Download RULE NUMBER: II-3 CLEARING MEMBERS 1. Definition a

ATTACHMENT TO
Decision of the Board of Directors
PT Kliring Penjaminan Efek Indonesia
Number
: SK-003//KPEI/0399
Date
: 11 March 1999
RULE NUMBER: II-3
CLEARING MEMBERS
1.
Definition
a) Unless specifically defined otherwise, all expressions or terms specified
herein shall have the same meaning as defined in Law No. 8 of 1995 on
Capital Markets and its implementing regulations.
b) In this rule and other KPEI Rules:
KSEI means PT Kustodian Sentral Efek Indonesia based in Jakarta,
Indonesia, a limited liability company licensed by Bapepam as an entity
responsible for providing custodial services as a Central Custodian for
Custodian Banks, Securities Companies, and other parties as specified in
Article 1.10 of Law of the Republic of Indonesia Number 8 of 1995.
2.
Criteria and Requirements
a) Those eligible to become Clearing Members shall be any Stock Exchange
Members approved by KPEI after analyzing their eligibility in terms of risks,
especially their creditworthiness.
b) The criteria and requirements to become Clearing Members are, among
others, as follows:
i)
sign an agreement and complete the Clearing Member Registration
Form;
ii)
submit the following documents to KPEI:
(a) the company’s articles of association and their amendments;
(b) the latest financial statements of the company and its supporting
documents;
iii)
submit specimens of the company’s seal, directors’ signatures,
commissioners’ signatures (if necessary, according to the applicant’s
articles of association/ deed of establishment), and signature of any
officer authorized to sign documents and instruments pertaining to the
Clearing of Stock Exchange Transactions;
iv)
pay the Guarantee Funds under Rule of KPEI Number II-4;
v)
agree to pay additional amounts for the Guarantee Funds under Rule
of KPEI Number II-4;
vi)
comply with the provisions specified in Rule of Bapepam Number
V.D.3 on Internal Control and Bookkeeping Implementation by
Securities Companies;
vii)
agree to put up collateral according to the type, amount, and
procedure established by KPEI;
viii) permit KPEI to obtain information and or documents deemed
necessary by KPEI from the Jakarta Stock Exchange and Surabaya
Stock Exchange (hereinafter referred to as the Stock Exchange) and
or KSEI on information pertaining to the relevant Clearing Member’s
activities;
ix)
permit KPEI to check data and documents and examine the financial
condition, activities, and management of the relevant Clearing
Member;
x)
permit KPEI to withhold any payments to which the relevant Clearing
Member is entitled and use them for settlement of Stock Exchange
Transactions if such Clearing Member fails to perform its obligations
to KPEI;
xi)
agree to provide information on KPEI services;
xii)
be responsible for the accuracy of all information it provides to KPEI;
xiii) appoint at least 2 (two) Clearing Member Representatives approved
by KPEI;
xiv) agree to have a Securities Account with KSEI for settlement of Stock
Exchange Transactions as specified by KPEI;
xv)
If a Stock Exchange Member intends to borrow Securities from KPEI,
such Stock Exchange Member must sign a securities loan agreement
with KPEI.
c) The collateral set forth in point 2.b)(vii) may be re-collateralized by KPEI to
obtain a Standby Loan.
d) In carrying out the examination set forth in point 2.b)(ix), a Clearing
Member must accept the appointment of such examiner designated by
KPEI.
3.
Rights and Obligations
a) A Clearing Member may use the facilities provided by KPEI for their own
benefit in accordance with the Rule of KPEI.
b) A Clearing Member may, upon request, obtain reports and information from
KPEI.
c) A Clearing Member must be familiar and comply with and agree to be
bound by any and all Rules of KPEI.
d) A Clearing Member must fulfill all of its obligations arising from the Stock
Exchange Transactions that they make.
e) A Clearing Member must report to KPEI any change of its data, including,
but not limited to, any change of major shareholders, change in the paid-up
capital, resolutions of general meetings, amendments to articles of
association, composition of management, company address, company
status, civil cases or any other issues between such Clearing Member and
its customers or any other parties which may adversely affect its
performance no later than 1 (one) Trading Day of such change.
f)
A Clearing Member shall be financially responsible for all actions taken by
any Clearing Member Representatives.
g) A Clearing Member who uses the Clearing and Guarantee services for
settlement of Stock Exchange Transactions in the interests of any Stock
Exchange Member which is not a Clearing Member must guarantee the
fulfillment of any rights and obligations arising from Stock Exchange
Transactions made by such Stock Exchange Member.
h) The Clearing Member that guarantees the settlement of Stock Exchange
Transactions made by any Stock Exchange Member who is not a Clearing
Member as specified in point 3.g) above must enter into an agreement with
such Stock Exchange Member it guarantees.
i)
The agreement as referred to in point 3.h) above must obtain the approval
of KPEI.
Issued in Jakarta, 11-3-1999
Surdiyanto Suryodarmodjo
Indra S. Hadikoesoemo
President Director
Director