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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.


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.


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


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.



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.



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


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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