Second Amendment to Financial Services Authority Regulation Number 4/POJK.04/2014 on the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 26 /POJK.02/2018
CONCERNING
THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 4/POJK.04/2014 CONCERNING THE PROCEDURE FOR COLLECTING ADMINISTRATIVE SANCTIONS IN THE FORM OF FINES IN THE FINANCIAL SERVICES SECTOR BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS' COUNCIL OF THE FINANCIAL SERVICES AUTHORITY, Considering :
a. that in order to align generally accepted accounting standards with the administration of levies by the Financial Services Authority arising from administrative sanctions in the form of fines, it is necessary to amend the regulation concerning the procedure for collecting administrative sanctions in the form of fines in the financial services sector; b. that based on the considerations referred to in letter a, it is necessary to establish a Financial Services Authority Regulation concerning the Second Amendment to Financial Services Authority Regulation Number 4/POJK.04/2014 concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector;

Recalling :

1. 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);

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2. Government Regulation Number 11 of 2014 concerning Levies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2014 Number 33, Supplement to the State Gazette of the Republic of Indonesia Number 5504);
3. Financial Services Authority Regulation Number 4/POJK.04/2014 concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2014 Number 67, Supplement to the State Gazette of the Republic of Indonesia Number 5522) as amended by Financial Services Authority Regulation Number 7/POJK.04/2015 concerning the Amendment to Financial Services Authority Regulation concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2015 Number 98, Supplement to the State Gazette of the Republic of Indonesia Number 5695);

DECIDES:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 4/POJK.04/2017 CONCERNING THE PROCEDURE FOR COLLECTING ADMINISTRATIVE SANCTIONS IN THE FORM OF FINES IN THE FINANCIAL SERVICES SECTOR.

Article I
Several provisions in Financial Services Authority Regulation Number 4/POJK.04/2014 concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2014 Number 67, Supplement to the State Gazette of the Republic of Indonesia Number 5522) as amended by Financial Services Authority Regulation Number 7/POJK.04/2015 concerning the Amendment to Financial Services Authority Regulation concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2015 Number 98, Supplement to the State Gazette of the Republic of Indonesia Number 5695), are amended as follows:

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1. Amending the title of Chapter III, so that it reads as follows:
   CHAPTER III
   COLLECTION AND ADMINISTRATION OF LEVIES CATEGORIZED AS UNCATEGORIZED
2. The provisions of Article 9 are amended so that they read as follows:
   Article 9
   In the event that Administrative Sanctions in the Form of Fines and/or Interest are not settled within a period of 1 (one) year after the end of the payment period stipulated in the Administrative Sanctions in the Form of Fines letter or the OJK letter of response to an objection request, OJK categorizes the Administrative Sanctions in the Form of Fines and/or Interest as levies categorized as uncategorized.
3. The provisions of Article 11 are amended, so that they read as follows:
   Article 11
   In the event that Administrative Sanctions in the Form of Fines together with Interest constitute levies categorized as uncategorized as referred to in Article 9, OJK transfers the collection thereof to the State Debt Management Committee.

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

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This copy is consistent with the original
Director of Law 1
Department of Law signed
Yuliana

In order 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 5 December 2018
CHAIRMAN OF THE COMMISSIONERS' COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
WIMBOH SANTOSO

Enacted in Jakarta on 10 December 2018
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2018 NUMBER 242

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 26 /POJK.02/2018
CONCERNING
THE SECOND AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 4/POJK.04/2014 CONCERNING THE PROCEDURE FOR COLLECTING ADMINISTRATIVE SANCTIONS IN THE FORM OF FINES IN THE FINANCIAL SERVICES SECTOR

I. GENERAL
The determination of the collection of Administrative Sanctions in the Form of Fines and/or Interest in the Financial Services Sector as bad debts as regulated in OJK Regulation Number 4/POJK.04/2014 concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector is not yet aligned with generally accepted accounting standards and regulations in Government Regulation Number 11 of 2014 concerning Levies by the Financial Services Authority.

To align generally accepted accounting standards with the administration of levies by the Financial Services Authority arising from administrative sanctions in the form of fines, it is necessary to establish a change in the categorization of OJK Administrative Sanctions in the Form of Fines and/or Interest from bad debts to levies categorized as uncategorized.

In light of the above, it is necessary to amend OJK Regulation Number 4/POJK.04/2014 concerning the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector.

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II. ARTICLE BY ARTICLE
Article I
Number 1
Clearly stated.
Number 2
Article 9
Clearly stated.
Number 3
Article 11
Clearly stated.
Article II
Clearly stated.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6273