Decree of the Board of Directors of PT Bursa Efek Indonesia Number Kep-00064/BEI/04-2026 Governs the Trading of Gold Mutual Funds

Introduction

On 22 April 2026, PT Bursa Efek Indonesia (“IDX”) issued the Decree of the Board of Directors of PT Bursa Efek Indonesia Number Kep-00064/IDX/04-2026 on Amendments to Regulation Number I-C on the Listing of Participation Units of Mutual Funds in the Form of Collective Investment Contracts whose Participation Units are Traded on the Exchange (“Decree 64/2026”), which took effect on that date. This regulation aims to align procedures, products, and administrative requirements for the listing of mutual fund participation units.

IDX issued Decree 64/2026 to respond to the urgency of strengthening the national economy and to support the acceleration of capital market deepening in Indonesia. Decree 64/2026 addresses the immediate need for the introduction of new mutual fund investment products that trade portfolios with gold as the underlying asset. Accordingly, IDX harmonizes exchange provisions to ensure alignment with Financial Services Authority Regulation Number 2 of 2026 governing such gold mutual fund instruments.

 

Comparison

Decree 64/2026 revokes and replaces the Decree of the Board of Directors of PT Bursa Efek Indonesia Number Kep-00183/IDX/11-2024 on Regulation Number I-C on the Listing of Participation Units of Mutual Funds in the Form of Collective Investment Contracts whose Participation Units are Traded on the Exchange (“Decree 183/2024”). The following table sets out a comparison between Decree 64/2026 and Decree 183/2024:

 

Key Provisions

Expansion of Mutual Fund Scope and Gold Underlying Assets

Pursuant to Provision II.1, IDX expands the scope of listing participation units of CIC Mutual Fund products. IDX not only lists conventional exchange-traded mutual fund instruments but now also lists mutual fund instruments based on gold as the underlying asset, as well as other mutual fund types that have obtained approval from the Financial Services Authority (OJK).

Additional Documentation Requirements for Gold Mutual Funds

Based on Provision IV.1.9, IDX requires Investment Managers handling gold-based CIC Mutual Funds to prepare additional essential documents when submitting listing applications. This provision stipulates that Investment Managers must include supplementary agreements, comprising:

1. A cooperation agreement between the Investment Manager and the Gold Provider entity; and 
2. A physical gold custody agreement involving the Clearing and Guarantee Institution or Custodian Bank with the Gold Custodian entity. 

Listing Procedures for Multi-Class Features

In accordance with Provision IV.2, IDX facilitates Investment Managers intending to list additional classes (multi-class feature) for CIC Mutual Fund products that have already obtained an effective statement from OJK. Investment Managers are required to attach proof of the effective statement for open-end mutual funds, submit draft documents of the final prospectus amendments, and provide announcement documents regarding the planned changes to the prospectus. IDX is authorized to grant approval or rejection within a maximum of 10 Trading Days after complete submission of documents.

Submission of Daily and Incidental Reports

Pursuant to Provisions VI.1.1 and VI.1.2, Investment Managers are required to submit daily reports on Net Asset Value and portfolio components per class after the close of trading, while foreign securities mutual funds are granted an extended deadline until 13:00 WIB on the following Trading Day. Furthermore, Provision VI.2.11 requires Investment Managers to submit incidental reports regarding changes in the number of outstanding units specifically per mutual fund class on the same Trading Day.

 

Sanctions

IDX is authorized to impose sanctions on Investment Managers and CIC Mutual Funds that violate the provisions of Regulation I-C. The types of sanctions that may be imposed include Written Warnings (I, II, and III), administrative fines with a maximum amount of IDR 500,000,000.00, and the imposition of trading suspension. Pursuant to Provisions VII.3 and VII.4, IDX may impose suspension sanctions if the Investment Manager fails to settle annual listing fees or fines within 15 calendar days after the due date or from the imposition of the sanction. This regulation further affirms that such sanctions are not sequential in nature and may be applied independently or cumulatively in accordance with Exchange policy.

 

Transitional Provisions

Pursuant to the second dictum of Decree 64/2026, Investment Managers who have submitted applications for the Listing of Participation Units of CIC Mutual Funds traded on the Exchange prior to 22 April 2026 are required to comply with all new listing document requirements. In addition, until IDX issues a Circular Letter concerning the latest electronic system, Investment Managers must submit application documents in softcopy form via IDX’s official email or other means as determined by IDX. In the event that Investment Managers fail to comply with administrative deadlines relating to fees or reporting documents, Provision VII stipulates that IDX may impose sanctions, including written warnings, monetary fines up to IDR 500,000,000.00, and suspension of instruments in the capital market.

 

Closing

IDX issued Decree 64/2026 to address the need for capital market deepening by expanding the scope of listing for mutual funds based on gold underlying assets and multi-class mutual fund instruments. This regulation establishes additional documentation requirements in the form of agreements for gold provision and physical custody, and mandates daily reporting of Net Asset Value, portfolio composition, and incidental reports specifically per mutual fund class. To ensure regulatory compliance, IDX is authorized to impose sanctions ranging from written warnings, administrative fines up to IDR 500,000,000.00, to trading suspension. During the transitional period, all listing applications must comply with the new documentation requirements and be submitted in softcopy via email until IDX’s latest electronic system is officially implemented.