Bank Indonesia Circular Letter Number 10/29/DPM - Procedures of Application, Reporting, and Supervision on Sub-Registry - Bank Sentral Republik Indonesia
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October 01, 2020
Summary Bank Indonesia Laws

Regulation : Bank Indonesia Circular Letter Number 10/29/DPM - Procedures of Application, Reporting, and Supervision on Sub-Registry
Effective date : September 2, 2008
Summary :
  1. Sub-Registry is a Bank or an institution conducting custodial activities which is eligible and approved by Bank Indonesia to perform functions as Securities administrator on behalf of customers.
  2. Party eligible for approval as Sub-Registry is Bank, Depository and Settlement Institution (LPP), and securities company conducting custodial activities and meeting certain requirements.
  3. Application shall be forwarded by letter to Bank Indonesia, comprehensively enclosed with supporting documents in accordance with applicable provisions. Bank Indonesia will grant approval or disapproval on the application in a period of 30 (thirty) business days since the documents are comprehensively received.
  4. Custodian which has been approved by Bank Indonesia to become a Sub-Registry has to be a BI-SSSS participant no later than 3 (three) months after the application is approved.
  5. In the implementation of Securities Administration any Sub-Registry assumes obligation, among other things, to :
    1. implement Sub-Registry’s tasks;
    2. submit reports; and
    3. maintain fulfillment of the requirements as a Sub-Registry.
  6. Bank Indonesia conducts either direct or indirect supervision on obligation of Sub-Registry. In relation with the supervision, Sub-Registry is required to provide comprehensive and reliable information and take further actions on findings as requested by Bank Indonesia. In the event of any failure in the fulfillment of obligation, the Sub-Registry is liable to sanction in the form of written warning or abrogation of approval as a Sub-Registry.
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