New Updates on Property Assessment for The Capital-Market Sector

New Updates on Property Assessment for The Capital-Market Sector

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently issued Regulation No. 28/POJK.04/2021 on Property Assessments and the Presentation of Property Assessment Reports Within the Capital-Market Sector (“Regulation 28/2021”) These matters were previously addressed under the Decree of the Head of the Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/BAPEPAM-LK) No. KEP-478/BL/2009 (“Previous Regulation”), which bore a similar title and which has now been replaced and repealed. Different from the previous regulations, appraisers are obliged to complete assessments of properties within the capital-market sector in accordance with the relevant code of ethics, assessment standards determined by the OJK and Appraisers’ own qualifications, now for Appraisers to utilize other international assessment standards, as long as said standards are otherwise unregulated by the OJK. Moreover, Property Assessment Reports (“Reports”) will remain valid for periods of six months after the relevant assessment dates. If during the said timeframe, matters emerge which affect the values set out in said reports by 5% or more, then these reports will become invalid. In the event that Appraisers make any revisions to their Reports, then Regulation 28/2021 now specifies that the following measures should be implemented Reports should be reissued with different dates and numbers, along with the reasons for the relevant revisions; The original Reports should be annulled; Any new facts and material changes contained within revised Reports should be disclosed.

Generally speaking, Regulation 28/2021 sets out 14 prohibitions that apply to Appraisers while they are engaged in professional assignments, The new list of 14 prohibitions encompasses the following, among others: Provision of opinions or conclusions within Reports prior to any assessments actually being carried out; Receiving assignments, if an Appraiser has information on other Appraisers which have been appointed by the same assignor to perform the same assessment unless it is for substitution purposes; Using any assumptions which may decrease the substantive value of an assessed object; Receive payments for assessment services; Disclosing confidential information. Regulation 28/2021 determines three assessment approaches. That is the Market approach, income approach, and cost approach. On market approach Contains identical provisions to those outlined under the Previous Regulation while the income approach states that the income approach may also be used in relation to properties that are generating income but that has yet to start operating. For the Cost approach Regulation 28/2021 has now added new provisions that state that the following two methods may also be used Replacement Cost New Method; Reproduction Cost Method; and/or Summation Method. Moreover, the Previous Regulation stated that Assessments were to be conducted through the use of at least two assessment methods so that the results produced would ultimately be both accurate and objective. However, certain assessment objects are now allowed to be assessed through the application of only one assessment method, as determined by the OJK.

During the drawing up of value conclusions, Regulation 28/2021 no longer incorporates the use of the gross weighted method during the implementation of reconciliation, as was permitted under the Previous Regulation. From this regulation, Appraisers should take the following matters into consideration Relevant assessment approaches, methods and procedures; and Relevant and reliable data and information. Any value conclusion which is produced through the application of several assessment approaches must involve the following methods Measurement of the reliability of assessment results; Connection and reconciliation of assessment results; and Determination that a value conclusion comprises an assessment result that was produced through the application of more than one approach and method.

All Appraisers must be required to draw up complete and concise Reports. Regulation 28/2021 and the Previous Regulation set out identical provisions regarding the forms and details of said Reports, therefor Narrative or long-form Report Must include a Cover letter; Table of contents; Introduction; Market review; Revealing of assets; Relevant data and information; Considerations that address the use of certain assessment approaches and assessment methods; Implementation of assessment approaches and assessment methods; Calculation of value indication; Reconciliation of estimated and concluded value; Appraiser’s statement; Appraiser’s qualifications; Appraiser’s signature; and Appendix. The second is a Short-form Report This type of Report should comprise a summary of the essential information set out within the abovementioned narrative or long-form Report, as presented separately from said narrative or long-form Report but as part of the same overall Report package. Regulation 28/2021 no longer specifies any Report type that specifically covers specialized property, as was the case under the Previous Regulation.

Ardinovan J. Alief, Salsabila

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Ketentuan Baru mengenai Penilaian Properti pada Sektor Pasar Modal

Otoritas Jasa Keuangan (“OJK”) menerbitkan Peraturan No.28/POJK.04/2021 tentang Penilaian dan Penyajian Laporan Penilaian Properti di Pasar Modal (“POJK 28/2021”) sebelumnya diatur dalam Surat Keputusan Kepala Badan Pengawas Pasar Modal dan Lembaga Keuangan/BAPEPAM-LK No.KEP-478/BL/2009 (“Peraturan Sebelumnya”) dengan judul yang sama dan yang sekarang telah diganti dan dicabut. Berbeda dengan Peraturan Sebelumnya, POJK 28/2021 Penilai wajib menyelesaikan penilaian properti di sektor pasar modal sesuai dengan kode etik, standar penilaian yang ditetapkan oleh OJK dan kualifikasi Penilai kini memungkinkan Penilai untuk menggunakan standar penilaian internasional, sepanjang standar tersebut tidak diatur oleh OJK. Laporan Penilaian Properti (“Laporan”) akan tetap berlaku selama enam bulan setelah tanggal penilaian. Jika dalam jangka waktu tersebut muncul hal-hal yang mempengaruhi nilai yang ditetapkan dalam laporan tersebut sebesar 5% atau lebih, maka laporan tersebut menjadi tidak sah. Dalam hal Penilai melakukan perubahan terhadap Laporannya yaitu Laporan harus diterbitkan kembali dengan tanggal dan nomor yang berbeda, beserta alasan revisi yang relevan; Laporan asli harus dibatalkan; Setiap fakta baru dan perubahan material yang terkandung dalam Laporan yang direvisi harus diungkapkan.

Secara umum, POJK 28/2021 mengatur 14 larangan yang berlaku untuk Penilai selama mereka terlibat dalam tugas profesional, Pemberian pendapat atau kesimpulan dalam Laporan sebelum penilaian dilakukan; Menerima penugasan, jika Penilai memiliki informasi bahwa Penilai lain telah ditunjuk oleh pemberi tugas yang sama untuk melakukan penilaian yang sama kecuali untuk tujuan penggantian Penilai; Menggunakan asumsi yang mengurangi substansi nilai; Menerima pembayaran atas jasa penilaian; Mengungkapkan informasi rahasia. POJK 28/2021 menetapkan tiga pendekatan penilaian yang terdapat pendekatan pasar, pendekatan pendapatan dan pendekatan biaya. Pada pendekatan pasar sama dengan peraturan sebelumnya sementara untuk pendekatan pendapatan menyatakan bahwa pendekatan pendapatan juga dapat digunakan pada properti yang menghasilkan pendapatan tetapi belum mulai beroperasi. Untuk pendekatan biaya POJK 28/2021 juga menambahkan ketentuan baru yang menyatakan bahwa metode berikut juga dapat digunakan: Metode biaya pengganti; Metode biaya reproduksi; dan/atau Metode penjumlahan. Pada peraturan Sebelumnya menyatakan bahwa Penilaian harus dilakukan dengan menggunakan setidaknya dua metode penilaian sehingga hasil yang dihasilkan akan menjadi akurat dan objektif. Namun, objek penilaian tertentu kini dapat dinilai melalui penerapan satu metode penilaian saja, sebagaimana ditetapkan oleh OJK.

Pada kesimpulan nilai POJK 28/2021 tidak lagi mencakup penggunaan metode rata-rata tertimbang dalam pelaksanaan rekonsiliasi, yang sebelumnya dapat dilakukan di bawah Peraturan Sebelumnya. Dalam peraturan ini membuat kesimpulan nilai, Penilai harus mempertimbangkan yaitu pendekatan, metode dan prosedur penilaian yang relevan; dan Data dan informasi yang relevan serta dapat dipertanggungjawabkan. Setiap kesimpulan nilai yang dihasilkan melalui penerapan beberapa pendekatan penilaian harus melibatkan metode berikut Pengukuran keandalan hasil penilaian; Penghubungan dan rekonsiliasi hasil penilaian; dan Penetapan bahwa kesimpulan nilai merupakan hasil penilaian yang dihasilkan melalui penerapan lebih dari satu pendekatan dan metode penilaian.

Semua Penilai wajib menyusun Laporan yang lengkap dan ringkas pada POJK 28/2021 dan Peraturan Sebelumnya mengatur ketentuan yang identik mengenai bentuk dan rincian Laporan yaitu ada Narasi atau laporan bentuk panjang  yang memuat Surat pengantar; Daftar Isi; Pendahuluan; Tinjauan pasar; Pengungkapan aset; Data dan informasi; Pertimbangan pendekatan penilaian dan metode penilaian; Penggunaan pendekatan penilaian dan metode penilaian; Perhitungan indikasi nilai; Rekonsiliasi estimasi nilai dan kesimpulan nilai; Pernyataan Penilai; Kualifikasi Penilai; Tanda tangan Penilai; dan Lampiran. Kedua adalah Laporan Ringkas terdiri dari ringkasan informasi penting yang ditetapkan dalam narasi atau Laporan bentuk panjang yang disebutkan di atas, yang disajikan secara terpisah dari narasi atau Laporan bentuk panjang tersebut namun sebagai satu kesatuan dari Laporan terkait. POJK 28/2021 tidak lagi menentukan jenis Laporan yang secara khusus mencakup properti khusus.

Ardinovan J. Alief, Salsabila