Shareholders of the Stock Exchange

REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 13 OF 2026 CONCERNING SHAREHOLDERS OF THE STOCK EXCHANGE

BY THE GRACE OF GOD ALMIGHTY

THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering: that to implement the provisions of Article 8 paragraph (5) of Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to stipulate a Regulation of the Financial Services Authority concerning Shareholders of the Stock Exchange;

Recalling:

1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608) as has been amended several times, most recently by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as has been amended several times, most recently by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
3. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845) as has been amended by Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);

DECIDES:

To Stipulate: THE REGULATION OF THE FINANCIAL SERVICES AUTHORITY CONCERNING SHAREHOLDERS OF THE STOCK EXCHANGE.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, what is meant by:

1. Stock Exchange is a market organizer in the capital market for exchange transactions.
2. Demutualization of the Stock Exchange is a change in the ownership structure of Stock Exchange shares from being limited to only being owned by Stock Exchange members to being able to be owned by individuals and/or Indonesian legal entities, whether Stock Exchange members or not Stock Exchange members.
3. Stock Exchange Member is:
   a. an securities broker-dealer who has obtained a business license from the Financial Services Authority; and b. other parties who obtain approval from the Financial Services Authority, who have the right to use the Stock Exchange system and/or facilities in accordance with Stock Exchange regulations.
4. Party is an individual, legal entity, company, joint venture, association, or organized group.
5. Public Offering is the activity of offering Securities carried out by an issuer to sell Securities to the public based on procedures regulated in the law concerning the capital market and its implementing regulations.
6. Trading Access Rights are the rights of Stock Exchange Members to conduct exchange transactions through the Stock Exchange trading system.
7. Clearing Member is an institution that meets the provisions and requirements of a clearing and guarantee institution in the capital market to obtain clearing and/or guarantee services for the settlement of Securities transactions carried out through market organizers in the capital market.
8. Clearing and Guarantee Institution is a party that organizes clearing and/or guarantee services for the settlement of securities transactions carried out through market organizers in the capital market, as well as other services that can be applied to support inter-market activities.

Article 2
(1) The Stock Exchange is managed professionally, with governance that refers to the principles of accountability, transparency, effectiveness, efficiency, fairness, and sustainability. (2) The demutualization of the Stock Exchange aims to strengthen governance, increase investor confidence, and expand stakeholder participation. (3) The demutualization of the Stock Exchange as referred to in paragraph (2) is carried out while maintaining the independence of the Stock Exchange, market integrity, and the regulatory and supervisory functions of the Stock Exchange by the Financial Services Authority.

CHAPTER II
STOCK EXCHANGE SHARES

Part One
Classification of Stock Exchange Shares

Article 3
(1) Stock Exchange shares are registered shares that have the same nominal value and voting rights.
(2) Each Stock Exchange share has 1 (one) voting right.
(3) In the event that the Stock Exchange issues more than 1 (one) classification of shares, either with different voting rights or with different rights attached to each share, the Stock Exchange must first obtain approval from the Financial Services Authority. (4) The classification of shares as referred to in paragraph (3) must be stated in the articles of association of the Stock Exchange.

Part Two
Shareholders of the Stock Exchange

Article 4
Shareholders of the Stock Exchange consist of individuals and/or Indonesian legal entities, whether Stock Exchange Members or not Stock Exchange Members.

Article 5
Individuals as referred to in Article 4 can only become shareholders of the Stock Exchange through a Public Offering or after the Stock Exchange conducts a Public Offering.

Article 6
(1) Shareholders of the Stock Exchange perform functions in their capacity as shareholders of the Stock Exchange.
(2) In performing the functions as referred to in paragraph (1), Shareholders of the Stock Exchange must observe and implement the principles as referred to in Article 2.

Part Three
Automatic Revocation of Rights

Article 7
In the event of conditions for automatic revocation of rights of Stock Exchange shareholders, including:
a. the shareholder is declared bankrupt; b. the shareholder is subject to severe legal sanctions; and/or
c. there is dominance and concentration of Stock Exchange share ownership and/or control by one Party over the Stock Exchange, either directly or indirectly,
the Financial Services Authority has the authority to order such shareholders to transfer their Stock Exchange shares to another Party and/or declare that they do not have voting rights.

Part Four
Ownership of Stock Exchange Shares by the Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency

Article 8
(1) The Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency may become shareholders of the Stock Exchange.
(2) Ownership of Stock Exchange shares by the Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency is carried out in accordance with the provisions of laws and regulations. (3) Ownership of Stock Exchange shares by the parties as referred to in paragraph (2) is carried out while maintaining the independence of the Stock Exchange. (4) The parties as referred to in paragraph (2) may appoint other Parties as shareholders of the Stock Exchange. (5) The appointment of other Parties as shareholders of the Stock Exchange as referred to in paragraph (4) is carried out in accordance with the provisions of laws and regulations.

Part Five
Transfer of Stock Exchange Share Ownership

Article 9
(1) The transfer of Stock Exchange share ownership can only be made to:
a. Indonesian legal entities, whether Stock Exchange Members or not Stock Exchange Members as referred to in Article 4; and/or b. parties as referred to in Article 8 paragraph (1). (2) In the event that the Stock Exchange has conducted a Public Offering, the restriction on the transfer of Stock Exchange share ownership as referred to in paragraph (1) becomes inapplicable.

Article 10
(1) Stock Exchange shareholders who are Clearing Members may pledge their Stock Exchange shares to the Clearing and Guarantee Institution as collateral for the Securities transactions they conduct. (2) Provisions regarding the pledging of shares as referred to in paragraph (1) are stipulated by the Clearing and Guarantee Institution.

Part Six
Administrative Sanctions

Article 11
(1) Any Party that violates the provisions as referred to in Article 3 paragraph (3) and/or Article 6 paragraph (2) shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER III
SEPARATION OF OWNERSHIP AND MEMBERSHIP OF THE STOCK EXCHANGE

Article 12
Ownership of Stock Exchange shares by Stock Exchange shareholders is separated from Stock Exchange membership.

Article 13
(1) The Stock Exchange is prohibited from granting Trading Access Rights to Parties other than Stock Exchange Members.
(2) Stock Exchange Members are prohibited from granting Trading Access Rights to other Parties.
(3) The Stock Exchange must grant Trading Access Rights to all Stock Exchange Members who meet the requirements independently, transparently, fairly, without discrimination in tariffs.

Article 14
(1) Any Party that violates the provisions as referred to in Article 13 shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER IV
IMPLEMENTATION OF STOCK EXCHANGE DEMUTUALIZATION

Part One
Issuance of Stock Exchange Shares

Article 15
In the implementation of Stock Exchange Demutualization, the Stock Exchange may issue new shares and/or sell Stock Exchange shares that have been repurchased by the Stock Exchange.

Article 16
The issuance of new shares by the Stock Exchange must consider the needs and purpose of using funds from the issuance of such new Stock Exchange shares.

Part Two
Limits on Stock Exchange Share Ownership

Article 17
(1) Stock Exchange shareholders, whether individuals or legal entities, may own Stock Exchange shares, either directly or indirectly, cumulatively no more than 5% (five percent) of the total issued Stock Exchange shares. (2) Any Party that:
a. will own Stock Exchange shares, either directly or indirectly, more than 5% (five percent); or b. has owned Stock Exchange shares, either directly or indirectly, more than 5% (five percent) and will increase the percentage of Stock Exchange share ownership, either directly or indirectly, must obtain approval from the Financial Services Authority. (3) The Party as referred to in paragraph (2) must provide added value to the development of the Stock Exchange. (4) The added value as referred to in paragraph (3) must meet the following criteria:
a. have a strong capital structure and stable financial condition to ensure the sustainability of operations and development of the Stock Exchange; b. have access and capability in providing the needs for the development of technology and trading infrastructure of the Stock Exchange;
c. have domestic and international connectivity;
d. have access to liquidity; and/or e. have access to market deepening.

Article 18
Approval from the Financial Services Authority to the Party as referred to in Article 17 paragraph (2) is carried out by considering the track record, capital capacity, commitment, and contribution of the party concerned to the development of the Stock Exchange.

Article 19
(1) Applications for approval of ownership or changes in the percentage of ownership of Stock Exchange shares exceeding 5% (five percent) of the total issued Stock Exchange shares as referred to in Article 17 paragraph (2) for Stock Exchange shareholders as referred to in Article 4, must be accompanied by at least the following documents:
a. applicant's identity; b. proof of financial capability;
c. plan for contribution to the development of the Stock Exchange;
d. a statement letter that the funds used to purchase Stock Exchange shares do not originate from debt, money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction; and e. other documents stipulated by the Financial Services Authority. (2) Applications for approval of ownership or changes in the percentage of ownership of Stock Exchange shares exceeding 5% (five percent) of the total issued Stock Exchange shares as referred to in Article 17 paragraph (2) for parties as referred to in Article 8 paragraph (1) are carried out through coordination with the Financial Services Authority. (3) The Financial Services Authority grants approval or rejection of the application for share ownership approval as referred to in paragraph (1) within a maximum period of 20 (twenty) working days after the complete documents are received. (4) The Financial Services Authority in processing the application for approval as referred to in paragraph (1) may conduct further clarification through face-to-face meetings, request presentations, conduct on-site inspections, and/or request additional documents.

Article 20
Any Party is prohibited from owning a majority of Stock Exchange shares, either directly or indirectly, including through its affiliates.

Part Three
Public Offering by the Stock Exchange

Article 21
(1) The Stock Exchange may conduct a Public Offering of Stock Exchange shares after obtaining approval from the Financial Services Authority.
(2) Provisions regarding Public Offerings by the Stock Exchange and supervision of the Stock Exchange after the Public Offering are stipulated by the Financial Services Authority.

Part Four
Administrative Sanctions

Article 22
(1) Any Party that violates the provisions as referred to in Article 17 paragraph (2) and/or Article 20 shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER V
SEPARATION OF REGULATORY, SUPERVISORY, AND BUSINESS FUNCTIONS

Article 23
(1) The Stock Exchange must appoint a director who oversees regulatory functions.
(2) The director who oversees regulatory functions as referred to in paragraph (1) is responsible for at least:
a. regulation concerning at least:

1. listing and delisting of Securities;
2. trading, clearing, and settlement of exchange transactions; and
3. requirements for Stock Exchange membership and participants; and
   b. risk management and compliance, concerning at least:
4. managing risks faced by the Stock Exchange; and
5. ensuring the conformity of Stock Exchange activities with the provisions of laws and regulations.
   (3) The director as referred to in paragraph (1) must be separated from the director who oversees supervisory functions and the director who oversees business functions in the Stock Exchange.

Article 24
The Stock Exchange must implement technology infrastructure and operational policies related to information segregation to limit the flow of data from the regulatory, licensing, supervisory, and compliance monitoring units of Stock Exchange Members to the business units of the Stock Exchange.

Article 25
(1) Any Party that violates the provisions as referred to in Article 23 paragraph (1), paragraph (3), and/or Article 24 shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER VI
DIVIDEND DISTRIBUTION

Article 26
(1) The Stock Exchange may distribute dividends to Stock Exchange shareholders.
(2) The distribution of dividends to shareholders by the Stock Exchange as referred to in paragraph (1) is carried out by considering the formation and accumulation of operational and development reserve funds of the Stock Exchange. (3) The distribution of dividends to Stock Exchange shareholders is carried out in accordance with the provisions of laws and regulations.

Article 27
(1) The Stock Exchange must form a reserve fund as referred to in Article 26 paragraph (2) and make annual provisions for the management of such reserve fund with an amount approved by the Stock Exchange shareholders in the general meeting of Stock Exchange shareholders. (2) The Stock Exchange must submit:
a. annual reserve fund provision plan; and b. Stock Exchange reserve fund usage plan, to the Financial Services Authority in the annual work plan and budget.

Article 28
(1) Any Party that violates the provisions as referred to in Article 27 paragraph (1) shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER VII
STOCK EXCHANGE REPORTS

Article 29
(1) In addition to the Stock Exchange reports as regulated in the Financial Services Authority Regulation concerning Stock Exchange reports, the Stock Exchange must report to the Financial Services Authority every:
a. ownership of Stock Exchange shares; b. change in ownership of Stock Exchange shares; and
c. provision of facilities to Stock Exchange shareholders,
at the latest 2 (two) working days calculated after the occurrence of such event.
(2) The report as referred to in paragraph (1) is submitted in accordance with the Financial Services Authority Regulation concerning incidental reports through the Financial Services Authority's reporting system in the capital market, derivative finance, and carbon exchange sectors.

Article 30
(1) Any Party that violates the provisions as referred to in Article 29 paragraph (1) shall be subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) shall also be imposed on Parties who cause the violation as referred to in paragraph (1).
(3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) consist of:
a. Written warning; b. fine, which is an obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; g. cancellation of registration; and/or h. revocation of individual license. (4) Administrative sanctions as referred to in paragraph (3) letters b to h may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (3) letter a. (5) Administrative sanctions in the form of a fine as referred to in paragraph (3) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (3) letters c to h.

CHAPTER VIII
MISCELLANEOUS PROVISIONS

Article 31
In addition to the administrative sanctions as regulated in this Financial Services Authority Regulation, the Financial Services Authority may take certain actions against any Party that violates the provisions of this Financial Services Authority Regulation.

Article 32
The Financial Services Authority may announce the imposition of administrative sanctions as regulated in this Financial Services Authority Regulation and certain actions as referred to in Article 31 to the public.

Article 33
Relevant consumer protection principles as regulated in the Financial Services Authority Regulation concerning consumer and public protection in the financial services sector apply to every Party involved in the Demutualization of the Stock Exchange.

Article 34
The Financial Services Authority may stipulate policies that differ from this Financial Services Authority Regulation based on certain considerations.
Article 35
(1) The separation of the functions of the Stock Exchange directors as referred to in Article 23 paragraph (3) shall be implemented no later than 6 (six) months from the date of the Stock Exchange Demutualization. (2) Information barriers to limit the flow of data from the regulatory, licensing, supervision, and compliance monitoring work units of Stock Exchange Members to the business work units of the Stock Exchange as referred to in Article 24 shall be implemented no later than 6 (six) months from the implementation of the Stock Exchange Demutualization.
CHAPTER IX
CLOSING PROVISIONS
Article 36
When this Financial Services Authority Regulation comes into force:
a. Decision of the Chairman of the Capital Market and Financial Institutions Supervisory Agency Number: KEP-28/PM/2004 dated 24 September 2004 concerning the Auction of Stock Exchange Shares Number III.A.11 which is its attachment; b. Article 8 paragraph (2) letter d of Financial Services Authority Regulation Number 26/POJK.04/2014 concerning Guarantee for Settlement of Exchange Transactions (State Gazette of the Republic of Indonesia Year 2014 Number 361, Supplement to the State Gazette of the Republic of Indonesia Number 5635);
c. Article 3 letter d of Financial Services Authority Regulation Number 2/POJK.04/2019 concerning Procedures for Granting Approval for the Articles of Association of the Stock Exchange (State Gazette of the Republic of Indonesia Year 2019 Number 24, Supplement to the State Gazette of the Republic of Indonesia Number 6309); and
d. Article 6, Article 7, Article 8, Article 9, Article 12, Article 13 paragraph (1), and Article 15 of Financial Services Authority Regulation Number 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market Sector (State Gazette of the Republic of Indonesia Year 2021 Number 71, Supplement to the State Gazette of the Republic of Indonesia Number 6663), are revoked and declared invalid.
Article 37
This Financial Services Authority Regulation shall come into force on the date of its promulgation.

For everyone to know, it is ordered that this Financial Services Authority Regulation be promulgated by placing it in the State Gazette of the Republic of Indonesia.
Stipulated in Jakarta on 15 September 2026
CHAIRMAN OF THE BOARD OF COMMISSIONERS
OF THE FINANCIAL SERVICES AUTHORITY
OF THE REPUBLIC OF INDONESIA,
Œ
FRIDERICA WIDYASARI DEWI
Promulgated in Jakarta on Д
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,
Ѽ
SUPRATMAN ANDI AGTAS
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2026 NUMBER Ж

EXPLANATION
OF
THE FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 13 YEAR 2026
CONCERNING
SHAREHOLDERS OF THE STOCK EXCHANGE
I. GENERAL
Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector as amended by Law Number 4 Year 2026 concerning Amendments to Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector has regulated the change in ownership of the Stock Exchange from mutual, where the shareholders of the Stock Exchange are Stock Exchange Members, to demutual, with the presence of other Parties in the form of individuals and/or Indonesian legal entities, both those with the status of Stock Exchange Members and those who are not Stock Exchange Members, as Shareholders of the Stock Exchange. Based on the provisions of Article 8 of Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector as amended by Law Number 4 Year 2026 concerning Amendments to Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector mandates further regulation regarding parties who can become shareholders of the Stock Exchange in a Financial Services Authority Regulation. In order to follow up on the mandate of Article 8 of Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector as amended by Law Number 4 Year 2026 concerning Amendments to Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to issue a Financial Services Authority Regulation concerning Shareholders of the Stock Exchange. In general, this Financial Services Authority Regulation contains main subject matter including Stock Exchange shares, separation of Stock Exchange ownership and membership, implementation of Stock Exchange Demutualization, separation of regulatory, supervisory, and business functions, dividend distribution, and Stock Exchange reports.

II. ARTICLE BY ARTICLE
Article 1
Self-explanatory.
Article 2
Self-explanatory.
Article 3
Paragraph (1)
Self-explanatory.
Paragraph (2)
Self-explanatory.
Paragraph (3)
The rights inherent in each share differ, including the right to nominate members of the board of directors, the right to exchange shares for other classifications, and other rights as regulated in statutory provisions. Paragraph (4) Self-explanatory.
Article 4
Self-explanatory.
Article 5
Self-explanatory.
Article 6
Self-explanatory.
Article 7
Automatic cancellation of rights is also known as a disqualification event.
Examples of severe legal sanctions are penalties for shareholders that imply reputational risk for the Stock Exchange due to the loss of integrity of the shareholders, such as revocation of business licenses and/or prohibition from conducting activities in the Capital Market. Concentration of share ownership is also known as high shareholding concentration.
Article 8
Self-explanatory.
Article 9
Self-explanatory.
Article 10
Self-explanatory.
Article 11
Self-explanatory.
Article 12
Self-explanatory.

Article 13
Self-explanatory.
Article 14
Self-explanatory.
Article 15
Self-explanatory.
Article 16
Self-explanatory.
Article 17
Paragraph (1)
What is meant by “indirect ownership of Stock Exchange shares” is a Party that owns Stock Exchange shares through another Party, through affiliation, coordinated cooperation (acting in concert), or other equivalent legal relationships. Such Party is the ultimate beneficial owner of such shares and/or part of the ownership chain up to the actual owner. Financial Services Authority approval for share ownership of more than 5% (five percent) of the total issued Stock Exchange shares is intended to prevent domination, concentration of share ownership, and/or control by one Party so that the independence of the Stock Exchange is maintained. Paragraph (2) Changes in the percentage of share ownership to more than 5% (five percent) include any change in the percentage of share ownership above 5% (five percent). For example, a Party that initially owned 4% (four percent) of Stock Exchange shares becoming 6% (six percent) must obtain approval from the Financial Services Authority. For example, a Party that initially owned 7% (seven percent) of Stock Exchange shares, then purchased another 3% (three percent), then the change in share ownership must obtain approval from the Financial Services Authority. For changes that result in a decrease in the percentage of Stock Exchange share ownership from 7% (seven percent) to 6% (six percent), approval from the Financial Services Authority is not required. Paragraph (3) Self-explanatory. Paragraph (4) Letter a Self-explanatory. Letter b Self-explanatory. Letter c What is meant by “domestic and international connectivity” is the ability of a Party to connect the Stock Exchange with other stock exchanges/financial market infrastructures in other jurisdictions, among others, through mutual market access cooperation, cross-border trading links, and/or expansion of the distribution network for Indonesian capital market products to foreign institutional investors. Letter d What is meant by “liquidity access” is the ability of a Party to expand the investor base to actively transact on the Stock Exchange so as to increase the transaction volume on the Stock Exchange. Letter e What is meant by “access to market deepening” is having the capability to design instruments on the Stock Exchange.
Article 18
Self-explanatory.
Article 19
Self-explanatory.
Article 20
What is meant by “majority” is ownership of more than 50% (fifty percent) of the total issued Stock Exchange shares, either directly or indirectly.
What is meant by “indirect ownership of Stock Exchange shares”, see the explanation for Article 17 paragraph (1).
Article 21
Self-explanatory.
Article 22
Self-explanatory.
Article 23
Paragraph (1)
Self-explanatory.
Paragraph (2)
Letter a
Self-explanatory.
Letter b
Statutory provisions include, among others, laws concerning personal data protection and government regulations concerning electronic system and transaction providers.
Paragraph (3)
Self-explanatory.
Article 24
Self-explanatory.

Article 25
Self-explanatory.
Article 26
Self-explanatory.
Article 27
Self-explanatory.
Article 28
Self-explanatory.
Article 29
Paragraph (1)
Letter a
Self-explanatory.
Letter b
Self-explanatory.
Letter c
Examples of providing facilities to shareholders include information services covering a dedicated shareholder portal in the form of access to a special platform containing interim financial reports, summaries of operational performance (number of Public Offerings, average daily transaction value), and strategic corporate updates for publicly listed companies. Paragraph (2) Self-explanatory.
Article 30
Self-explanatory.
Article 31
Self-explanatory.
Article 32
Self-explanatory.
Article 33
Self-explanatory.
Article 34
The provision of different policies is intended, among others, to: a. support national policies; b. protect public interest; c. maintain industry growth; d. maintain healthy business competition; and/or e. conditions requiring certain considerations are extraordinary events that can result in a significant increase in morbidity and mortality, or have economic and social impacts, thus requiring attention and handling by all related Parties and regulated in other provisions based on considerations in facing possible extraordinary events.

Article 35
Paragraph (1)
What is meant by “date of implementation of Stock Exchange Demutualization” is the date of the general meeting of Stock Exchange shareholders related to the approval of the entry of new shareholders other than Stock Exchange Members. Paragraph (2) Self-explanatory.
Article 36
Self-explanatory.
Article 37
Self-explanatory.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER ⸙