Regulation Of The Minister Of Finance Number 75/fmd. 08/2013 2013

Original Language Title: Peraturan Menteri Keuangan Nomor 75/PMK.08/2013 Tahun 2013

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BN 557-2013 fnHeader (); The text is not in the original format.
Back NEWS REPUBLIC of INDONESIA No. 572, 2013 FINANCIAL KMENTERIAN. Securities Shariah State. Purchase Back.

REGULATION of the MINISTER of FINANCE of the REPUBLIC of INDONESIA NUMBER 75/FMD. 08/2013 of SHARIAH-COMPLIANT SECURITIES REPURCHASE of the COUNTRY by the GRACE of GOD ALMIGHTY the MINISTER of FINANCE of the REPUBLIC of INDONESIA, Considering: a. that based on the provisions of article 18 and article 24 of the Act number 19 of 2008 concerning Shariah State Securities, Securities Management organizes the Minister of Islamic Countries either published directly by Government or Corporate Securities Issuers through Islamic Countries , as well as establish provisions on the issuance of Islamic Securities sales and State;
b. that, in order to undertake the management of the portfolio and Securities market infrastructure development of Islamic Countries can be carried out repurchase Securities Shariah State;
c. that based on considerations as referred to in letter a and letter b, need to establish the regulation of the Minister of finance about Islamic Securities Repurchase of the country;
Remember: 1. Act No. 19 of 2008 concerning Shariah-compliant Securities State (State Gazette of the Republic of Indonesia number 70 in 2008, an additional Sheet of the Republic of Indonesia Number 4852);
2. Regulation of the Minister of finance number 05/FMD. 08/2012 about publishing and Penju alan Sharia State Securities in the primary market within the country by way of Auction (news of the Republic of Indonesia in 2012 the number 36);
Decide: define: REGULATION of the MINISTER of FINANCE of REPURCHASE SECURITIES SHARIAH State.

CHAPTER I GENERAL PROVISIONS article 1 In this regulation of the Finance Minister, is: 1. the Shariah State Securities, hereinafter abbreviated SBSN, or can be called Sukuk, the Country is the State securities issued based on sharia principles, as evidence against the inclusion of part of the assets of top SBSN, both in rupiah or foreign currency.
2. The rewards are payments that can be rented, for results or margin, or other forms of payment in accordance with contract publishing SBSN, granted to holders of up to the expiry of the period of SBSN SBSN.
3. Repurchase SBSN is SBSN purchase transaction on the secondary market by the Government prior to maturity by means of cash (the cash buyback) and/or onsite (switching).
4. Repurchase Auctions next Auction called SBSN is Repurchase SBSN done, in a time of supply that has been determined and announced earlier.
5. Bilateral Repurchase Transactions are made via discussion SBSN between Governments with parties or participants of Auction Sales that conveys SBSN.
6. Repurchase SBSN by way of cash (the Cash Buyback) hereinafter referred to as the Cash Buyback is the settlement of repurchase transactions done SBSN with payment in cash by the Government.
7. Repurchase SBSN by way of Exchange (Switching) the hereafter with Switching is the settlement of repurchase transactions SBSN done with another series of SBSN surrender by the Government and when there is a difference between the value of the completion of this transaction, can be paid in cash. 8. the Minister is the Minister of Finance of the Republic of Indonesia.
9. the Director-General of the debt management Director General hereinafter referred to is the leadership Echelon unit I at the Environment Ministry of finance debt management wing.
10. The party is an individual person or group of persons and/or wealth that is well organized public bodies, legal entities or not a legal entity.
11. the participants of the auction of Repurchase SBSN hereinafter referred to as the auction Participants are banks and securities companies appointed Minister as bidder SBSN in the primary market which meet the requirements of the Administration to follow the execution of the Repurchase Auctions SBSN.
12. Auction bidding is filing the sales quote SBSN lists series, price and quantity delivered by the Bidder in the auction of Repurchase SBSN.
13. The Sales Quote is an offer of sale SBSN submitted by parties or participants of the Auction to the Government in the framework of Bilateral Transactions. 14. Setelmen is the completion of a transaction consisting of SBSN setelmen funds and setelmen ownership SBSN.

15. the working day is the day on which the payment system operations conducted by Bank Indonesia.

CHAPTER II CONDITIONS REPURCHASE SBSN article 2 (1) the Government may make a purchase Return SBSN by means of: a. Cash Buyback; and/or b. Switching.
(2) Repurchase SBSN referred to in subsection (1) may be made through: a. an auction; or b. Bilateral Transactions. (3) Repurchase SBSN through Auctions as referred to in paragraph (2) letter a is done through Auction Participants.
(4) Repurchase Transactions through Bilateral SBSN as referred to in paragraph (2) letter b is done directly by the Parties or by the participants of the auction.
CHAPTER III CONDITIONS and TERMS of AUCTION the auction Preparation part I of article 4 (1) the bidder SBSN in the primary market Auction as participants apply to the Minister in particular the Director General of debt management for approval and submit a statement of willingness to comply with the provisions as a Bidder.
(2) the approval of the Minister referred to in subsection (1) is given by mail Department or officer designated to perform the duties of the Directorate on behalf of the Minister.
(3) to be designated as a participant of the auction, the bidder SBSN in the primary market as referred to in paragraph (1), compulsory administrative completeness to submit the Directorate, which includes: a. affidavit of willingness to comply with conditions of the auction, by using the form as Appendix I which was part an integral part of this Ministerial Regulation;
b. letter of appointment of a representative of the Auction Participants are authorized to Transact auction, by using the form as annex II which was part an integral part of this regulation of the Minister or if there is a change in the designation of a representative using form as Annex III which is part an integral part of this Ministerial Regulation;
(4) in the event of a change of the administrative completeness as referred to in paragraph (3), the Bidder is obligated to submit the changes to the Administration Director General completeness.
(5) the Director of Syariah Financing on behalf of the Director General provides authorization approval following the Auction to the representatives of the Auction Participants have met the completeness of Administration referred to in subsection (3) and subsection (4).
Article 5 the auction Participants may bid auction for and on behalf of himself and/or other parties.


The second part of the implementation of the auction article 6 (1) Auction conducted by the Directorate General of debt management in particular the Directorate of Islamic Financing.
(2) In the event of a disruption or technical malfunction on the auction system that resulted in the implementation of the auction, no Director or officer designated to perform the duties of the Directorate on behalf of the Minister may cancel the execution of an auction. (3) the Director General delivered a report of cancellation as referred to in paragraph (2) to the Minister.

Article 7 in the implementation of the auction as stipulated in article 6 paragraph (1), in particular the debt management Directorate General Directorate of Islamic Financing did, among others: a. announced plans to Auction at least 2 (two) hours prior to the execution of the Auction, which contains at least: 1) time implementation of Auction;

2) opening and closing time of the auction bidding;

3 SBSN) series which will be bought back, in terms of Auction with the way the Cash Buyback;

4) series and the price series and exchanger SBSN SBSN in Exchange, in terms of the auction by means of Switching;

5 Auction results announcement) time; and 6) on Setelmen. b. receiving data from the participants of the auction bidding Auction system used in the Auction;
c. deliver the entire auction bidding data as stated on the letter b to the Department in the determination of the meeting of the auction; d. announced the auction proceeds to the Bidder on the day of execution of the auction.

Article 8 (1) auction bidding is done by means of competitive.

(2) the auction pricing for the winners performed with diverse pricing methods (multiple price).

Article 9 the procedures for implementation of the Auction is carried out based on conditions as Appendix IV which is part an integral part of the regulation of the Minister.

Article 10 (1) the price paid by the Government Setelmen to participants of the Auction is declared victorious in the auction by means of Cash Buyback, namely: a. the rate proposed in auction bidding (clean price) taking into account Rewards walking (accrued return), in terms of the auction in the form of coupons;
b. the rate proposed in auction bidding (clean price), in an auction in return for a discount basis.
(2) the price paid by the Government Setelmen to the Bidder or received by the Government from a Bidder who was declared victorious in the auction by means of Switching, i.e., of the price difference SBSN are interchangeable with taking into account the difference in Rewards walking (accrued return).
(3) the calculation of the price of Setelmen per unit of SBSN in terms of Auction with the way the Cash Buyback is carried out based on the formula in Annex V which are part an integral part of the regulation of the Minister.
(4) the calculation of the price of Setelmen per unit of SBSN in terms of Auction by way of Switching is done based on the formula in Annex VI which is part an integral part of the regulation of the Minister.
The third part of the determination of the results of the Auction article 11 (1) the Director or an appointed interim replacement officials to carry out the duties of Director-General on behalf of the Minister sets out the results of the auction.
(2) the determination of the auction proceeds as referred to in paragraph (1) be received all or in part, or rejecting the entire auction bidding.
(3) the determination of the results of the Auction based on the consideration, among others, pricing, timing the filing of sales, volume, maturing debt and risk management.
Article 12 Sharia Financing Directorate deliver the auction proceeds to the Bidder that otherwise won, with information at least include the following: a. series of SBSN;

b. price SBSN;

c. number of nominal SBSN.

Chapter 13 debt management Directorate General Auction results announced to the public, with information at least include the following: a. series of SBSN;

b. the weighted average price of each series SBSN;

c. number of nominal SBSN.

CHAPTER IV PROVISIONS and REQUIREMENTS of BILATERAL TRANSACTION is considered part of the Preparation of Bilateral Deals with article 14 (1), of Bilateral Transaction can be performed by: a. Parties; or b. the auction Participants.
(2) the parties referred to in paragraph (1) letter a Sales Quote to convey Government for and on behalf of himself.
(3) the Bidder referred to in subsection (1) letter b conveyed the Offer of sales to the Government for and on behalf of himself and/or on behalf of another party.
Article 15 Offer of Bilateral Transaction in order to Sales by Auction Participants or Parties as stipulated in article 14 can be done with a nominal value of supply at least Rp RP 250.000.000.000 (two hundred and fifty billion dollars) for a single series.

Article 16 the Auction Participants may bid SBSN Sales to the Government as stipulated in article 14 paragraph (1) letter b must satisfy the following conditions: a. Deliver auction purchase offer SBSN in ten successive Prime market in 5 (five) times the last auction;
b. Win auctions in the primary market or SBSN getting allotment of at least 3 (three) times in the execution of 5 (five) times the last auction; and c.  Active trade SBSN in the secondary market, at least 5 (five) frequency sale and/or purchase within the last month.

The second part of the implementation of Bilateral Transactions article 17 (1) the offer of sale by the parties or participants of the Auction as stipulated in article 14 paragraph (2) and paragraph (3) is submitted to the Minister in particular the Director General with a copy to the Director of Islamic Financing.
(2) an offer of sale referred to in subsection (1) include at least: a. nominal value;

b. series SBSN sold;

c. the price offered; and d. SBSN series heat exchangers and their desired price in terms of Switching.
Article 18 (1) the offer of sale by means of Bilateral Transactions as referred to in article 5 paragraph (1), followed up by the Directorate General of debt management in particular the Shariah-compliant Financing Directorate in writing within 7 (seven) working days since the receipt of the letter of offer of sale.
(2) the follow-up as mentioned in subsection (1) may take the form of acceptance of all or any part or reject the offer of sale.
(3) reject the offer of sale referred to in subsection (2) may be made among others with consideration: a. do not satisfy the provisions as referred to Article 14, article 15 and article 16;

b. the condition of government debt portfolio; or c. the condition of financial markets.
(4) the refusal referred to in subsection (3) is submitted via mail Director General or officer designated to perform the duties of the Directorate on behalf of the Minister.
(5) upon acceptance of an offer of sale referred to in subsection (2) followed up with a discussion of the terms and conditions which will be repurchased SBSN and/or series of changers in terms of Switching.
Article 19

(1) a discussion as referred to in article 18 paragraph (5) was conducted by the Directorate General of debt management Directorate in particular the financing of joint Islamic parties or participants of the Auction bid sales.
(2) the discussion referred to in subsection (1) concerning the terms and conditions of SBSN which will be repurchased, at least include the following: a. SBSN series;

b. nominal value;

c. the price or yield; and d. the time and mechanisms of implementation of Setelmen.
Article 20 (1) the results of the discussion referred to in article 19 can be received all or in part, or rejecting the entire Sales Deals, which poured in news events discussion.
(2) in the event that the results of the deliberations of the form receives all or part of the offer of sale, the results of the deliberations of the referred document poured in the deal.
(3) Documents the agreement referred to in paragraph (2) contains at least: a. SBSN series;

b. nominal value;

c. the price or yield; and d. the time and mechanisms of implementation of Setelmen.
(4) News events discussion and document the agreement referred to in subsection (1) and paragraph (2) is signed by the Director of Islamic Financing, debt management Directorate General Joint Director/the competent authority as the representative of the party or Participant of the auction that conveys the offer of sale.
The third part of Bilateral Transaction Assignment clause 21 Director General or officer appointed for carrying out the duties of Director-General on behalf of the Minister, no later than 2 (two) working days prior to the date of repurchase results Setelmen set SBSN which includes: a. document the agreement;

b. document SBSN terms and conditions and/or changes.

Section 22 Islamic Financing Director on behalf of the Director General conveyed the results of buyback SBSN as stipulated in article 21 to parties or participants of the auction, at least include the following: a. series of SBSN;

b. price SBSN;

c. number of nominal SBSN.

Article 23 the Directorate-General of the debt management announced the results of the repurchase SBSN to the public, with information at least include the following: a. series of SBSN;

b. the weighted average price of each series SBSN;

c. number of nominal SBSN.

Chapter V SETELMEN Article 24 (1) Setelmen for the transaction through an auction, conducted at three (3) working days after the date of implementation of the Auction SBSN (T + 3).
(2) Setelmen for Bilateral Deals, done at least 3 (three) working days after the signing of the document deal repurchase SBSN (T + 3).
Article 25 (1) Setelmen the results of the Auction are only done to the winning Bidder expressed both on behalf of himself as well as for the interests of the other party.
(2) the stated Auction Participants win was responsible for Setelmen auction proceeds as referred to in paragraph (1).
Article 26 (1), of Bilateral Transaction Setelmen is only done to the Bidder or parties who declared the win.
(2) participants of the Auction or the stated Party wins responsible for Setelmen Bilateral Transactions as referred to in paragraph (1).
Article 27 the transaction referred to in section 24 mandatory reported as over-the-counter transactions by Auction Participants to the recipient Report Transactions (PLTE) set by the capital market Authority.

Article 28 SBSN bought back by the Government can be expressed in full and no longer valid.

Article 29 further Provisions regarding technical implementation Setelmen follow the provisions set up by Bank Indonesia.

CHAPTER VI SANCTIONS article 30 (1) the Bidder is declared a win and do not submit SBSN won up to date is Setelmen, then the Auction Participants: a. mandatory those which failed to complete the transaction at least 2 (two) working days after the date of Setelmen;
b. it is not permissible to follow the auction activities SBSN in the primary market and auction during the completions of the transactions referred to in subparagraph a; and c. does not receive Rewards walking (accrued return) are calculated from the date of Setelmen up to the date of surrender as referred to in letter a, in which case the auction is conducted against SBSN in return (coupon).
(2) the parties to the sales offer is accepted by the Government and do not submit SBSN won up to date Setelmen, then the Party: a. mandatory those which failed to complete the transaction at least 2 (two) working days after the date of Setelmen; and b. does not receive Rewards walking (accrued return) are calculated from the date of Setelmen up to the date of surrender as referred to in letter a, in terms of repurchase SBSN made against SBSN in return (coupon).
Article 31 in terms of Auction Participants stated the win does not implement the provisions referred to in article 30, the Bidder may not follow one (1) times the next Auction.

Article 32 (1) the Bidder and the parties declared a win and do not complete the transaction during the 2 (two) working days referred to in Section 30 subsection (1) letter a and paragraph (2) letter a, subject to the following penalties: a. it was announced to the public;
b. may not participate in the primary market SBSN and cumulatively Auction as many as three (3) times in a row; and c.  reported to the authority in the field of banking and capital markets. (2) the transaction is not completed as intended in paragraph (1) was declared null and void.

CHAPTER VII CHARGES Article 33 PUBLICATION Any costs that arise in connection with the execution of the Repurchase SBSN charged to the budget of the State Expenditures and Revenues.

CHAPTER VIII PROVISIONS COVER Article 34 of this regulation of the Finance Minister will take effect on the date of promulgation.

In order to make everyone aware of it, ordered the enactment of these Regulations the Minister of finance with its placement in the news of the Republic of Indonesia.

Established in Jakarta on April 8, 1995 the MINISTER of FINANCE of REPUBLIC of INDONESIA, AGUS MARTOWARDOJO D.W. Enacted in Jakarta on 12 April 2013 the MINISTER of LAW and HUMAN RIGHTS REPUBLIC of INDONESIA, AMIR SYAMSUDDIN attachments: bn572-2013 fnFooter ();