Second Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 on Countercyclical Policy Regarding the Impact of the 2019 Coronavirus Spread for Non-Bank Financial Institutions — OJK — ID

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHABILITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 30 /POJK.05/2021
CONCERNING
THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NON-BANK FINANCIAL INSTITUTIONS BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering :
a. that the Coronavirus Disease 2019 (COVID-19) pandemic is projected to continue and provide negative impacts on debtors and non-bank financial institutions which have the potential to disrupt the performance of non-bank financial institutions; b. that in order to maintain the momentum of performance improvement and also maintain the stability of the performance of non-bank financial institutions and to avoid potential turmoil at the end of the validity period of the countercyclical policy regarding the spread of COVID-19 for non-bank financial institutions, adjustments are needed to the Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions as amended by Financial Services Authority Regulation Number

58/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions;
c. that based on considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Second Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions;
Considering :

Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Supplement to the State Gazette of the Republic of Indonesia Number 3477);
Law Number 2 of 2009 concerning the Indonesia Export Financing Agency (State Gazette of the Republic of Indonesia Year 2009 Number 2, Supplement to the State Gazette of the Republic of Indonesia Number 4957);
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);
Law Number 24 of 2011 concerning Social Insurance Agencies (State Gazette of the Republic of Indonesia Year 2011 Number 116, Supplement to the State Gazette of the Republic of Indonesia Number 5256)
as amended by Law Number 11 of 2020 concerning Job Creation (State Gazette of the Republic of Indonesia Year 2020 Number 245, Supplement to the State Gazette of the Republic of Indonesia Number 6573);
Law Number 1 of 2013 concerning Microfinance Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 12, Supplement to the State Gazette of the Republic of Indonesia Number 5394);
Law Number 40 of 2014 concerning Insurance (State Gazette of the Republic of Indonesia Year 2014 Number 337, Supplement to the State Gazette of the Republic of Indonesia Number 5618);
Law Number 1 of 2016 concerning Guarantees (State Gazette of the Republic of Indonesia Year 2016 Number 9, Supplement to the State Gazette of the Republic of Indonesia Number 5835);
Financial Services Authority Regulation Number
14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 102, Supplement to the State Gazette of the Republic of Indonesia Number 6489) as amended by Financial Services Authority Regulation Number 58/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 287, Supplement to the State Gazette of the Republic of Indonesia Number 6596); DECIDING:
Establishing : FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NON-BANK FINANCIAL INSTITUTIONS.

Article I
Several provisions in Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 102, Supplement to the State Gazette of the Republic of Indonesia Number 6489) as amended by Financial Services Authority Regulation Number 58/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 287, Supplement to the State Gazette of the Republic of Indonesia Number 6596) are amended as follows:

The provisions of Article 3 paragraph (1) letter l are amended and Article 3 paragraph (1) is added with 2 (two) letters namely letter m and letter n, so that Article 3 reads as follows:
Article 3
(1) Countercyclical policy regarding the spread of COVID-19 for Non-Bank Financial Institutions (LJKNB) includes:
a. reporting deadlines for periodic reports; b. implementation of fitness and propriety assessments;
c. determination of asset quality in the form of Financing and restructuring of Financing;
d. calculation of solvency ratios for insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies; e. calculation of funding quality for pension funds that administer defined benefit pension programs; f. implementation of asset management provisions according to participant age groups (life cycle fund)

for pension funds that administer defined contribution pension programs; g. communication mechanisms for insurance companies; h. training and employee development costs for financing companies and Islamic financing companies;
i. working capital financing business activities through business capital facilities;
j. issuance of securities by financing companies and Islamic financing companies; k. equity provisions for insurance brokerage companies and reinsurance brokerage companies;
l. actuarial valuation provisions for employer pension funds;
m. restructuring of loans for technology-based money lending services; and n. other policies determined by the Financial Services Authority through the Executive Head of Insurance Supervision, Pension Funds, Financing Institutions, and Other Financial Institutions. (2) The implementation of countercyclical policies as referred to in paragraph (1) is carried out while still paying attention to the application of prudential principles, risk management, and good corporate governance. (3) For Non-Bank Financial Institutions that conduct all or part of their business based on Sharia principles, the implementation of countercyclical policies as referred to in paragraph (1) must be in accordance with Sharia principles. (4) In the event that specific actions are needed regarding supervision of individual Non-Bank Financial Institutions, the Financial Services Authority may request the individual Non-Bank Financial Institution concerned to apply stricter policies than the countercyclical policies as referred to in paragraph (1). (5) In the context of taking countercyclical policies regarding the spread of COVID-19 for Non-Bank Financial Institutions, the Financial Services Authority may request additional data and information from Non-Bank Financial Institutions outside reporting as regulated in provisions of legislation in the field of Non-Bank Financial Institutions.
2. The provisions of Article 4 paragraph (1) are amended, so that Article 4 reads as follows:
Article 4
(1) The deadline for submission of periodic reports submitted by Non-Bank Financial Institutions to the Financial Services Authority and/or announced or published by Non-Bank Financial Institutions to the public is extended during:
a. 5 (five) working days from the deadline for the end of monthly, quarterly, and semi-annual periodic reporting obligations; b. 10 (ten) working days from the deadline for the end of 4 (four) monthly financial reporting obligations; and
c. 1 (one) month from the deadline for the end of annual periodic reporting obligations.
(2) The extension of the deadline for submission of periodic reports as referred to in paragraph (1) for technology-based money lending services providers only applies to the submission of business plans, reports on the realization of business plans, and reports on business plan supervision.

(3) Periodic reports as referred to in paragraph (1) are submitted through the Financial Services Authority's data communication network system.
(4) The submission of periodic reports as referred to in paragraph (1) for public companies is carried out in accordance with provisions of legislation concerning the submission of periodic reports in the capital market sector.
3. The provisions of Article 5 paragraph (3) are amended, so that Article 5 reads as follows:
Article 5
(1) The implementation of presentations or explanations and clarifications in the process of fitness and propriety assessments for prospective principal parties of Non-Bank Financial Institutions is carried out through:
a. direct face-to-face meetings at the Financial Services Authority office or other places determined by the Financial Services Authority; or b. face-to-face meetings via video conference media. (2) The implementation of presentations or explanations and clarifications through face-to-face meetings via video conference media as referred to in paragraph (1) letter b must be accompanied by a statement letter from the director or equivalent who oversees the compliance function. (3) Presentations or explanations and clarifications through direct face-to-face meetings at the Financial Services Authority office or other places determined by the Financial Services Authority as referred to in paragraph (1) letter a can be carried out in the implementation of fitness and propriety assessments by the Financial Services Authority for certain conditions.

The provisions of Article 20D paragraph (2) are amended, so that Article 20D reads as follows:
Article 20D
(1) Financing companies can conduct working capital financing business activities through business capital facilities by meeting the following requirements:
a. the financing value for each Debtor is at most IDR 10,000,000,000.00 (ten billion rupiah); b. having collateral in the form of motor vehicles, land, buildings, and/or heavy equipment;
c. conducting checks on the feasibility of Debtors through credit information management agencies that have obtained business licenses from the Financial Services Authority; and
d. conducting analyses of the feasibility of the Debtor's payment capacity.
(2) The requirement to have collateral as referred to in paragraph (1) letter b is exempted for working capital financing business activities through business capital facilities with a value of at most IDR 50,000,000.00 (fifty million rupiah) for each Debtor. (3) The obligation to conduct risk mitigation as regulated in Financial Services Authority Regulations concerning the conduct of financing company businesses remains applicable to financing companies that conduct working capital financing business activities through business capital facilities as referred to in paragraph (2).
The title of CHAPTER VIIF is amended so that it reads as follows:
CHAPTER VIIF
ACTUARIAL VALUATION PROVISIONS
FOR EMPLOYER PENSION FUNDS
The provisions of Article 20G are amended so that it reads as follows:
Article 20G
In the event that the results of the actuarial valuation for the period of December 31, 2020 show that employer pension funds administering defined benefit pension programs have third-level funding quality, employer pension funds may not conduct actuarial valuations in 2021, provided that they meet the following criteria:
a. having a solvency ratio of at least 80% (eighty percent); b. proposals for additional contributions from the actuarial valuation for the period of December 31, 2020 have been approved for payment by the founders of the employer pension fund; and
c. the existence of a statement letter from the founders of the employer pension fund willing to add funding if necessary so that the employer pension fund can meet all its obligations.
After CHAPTER VIIF, 2 (two) CHAPTERS are added namely CHAPTER VIIG with Article 20H and CHAPTER VIIH with Article 20I, so that they read as follows:
CHAPTER VIIG
RESTRUCTURING LOANS FOR TECHNOLOGY-BASED MONEY LENDING SERVICES PROVIDERS
Article 20H
(1) Technology-based money lending services providers can facilitate loan restructuring requests submitted by loan recipients affected by the spread of COVID-19 to lenders.
(2) Loan restructuring as referred to in paragraph (1) can be carried out after obtaining approval from the lender.
(3) Technology-based money lending services providers document the requests as referred to in paragraph (1) and approvals as referred to in paragraph (2).
(4) Technology-based money lending services providers that facilitate loan restructuring submit monthly loan restructuring reports based on the end position of the reporting month through the Financial Services Authority's data communication network system. (5) The submission of loan restructuring reports as referred to in paragraph (4) is submitted no later than the end of the following month after the reporting month position. (6) If the deadline for submission of loan restructuring reports as referred to in paragraph (5) falls on a Saturday, Sunday, and/or national holiday, the report is submitted on the next working day. (7) Technology-based money lending services providers compile loan restructuring reports as referred to in paragraph (4) according to the format contained in Appendix III which is an integral part of this Financial Services Authority Regulation.

CHAPTER VIIH
VALIDITY PERIOD OF COUNTERCYCLICAL POLICY REGARDING THE SPREAD OF COVID-19 FOR NON-BANK FINANCIAL INSTITUTIONS
Article 20I
(1) Countercyclical policy regarding the spread of COVID-19 for Non-Bank Financial Institutions as regulated in Article 4, Article 5, Article 20A, and Article 20B, applies until the duration of the disaster status for disease outbreaks due to COVID-19 in Indonesia established by the Government. (2) In addition to countercyclical policy regarding the spread of COVID-19 for Non-Bank Financial Institutions as referred to in paragraph (1), it applies until April 17, 2023.
8. The provisions of Article 21 are amended so that it reads as follows:
Article 21
At the time this Financial Services Authority Regulation takes effect:
a. Financial Services Authority Regulation Number 3/POJK.05/2013 concerning Monthly Reports of Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 150, Supplement to the State Gazette of the Republic of Indonesia Number 5443); b. Financial Services Authority Regulation Number 5/POJK.05/2013 concerning Supervision of Social Insurance Agencies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2013 Number 258, Supplement to the State Gazette of the Republic of Indonesia Number 5487);
c. Financial Services Authority Regulation Number 17/POJK.03/2014 concerning the Application of Integrated Risk Management for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2014 Number 348, Supplement to the State Gazette of the Republic of Indonesia Number 5626);
d. Financial Services Authority Regulation Number 18/POJK.03/2014 concerning the Application of Integrated Governance for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2014 Number 349, Supplement to the State Gazette of the Republic of Indonesia Number 5627); e. Financial Services Authority Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies (State Gazette of the Republic of Indonesia Year 2014 Number 365, Supplement to the State Gazette of the Republic of Indonesia Number 5639) as amended by Financial Services Authority Regulation Number 29/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 121, Supplement to the State Gazette of the Republic of Indonesia Number 6505); f. Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2015 Number 82, Supplement to the State Gazette of the Republic of Indonesia Number 5692) as amended by Financial Services Authority Regulation Number 29/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2018 Number 245, Supplement to the State Gazette of the Republic of Indonesia Number 6276); g. Financial Services Authority Regulation Number 23/POJK.05/2015 concerning Insurance Products and Insurance Product Marketing (State Gazette of

the Republic of Indonesia Year 2015 Number 287, Supplement to the State Gazette of the Republic of Indonesia Number 5770); h. Financial Services Authority Regulation Number 26/POJK.03/2015 concerning Integrated Minimum Capital Requirements for Financial Conglomerates (State Gazette of the Republic of Indonesia Year 2015 Number 292, Supplement to the State Gazette of the Republic of Indonesia Number 5774);
i. Financial Services Authority Regulation Number
35/POJK.05/2015 concerning the Conduct of
Venture Capital Company Businesses (State Gazette of the Republic of Indonesia Year 2015 Number 317, Supplement to the State Gazette of the Republic of Indonesia Number 5787); j. Financial Services Authority Regulation Number 36/POJK.05/2015 concerning Good Corporate Governance for Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2015 Number 318, Supplement to the State Gazette of the Republic of Indonesia Number 5788); k. Financial Services Authority Regulation Number 40/POJK.05/2015 concerning the Supervision of the Indonesia Export Financing Agency (State Gazette of the Republic of Indonesia Year 2015 Number 321, Supplement to the State Gazette of the Republic of Indonesia Number 5791);
l. Financial Services Authority Regulation Number
27/POJK.03/2016 concerning Fitness and Propriety Assessments for Principal Parties of Financial Institutions (State Gazette of the Republic of Indonesia Year 2016 Number 147, Supplement to the State Gazette of the Republic of Indonesia Number 5098); m. Financial Services Authority Regulation Number 31/POJK.05/2016 concerning Pawnshop Businesses (State Gazette of the Republic of Indonesia Year 2016 Number 152, Supplement to the State Gazette of the Republic of Indonesia Number 5913); n. Financial Services Authority Regulation Number 70/POJK.05/2016 concerning the Conduct of Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Appraisal Companies (State Gazette of the Republic of Indonesia Year 2016 Number 303, Supplement to the State Gazette of the Republic of Indonesia Number 5993); o. Financial Services Authority Regulation Number 71/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 304, Supplement to the State Gazette of the Republic of Indonesia Number 5994) as amended by Financial Services Authority Regulation Number 27/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 71/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2018 Number 243, Supplement to the State Gazette of the Republic of Indonesia Number 6274); p. Financial Services Authority Regulation Number 72/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2016 Number 305, Supplement to the State Gazette of the Republic of Indonesia Number 5995) as amended by Financial Services Authority Regulation Number 28/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 72/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2018 Number 244, Supplement to the State Gazette of the Republic of Indonesia Number 6275); q. Financial Services Authority Regulation Number 73/POJK.05/2016 concerning Good Governance for Insurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 306, Supplement to the State Gazette of the Republic of Indonesia Number 5996); r. Financial Services Authority Regulation Number 76/POJK.07/2016 concerning the Improvement of Financial Literacy and Inclusion in the Financial Services Sector for Consumers and/or the Public (State Gazette of the Republic of Indonesia Year 2016 Number 315, Supplement to the State Gazette of the Republic of Indonesia Number 6003); s. Financial Services Authority Regulation Number 2/POJK.05/2017 concerning the Conduct of Guarantor Institution Businesses (State Gazette of the Republic of Indonesia Year 2017 Number 7,
Supplement to the State Gazette of the Republic of Indonesia Number 6014) as amended by Financial Services Authority Regulation Number 30/POJK.05/2018 concerning Amendment to Financial Services Authority Regulation Number 2/POJK.05/2017 concerning the Conduct of Guarantor Institution Businesses (State Gazette of the Republic of Indonesia Year 2018 Number 246, Supplement to the State Gazette of the Republic of Indonesia Number 6277); t. Financial Services Authority Regulation Number 3/POJK.05/2017 concerning Good Corporate Governance for Guarantor Institutions (State Gazette of the Republic of Indonesia Year 2017 Number 8, Supplement to the State Gazette of the Republic of Indonesia Number 6103);

u. Financial Services Authority Regulation Number 5/POJK.05/2017 concerning Contributions, Pension Benefits, and Other Benefits Administered by Pension Funds (State Gazette of the Republic of Indonesia Year 2017 Number 38, Supplement to the State Gazette of the Republic of Indonesia Number 6026) as amended by Financial Services Authority Regulation Number 60/POJK.05/2020 concerning Amendment to Financial Services Authority Regulation Number 5/POJK.05/2017 concerning Contributions, Pension Benefits, and Other Benefits Administered by Pension Funds (State Gazette of the Republic of Indonesia Year 2020 Number 289, Supplement to the State Gazette of the Republic of Indonesia Number 6598);
v. Financial Services Authority Regulation Number 12/POJK.01/2017 concerning the Application of Anti-Money Laundering and Counter-Terrorism Financing Programs in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2017 Number 57, Supplement to the State Gazette of the Republic of Indonesia Number 6035) as amended by Financial Services Authority Regulation Number 23/POJK.01/2019 concerning Amendment to Financial Services Authority Regulation Number 12/POJK.01/2017 concerning the Application of Anti-Money Laundering and Counter-Terrorism Financing Programs in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2019 Number 178, Supplement to the State Gazette of the Republic of Indonesia Number 6394);
w. Financial Services Authority Regulation Number 13/POJK.03/2017 concerning the Use of Public Accountant Services and Public Accountant Offices in Financial Services Activities (State Gazette of the Republic of Indonesia Year 2017 Number 62,

Supplement to the State Gazette of the Republic of Indonesia Number 6036);
x. Financial Services Authority Regulation Number 51/POJK.03/2017 concerning the Implementation of Sustainable Finance for Financial Service Institutions, Issuers, and Public Companies (State Gazette of the Republic of Indonesia Year 2017 Number 169, Supplement to the State Gazette of the Republic of Indonesia Number 6036);
y. Financial Services Authority Regulation Number 55/POJK.05/2017 concerning Periodic Reports of Insurance Companies (State Gazette of the Republic of Indonesia Year 2017 Number 174, Supplement to the State Gazette of the Republic of Indonesia Number 6107); z. Financial Services Authority Regulation Number 1/POJK.05/2018 concerning Financial Health for Insurance Companies in the Form of Joint Business Legal Entities (State Gazette of the Republic of Indonesia Year 2018 Number 15, Supplement to the State Gazette of the Republic of Indonesia Number 6183); aa. Financial Services Authority Regulation Number 4/POJK.05/2018 concerning Secondary Housing Financing Companies (State Gazette of the Republic of Indonesia Year 2018 Number 40, Supplement to the State Gazette of the Republic of Indonesia Number 6192); bb. Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds (State Gazette of the Republic of Indonesia Year 2018 Number 45, Supplement to the State Gazette of the Republic of Indonesia Number 6195);
cc. Financial Services Authority Regulation Number 8/POJK.05/2018 concerning Pension Fund Financing (State Gazette of the Republic of Indonesia Year 2018 Number 84, Supplement to the State Gazette of the Republic of Indonesia Number 6212);
dd. Financial Services Authority Regulation Number 18/POJK.07/2018 concerning Consumer Complaint Services in the Financial Service Sector (State Gazette of the Republic of Indonesia Year 2018 Number 151, Supplement to the State Gazette of the Republic of Indonesia Number 6246); ee. Financial Services Authority Regulation Number 35/POJK.05/2018 concerning the Implementation of Business by Financing Companies (State Gazette of the Republic of Indonesia Year 2018 Number 260, Supplement to the State Gazette of the Republic of Indonesia Number 6286); ff. Financial Services Authority Regulation Number 10/POJK.05/2019 concerning the Implementation of Business by Sharia Financing Companies and Sharia Business Units of Financing Companies (State Gazette of the Republic of Indonesia Year 2019 Number 40, Supplement to the State Gazette of the Republic of Indonesia Number 6320); gg. Financial Services Authority Regulation Number 16/POJK.05/2019 concerning Supervision of PT Permodalan Nasional Madani (Persero) (State Gazette of the Republic of Indonesia Year 2019 Number 107, Supplement to the State Gazette of the Republic of Indonesia Number 6357); hh. Financial Services Authority Regulation Number 24/POJK.05/2019 concerning Business Plans of Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Supplement to the State Gazette of the Republic of Indonesia Number 6392);
ii. Financial Services Authority Regulation Number 28/POJK.05/2020 concerning the Assessment of the Health Level of Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 120, Supplement to the State Gazette of the Republic of Indonesia Number 6504);
jj. Financial Services Authority Regulation Number 44/POJK.05/2020 concerning Risk Management Implementation for Non-Bank Financial Institutions (State Gazette of the Republic of Indonesia Year 2020 Number 200, Supplement to the State Gazette of the Republic of Indonesia Number 6552); kk. Financial Services Authority Regulation Number 46/POJK.05/2020 concerning Infrastructure Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 249, Supplement to the State Gazette of the Republic of Indonesia Number 6576);
ll. Financial Services Authority Regulation Number 47/POJK.05/2020 concerning Business Licensing and Institutional Structure of Financing Companies and Sharia Financing Companies (State Gazette of the Republic of Indonesia Year 2020 Number 264, Supplement to the State Gazette of the Republic of Indonesia Number 6582); and
mm. Financial Services Authority Regulation Number 19/POJK.05/2021 concerning the Implementation of Business by Microfinance Institutions (State Gazette of the Republic of Indonesia Year 2021 Number 217, Supplement to the State Gazette of the Republic of Indonesia Number 6724), declared to remain in force as long as it does not conflict with the provisions in this Financial Services Authority Regulation.
9. Appendix III as stated in the Appendix is added.
Article II
This Financial Services Authority Regulation comes into force on the date of its enactment.

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

To be known by everyone, 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 30 December 2021
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO
Enacted in Jakarta on 31 December 2021
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2021 NUMBER 292

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 30 /POJK.05/2021
CONCERNING
THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NON-BANK FINANCIAL INSTITUTIONS
I. GENERAL
In the context of a rapid response to the impact of the spread of Coronavirus Disease 2019 (COVID-19), the Financial Services Authority has issued Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions. Subsequently, the Financial Services Authority issued Financial Services Authority Regulation Number 58/POJK.05/2020 concerning the Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions (POJK 58/POJK.05/2020). POJK 58/POJK.05/2020 was issued after considering the ongoing economic impact related to the global and domestic spread of COVID-19. As of now, the spread of COVID-19 continues, so anticipatory steps are needed to maintain the momentum of debtor recovery performance and to maintain the stability of Non-Bank Financial Institutions (LJKNB) performance, as well as to avoid potential turbulence, including an increase in credit risk that could disrupt LJKNB stability upon the expiration of the validity of POJK 58/POJK.05/2020 on April 17, 2022. In line with this objective, it is necessary to refine the provisions regarding the countercyclical policy regarding the impact of the spread of COVID-19 for LJKNB, including policies related to:
a. submission of periodic reports; b. implementation of the assessment of competence and propriety;
c. working capital financing activities through business facility facilities;
d. actuarial valuation provisions for employer pension funds; e. restructuring of loans by information technology-based lending service providers; and f. the validity period of the countercyclical policy regarding the impact of the spread of COVID-19 for LJKNB. In this regard, the Financial Services Authority establishes the Second Amendment to Financial Services Authority Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy Regarding the Impact of the Spread of Coronavirus Disease 2019 for Non-Bank Financial Institutions.
II. ARTICLE BY ARTICLE
Article I
Number 1
Article 3
Paragraph (1)
Clearly stated.
Paragraph (2)
The term “application of prudent principles, risk management, and good corporate governance” includes the implementation of countercyclical policy by LJKNB with responsibility and equipped with monitoring mechanisms to prevent abuse (moral hazard). In the event that the application of countercyclical policy causes the financial condition of LJKNB to be unhealthy, LJKNB should not apply countercyclical policy.

Paragraph (3)
In the implementation of countercyclical policy in accordance with Sharia principles, if needed, an opinion may be requested from the Sharia Supervisory Board, for example, if there are new activities or actions in the implementation of this Financial Services Authority Regulation. Paragraph (4) An example for LJKNB undergoing rehabilitation, the Financial Services Authority may request the submission of monthly reports within a deadline earlier than that regulated in this Financial Services Authority Regulation. Paragraph (5) Clearly stated. Number 2
Article 4
Paragraph (1)
The term “periodic report” refers to reports submitted by LJKNB to the Financial Services Authority periodically, including financial reports and non-financial reports.
Paragraph (2)
Clearly stated.
Paragraph (3)
The term “data communication network system” includes submission via electronic mail.
Paragraph (4)
Clearly stated
Number 3
Article 5
Paragraph (1)
The term “principal party” refers to a party that owns, manages, supervises, and/or has significant influence on LJKNB as referred to in Financial Services Authority Regulations regarding the assessment of competence and propriety for principal parties of financial service institutions. Paragraph (2) A statement letter from the director or equivalent who oversees the compliance function states among others:
a. LJKNB and/or the prospective principal party of LJKNB has reliable infrastructure to participate in presentations or explanations and clarifications via face-to-face meetings using video conferencing media; b. LJKNB will ensure that the prospective principal party of LJKNB participating in the presentation or explanation and clarification is the prospective principal party and is not represented by another person; and
c. LJKNB and the prospective principal party will maintain the confidentiality of information used in the presentation or explanation and clarification.
Paragraph (3)
Examples of specific conditions:
a. the prospective principal party nominated by LJKNB is subject to sanctions for suspension of business activities or restriction of business activities; b. the prospective principal party is indicated to have violated prudent principles in the financial service sector;
c. the prospective principal party is indicated to have committed acts that provide unfair benefits to shareholders, principal parties, employees, and/or other parties that can harm or reduce the rights of creditors, Debtors, policyholders, insured persons, participants, guarantors, and/or other consumers; and/or
d. the prospective principal party has previously been declared not approved to become a principal party due to not meeting integrity requirements.
Number 4
Article 20 D
Paragraph (1)
The term “business facility facility” refers to financing of goods and/or services distributed directly to the Debtor for business or productive activities, which are consumed within one cycle of the Debtor's business activities. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Number 5 Clearly stated. Number 6
Article 20G
Clearly stated.
Number 7
Article 20H
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
The term “data communication network system” includes submission via electronic mail.
Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.
Paragraph (7)
Clearly stated.
Article 20I
Clearly stated.
Number 8
Article 21
Clearly stated.
Number 9
Clearly stated.
Article II
Clearly stated.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6751

APPENDIX III
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 30 /POJK.05/2021
CONCERNING
THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 14/POJK.05/2020 CONCERNING COUNTERCYCLICAL POLICY REGARDING THE IMPACT OF THE SPREAD OF CORONAVIRUS DISEASE 2019 FOR NON-BANK FINANCIAL INSTITUTIONS FORMAT : LOAN RESTRUCTURING REPORT TO LOAN RECIPIENTS AFFECTED BY THE SPREAD OF COVID-19 FOR INFORMATION TECHNOLOGY-BASED LENDING SERVICE PROVIDERS (LPMUBTI) Name of LPMUBTI Provider :
Report Position :
A. Recapitulation of Restructuring Requests from Loan Recipients Affected by the Spread of COVID-19:

Number of Loan Recipients = ........
Outstanding Loan Value = Rp......
B. Details of Loan Restructuring to Loan Recipients Affected by the Spread of COVID-19:
No.
Name
Loan
Recipient
Loan
Recipient
Number
Date of Loan
Restructuring Agreement
Economic
Sector
Location of Loan
Recipient (Province)
Loan
Plafond
Outstanding
Loan Remarks
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Filling Guidelines:
(2) The “Loan Recipient Name” column is filled with the name of the business entity or individual who received a loan through the LPMUBTI Provider, affected by the spread of COVID-19, whose loan has been restructured. In the event that the Loan Recipient has multiple loan accounts, the LPMUBTI Provider reports 1 (one) Loan Recipient on 1 (one) line cumulatively. (3) The “Loan Recipient Number” column is filled with the unique code number of each Loan Recipient who received a loan through the reporting LPMUBTI Provider. (4) The “Date of Loan Restructuring Agreement” column is filled with the date of signing the loan restructuring agreement for Loan Recipients affected by the spread of COVID-19. (5) The “Economic Sector” column is filled with the economic sector of the Loan Recipient referring to the standard classification of economic activities in Indonesia. In the event that the Loan Recipient has multiple types of “Economic Sector,” the most dominant “Economic Sector” is filled. (6) The “Location of Loan Recipient (Province)” column is filled with the province location where the financed project/goods are located/used. (7) The “Loan Plafond” column is filled with the total value of the entire plafond received by 1 (one) Loan Recipient. (8) The “Outstanding Loan” column is filled with the outstanding balance of the loan principal after the implementation of loan restructuring, i.e., at the reporting period. (9) The “Remarks” column is filled with explanations regarding the reasons why the Loan Recipient is determined to be a Loan Recipient affected by the spread of COVID-19, including micro, small, and medium enterprises, for example:
a. closure of transport routes; b. supply chain disruptions;
c. project delays; or

This copy is consistent with the original
Director of Legal Affairs 1
Legal Department signed
Mufli Asmawidjaja d. others (explain).
Reasons can be filled in more than 1 (one).
Established in Jakarta on 30 December 2021
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO