DECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE Inc.

Transcription

1 DECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE Inc. Number : Kep-00413/BEI/ Concerning : THE EXCHANGE POLICY ON THE IMPLEMENTATION OF CORRECTION OF EXCHANGE TRANSACTION AT THE NEGOTIATION MARKET Date of Issue : 20 December 2012 Date of Effective : 2 January 2013 Considering : a. that based on the Rule Number II-A concerning Equity-Type Securities Trading (Attachment of the Decision of the Board of Directors Number 00005/BEI/ dated 20 January 2011), the Exchange has issued the Decision of the Board of Directors Number: Kep-00365/BEI/ concerning the Exchange Policy on the Implementation of Correction Or Cancellation of Exchange Transaction at the Negotiation Market; b. that the Exchange has issued amendment to the Rule Number II-A concerning Equity-Type Securities Trading (Attachment of the Decision of the Board of Directors of the Indonesia Stock Exchange Inc Number 00399/BEI/ dated 14 November 2012 concerning Amendment to Rule Number II-A concerning Equity-Type Securities Trading), which one of its provisions governs correction of Exchange Transaction at the Negotiation Market; c. that in the amendment to the Rule Number II-A therein, cancellation of Exchange Transaction at the Negotiation Market is no longer possible to occur; d. that based on the considerations as referred to in letters a, b, and c above, it is considered as necessary to stipulate an amendment to the Exchange policy on implementation of correction of Exchange Transaction at the Negotiation Market in a Decision of the Board of Directors of the Indonesia Stock Exchange. In view of : 1. Law Number 8 of 1995 concerning Capital Market (State Gazette of 1995 Number 64, Supplement to State Gazette Number 3608); 2. Government Regulation Number 45 of 1995 concerning the Implementation of the Capital Market Activities (State Gazette of 1995 Number 86, Supplement Number 3617) as amended by Government Rule Number 12 of 2004 (State Gazette of 2004 Number 27, Supplement Number 4372); 3. Bapepam Rule Number III-A.10. concerning Securities Transaction (Attachment of the Decision of the Chairman of Capital Market 1

2 Supervisory Agency Number Kep-42/PM/1997 dated 26 December 1997); 4. Decision of the Chairman of Capital Market and Financial Institutions Supervisory Agency Number: S-4604/BL/2012 dated 19 April 2012 concerning Approval of Concept of Policy on Implementation of Correction or Cancellation of Exchange Transaction at Negotiation Market; 5. Rule Number II-A Concerning Equity-Type Securities Trading (Attachment of the Decision of the Board of Directors Number 00005/BEI/ dated 20 January 2011); 6. Decision of the Board of Directors of the Indonesia Stock Exchange Number Kep-00365/BEI/ dated 10 May 2012 concerning the Exchange Policy on Implementation of Correction or Cancellation of Exchange Transaction at Negotiation Market; 7. Amendment to Rule Number II-A concerning Equity-Type Securities Trading (Attachment of Decision of the Board of Directors of Jakarta Stock Exchange Number: Kep-00399/BEI/ dated 14 November 2012). DECIDING: Menetapkan : 1. Amendment to several provisions in the Decision of the Board of Directors of the Indonesia Stock Exchange Number Kep /BEI/ dated 10 May 2012 concerning the Exchange Policy on Implementation of Correction or Cancellation of Exchange Transaction at Negotiation Market, namely: a. provision 1, that formerly reads: Correction or cancellation of Exchange Transaction at Negotiation Market as referred to in provision II of Rule Number II-A Concerning Equity-Type Securities Trading is classified into 2 (two), as follows: Shall be amended to as follows: Correction of Exchange Transaction at Negotiation Market as referred to in provision IX.1.3. of Rule Number II-A concerning Equity-Type Securities Trading is classified into 2 (two), as follows: 2

3 b. provision 2, that formerly reads: imposition of the penalties on Securities Exchange Member as referred to in provision II of Rule Number II-A concerning Equity-Type Securities Trading is determined as follows: Shall be amended to as follows: imposition of the penalties on Securities Exchange Member as referred to in provision IX.4. of Rule Number II-A concerning Equity-Type Securities Trading is determined as follows: c. Deletion all words...or cancellation in clauses of the policy that is stipulated by such Decision of the Board of Directors. 2. By amendment to as referred to in the dictum 1 above, then the Decision of the Board of Directors concerning the Exchange Policy on Implementation of Correction of Exchange Transaction at Negotiation Market shall read as follows: 1. Correction of Exchange Transaction at Negotiation Market as referred to in provision IX.1.3. of Rule Number II-A concerning Equity-Type Securities Trading is classified into 2 (two), as follows: a. Correction of transactions that have no impact on the change in the Exchange Transaction value, namely: 1) Price and volume of transaction are swapped; 2) Wrong status of client ownership (I/A/F/S). b. Correction of Exchange Transactions that have impact on the change in the Exchange Transaction value, namely: 1) Reduction or increment in the transaction price; and or 2) Reduction or increment in the transaction volume. 2. Penalty imposition on Securities Exchange Member as referred to in provision IX.4. Rule Number II-A concerning Equity-Type Securities Trading is determined as follows: a. Implementation of the correction of Exchange Transaction as referred to in the dictum 1.a. of this Decision is determined as follows: 1) Implementation of the first correction shall subject to penalty 3

4 amounting to Rp ,- (two million rupiah); 2) Implementation of the second correction shall subject to penalty amounting to Rp ,- (five million rupiah); 3) Implementation of the third correction and thenceforth shall subject to penalty amounting to Rp ,- (ten million rupiah). b. Implementation of correction of Exchange Transaction as referred to in the dictum 1.b of this Decision shall subject to penalty amounting to 10% (ten percent) of the Exchange Transaction fee before correction of Exchange Transaction is made, under condition that amount of penalty that must be paid is not less than Rp (five million rupiah) and not more than Rp ,- (one hundred million rupiah). 3. Penalty imposition as referred to in the dictum 2 of this Decision is determined under condition as follows: a. Penalty is imposed on per 1 (one) correction of Exchange Transaction applied for by Securities Exchange Member. b. In case Securities Exchange Member intends to make correction of several Exchange Transactions in one application, then the Exchange will calculate such correction of Exchange Transaction one by one in accordance with sequence of such correction and or cancellation. c. Determination of penalty as referred to in the dictum 2 of this Decision is made based on sequence of correction of Exchange Transaction applied for to the Exchange. d. Determination of sequence of correction of Exchange Transaction as set out in the dictum 2 of this Decision shall be valid for 1 (one) calendar year of the Exchange. 4. Securities Exchange Member is obliged to pay the penalty as set out in the dictum 2 of this Decision together with payment of monthly transaction fee. 3. By the enactment of this Decision, then the Decision of the Board of Directors of the Indonesia Stock Exchange Inc Number: Kep /BEI/ dated 10 May 2012 concerning the Exchange Policy on Implementation of Correction or Cancellation of Exchange Transaction at Negotiation Market, is declared inapplicable. 4

5 4. This Decision shall be effective as of the enactment date. Sincerely Yours, Ito Warsito President Director Samsul Hidayat Director Cc: 1. Chairman of Capital Market and Financial Institutions Supervisory Agency (Bapepam and LK) 2. Secretary of Bapepam and LK 3. Head of Transaction and Stock Institution Bureau, Bapepam and LK 4. Head of Legislation and Legal Counsel Bureau, Bapepam and LK 5. Board of Management of Indonesian Securities Companies Association 6. Board of Directors of the Indonesian Clearing and Guarantee Corporation (KPEI) 7. Board of Directors of the Indonesian Central Securities Depository (KSEI) 8. Board of Commissioners of the Indonesia Stock Exchange 5