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Financial Services Authority (OJK) & Banking Regulations Update
Financial Services Authority (OJK) &
Banking Regulations Update
The following is a list of the new Financial Services Authority (OJK) & banking regulations.
All regulations are available in Indonesian.
Financial Services Authority (OJK) & Banking Regulations Update KM No.8/August/2020 25 August 2020
KM No.8/August/2020
02
New Financial Services Authority (OJK) Regulations
1. Regulation : 35/POJK.04/2020
Date : 2 July 2020
Title
(Indonesian)
: Penilaian dan penyajian laporan penilaian bisnis di pasar modal
Title (English) : Assessment and presentation of business valuation report in
the capital market
Summary
In order to harmonize the standards or assessment guidelines applicable to the
appraisal profession in the capital market, it is necessary to make adjustments
to developments in laws and regulations and the appraiser's professional
standards. This regulation regulates the following provisions.
In using the valuation approach, Business Appraisers are required to
use two approaches in conducting business valuations, except for
assessments of:
o Non operating holding company.
o Companies that only own assets and are not operating.
Assessment Standard.
o In order to carry out Business Appraisal activities in the capital
market sector, Business Appraisers are required to: comply
with the code of conduct established by the appraisal
professional association, as well as carry out an Appraisal in
accordance with the Indonesian Appraisal Standards (SPI) and
Appraisal guidelines and presentation of the Appraisal report
stipulated by the Financial Services Authority.
o In the event that the Business Appraisal cannot be carried out
using SPI, the Business Appraiser can use other assessment
standards that apply internationally as long as the Financial
Services Authority does not state otherwise.
Comparative companies' financial report.
If the cut off date exceeds the validity period of the audited financial
report, it is permissible to use the unaudited comparative company's
financial report but:
o is available to the public (for example LKTTs (semi-annual
financial report) listed on stock exchange websites or
nationally circulated newspapers), and
o The period that is closest to the cut off date of the
assessment.
Uncontrolled discounts and market liquidity discounts are not applied
to valuation of minority shares for transactions which aim to prevent
the company from becoming a public company.
https://www.ojk.go.id/id/regulasi/Documents/Pages/Penilaian-dan-Penyajian-Laporan-Penilaian-Bisnis-di-Pasar-Modal/pojk%2035-2020.pdf
KM No.8/August/2020
03
Reference to mandatory risk-free interest rates based on government
debt securities that have maturities according to the age of the
appraised object:
o If the age of the appraised object is < 10 years, it must refer
to SUN (government debt securities) which has the same
maturity date as the age of the object of appraisal.
o If the age of the appraised object is > 10 years, or if it is a going
concern, it must refer to SUN with a maturity of > 10 years.
2. Regulation : 16/SEOJK.05/2020
Date : 7 August 2020
Title
(Indonesian)
: Rencana bisnis perusahaan pergadaian
Title (English) : Pawnbroker companies business plan
Summary
In connection with the issuance of OJK Regulation number 24/POJK.05/2019
concerning Business Plans for Nonbank Financial Services Institutions, it is
necessary to further regulate the business plans of pawnbroker companies. This
regulation regulates the following provisions.
The scope of a business plan consisting of an executive summary,
evaluation of the business plan’s implementation, vision, mission and
business strategy, management policies and plans, financial report
projection and assumptions used, projection of ratios and certain
items and other information.
Form and structure of the business plan realization report and business
plan supervision report, which describes the format for the
preparation of the business plan realization report and the business
plan supervision report.
Procedures for submitting business plan, adjusting business plan,
changing business plan, business plan realization report, and business
plan monitoring report, which explain the procedures and mechanisms
for submitting various reports related to business plan.
3. Regulation : 15/SEOJK.04/2020
Date : 27 July 2020
Title
(Indonesian)
: Penyediaan dana pesanan, verifikasi ketersediaan dana, alokasi efek untuk penjatahan terpusat, dan penyelesaian pemesanan efek dalam penawaran umum efek bersifat ekuitas berupa saham secara elektronik
Title (English) : Provision of order funds, verification of availability of funds,
allocation of securities for centralized allotment, and
settlement of orders for securities in a public offering of
equity securities in the form of shares electronically
https://www.ojk.go.id/id/regulasi/Documents/Pages/Rencana-Bisnis-Perusahaan-Pergadaian/seojk%2016-2020.pdfhttps://www.ojk.go.id/id/regulasi/Documents/Pages/Penyediaan-Dana-Pesanan%2c-Verifikasi-Ketersediaan-Dana%2c-Alokasi-Efek-Untuk-Penjatahan-Terpusat/seojk%2015-2020.pdf
KM No.8/August/2020
04
Summary
This Circular Letter is issued in accordance with OJK regulation number
41/POJK.04/2020 and in the context of implementing an electronic public
offering system for equity securities in the form of shares, it is necessary to
regulate the provision of ordered funds, verification of availability of funds,
allocation of securities for centralized allotment, and settlement of orders for
securities in a public offering of equity securities in the form of shares
electronically, which governs the following conditions. Provision of order funds,
among others provisions for investors to provide funds for orders submitted;
Verification of the funds availability for Securities ordering, among
others related to the order verification mechanism carried out by the
Public Offering System;
Classification of Public Offering, among others classifying Public
Offering into 4 groups based on the total value of Securities offered;
Securities Allocation for Centralized Allotment, among others
regarding the allocation of Securities for Centralized Allotment which
is determined based on the class of Public Offering;
Adjustment of allocation for Centralized Allotment, among others
regarding adjustment of Securities allocation in the event of excess
orders in the Centralized Allotment compared to the limit of Securities
allocation as well as the source of Securities that can be used to meet
the adjustment requirements for Securities allocation; and
Settlement of Securities orders, including, among others, fund book-
entry and distribution of Securities.
4. Regulation : 14/SEOJK.04/2020
Date : 8 July 2020
Title
(Indonesian)
: Pedoman perlakuan akuntansi produk investasi berbentuk kontrak investasi kolektif
Title (English) : Guideline for the accounting treatment of investment
products in the form of collective investment contract
Summary
This circular letter was issued in accordance with Article 6 paragraph (3) of
Financial Services Authority Regulation number 33/POJK.04/2020 and in line
with the convergence program of the Statement of Financial Accounting
Standards (PSAK) to International Financial Reporting Standards (IFRS), which
regulates the following provisions.
General provisions concerning definitions, financial report
components, a statement that notes to financial report are the integral
part of financial statement, responsibility for financial report,
reporting language, currency of presentation, reporting period, events
after the reporting period, offsetting, consistency of presentation,
materiality and aggregation, comparative information, consolidated
https://www.ojk.go.id/id/regulasi/Documents/Pages/Pedoman-Perlakuan-Akuntansi-Produk-Investasi-Berbentuk-Kontrak-Investasi-Kolektif-/seojk%2014-2020.pdf
KM No.8/August/2020
05
financial report, separate financial report, investment in associates,
investment in joint ventures, related parties, restatement, changes in
accounting estimates, impairment of non-financial assets, asset
revaluation, instruments finance, and fair value.
Presentation of financial report that govern the identification of
financial report, report of financial position, report of profit or loss and
other comprehensive income, report of changes in net assets, and cash
flow report.
Notes to financial report that regulate general matters and the
elements of the notes to financial statements.
Examples of financial report that consist of:
o Mutual Fund Financial Position Report in the form of KIK
(Collective Investment Contract).
o KIK-EBA's (Collective Investment Contract of Asset-Backed
Securities) Financial Position Report.
o Real Estate Investment Fund Financial Position Report in the
form of KIK.
o Multi Asset Investment Fund Financial Position Report
o DINFRA's (Infrastructure Investment Fund) Financial Position
Report.
o Statement of Income and Other Comprehensive Income.
o Change in Net Asset Report.
KM No.8/August/2020
06
New Banking Regulation
1. Regulation : 22/10/PBI/2020
Date : 28 July 2020
Title
(Indonesian)
: Perubahan Kedua atas Peraturan Bank Indonesia Nomor 20/3/PBI/2018 tentang Giro Wajib Minimum dalam Rupiah dan valuta asing bagi Bank Umum Konvensional, Bank Umum Syariah, dan Unit Usaha Syariah
Title (English) : Second amendment of Bank Indonesia Regulation Number
20/3/PBI/2018 concerning statutory reserve in rupiah and
foreign currency for Conventional Commercial Banks, Sharia
Commercial Banks, and Sharia Business Units
Summary
In order to maintain macroeconomic and financial system stability, as well as to
support national economic recovery as a result of the COVID-19 pandemic, Bank
Indonesia Regulation Number 20/3/PBI/2018 needs to be adjusted to maintain
adequate bank liquidity by providing current account service for banks that
meet the requirements of minimum statutory reserve requirement. The
adjustments include the following:
Amendments to Article 10 which include:
o Authorization of Bank Indonesia to provide current account
service to BUK (Conventional Commercial Bank).
o Further regulation regarding the amount of a certain portion of
the fulfillment of statutory reserves (GWM) in Rupiah for which
demand deposit services are provided, interest rates for current
account service, and procedures for providing current account
service in PADG (Members of the Board of Governors
Regulation).
The addition of a paragraph in article 11 concerning the regulation that
the placement of GWM for BUS (Sharia Commercial Bank) and UUS
(Sharia Business Unit) uses a principle of the particular wadi'ah yad
amanah.
Amendments to Article 21 which include:
o Authorizing Bank Indonesia to provide GWM incentives in the
form of granting ('athaya) in accordance with sharia principles
to BUS and UUS.
o GWM incentives in the form of granting ('athaya) in accordance
with sharia principles to BUS and UUS are provided voluntarily
by Bank Indonesia.
o Further regulation regarding the provision of statutory reserves
incentives in the form of granting ('athaya) is in PADG.
https://www.bi.go.id/id/peraturan/moneter/Documents/PBI_221020.pdf
KM No.8/August/2020
07
2. Regulation : 22/9/PBI/2020
Date : 20 July 2020
Title
(Indonesian)
: Pasar uang antarbank berdasarkan prinsip syariah
Title (English) : The interbank money market based on sharia principles
Summary
In the context of developing the interbank money market based on sharia
principles, the strategy is to strengthen regulations, develop instruments,
strengthen infrastructure and institutions, as well as expand the issuer and
investor base of interbank money market instruments based on sharia
principles, which are carried out in accordance with the needs of the Islamic
banking industry. This regulation regulates the following provisions.
Participants in the Interbank Money Market Based on Sharia Principles
(PUAS) consist of Sharia Commercial Banks (BUS), Sharia Business Units
(UUS), and Conventional Commercial Banks (BUK).
Activities at PUAS include the issuance of Interbank Mudharabah
Investment Certificate (SIMA), Commodity Trading Certificate based
on Interbank Sharia Principles (SIKA), and Interbank Sharia Principles-
Based Fund Management Certificates (SiPA) as well as sharia repo
transactions.
BUS and UUS can place funds and/or receive funds in SIMA, SiKA and
SiPA as well as conduct sharia repo transactions. BUK can place funds
in SIMA, SiKA, and SiPA and can perform sharia repo transactions.
PUAS participants may use Brokerage Company in PUAS transactions
by using the Ju'alah contract.
PUAS participants are prohibited from carrying out activities at PUAS
other than activities that have been regulated in the PUAS PBI.
Characteristics of SIMA, SiKA, SiPA and sharia repo transactions and
their requirements.
PUAS participants are required to report activities in PUAS to Bank
Indonesia through the Bank Indonesia reporting system.
Bank Indonesia supervises the issuance of PUAS instruments and
sharia repo transaction.
3. Regulation : 22/19/PADG/2020
Date : 29 July 2020
Title
(Indonesian)
: Perubahan Keenam atas Peraturan Anggota Dewan Gubernur Nomor 20/10/PADG/2018 Tentang Giro Wajib Minimum dalam rupiah dan valuta asing bagi Bank Umum Konvensional, Bank Umum Syariah, Dan Unit Usaha Syariah
Title (English) : Sixth amendment of Regulation of the Members of the
Board of Governors number 20/10/PADG/2018 concerning
statutory reserve in rupiah and foreign currency for
https://www.bi.go.id/id/peraturan/moneter/Documents/PBI_220920.pdfhttps://www.bi.go.id/id/peraturan/moneter/Documents/PADG_221920.pdf
KM No.8/August/2020
08
Conventional Commercial Banks, Sharia Commercial Banks,
and Sharia Business Units
Summary
In order to maintain macroeconomic and financial system stability, as well as
support national economic recovery as a result of the COVID-19 pandemic, it is
necessary to make adjustments to the statutory reserve requirement in the
form of providing current account service to banks that meet the mandatory
minimum statutory reserve requirement in rupiah for conventional commercial
banks, sharia commercial banks, and sharia business units. Some of the
adjusted provisions are as follows.
Amendments to article 5 which include:
o Regulations regarding the authority of BI in providing current
accounts for BUK (Conventional Commercial Banks)
o Description of current account service for certain parts of the
fulfillment of the average and daily reserve requirement.
o Determination of the interest rate for current account service
at 1.5% (one point five percent) for demand deposit against
the average reserve requirement and 0% (zero percent) for
the fulfillment of daily GWM (statutory reserve).
o Determination of a certain portion of the statutory reserve
requirement that is calculated for demand deposit service at
3% (three percent) for a certain portion calculated for
demand deposit service against the average GWM and 0%
(zero percent) of the daily GWM.
o Current account service is given to BUK according to
predetermined requirements but do not apply to BUK who
receive PLJP (short term liquidity loan) from the date of
activation to the date of repayment.
Amendments to article 19 which include:
o Regulations regarding the authority of BI in providing GWM
incentives in the form of granting ('athaya) to BUS and UUS.
o Explanation that the GWM incentive is in the form of granting
('athaya)
o Determination of the level of provision of 1.5% (one point five
percent) for the GWM incentive in the form of granting
('athaya) to the fulfillment of the average GWM and 0% (zero
percent) of the fulfillment of the daily GWM.
o Determination of a certain part of the GWM fulfillment that
is calculated for the GWM incentive in the form of granting
('athaya) of 3% (three percent) for a certain part that is
calculated for the GWM incentive in the form of giving ('
athaya) to the average GWM and 0% (zero percent ) against
the daily GWM.
o GWM incentives in the form of giving ('athaya) are given to
BUS and UUS according to predetermined requirements but
do not apply to BUS receiving PLJPS (sharia short term
liquidity loan) and UUS whose parent BUK receives PLJP from
the date of activation to the date of repayment.
KM No.8/August/2020
09
Addition of 1 article between article 19 and article 20 which covers the
procedures for giving GWM incentives in the form of granting
('athaya) to BUS and UUS Rupiah Demand Deposit.
4. Regulation : 22/18/PADG/2020
Date : 29 July 2020
Title
(Indonesian)
: Mekanisme Penerbitan Instrumen dan Penyelesaian Transaksi Pasar Uang Antarbank Berdasarkan Prinsip Syariah
Title (English) : The Mechanism of Issuance of Instrument and Settlement of
Interbank Money Market Transactions based on Sharia
Principles
Summary
In the context of the issuance of a Bank Indonesia Regulation concerning the
interbank money market based on sharia principles, it is necessary to stipulate
a mechanism for issuing instruments and settling interbank money market
transactions based on sharia principles. This regulation regulates the following
provisions.
Activities at PUAS include the issuance of Interbank Mudharabah
Investment Certificates (SIMA), Commodity Trading Certificates based
on Interbank Sharia Principles (SIKA), and Interbank Sharia Principles-
Based Fund Management Certificates (SiPA) as well as sharia repo
transactions.
BUS and UUS can place funds and/or receive funds in SIMA, SiKA and
SiPA as well as conduct sharia repo transactions. BUK can place funds
in SIMA, SiKA, and SiPA and can perform sharia repo transactions.
SiPA can be issued with one of the following types:
o SiPA type 1, namely:
SiPA issued using the underlying SBSN owned by the
PUAS participant who is the authorized (wakil); and
PUAS participants who is the authorized (wakil) hand
over SBSN and/or SukBI as collateral to PUAS
participants who is the authorizer muwakkil);
o SiPA type 2, namely:
SiPA issued using the underlying business activity of
the PUAS participant who is the authorized (wakil);
and
PUAS participants who is the authorized (wakil) hand
over SBSN and/or SukBI as collateral to PUAS
participants who is the authorizer (muwakkil); or
o SiPA type 3, namely SiPA issued by using the underlying
business activity of PUAS participants.
The mechanism for issuing and settling SiPA Type 1, Type 2, and Type
3 transactions.
https://www.bi.go.id/id/peraturan/moneter/Documents/PADG_221820.pdf
KM No.8/August/2020
10
5. Regulation : PP 33/2020
Date : 8 July 2020
Title
(Indonesian)
: Pelaksanaan kewenangan Lembaga Penjamin Simpanan dalam rangka melaksanakan langkah-langkah penanganan permasalahan stabilitas sistem keuangan
Title (English) : Implementation of the authority of the Indonesia Deposit
Insurance Corporation in order to implement steps to address financial system stability problems
Summary
Through this regulation, the government stipulates the implementation in
strengthening the authority of the Indonesia Deposit Insurance Corporation
(LPS) regarding decision-making, which includes examining the handling and
increasing the intensity of preparation for Bank Handling with OJK (Financial
Services Authority) and selecting ways to handle Banks other than Systemic
Banks declared as Failed Banks by not only consider the least cost test, but also
consider economic conditions, the complexity of banking problems, the need
for handling period, availability of investors, and/or the effectiveness of
handling Bank problems. In addition, during the economic recovery as a result
of the 2019 Corona Virus Disease pandemic (Covid-19), LPS can place funds in
the Bank to manage and/or increase the liquidity of LPS and/or anticipate
and/or handle the Financial System Stability problems that can cause the
occurrence of Bank failure as part of the forward looking of the LPS to maintain
Financial System Stability.
6. Regulation : 105/PMK.07/2020
Date : 6 August 2020
Title
(Indonesian)
: Pengelolaan pinjaman pemulihan ekonomi nasional untuk pemerintah daerah
Title (English) : Management of national economic recovery loan to local
government
Summary
In order to support regional financing in the context of implementing the National Economic Recovery Program (PEN), through this regulation, the government stipulates that Regional Government can be granted Regional PEN Loan. Regional PEN Loan is a form of financial support provided by the government to regional government in the form of loan to be used in order to accelerate economic recovery in the regions as part of the PEN Program. Regional PEN loan is provided with the following conditions:
Regional PEN loan is provided by the government to local government
through PT SMI;
Can be in the form of program loan and/or activity loan;
The maximum loan term is 10 years;
https://sipuu.setkab.go.id/PUUdoc/176148/PP_Nomor_33_Tahun_2020.pdfhttps://jdih.kemenkeu.go.id/api/AppMediaCatalogs/Download/78dd2667-e814-4cee-9749-e810cb7f7b54
KM No.8/August/2020
11
Interest rate of 0% per year;
Loan management fee per year of 0.185% of the total Regional PEN
Loan; and
Provision fee of 1% of the total Regional PEN Loan
In addition, to apply for Regional PEN Loan, local government must meet the criteria and requirements set out in this regulation.
7. Regulation : 104/PMK.05/2020
Date : 6 August 2020
Title
(Indonesian)
: Penempatan dana dalam rangka pelaksanaan program pemulihan ekonomi nasional
Title (English) : Placement of funds in the context of implementing the
national economic recovery program
Summary
In the context of implementing the National Economic Recovery Program (PEN), the government shall place funds with a certain interest in Partner Commercial Banks which are Commercial Banks that have been designated as partners in the placement of funds for the implementation of the PEN Program. The Fund Placement is carried out by means of the state money management mechanism. The funds that have been given to Partner Commercial Banks will then be used for credit/financing to debtors in order to support the acceleration of national economic recovery. The criteria for a Commercial Bank to become a Partner Commercial Bank are as follows:
Has a valid business license as a Commercial Bank;
Has business activities in the territory of the Republic of Indonesia and
the majority of shareholders/capital are the State, Local Government,
Indonesian Legal Entities, and/or Indonesian Citizens;
Have a minimum soundness level of composite 3 which has been
verified by the Financial Services Authority; and
Carry out banking business activities that support the acceleration of
national economic recovery.
8. Regulation : 103/PMK.05/2020
Date : 6 August 2020
Title
(Indonesian)
: Tata cara pengelolaan rekening khusus dalam rangka pembiayaan penanganan dampak pandemi Corona Virus Disease (Covid-19) dan pemulihan ekonomi nasional
Title (English) : Procedures for managing special accounts in the context of
financing in handling the impact of the Corona Virus Disease
(Covid-19) pandemic and national economic recovery
Summary
This Ministerial Regulation regulates the procedures for managing other accounts belonging to the State General Treasurer at Bank Indonesia which are used to accommodate and manage the results of the issuance of SBN in the
https://jdih.kemenkeu.go.id/api/AppMediaCatalogs/Download/5cd01607-9492-43e2-beb6-a8cdc83d9195https://jdih.kemenkeu.go.id/api/AppMediaCatalogs/Download/5385de43-28c4-4391-9e57-e4c0e9bbc898
KM No.8/August/2020
12
context of handling the impact of the Covid-19 pandemic and National Economic Recovery (PEN), which is later referred to as a Special Account in Handling the Covid-19 Pandemic and PEN. The scope of this regulation is:
Opening and closing of Special Accounts;
Operation of Special Accounts; and
Accounting and reporting
9. Regulation : 88/PMK.010/2020
Date : 20 July 2020
Title
(Indonesian)
: Persyaratan dan tata cara pemberian pinjaman dari pemerintah kepada Lembaga Penjamin Simpanan dalam rangka menghadapi ancaman yang membahayakan perekonomian nasional dan/atau sistem keuangan
Title (English) : Requirements and procedures for providing loans from the government to the Indonesia Deposit Insurance Corporation in the context of facing threats that endanger the national economy and/or financial system
Summary
This Minister of Finance Regulation regulates the requirements and procedures for granting loans from the government to the Indonesia Deposit Insurance Corporation (LPS), namely:
LPS Liquidity Level Report, which consists of LPS Liquidity Level Periodic
Report and LPS Liquidity Level Intermittent Report;
Loaning to LPS, under the condition that the Minister can provide loans
to LPS if they are experiencing liquidity difficulties that endanger the
economy and financial system as a result of the Corona Virus Disease
2019 (COVID-19) pandemic. It also regulates the provisions regarding
loan applications, appraisals and decisions;
Loan Implementation, which consists of provisions regarding Loan
Fund Budgeting for Fiscal Year 2020, Loan Fund Budgeting after Fiscal
Year 2020, and Agreement;
Loan Disbursement, namely in granting Loan Funds, the Minister as
State General Treasurer Budget User (PA BUN) appoints the head of
the echelon II unit who has the task and function of loan extension
within the Directorate General of Treasury as the Budget User Proxy
(KPA) for Loan Fund Distribution. It also includes provisions regarding
general provisions for disbursements, processing of disbursements by
KPA BUN, processing of disbursements by Commitment Making
Officials (PPK) and Officers Signing Orders of Payment Orders (PPSPM),
and use of loan funds;
Loan repayment by the LPS are deposited into the receiving account in
the investment fund account or other accounts determined by the
Minister, and the LPS can propose an accelerated loan repayment
proposal to the Minister; and
Accountability Loans consisting of Reporting, Monitoring and
Evaluation and Administration.
https://jdih.kemenkeu.go.id/api/AppMediaCatalogs/Download/eca5013b-b9ac-436b-b079-865d143cc5c7
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