Number : .......................... .....,20 ...
Attachment : ..........................
Subject : Application for Approval of Change of Ownership for Information Technology-Based Joint Financing Services

To the Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision

Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Gatot Subroto Avenue Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* .....
Company Address : .....
City: ..... Province: .....
Postal Code: …..
Company Phone/Fax No. : .....
Company Website Address : .....
Company Email : .....
apply for approval for the change of company ownership in accordance with the Minutes of the Plan for the General Meeting of Shareholders dated ......................, with the following details:

Before Change After Change
Name of Shareholder
Total Value of Shares (Rp)
Name of Shareholder
Total Value of Shares (Rp)

As additional data, we hereby submit documents consisting of:

draft deed of the General Meeting of Shareholders (GMS) approving ownership changes in cases where ownership changes require GMS approval;
plan of ownership structure up to the ultimate shareholder;
copy of Government Regulations regarding State Capital Participation by the Republic of Indonesia for the takeover of company ownership in cases where the Shareholder is the Central Government;
copy of Regional Regulations regarding Regional Capital Participation for the takeover of ownership in cases where the Shareholder is a Regional Government;
draft deed of transfer of rights over shares or draft deed of share sale and purchase;
latest audited financial statements by a public accountant and proforma financial statements of the Organizer;
photocopy of tax notification letters for the last 2 (two) years prior to the capital injection and other documents demonstrating the financial capacity and source of funds of individual prospective shareholders;
confirmation from the supervisory authority in the home country of the foreign party, if there is direct participation by a foreign legal entity that has a supervisory authority in its home country;
debtor data documents from SLIK OJK (Financial Services Authority Credit Information System) of the prospective shareholder resulting from ownership changes as referred to in Article 60 paragraph (2), or documents deemed equivalent by the Financial Services Authority;
director requirement documents as regulated in the licensing section in case of planned changes and/or changes to the Board of Directors and Board of Commissioners;
letter of recommendation from the Association for prospective shareholders;
data on shareholders of the Organizer;
proof of fund placement in an Escrow Account and/or time deposits, if the ownership change is carried out via cash deposit; and
proof of readiness of funds by the prospective shareholder;
Thus, this is our request, and for your attention, Sir/Madam, we express our gratitude.
Sincerely,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 13 : APPLICATION FOR APPROVAL OF INCREASED PAID-UP CAPITAL Number : .......................... ....., 20 …
Attachments : ..........................
Subject : Application for Increase of Paid-up Capital Information Technology-Based Crowdfunding Service Provider To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* ......
Company Address : ......
City: ..... Province: ......
Postal Code: …..
Company Phone/Fax No. : ......
Company Website Address : ......
Company Email : ......
report that in accordance with the General Meeting of Shareholders dated .................., amendments to the Company Articles of Association regarding the addition of paid-up capital have been made, as follows *):
Capital Before Change After Change
For Companies Incorporated as Limited Liability Companies

With the following shareholder composition *):
No. Name of Shareholder Total Value of Shares Before Change (Rp) Total Value of Shares After Change (Rp) 1. etc.

As additional data, we hereby submit documents consisting of:

proof that capital does not originate from loans;
proof of increase in paid-up capital;
statement letter from shareholders stating that capital deposits do not originate from loans, terrorism financing, financing of proliferation of weapons of mass destruction, and other financial crimes;
tax notification letters for the last 2 (two) years and other documents demonstrating the financial capacity and source of funds of individual prospective shareholders;
financial statements of shareholders audited by a public accountant and/or the latest financial statements, in case the shareholder is a legal entity;
bank statements for individual shareholders; and
proof of fund placement in an Escrow Account and/or time deposits, if the ownership change is carried out via cash deposit.
Thus, this is our request, and for your attention, Sir/Madam, we express our gratitude.
Authorized Capital
Capital Placed and Paid-up

Sincerely,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 14 : APPLICATION FOR APPROVAL OF CHANGES TO BOARD OF DIRECTORS MEMBERS, BOARD OF COMMISSIONERS MEMBERS, AND SHARIA SUPERVISORY COUNCIL MEMBERS Number : .......................... `....., 20…
Attachments : ..........................
Subject : Application for Approval of Changes to Key Parties of the Information Technology-Based Crowdfunding Service Provider To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* ......
Company Address : ......
City: ..... Province: ......
Postal Code: …..
Company Phone/Fax No. : ......
Company Website Address : ......
Company Email : ......
report that in accordance with the General Meeting of Shareholders/Member Meeting*) dated .............., amendments to the Company Articles of Association regarding members of the Board of Directors, Sharia Supervisory Council, and/or Board of Commissioners) have been made, namely:

Position Before Change After Change
Number and Date of Letter of Approval for Competency and Fit and Proper Test Commissioner Director Sharia Supervisory Council

As additional data, we hereby submit copies of the GMS minutes, and data on members of the Board of Directors and members of the Board of Commissioners as referred to in Article 9 letter i) and/or members of the SSC as referred to in Article 9 letter m). Thus, this is our request, and for your attention, Sir/Madam, we express our gratitude. Sincerely,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 15 : APPLICATION FOR APPROVAL OF PLAN FOR IMPLEMENTATION OF MERGER OR CONSOLIDATION Number : .......................... ....., 20…
Attachments : ..........................
Subject : Application for Approval of Plan for Implementation of Merger or Consolidation Information Technology-Based Crowdfunding Service Provider To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* ......
Company Address : ......
City: ..... Province: ......
Postal Code: …..
Company Phone/Fax No. : ......
Company Website Address : ......
Company Email : ......
submit an application for approval of the plan for implementation of Merger or Consolidation of PT............................... into PT.................................... which is an ITBC organizer.

As additional data, we hereby submit documents consisting of:

summary of the draft Merger or Consolidation in accordance with the provisions of the Limited Liability Company Law;
draft deed of GMS minutes approving the Merger or Consolidation;
draft deed of Merger or Consolidation;
draft list of ownership, for Organizers that will carry out the Merger or Consolidation;
latest audited financial statements by a public accountant registered with the Financial Services Authority at each Organizer;
proforma financial statements of the Organizer resulting from the Merger or Consolidation;
organizational structure resulting from the Merger or Consolidation;
list of shareholders and details up to ultimate shareholder/beneficial owner resulting from the Merger or Consolidation; and
feasibility study for the first 3 (three) years of the Organizer resulting from the Merger or Consolidation as referred to in Article 9 paragraph (1) letter l
Regarding the above, we kindly request your approval for the plan for implementation of the Merger/Consolidation ) mentioned.
Thus, this is our request, and for your attention, Sir/Madam, we express our gratitude.
Sincerely,
Board of Directors PT ...............
..................................
*) Specify

FORMAT 16 : REPORT ON IMPLEMENTATION OF GMS APPROVING OWNERSHIP CHANGE, MERGER, OR CONSOLIDATION Number : .......................... ....., 20…
Attachments : ..........................
Subject : Report on Implementation of GMS Approving Plan for Implementation of Ownership Change, Merger, or Consolidation of Information Technology-Based Crowdfunding Service Provider To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Company Name : PT.* ......
Company Address : ......
City: ..... Province: ......
Postal Code: …..
Company Phone/Fax No. : ......
Company Website Address : ......
Company Email : ......
report that in accordance with the General Meeting of Shareholders dated ........................................., Ownership Change/Merger/Consolidation) between PT. ................................. and PT. ............................... into PT. .................................... which is an ITBC Organizer has been carried out.

As additional data, we hereby submit documents consisting of:

copy of GMS minutes approving ownership change, Merger, or Consolidation;
copy of deed of ownership change, Merger, or Consolidation;
draft of the latest articles of association resulting from ownership change, Merger, or Consolidation;
documents stating that the Organizer has no tax debts from the competent authority; and
proof of announcement of ownership change, Merger, or Consolidation.
Thus, this report is submitted, and for your attention, Sir/Madam, we express our gratitude.
Sincerely,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 17 : REPORT ON IMPLEMENTATION OF OWNERSHIP CHANGE, MERGER, OR CONSOLIDATION Number : .......................... ....., 20…
Attachments : ..........................
Subject : Report on Implementation of Ownership Change, Merger, or Consolidation To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Name : PT...................
Address : ..........................................
report that in accordance with the General Meeting of Shareholders dated……………, adjustments to share ownership/corporate merger/consolidation have been carried out, with the following change data:
Before Change After Change
Name of Shareholder Total Value of Shares (Rp) Name of Shareholder Total Value of Shares (Rp)

Before Change After Change
Position Name Position Name
Board of Directors Board of Directors
…… ……
…… ……
Commissioners Commissioners
…… ……
…… ……
Sharia Supervisory Council Sharia Supervisory Council …… …… …… …… as additional data, we hereby submit the articles of association that have been approved by the competent authority to the Financial Services Authority, approved by, or notified to the competent authority. We can inform you that for this purpose, you may contact Mr./Ms. ..., via email ... or phone number... Thus, this report is submitted, and for your attention, Sir/Madam*), we express our gratitude. Sincerely,
Board of Directors PT* ...............
..................................
*) Strike what is unnecessary

FORMAT 18 : APPLICATION FOR PLAN TO RETURN BUSINESS LICENSE Number : .......................... ....., 20…
Attachments : ..........................
Subject : Application for Return of Business License Information Technology-Based Crowdfunding Service Provider To the Honorable Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision/Sharia IKNB Director*) Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Referring to Financial Services Authority Regulation Number .../POJK.XX/... concerning Information Technology-Based Crowdfunding Services (POJK ITBC), we hereby submit an application for the revocation of our license as Organizer:
Applicant Name : ......
Applicant Position : ......
Applicant Address : ......
City: ..... Province: ......
Postal Code: ......
Applicant Phone Number : …..
Applicant Mobile Phone Number : ......
Applicant Email : ......
Company Name : PT......
License Letter Number and Date: S-/…….. and date*
Company Address : ......

City: ….. Province: …..
Postal Code: …..
Company Phone/Fax No. : ......
Company Website Address : ......
Company Email : ......
To complete the aforementioned application, we attach documents consisting of:

reasons for cessation of operational activities;
plan for settlement of User rights and obligations;
GMS minutes regarding the plan to cease the Organizer's business activities; and
latest financial statements.
Thus, this is our request, and for your attention, Sir/Madam, we express our gratitude.
Sincerely,
Board of Directors PT* ...............
..................................
*) Specify

FORMAT 19 : REPORT ON BANKRUPTCY APPLICATION
Number : .......................... ....., 20…
Attachments : ..........................
Subject : Report on Bankruptcy Application
To the Honorable
Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions Attention: Director of Regulation, Licensing, and Fintech Supervision Wisma Mulia 2 Jalan Gatot Subroto Kav. 42 Jakarta 12710

Hereby we:
Name : PT...................
Address : ..........................................
Submit a report regarding the bankruptcy application submitted to us. To complete the aforementioned report, we hereby submit:

name of the party filing for bankruptcy;
summary of the bankruptcy declaration application including:
a. legal standing of the applicant containing a clear description of the applicant's right to file the application; b. reasons for the bankruptcy declaration application described clearly and in detail; and
action plan to be taken by the Organizer to follow up on the bankruptcy process.
We can inform you that for this purpose, you may contact Mr./Ms. ..., via email ... or phone number ...
Thus, this request is submitted, and for your attention, Sir/Madam*), we express our gratitude.

This copy is consistent with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja
Sincerely,
Board of Directors PT* ...............
..................................
*) Strike what is unnecessary
Established in Jakarta on date 29 June 2022
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signature
WIMBOH SANTOSO

Regulation of the Financial Services Authority of the Republic of Indonesia Number 10/POJK.05/2022 Concerning Technology-Based Crowdfunding Services

Lineage: Superseded

Timeline