Government Regulation Number 49 By 2014

Original Language Title: Peraturan Pemerintah Nomor 49 Tahun 2014

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Read the untranslated law here: http://peraturan.go.id/inc/view/11e49ad4b3729bcac029313033313436.html

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Back COUNTRY GAZETTE EXTRA RI No. 5548 economy. Trade. Futures. Commodities. Providence. Repeal. (State Gazette of the Republic of explanation for Indonesia by 2014 the number 143)

EXPLANATION of GOVERNMENT REGULATION of the REPUBLIC of INDONESIA NUMBER 49 by 2014 ABOUT HOLDING of COMMODITY FUTURES TRADING I.   The public have been promulgation of Act No. 10 of 2011 about the changes to the Act No. 32 of 1997 on trading commodity futures, necessary replacement against Government Regulation No. 9 of 1999 regarding the Organization of commodity futures trading by changing some provisions include capital and shareholders of futures exchanges and clearing house for futures, setting about the organisers and participants of alternative trading system, consent of the opening of the Branch Office of a futures broker Futures trading industry, associations, implementation of the activities of promotion or advertising, training and meetings in the field of futures trading, as well as administrative sanctions concerning the settings changes for violation of government regulations.

To realize the implementation of futures trading activities on a regular basis, reasonable, efficient, and effective, it needs to set out a range of procedures and requirements that must be met by each of the parties that undertake activities in the field of commodity futures trading. The requirements and procedures for licensing in order to apply the specified Futures Exchange, clearing house for futures, Futures, futures traders, organizer of the Alternative trading system, an alternative trading system Participants, Futures Advisers, Manager of the Central Funds futures, Futures Fund Centers, futures broker Representative, Deputy Counsellor, Deputy Manager of futures Funds futures, and the Central Banks of storage danaterpisah.

In addition to the requirements and the procedures that need to be filled in order of licensing referred to, then it should be also be regulated regarding the requirements and procedures for the use of the compensation fund, a separate Account funds on Storage, Channelling Customer Mandate to foreign futures exchanges, accounting and reporting, as well as the execution of futures trading. Furthermore, in the framework of enforcement of various regulations in the field of commodity futures trading, need to also set conditions about the imposition of administrative sanctions.

Given the many and growing form of violations in the activities of futures trading, this government regulation then submit further arrangements concerning the imposition of an administrative sanction procedures to Bappebti complies with the limits laid down in this Regulation. With respect to such matters and further elucidation, Rajeev as Law Number 32 of 1997 about commodity futures trading as amended by Act No. 10 of 2011 about the changes to the Act No. 32 of 1997 about commodity futures trading, need to establish government regulation about the Organization of commodity futures trading.
II. For the SAKE of ARTICLE ARTICLE article 1 is pretty clear.
Article 2 paragraph (1) the amount of at least 11 (eleven) body usahaberbentuk limited liability company are not affiliated with each other who were active in the transaction activities of futures exchanges, is considered sufficient to be able to carry out the activities of the Futures Exchange are reasonable (fair).
Subsection (2) is the “ majority ” is the majority or for example at least 6 (six) than 11 (eleven) the business entity must be a business entity shape of a limited liability company that conducts business activities in the field of commodities and/or a decent financial traded most of the short 3 (three) years, while remaining open to a business entity that seeks in other business fields.
Paragraph (3) is quite clear.
Article 3 is quite clear.
Article 4 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is quite clear.
The letter d is quite clear.
The letter e is quite clear.
Letter f business plan 3 (three) years including organization, communication facilities, and an exercise program that will was held.
The letter g is quite clear.
The letter h is quite clear.
The letter i is quite clear.
The letter j is quite clear.
The letter k is quite clear.
The letter l is quite clear.
The letter m is quite clear.
The letter n is quite clear.
Subsection (2) is quite clear.
Article 5 is quite clear.
Article 6 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 7 is quite clear.
Article 8 is quite clear.
Article 9 paragraph (1) is quite clear.
Subsection (2) is essentially the Exchange brought a special mission-oriented help or support the community especially the business world and farmers in carrying out risk management activities through hedging (hedging). For that this market must be carried out in a transparent and fair (fair) and the community protected his interests. Therefore required the existence of a 1 (one) person community leaders who represent the interests of the community sits in the membership of the Board of Commissioners. Individual person referred to among other things can come from employers as well as government figures who have the integrity is good, the characters and understand the futures trading.
Paragraph (3) is quite clear.
Subsection (4) is quite clear.
Subsection (5) is quite clear.
Subsection (6) is quite clear.
Paragraph (7) is quite clear.
Subsection (8) is quite clear.
Article 10 is quite clear.
Article 11 is quite clear.
Article 12 is quite clear.
Article 13 paragraph (1) If an event results in the suspension or disruption of the activities of a particular futures contract or transaction of some futures contracts then the discontinuation of the activities of the Exchange only for the transaction of the contract in question.
Paragraph (2) letter a is “ physical facilities and infrastructure damage ” is like power interruptions, damage of means of communication, not the functioning of computers as well as other events which impede the implementation of the activities of the transaction. 
The letter b in the event of a crisis in economics or finance in Indonesia or other countries bring the impact or interfere with execution of transactions in futures contracts Futures Exchange then it first carried out various efforts to reduce the negative impact of the crisis. However, when the activities of Futures transactions forwarded would be very detrimental for the managers, principals, community, and Government, then the activities of the Futures Exchange can be stopped. 
The letter c in the event of circumstances beyond human ability to control it like natural disasters, strikes, riots, fires, and perangyang resulted in no unsettled futures trading activities with good Futures activity then needs to immediately be declared terminated. 
The letter d is a “ offence which resulted in market mechanisms do not run in good ” among other conspiracy, manipulation that resulted in the losses suffered by other abusers getting larger or even the community.
Paragraph (3) is quite clear.
Article 14 paragraph (1) is quite clear.
Subsection (2) is quite clear.
Paragraph (3) the suspension of the activities of the transactions of futures contracts means there is no price that can be used for the calculation of the basic and liquidate positions open futures contracts owned by the customer or any other party, for that futures exchanges have to set the price of settlement in accordance with the laws and regulations in the field of futures trading. 
Article 15 is quite clear.
Article 16 is quite clear.
Article 17 paragraph (1) is the “ the steps of completion or improvement of ” can be either a repair or change the terms of the contract, adding or subtracting the place of delivery of the goods, completion of certain set prices, define additional capital, which accounted for can improve things and/or do the savings and efficiency. 
Subsection (2) is quite clear.
Article 18 is quite clear.
Article 19 establishment With the cessation of activity by the head of futures exchanges, financial obligations and Bappebti law exist or arise later as a result of the dismissal, remains the responsibility of the organizers of the Futures Exchange to be completed in accordance with the legislation. 
Article 20 paragraph (1) is quite clear.
Paragraph (2) the business license was revoked after the Futures Exchange Chief Bappebti believes that the activities of the Futures Exchange is not possible turned back or can no longer provide benefits for perekonomiandanmasyarakat. Therefore before making such revocation Head Bappebti need to first learn in depth and consider a wide variety of interests associated with the revocation effort, community, customer, Member of the Exchange in question and other related institutions. 
Paragraph (3) is quite clear.
Clause 21 is quite clear.
Section 22 is quite clear.
Article 23 is quite clear.
Article 24 is quite clear.
Article 25 is quite clear.
Article 26 is quite clear.
Article 27 corporately shaped Futures Clearing House limited liability company aims to support the creation of Futures transactions, Islamic derivatives contracts and/or other derivatives contracts that are fair, orderly, efficient, and effective.


Futures Clearing House is supporting institutions of the Futures Exchange in creating smooth and easy for its members to carry out transactions based on commodity futures contracts, Islamic derivatives contracts and/or other derivatives contracts. Thus the main Futures Clearing House's mission is not to seek profit. Service charge and a relatively inexpensive deals is one of the essential elements in an attempt to create a liquid market, because it's a futures clearing house should pay attention to the item. If the chiefs acquired the rest of the business results, then the rest of the business results of mandatory use of most for the sake of smoothness and ease in organizing activities of clearing and guarantee as well as a member of the Futures Clearing House concerned. 
Article 28 is quite clear.
Article 29 is pretty clear.
Article 30 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is quite clear.
Letter d activity plan 3 (three) years include financial projections, organization, communication facilities, and an exercise program that will was held.
The letter e is quite clear.
The letter f is quite clear.
The letter g is quite clear.
The letter h is quite clear.
The letter i is quite clear.
Subsection (2) is quite clear.
Article 31 is quite clear.
Article 32 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 33 is quite clear.
Article 34 is quite clear.
Article 35 is quite clear.
Article 36 is quite clear.
Article 37 is clear enough.
Article 38 is quite clear.
Article 39 is quite clear.
Article 40 is quite clear.
Article 41 is quite clear.
Article 42 is quite clear.
Article 43 is quite clear.
Article 44 is quite clear.
Article 45 is quite clear.
Article 46 is pretty clear.
Article 47 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is quite clear.
Letter d Plan business activities include organization, system acceptance and education as well as training the employees, preparation of means of telecommunication and information systems, surveillance systems and the implementation of the regulations, a plan of operation and management of transactions, as well as financial projections for three (3) years of the letter e is quite clear.
The letter f is quite clear.
The letter g is quite clear.
The letter h is quite clear.
The letter i is quite clear.
The letter j is quite clear.
Subsection (2) is quite clear.
Paragraph (3) is quite clear.
Article 48 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 49 is quite clear.
Article 50 is quite clear.
Article 51 is clear enough.
Article 52 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is a criminal offence in the field of Economics, among other criminal acts in the fields of trade, industry, or agriculture. Crime in finance crime among others in the field of banking, insurance, capital market, or taxation. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
Subsection (2) is the “ party that controls his company either directly or indirectly ” was the Commissioner, Director, shareholder, or other Parties that have the power that could affect the company's activities and wisdom.
Article 53 is quite clear.
Article 54 is quite clear.
Article 55 is quite clear.
Article 56 the expertise in this regard have indicated with the mark passed the test organized by Bappebti in the field will be dealt with. 
Section 57 subsection (1) letter a is quite clear.
The letter b is quite clear.
The letter c is a "question" is the place where the representative futures broker will work. 
Subsection (2) is quite clear.
Section 58 subsection (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 59 is quite clear.
Article 60 paragraph (1) is quite clear.
Paragraph (2) letter a is quite clear.
The letter b is quite clear.
The letter c is quite clear.
Paragraph (3) is quite clear.
Subsection (4) is quite clear.
Subsection (5) a futures broker is eligible to become a futures Advisor at once, so that in the exercise of activities as Futures Advisor does not require more additional business license as a counselor futures. 
Article 61 is quite clear.
Article 62 is quite clear.
Article 63 is quite clear.
Article 64 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is a criminal offence in the field of Economics, among other criminal acts in the fields of trade, industry, or agriculture. Crime in finance crime among others in the field of banking, insurance, capital market, or taxation. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
Subsection (2) is the “ party that controls his company either directly or indirectly ” was the Commissioner, Director, shareholder, or other Parties that have the power that could affect the company's activities and wisdom.
Article 65 is quite clear.
Article 66 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 67 is quite clear.
Article 68 is quite clear.
Article 69 is quite clear.
Article 70 is quite clear.
Article 71 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 72 is quite clear.
Article 73 is quite clear.
Article 74 is quite clear.
Article 75 is quite clear.
Article 76 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is a criminal offence in the field of Economics, among other criminal acts in the fields of trade, industry, or agriculture. Crime in finance crime among others in the field of banking, insurance, capital market, or taxation. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
Subsection (2) is the “ party that controls his company either directly or indirectly ” was the Commissioner, Director, shareholder, or other Parties that have the power that could affect the company's activities and wisdom.
Section 77 subsection (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 78 is quite clear.
Article 79 is quite clear.
Article 80 is quite clear.
Article 81 is quite clear.
Article 82 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 83 is quite clear.
Article 84 is quite clear.
Article 85 is quite clear.
Article 86 is quite clear.
Article 87 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 88 is quite clear.
Article 89 paragraph (1) the minimum amount of funds available are taken into account of the needs of the funds required to pay damages to the customer's demands. 
Subsection (2) is quite clear.
Paragraph (3) is quite clear.
Article 90 letters a quite clear.
The letter b is quite clear.
The letter c is quite clear.
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
The letter g is quite clear.
The letter h is quite clear.
The letter i is quite clear.
J Hub Futures Fund Manager can delay or refuse to purchase back the certificate of inclusion in a certificate of Participation rates is difficult due to the suspension of the transaction specified part or all of a futures contract, a Commodity and/or be the subject of a futures contract, and/or other instruments governed by regulations of the State and its Treasury Chief Bappebti reaches a certain boundaries that do not allow it to buy back the Participation Certificate. 
The letter k is quite clear.
Letter l Activity Center for Futures Fund can be stopped or suspended on a permanent basis, when all the contractual invenstasi Futures Funds Centers were suspended, among others, if the Futures Exchange closed, force majeure or length of contract formation of the Central Funds Futures expire.
Article 91 is quite clear.
Article 92 is quite clear.
Article 93 is quite clear.
Article 94 is quite clear.
Article 95 is quite clear.
Article 96 is quite clear.
Article 97 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c is a criminal offence in the field of Economics, among other criminal acts in the fields of trade, industry, or agriculture. Crime in finance crime among others in the field of banking, insurance, capital market, or taxation. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
The letter g is quite clear.
Subsection (2) is the “ party that controls his company either directly or indirectly ” was the Commissioner, Director, shareholder, or other Parties that have the power that could affect the company's activities and wisdom.
Section 98 subsection (1) is “ other ” instruments, among others, physical transactions in products futures exchanges and Alternative trading systems and/or Warehouse Receipt System.
Subsection (2) is quite clear.
99 article paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 100 is quite clear.
Article 101 is quite clear.
Article 102 is quite clear.
Article 103 paragraph (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 104 is quite clear.
Article 105 paragraph (1) is quite clear.
Subsection (2) is quite clear.
Paragraph (3)


The minimum amount of funds available are taken into account of the needs of the funds required to pay damages to the customer's demands. 
Paragraph (4) letter a is quite clear.
The letter b is quite clear.
The letter c in its Futures Exchange Profits obtained from various sources such as the sale of the Futures Exchange membership, annual dues, transaction costs, rental facilities, and other Ministry services. Residual income after deducting expenses for operation of futures exchanges should be used to develop the highest possible Futures by improving facilities and services for its members in order to make the exchange more efficient and increased integrity. One of the components that can enhance the integrity of the Futures Exchange Compensation Fund amount is sufficient. It is therefore advantage obtained Futures Exchange can set aside a portion to increase the compensation fund. 
Subsection (5) is quite clear.
Subsection (6) is quite clear.
Article 106 is quite clear.
Article 107 paragraph (1) is quite clear.
Subsection (2) is the “ value ” value is a loss a loss in real terms that should be acceptable to the customer including interest if any, and charges incurred by the customer in the process of complaint and investigation of claims for damages. 
Section 108 subsection (1) is quite clear.
Paragraph (2) letter a to claim indemnity to the Futures Exchange over the losses caused by injury to the deeds of the promise of a futures broker, the client concerned should be able to show evidence of has been trying menagihnya directly to the futures broker who missed the appointment and it is believed there is no good faith of a futures broker is meant to resolve such cases.
The letter b is quite clear.
The letter c the magnitude of claims can be filed should correspond to the number of real losses suffered plus other costs such as interest, and costs incurred by the customer with regard to the complaint and investigation process demands compensation. 
Article 109 paragraph (1) is quite clear.
Paragraph (2) the minimum amount of funds available are taken into account of the needs of the funds required to pay damages to the customer's demands. 
Article 110 is quite clear.
Article 111 is clear enough.
Article 112 is quite clear.
Article 113 is quite clear.
Section 114 subsection (1) is quite clear.
Subsection (2) is the “ still active ” is the parties who obtain permissions still runs its activities in accordance with their respective functions. 
Article 115 is quite clear.
Article 116 is quite clear.
Article 117 is quite clear.
Section 118 subsection (1) the head of the list in determining Bappebti futures exchanges abroad set Berjangkadan/Contract or contracts other Derivatives that can be used for channeling client's mandate to the Futures Exchange.
Paragraph (2) the determination of Foreign Exchange along with futures contracts and/or other derivatives contracts by Bappebti essentially intended for the domestic Customer who will use the futures contracts and/or other derivatives contracts traded on the Futures Exchange out of the country in question could be completely protected from things that can be merugikannya, for example, because the terms of futures exchanges and the clearing and penjaminannya , rated does not provide adequate protection for customers, or its market is not liquid. For it before the list of futures exchanges overseas with futures contracts and/or other ditetakan derivatives contracts, first conducted the research that, among others, against the rules and the code of conduct (rules and regulations), both for the Exchange or clearing house for futures, and futures contracts and/or other derivatives contracts and Supervisory cooperation and foreign futures exchanges concerned to help the resolution of the complaint and/or dispute asked the customer. 
Paragraph (2) letter a does equal protection is the absence of difference of treatment (discrimination) in terms of the handling and resolution of a complaint or claim asserted e.g. Customer, whether the customer concerned domestic as well as foreign Clients. 
The letter b is quite clear.
The letter c Transaction Contracts and/or other derivatives contracts on the futures exchanges abroad are basically should provide economic benefits against Indonesia is good for hedging, arbitrage, and others.
Article 119 of the petition is declared admissible in full if the application in question has been equipped with all the required documents without any changes and/or request additional information from the head Bappebti.
Article 120 is pretty clear.
Article 121 is quite clear.
Article 122 is quite clear.
Article 123 is quite clear.
Article 124 is quite clear.
Article 125 is quite clear.
Article 126 the letter a is quite clear.
The letter b is the institution of the place of identity “ the margin deposited ” is the name of the bank where the Futures Clearing House store margin received from the futures broker. 
The letter c is quite clear.
Article 127 is quite clear.
Article 128 is quite clear.
Section 129 subsection (1) is quite clear.
Subsection (2) is quite clear.
Paragraph (3) is the open position “ futures contracts, derivatives contracts, and/or other ” derivatives contracts is a position selling or buying futures contracts that have not been liquidated or maturity. 
Article 130 is quite clear.
Article 131 is quite clear.
Article 132 is pretty clear.
Article 133 is quite clear.
Section 134 subsection (1) is quite clear.
Paragraph (2) letter a is quite clear.
The letter b is quite clear.
The letter c in the Description of the company there are also program transactions that must be known and understood by each of its clients. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
Paragraph (3) is quite clear.
Subsection (4) is quite clear.
Section 135 subsection (1) is quite clear.
Paragraph (2) letter a is quite clear.
The letter b is quite clear.
The letter c in the Description of the company there are also program transactions that must be known and understood by every participant of the Central Funds futures. 
The letter d is quite clear.
The letter e is the other perpetrators of the “ ” is a mentrasaksikan-party products outside of futures contracts, derivatives contracts, and/or other derivatives contracts.
The letter f is quite clear.
The letter g is quite clear.
The letter h is “ other ” records is a record of every transaction for personal or principals of Futures Fund Centers management company includes the transaction date, amount, type of futures contracts, derivatives contracts, and/or other derivatives contracts, prices, months of submission, futures broker that manages the account, or buy and sell transaction profit or loss, including confirmation and monthly reports submitted by a futures broker. 
Paragraph (3) is quite clear.
Article 136 is quite clear.
Article 137 is pretty clear.
Article 138 is quite clear.
Article 139 is quite clear.
Article 140 is quite clear.
Section 141 subsection (1) the prohibition to open or have accounts on other futures broker is to avoid the occurrence of a conspiracy that can be detrimental to the client and not the implementation of the activities of the transactions in the market in a reasonable and transparent.
Subsection (2), this provision was intended to the wife or husband of an employee of a futures broker cannot be utilized for conspiring the transaction had prearranged that resulted in the market mechanism works cannot reasonably (fair) and avoid the possibility of doing a transaction by a person or her family exceeds the limit positions are set.
Article 142 paragraph (1) letter a is quite clear.
The letter b is quite clear.
The letter c things will be explained about the contents of the contract include, among others, the maximum limit of transactions, ownership of a futures contract position report, the limits of price fluctuations, margin, and other applicable provisions. 
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
Subsection (2) is quite clear.
Article 143 is quite clear.
Article 144 is pretty clear.
Article 145 is quite clear.
Article 146 letter a is quite clear.
The letter b is quite clear.
The letter c is quite clear.
The letter d is quite clear.
The letter e is quite clear.
The letter f is quite clear.
The letter g is quite clear.
The letter h is quite clear.
The letter i is quite clear.
The letter j is quite clear.
The letter k is quite clear.
The letter l is quite clear.
The letter m is quite clear.
The letter n is “ ” certain circumstances, among others, when there is no Client available during a certain period and for transactions aimed at avoiding a bigger loss (stop loss) in accordance with the conditions set out Head Bappebti. 
The letter o is quite clear.
Article 147 is quite clear.
Article 148 is quite clear.
Article 149 is quite clear.
Section 150 subsection (1) is the affiliate is: a. the family relationship because marriage and descendants up to the second degree, both horizontally as well as vertically; b. the relationship between the Party and the officers, directors or Commissioners, of that party;
c. the relationship between the two companies that has one or more members of the Board of directors or a member of the Board of Commissioners;
d. the relationship between the company and the Parties, either directly or indirectly, a controlling or controlled by the company;
e. the relationship between the two corporate-controlled, either directly or indirectly, by the same Party; or f.   the relationship between the company and major shareholders.
Subsection (2) is quite clear.
Paragraph (3) is quite clear.
Article 151 is quite clear.
Article 152 is quite clear.
Article 153 is quite clear.
Article 154 is quite clear.
Article 155 is quite clear.
Article 156 is quite clear.
Article 157 is quite clear.
Article 158 is quite clear.
Article 159 is quite clear.
Article 160 is quite clear.
Article 161 is quite clear.
Article 162 is quite clear.
Article 163 the letter a is quite clear.
The letter b


The definition of “ ” financial integrity is the ability of financial companies or individual people as measured from the capital and/or wealth possessed in accordance with requirements set out as well as obedience pay all obligations in the areas of finance, especially the payment of taxes by the question.

Is “ a good business reputation ” is the ability to manage the business well and have credibility and good behavior, marked among other things: 1) was never convicted of committing a criminal offence;

2) never blacklisted banking;

3) never declared bankrupt in the period of 5 (five) years; and 4) have expertise in the field of futures trading.
The letter c is quite clear.
The letter d is quite clear.
Article 164 is quite clear.
Chapter 165 is quite clear.
Article 166 is quite clear.
Article 167 quite clearly.
Article 168 is quite clear.
Article 169 is quite clear.
Article 170 is quite clear.
Article 171 is quite clear.
Article 172 is clear enough.
Article 173 is quite clear.
Article 174 is quite clear.
Article 175 is quite clear.
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