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A. Financial Service Authority (OJK)

1. Established by Law No. 21 of 2011, FSA (0r “OJK”) is

intended to control and supervise integrated activities of
Indonesia financial system. OJK then took over all powers
and authorities over banking, capital market, insurance,
pension funds, multi finance, and any other financial service
2. In banking sector, OJK has in principle taken over the power
which was vested in the Bank Indonesia, such as the power
to regulate and supervise the institution (license for
establishment), solvability (sufficiency of funds to fulfill the
customers’ demand), prudential (obedience to the prevailing
rules) of a bank
3. In any other financial sectors, (such as capital
market, pension funds, insurance, and multi
finance), OJK has taken over all the power and
authority which was previously vested in the Minister
of Finance, such as the power to regulate and supervise all
activities conducted by capital market, pension funds,
insurance, and multi finance institutions.
4. With respect to the capital market activities, OJK
provides a division, headed by an Executive Head, which is
also a member of the Commissioners. The division
specifically handle the regulation and supervision of the
capital market activities.
B. Capital Market Supervisory Board (“Bapepam”)

1. The Law No. 8 of 1995 on Capital Market provides that Bapepam has duties of :
i. setting up rules and managing the capital market so
the securities traded in the Stock Exchange (SX) will be performed
in order, fairly and efficiently in order to protect the
investors and society in general;
ii. supervising and empowering the
supporting capital market institutions and professions;
iii. advising the Minister of Finance with respect to
the capital market conditions, domestically and globally, in
order to issue or decide the national economic policies.
2. Capital Market is inter-connected with all aspects in our life, and
thus may suffer risks, such as political risk, currency value, inflation
and market risk. Bapepam has to cooperate with other governmental
institution in order to manage and tackle the risks.
i. Political Risk. Governmental policy in setting up rules or
regulations which are not in line with the capital market condition
will certainly deteriorate the investment climate.
ii. Currency Risk. Governmental Policy in tackling the
fluctuation of currency is a critical point to stabilize the
enthusiasm of investment activities in the capital market.
Having the stabilized currency will certainly help the investors
doing their good business.
iii. Inflation Risk. The raise of price on goods and services will
certainly affect the value of the currency. Consequently the price of
the traded securities will fall down.
iv. Market Risk. The fierce and tight law enforcement in all
criminal actions occurred in the capital market transaction
will help stabilizing market conditions.
3. The roles of Bapepam in the capital market activities:
i. to grant license for establishing SX, Clearing Institution,
Custodian Institution, Mutual Fund, Securities
Company, and Securities Administration Bureau;
ii. to grant permission for the operation of commercial
bank as a custodian bank or trustee, and registration for
professions to conduct as capital market supporting
iii. to set up conditions and procedures for conducting the
public offering of securities, and to suspend or cancel
the public offering;
iv. to investigate all criminal actions or administrative
malpractices in the capital market transactions;
v. to determine tax, levies, charges, and costs related to the
application for licenses, permits, registration,
investigation with respect to all capital market activities
and/or transactions.

A. Stock Exchange (SX)

1. Established as a limited liability company (PT), with
required paid-up capital as of Rp. 7,5 Billion.
2. Initial shareholders of the SX shall be minimum 50
members, and all shareholders shall be securities
companies which carry out activities as brokers.
3. Each shareholder of the SX shall have only 1 (one)
registered share, and the transfer of share shall only
be made with the prior approval from the SX. The
transfer of share in the SX shall also be made only to
other brokerage company which has been registered
as member of the SX.
SX is considered as a “self-regulatory organization”,
which means that a private organization which is
authorized to issue regulations, conditions and
procedures, and bind to all its members. The
regulations set forth by the SX shall be previously
submitted to the Bapepam for approval before
Securities company that has become the shareholder of
the SX shall not be allowed to have an affiliated
relations with other shareholders, either through
shares ownership at least 20% or through double
positions as director or commissioner.
Before effectively installed as directors or
commissioners of the SX, prior approval from the
Bapepam is absolutely required.
B. Clearing and Guarantee Institutions (LKP) &
Custodian and Settlement Institution (LPP)
1. Established as a limited liability company (PT),
with required paid-up capital as of Rp. 15 Billion.
2. All shares of LKP & LPP shall be owned by SX,
Securities Companies, Securities Administration
Bureau, Custodian Bank and other party after
having obtained approval from Bapepam.
3. All shares are registered shares. The majority
shareholding in the LKP & LPP shall be SX. All
transfer of shares in the LKP & LPP shall not
create the decrease portion of ownership of SX as
the majority shareholders.
4. LKP functions as an insurance company, giving
the security and guarantee to the fulfillment of all
rights and obligations stemmed from the capital
market transactions:
* Members of the LKP shall pay premiums
annually. Such premiums will make the LKP
insures the failure of fulfilling the obligation, such
as make the payment upon the purchased securities.
5. LPP functions as “custodian house” to keep and
maintain all physical capital market instruments,
such as physical shares, commercial paper, bonds,
warrants, promissory notes, ect.
* The transfer of ownership of any capital market
transaction will be considered as final and complete
after making the physical delivery of the
C. Securities Administration Bureau
1. Established as a limited liability company (PT),
with required paid-up capital as of Rp. 500
2. Work for the purpose of the issuer under a
contractual relationship, with specific duties to
administer the transaction of securities issued
and offered by the issuer (issued company), such
as selling and purchasing volume per
day/week/months, composition of investors,
fluctuation of securities price, and the
effectiveness of the transfer of ownership.