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Chapter VIII
| CAPITAL MARKET
SUPPORTING PROFESSIONALS |
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| Section One |
| Registration |
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| Article 64 |
| (1) |
Capital Market
Supporting Professionals include: |
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a. |
Accountants; |
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b. |
Legal Consultants; |
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c. |
Appraisers; |
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d. |
Notaries; and |
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e. |
Other professionals
specified in Government Regulations. |
| (2) |
The Capital
Market Supporting Professionals
mentioned in item (1) must
register with BAPEPAM before engaging in
Capital Market activities. |
| (3) |
Further
requirements and procedures for the
registration of Capital Market
Supporting Professionals shall be
stipulated in Government Regulations. |
| (1) |
A Capital Market
Supporting Professional’s
registration with BAPEPAM is
automatically canceled when the
professional’s license is revoked by
the issuing authority. |
| (2) |
Prior services
rendered by a Capital Market
Supporting Professional shall remain
valid despite cancellation of the
professional’s registration, except
for services that caused the cancellation
of his registration or the revocation of
his license. |
| (3) |
When the
registration of a Capital Market
Supporting Professional is canceled,
BAPEPAM may investigate and evaluate
other services rendered by this
Professional with respect to the Capital
Market to determine whether such services
remain valid. |
| (4) |
If BAPEPAM decides
that services of a Capital Market
Supporting Professional, referred to item
(3) are invalid, BAPEPAM may order a
Company that used these services to
appoint another Capital Market
Supporting Professional to audit and
evaluate the Company. |
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| Section Two |
| Obligations |
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| Article 66 |
| All Capital
Market Supporting Professionals must
comply with codes of ethics and
professional standards set by their
respective professional associations as
long as such standards are not in
conflict with this Law and its
implementing regulations. |
Article 67 |
| When
engaged in Capital Market business, Capital
Market Supporting Professionals must
provide independent opinions and
evaluations. |
Article 68 |
| Accountants
that are registered with BAPEPAM and that
audit financial reports of Issuers,
Securities Exchanges, Clearing Guarantee
Institutions, Central Securities
Depository and other Persons engaged in
Capital Market activities, must report in
confidence to BAPEPAM within three
working days of discovering the
following: |
| a. |
any violation of
this Law and or its implementing
regulations; or |
| b. |
any matter that may
jeopardize the financial condition of the
institution, or the interests of its
clients. |
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| Section Three |
| Accounting Standards |
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| Article 69 |
| (1) |
Financial reports
that are submitted to BAPEPAM must be
prepared in accordance with generally
accepted accounting principles. |
| (2) |
Notwithstanding the
requirement in item (1), BAPEPAM
may iestablish accounting rules with
respect to the Capital Market. |
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