SEOJK on the Implementation of Continuing Education Programs for Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries

To:

1. The Board of Directors of Securities Companies conducting business activities as Underwriters of Securities Issues and/or Securities Trading Intermediaries;
2. The Management of Associations housing Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries;
3. The Management of Specialized Educational Institutions in the Capital Market sector;
4. University Leadership; and
5. Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries;
   At their respective locations.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 45 /SEOJK.04/2016

CONCERNING

THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR DEPUTY UNDERWRITERS OF SECURITIES ISSUES AND DEPUTY SECURITIES TRADING INTERMEDIARIES

In connection with the provisions of Article 16 of the Financial Services Authority Regulation Number 27/POJK.04/2014 concerning Licensing for Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries (State Gazette of the Republic of Indonesia Year 2014 Number 362, Supplement to the State Gazette of the Republic of Indonesia Number 5636), it is necessary to regulate provisions regarding the Implementation of Continuing Education Programs for Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

In this Financial Services Authority Circular Letter, what is meant by Continuing Education Program, hereinafter abbreviated as PPL, is a form of program activity to continuously increase knowledge and abilities systematically and measurably for Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries.

II. IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. Parties that can become PPL implementers are:
   a. Associations housing Deputy Underwriters of Securities Issues and Deputy Securities Trading Intermediaries that have received recognition from the Financial Services Authority; and b. Other parties, namely:

1. Specialized Educational Institutions in the Capital Market sector as referred to in legislation in the Capital Market sector regulating the procedures for requesting recognition of expertise certificates for Deputy Securities Companies by specialized educational institutions in the Capital Market sector;
2. Securities Companies conducting business activities as Underwriters of Securities Issues or Securities Trading Intermediaries; and
3. Universities or Study Programs with an Accreditation Ranking of at least B,
   that have received recognition from the Financial Services Authority as PPL implementers.

2. PPL implementers as referred to in number 1 may cooperate with other parties in the implementation of PPL with the provision that the responsibility for implementation remains with the PPL implementer.

III. IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS

1. PPL can be conducted in person or otherwise than in person.

2. PPL conducted in person can be in the form of:
   a. training; b. workshops;
   c. panel discussions;
   d. seminars; e. conferences; or f. symposia.

3. PPL conducted otherwise than in person can be in the form of:
   a. writing articles, papers, or books with material determined by the PPL implementer and published; b. professional research or studies in fields determined by the PPL implementer;
   c. training through electronic media (online) determined by the PPL implementer, for example through webinar (web-based seminar) services; or
   d. becoming instructors in training, workshops, panel discussions, seminars, conferences, or symposia related to fields determined by the PPL implementer.

4. In the event that PPL otherwise than in person is conducted in the form of training through electronic media as referred to in number 3 letter c, the PPL implementer is required to ensure the existence of evaluation in the training process in the form of exam questions related to the material of said training.

5. Holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses are deemed to have fulfilled their PPL obligations if:
   a. they have attended 1 (one) PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes; or b. they have attended PPL otherwise than in person equivalent to the implementation of PPL in person with a total duration of at least 360 (three hundred sixty) effective minutes and have received an assessment of the fulfillment of PPL obligations otherwise than in person from the PPL implementer, each 1 (one) license renewal period for Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary.

6. The procedures for the implementation of PPL in person and otherwise than in person are regulated by the PPL implementer.

7. The implementation of PPL is required to:
   a. be carried out in accordance with standard operating procedures regarding the implementation of PPL; and b. be supported by adequate facilities and infrastructure.

IV. REQUIREMENTS AND PROCEDURES FOR APPLICATION FOR RECOGNITION OF OTHER PARTIES AS IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. Applications to obtain recognition as a PPL implementer are submitted by other parties as referred to in number II number 1 letter b in printed document form to the Financial Services Authority in accordance with the format of the Application for Recognition as Implementer of Continuing Education Programs for Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter and must be accompanied by complete documents as follows:
   a. standard operating procedures for the implementation of PPL for holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses; b. PPL plans for holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses; and
   c. a statement that they have never had their PPL implementation rights and/or other education/training implementation rights specifically in the Capital Market sector revoked in the last 6 (six) months.

2. Applications to obtain recognition as PPL implementers submitted by Universities or Study Programs as referred to in number II number 1 letter b number 3) must be accompanied by photocopies of documents showing the accreditation ranking of the University Institution or Study Program that is still valid and issued by the National Higher Education Accreditation Agency.

3. In the event that the Financial Services Authority has provided an electronic application system to obtain recognition as a PPL implementer, said applications can be submitted through said electronic system.

4. Recognition as a PPL implementer is given by the Financial Services Authority at the latest 30 (thirty) working days after receiving the application to obtain recognition as a PPL implementer in complete form.

5. In the event that the application to obtain recognition as a PPL implementer does not meet the requirements upon receipt, at the latest 30 (thirty) working days after receiving the application, the Financial Services Authority provides a notification letter to the applicant stating:
   a. the application does not yet meet the requirements; or b. the application is rejected because it does not meet the requirements.

6. In the event that the application to obtain recognition as a PPL implementer does not meet the requirements, the applicant is required to complete the deficiencies required in the notification letter as referred to in number 5 letter a at the latest 30 (thirty) working days after the date of the notification letter.

7. The submission of document changes, additional information, and/or completeness of requirement deficiencies as referred to in number 6 is considered received by the Financial Services Authority on the date of receipt of said document changes, additional information, and/or completeness of requirement deficiencies.

8. Since the receipt of document changes, additional information, and/or completeness of requirement deficiencies as referred to in number 7, the application for recognition as a PPL implementer is considered newly received by the Financial Services Authority and processed as referred to in number 4.

9. Applicants who do not complete the deficiencies required within the time frame as referred to in number 6 are considered to have cancelled the application to obtain recognition as a PPL implementer that has already been submitted to the Financial Services Authority.

V. OBLIGATIONS OF IMPLEMENTERS AND PARTICIPANTS OF CONTINUING EDUCATION PROGRAMS

1. PPL implementers are required to create PPL plans every year.

2. The annual plan for PPL implementation must be submitted to the Financial Services Authority at the latest on every January 12 in accordance with the format of the Annual Plan for PPL Implementation as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

3. The Financial Services Authority may request PPL implementers to make adjustments to the annual plan for PPL implementation that has been submitted, including but not limited to syllabi or PPL materials.

4. PPL implementers are required to create periodic reports on PPL implementation.

5. PPL implementation reports must be submitted to the Financial Services Authority at the latest on every January 12 and July 12 in accordance with the format of the Continuing Education Program Implementation Report and the format of the List of Issued Continuing Education Program Certificates as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter, accompanied by supporting documents in the form of participant attendance proof (in person) and other supporting documents for participants in PPL otherwise than in person.

6. PPL implementation reports as referred to in number 5 must meet the following provisions:
   a. for PPL in person, must contain at least:

1. name of the institution or PPL implementer;
2. place and time of activity;
3. syllabus or PPL material;
4. list of attendees or PPL participant attendance;
5. name, number, and date of the Decision Letter of License for Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary who are PPL participants; and
   b. for PPL otherwise than in person, must contain at least:
6. name of the institution or PPL implementer;
7. name, number, and date of the Decision Letter of License for Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary who are PPL participants; and
8. report on PPL fulfillment.

7. In the event that the deadline for submitting the annual plan as referred to in number 2 and the submission of PPL implementation reports as referred to in number 5 falls on a holiday, the annual plan and reports are submitted on 1 (one) working day following.

8. The annual plan for PPL implementation as referred to in number 2 and PPL implementation reports as referred to in number 5 are submitted to the Financial Services Authority in printed document form and may also be prepared in digital format using digital media such as compact disks (CD) or others.

9. Individuals holding Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses who have attended PPL activities are required to submit reports to the Financial Services Authority at the latest 14 (fourteen) days calculated from the date the individual finishes following the program in accordance with the format of the Continuing Education Program Participation Report as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

10. In the event that the deadline for submitting reports as referred to in number 9 falls on a holiday, the reports are submitted on 1 (one) working day following.

11. In the event that individuals holding Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses submit the Continuing Education Program Participation Report past the deadline as referred to in number 10, the calculation of the number of days of delay in submitting the reports is calculated from the first day after the deadline for submitting reports as referred to in number 10.

12. In the event that the Financial Services Authority has provided an electronic system for the submission of annual plans for PPL implementation, PPL implementation reports, and PPL participation reports as referred to in number 2, number 5, and number 9, the annual plans and reports must be submitted through the electronic system.

VI. EXAMINATION OF CONTINUING EDUCATION PROGRAM IMPLEMENTATION

The Financial Services Authority has the authority to conduct examinations regarding the implementation of PPL.

VII. REVOCATION OF RECOGNITION OF OTHER PARTIES AS IMPLEMENTERS OF CONTINUING EDUCATION PROGRAMS

1. In the event that other parties as PPL implementers are Specialized Educational Institutions in the Capital Market sector, Securities Companies conducting business activities as Underwriters of Securities Issues and/or Securities Trading Intermediaries, and Private Universities, the recognition letter of other parties as PPL implementers becomes invalid if:
   a. the legal entity of said other parties is dissolved; and/or b. the legal entity status of said other parties is revoked by the competent authority.

2. In the event that other parties as PPL implementers are State Universities, the recognition letter of other parties as PPL implementers becomes invalid if said State University is dissolved by the Government.

3. In the event that other parties as PPL implementers are Study Programs from a University, the recognition letter of other parties as PPL implementers becomes invalid if said Study Program is dissolved or the University overseeing said Study Program is dissolved.

4. The Financial Services Authority may revoke the recognition letter of other parties as PPL implementers if there are circumstances as follows:
   a. other parties as PPL implementers return their recognition letters; b. the office of other parties as PPL implementers cannot be found;
   c. other parties as PPL implementers cancel or postpone the schedule of PPL implementation resulting in holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses being unable to submit continuing education documents in license renewal applications; and/or
   d. other parties as PPL implementers have received 3 (three) warning letters but within 1 (one) month since the issuance of the third warning letter do not fulfill the provisions contained in the content of said warning letter.

5. The return of recognition letters as referred to in number 4 letter a must be accompanied by documents as follows:
   a. information regarding the reasons for the return of said recognition letters; b. recognition letters as other parties as PPL implementers by the Financial Services Authority; and
   c. a statement of accountability from other parties as PPL implementers regarding their obligations to third parties.

6. In the event that the revocation of recognition letters of other parties as PPL implementers is caused by provisions as referred to in number 4 letter b, letter c, and letter d, other parties as PPL implementers are required to settle their obligations to third parties.

7. The invalidity of recognition letters of other parties as PPL implementers as referred to in number 1, number 2, and number 3 and the revocation of recognition letters of other parties as PPL implementers as referred to in number 4 can be announced by the Financial Services Authority through mass media.

VIII. OTHER PROVISIONS

Associations or other parties recognized by the Financial Services Authority as PPL implementers are required to:

1. record holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses who register to follow continuing education; and
2. provide proof of registration to holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses who register to follow continuing education,
   for PPL in person and otherwise than in person in the form of webinar (web-based seminar) services organized by PPL implementers.

IX. TRANSITIONAL PROVISIONS

1. The obligation to submit documents proving attendance at continuing education in license renewal applications for Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries is exempted if:
   a. PPL implemented by associations or other parties recognized by the Financial Services Authority has not been held; and/or b. holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses who apply for license renewal have registered to follow PPL, but the association or other party organizing PPL cancels or postpones the PPL implementation schedule resulting in holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses being unable to submit continuing education documents in license renewal applications, for PPL in person, and otherwise than in person in the form of webinar (web-based seminar) services organized by PPL implementers.

2. Holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses who do not attend PPL due to conditions as referred to in number 1 letter b are required to submit proof of registration as referred to in number VIII at the time of submitting applications for license renewal for Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries.

3. The obligation to submit annual plans for PPL implementation to the Financial Services Authority as referred to in number V number 2 does not apply in the event that new PPL implementers are recognized by the Financial Services Authority after January 12.

4. In the event that PPL implementers obtain recognition after January 12, the obligation to submit annual plans for PPL implementation to the Financial Services Authority is submitted at the latest 3 (three) months before the start of PPL implementation.

X. CLOSING PROVISIONS

This Financial Services Authority Circular Letter takes effect on the date of determination.

Determined in Jakarta on November 28, 2016
EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR, signature
NURHAIDA

Copy matches the original
Director of Law 1
Legal Department signature
Yuliana

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 45 /SEOJK.04/20

CONCERNING

THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS FOR DEPUTY UNDERWRITERS OF SECURITIES ISSUES AND DEPUTY SECURITIES TRADING INTERMEDIARIES

APPLICATION FOR RECOGNITION
AS IMPLEMENTER OF CONTINUING EDUCATION PROGRAMS FOR DEPUTY UNDERWRITERS OF SECURITIES ISSUES AND/OR DEPUTY SECURITIES TRADING INTERMEDIARIES

Number : ..................... ...., ................ 20....
Attachments : .....................
Subject : Application for Recognition as
Implementer of Continuing Education Programs for Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries

To
The Executive Head of Capital Market Supervisor Financial Services Authority u.p. Director of Supervision of Securities Institutions Financial Services Authority in Jakarta

Hereby we submit an application for recognition as Implementer of Continuing Education Programs for Deputy Underwriters of Securities Issues and/or Deputy Securities Trading Intermediaries. As consideration material, we hereby submit the following data:

1. Institution Name : ................................................................
2. Full Address : ................................................................
   ................................................................
   (Street Name and Number)
   ....................................... - □□□□□ (City and Postal Code)
3. Telephone Number : ................................................................
4. Number and date of establishment deed
   including changes to the articles of association : .......................................................
5. Number and date of approval/agreement/notification from the minister in charge of government affairs in the field of law and human rights (if any) : ................................................................

Completing this application, we attach:

1. documents of standard operating procedures for the implementation of PPL for holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses;
2. documents of PPL plans for holders of Deputy Underwriter of Securities Issues and/or Deputy Securities Trading Intermediary Licenses; and
3. documents of statements that they have never had their PPL implementation rights and/or other education/training implementation rights specifically in the Capital Market sector revoked in the last 6 (six) months.

Thus this application is submitted, and we thank you for your attention.

Chairman of Association/Director/Leader
Institution, *)
Stamp
*) delete what is not needed

ANNUAL PLAN FOR IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

No.
Institution/Implementer Name
Continuing Education Program
Theme/Core Material
Place, Time, Duration
Activity
Instructor/Speaker
Target Participants
Person in Charge
1.
2.
3.
4.
5.

Jakarta,…….…………..
Chairman of Association/Director/Leader
Institution, *)
*) delete what is not needed

REPORT ON IMPLEMENTATION
OF CONTINUING EDUCATION PROGRAMS

1. Continuing Education Programs in person
   No.
   Institution/Implementer Name
   Continuing Education Program
   Place and Time
   Activity
   Syllabus/Program Material
   Continuing Education Program
   Related Participant Information
   Name
   License Decision Letter Number and Date for WPEE and/or WPPE 1.

Supporting Documents:
 (yes/no) list of attendees for Continuing Education Programs

2. Continuing Education Programs otherwise than in person
   No.
   Institution/Implementer Name
   Continuing Education Program
   Related Participant Information
   Percentage (%) of Fulfillment
   Continuing Education Program
   Remarks
   Name
   License Decision Letter Number and Date for WPEE and/or WPPE 1.

Supporting Documents:
 (yes/no) documents proving fulfillment of Continuing Education Programs has reached 100%

.........., ...................... 20.....
(place and date)
Chairman of Association/Director/Leader
Institution,
*) Delete what is not needed

REPORT ON LIST OF ISSUED
CONTINUING EDUCATION PROGRAM CERTIFICATES

Theme / Core Material : …………………………………………..
Place and time of implementation : …………………………………………..
Activity Duration : …………………………………………..
Number of registered participants : …………………………………………..
Participant attendance percentage : …………………………………………..

No.
Certificate Number
For and On Behalf of
Participant
License Holder Number
WPEE/WPPE
1.
2.
3.
4.
5.

Jakarta,…………….
Chairman of Association/Director/Leader
Institution, *)
*) delete what is not needed

CONTINUING EDUCATION PROGRAM PARTICIPATION REPORT

Name : ……………………………………………….....................
License Decision Letter Number for
Deputy Underwriter of Securities Issues
and/or Deputy Securities Trading Intermediary : ………………………………………………....................
Approval Date : ………………………………………………....................
Company Name : ………………………………………………....................

No.
Type of PPL
Theme / Core Material
Activity
Place and Time
Implementation
Activity Duration
Implementer
Supporting Documents
/Proof of Participation
1.
2.
3.
4.
5.

Jakarta,…………………….
License Holder,

Determined in Jakarta on November 28, 2016
EXECUTIVE HEAD OF CAPITAL MARKET SUPERVISOR, signature NURHAIDA

Copy matches the original
Director of Law 1
Legal Department signature
Yuliana