Author: Daffa Zidan
The current technological advancements have brought about several innovations in various sectors, one of which is in the financial sector with the emergence of Peer-to-Peer Lending (“P2P Lending”). In Indonesia, Crowdfunding is regulated through Regulation of the Financial Services Authority No. 10/POJK.05/2022 of 2022 concerning Information Technology-Based Co-Funding Services (“POJK 10/2022“) and Circular Letter of the Financial Services Authority No. 1/SEOJK.06/2024 of 2024 concerning Procedures And Mechanisms for the Submission of Funding Transaction Data and Reporting of Organizers of Information Technology-Based Co-Funding Services (“SEOJK 1/2024”).
In accordance with the regulatory framework outlined in the POJK 10/2022, which governs the operations of P2P Lending in Indonesia, specific obligations are imposed on licensed organizers. According to Article 65 of POJK, the Organizer that has obtain a license must submit periodic report – monthly report and annual financial statements that have been audited by a public accountant registered with the Financial Services Authority – and incidental report to the Financial Services Authority.
A. Periodic Report
Periodic report is divided into monthly report and annual report.
1. Monthly Report
Based on the SEOJK 1/2024, the monthly report shall contains:
- Financial position statement;
- Profit/loss statement;
- Statement of changes in equity;
- Cash flow statement;
- Inclusivity;
- Transaction values;
- Quality of funding, cost of capital, effective economic benefits, velocity/tempo, productive sector, information related to other funding distribution cooperation;
- Outstanding organizers;
- Outstanding funding quality; and
- Activity reports
2. Annual Report
Based on the SEOJK 1/2024, the monthly report shall contains:
- Financial position statement;
- Profit/loss statement;
- Statement of changes in equity;
- Cash flow statement; and
- Notes to financial statements.
According to POJK 10/2022, the monthly report must be submitted to the Financial Services Authority no later than 10 working days after the reporting period ends. Meanwhile, the annual report must be submitted no later than April 30th of the following year.
B. Incidental Report
An incidental report shall only be submitted to the Financial Services Authority in the event that there is an occurrence of incident. The incidental report shall consists of:
- Fraud report including embezzlement of company assets by the Board of Directors, board of commissioners, sharia supervisory board, or employees of the Organizer;
- report on the internal audit implementation;
- report on the education implementation;
- legal dispute report; and
- reports of operational disturbances, such as fires and demonstrations.
The form and structure of incidental reports, as referred to in number 3 shall at least contain:
- a brief description of the incidental event;
- settlement measures taken by the Organizer; and
- action plan for future improvements.
The submission of incidental reports shall be submitted no later than 10 business days after the incident occurs.
Author: Daffa Zidan
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