PT Merrill Lynch Sekuritas Indonesia

Bank of America N.A. Jakarta Branch | PT Merrill Lynch Sekuritas Indonesia

 

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It takes the right resources and on-the-ground experience to succeed in Indonesia

About PT Merrill Lynch Sekuritas Indonesia

Brief History

 

PT Merrill Lynch Sekuritas Indonesia (“the Company”) was established in Jakarta within the framework of the Foreign Capital Investment Law No. 1 year 1967 based on Deed No. 4 dated 5 December 1994 of Harvey T. Sondak, SH, notary in Jakarta.

 

On 1 January 2009, Merrill Lynch & Co., Inc., (“ML”) the former parent of the Company was acquired by Bank of America Corporation (“BAC”) and as a result, ML continued as a surviving company and became a subsidiary of BAC, until ML was merged with and into BAC on 13 September 2013. Therefore, BAC is the ultimate parent of the Company.

 

In accordance with article 3 of the Company’s Articles of Association, the scope of its activities is to engage mainly as the securities underwriter.

 

In its decision letter No. KEP-01/PM/PEE/1996 dated 8 January 1996, the Indonesian Capital Market Supervisory Agency (Bapepam), now Financial Service Authority (OJK), granted the Company a license as underwriter.

 

The Company’s office is located at Sequis Tower Level 25, Jl. Jend. Sudirman Kav. 71, SCBD (Sudirman Central Business District) Lot 11B Jakarta 12190, Indonesia, (T)+6221.29553888, (F)+6221.29553877

 

As at 31 December 2023, the members of the Company's Boards of Commissioners and Directors are as follows:   

 

Commissioners: Leo Puay Wee and Harish Dhanraj Aggrawal 

Independent Commissioner: Gyanesh Chandra Nigam 

President Director: Samuel D. Resowijoyo

Directors : Prijadi and Hartiani Rahayu

 

Board of Commissioners

Profile of the Board of Commissioners

 

Andrew Michael Briski, Commissioner

 

As COO for South East Asia, Mr. Briski is responsible for supporting the Country Heads of Singapore, Malaysia, Indonesia, Philippines and Thailand, to assist them in coordinating day-to-day operations of the country and to help ensure governance, supervision and internal controls are in place.  Mr. Briski has previously served as CAO for various regions (including EMEA and APAC) including Japan and Singapore. He was also appointed to the first Regional CFO position for Merrill Lynch in the Asia Pacific region. Prior to that, Mr. Briski had a series of roles in Japan including CFO for Merrill Lynch Japan, COO for Debt and Equity Derivatives, and various Finance and Operations roles. He was also Asia Business Transition Executive, responsible for the program of initiatives to integrate Merrill Lynch with Bank of America in the APAC region.
 

Prior to joining the Bank of America group, Mr. Briski worked at Paribas Capital Markets for 6 years (in Tokyo and New York), and before that at Coopers & Lybrand for 4 years (in London and Tokyo).
 

 Mr. Briski holds a Master of Art in Mathematics from Cambridge University in 1983.

 

Leo Puay Wee, Commissioner

 

As Business Manager in COO for Singapore and South East Asia, Mr. Leo is responsible for supporting the Day-to-Day operations of BofA entities in Singapore, Malaysia, Indonesia, Thailand, and the Philippines. He is also a Board member of Merrill Lynch Securities (Thailand) Ltd., as well as a Board member of GHS Singapore Holding Pte. Ltd.

Mr. Leo joined BofA in 1995, and has held various roles in COO, Global Research, and Technology.

Mr. Leo is a Chartered Financial Analyst (CFA) and has a degree in Information Technology from Curtin University of Technology.

 

Harish Dhanraj Aggrawal, Commissioner

 

Mr. Aggrawal is APAC Regional Controller & Greater China CFO for Bank of America. As APAC Regional Controller, Mr. Aggrawal is responsible to ensure robust internal control framework for financial and regulatory reporting for Bank of America entities in the Asia Pacific region. As CFO for Greater China, he is responsible for the management of the finance function in Hong Kong, China, and Taiwan, and supporting the country leadership team in monitoring of financial performance of the businesses in these countries.
 

Prior to Bank of America, Mr. Aggrawal worked with JPMorgan for 18 years (in US, Singapore and India). He held various senior finance roles with JPMorgan and his last role was as Head of External Reporting, Corporate & Investment Bank in New York. Prior to JPMorgan, he has worked with Standard Chartered Bank and Mashreq Bank in India.
 

Mr. Aggrawal is a commerce graduate from the University of Bombay (1991) and an Associate member of the Institute of the Chartered Accounts of India since 1994.

 

Gyanesh Chandra Nigam, Independent Commissioner

 

Mr. Nigam is an Independent Commissioner for PT Merrill Lynch Sekuritas Indonesia. As an Independent Commissioner, Mr. Nigam is responsible to ensure robust internal control framework and independently oversee the effectiveness of control functions (risk management, compliance, and internal audit functions) at PT Merrill Lynch Sekuritas Indonesia. As part of Board of Commissioners, Mr. Nigam carries supervisory duties, directs, monitors, and evaluates the implementation of Company’s strategic policy.
 

Prior to PT Merrill Lynch Sekuritas Indonesia, Mr. Nigam worked with Bank of America for 25 years before getting retired in 2019.  He held various roles across Finance and Controllers at Bank of America. Prior to Bank of America, he has worked with HSBC in India.
 

Mr. Nigam holds a Master of Business Administration (MBA) from the India Institute of Management Ahmedabad (1986).

 

Management

Profile of the Board of Directors

 

Samuel Darmawan Resowijoyo, President Director

Indonesian citizen, graduated from University of Oregon majored in Economics in 1991. He commenced his career with PT. Asia Equity Jasereh in 1994, and as Head of Dealing of PT Merrill Lynch Sekuritas Indonesia before moved to PT. BNP Paribas Securities Indonesia. In 2012, he moved back again to PT Merrill Lynch Sekuritas Indonesia as the Head of Risk Management function and appointed as the President Director since December 2016.

 

Prijadi, Director

Indonesian citizen, Director of the Company since 2011. Graduated from STIE YAI in 1995 majored in accounting and started his career at Joseph Susilo & Rekan Public Accountant Firm in 1995 before moved to Deloitte Tax Solution in 1997. Joined PT Merrill Lynch Sekuritas Indonesia in 1997 as Finance Manager before being appointed as a Director of the Company.

 

Hartiani Rahayu, Director

Indonesian citizen, graduated from University of Indonesia with bachelor degree majoring Accounting. Commenced her career as transfer pricing analyst at MUC Consulting group in 2010. In 2011, she started her career in capital market industry as Staff of Exchange Member Compliance Division at Indonesia Stock Exchange.  In 2014, she moved to PT Danareksa Sekuritas (now: PT BRIDanareksa Sekuritas) with the last position as Audit unit head. Continuing her career in capital market, in 2019, she moved to PT Macquarie Sekuritas Indonesia before joining PT Merrill Lynch Sekuritas Indonesia in 2021.  She was appointed as a Director of the Company in November 2021.

 

Securities Company Representative License Holders

1. Samuel Resowijoyo, Indonesian Citizen, the holder of Underwriter representative license (WPEE)
2. Hartiani Rahayu, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
3. Prijadi, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
4. Caroline Meiliana Djuhana, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
5. Darryl Hendrawan, Indonesian Citizen, the holder of Underwriter representative license (WPEE)
6. Gifary Bachtiar, Indonesian Citizen, the holder of Underwriter representative license (WPEE)

 

Organization Chart of PT Merrill Lynch Sekuritas Indonesia

Products and Services

How to Acquire Products / Services

Notice:

PT Merrill Lynch Sekuritas Indonesia does not facilitate securities repurchase agreement (Repo) transaction

 

Procedure on Customer Complaint and Reporting of Breaches

Objective

To provide service and complaints resolution in the financial services sector.

 

Procedure Details on Receiving Complaint

 

1. “Eligible Customer/Client Complaint” is any written or oral statement by a customer raising a grievance, whether justified or not, in connection with the Company, its affiliates and subsidiaries or any of their employees related to with the solicitation or execution of a transaction, product or service or the disposition of securities or funds of the Customer.
2. Eligible Customer/Client Complaints include the below types of complaints as defined in the OJK regulation:
   1. Complaints Indicating Disputes - expressions of customer dissatisfaction caused by
      losses and/or potential material losses, reasonable and directly to consumers because
      MLINDO does not fulfill the agreed agreements and/or documents for the use of
      products and/or services.
      
   2. Complaints Indicating Violations - the submission of information by customer and/or the public on indications of violations of laws and regulations in the financial services sector committed by MLINDO.
3. The customer provides the complaint to Complaint Service Team in writing supplemented by client name, type and date of utilization of products and/or services, and complaint description. 
4. If any supporting documents are deemed to be required, Customer will be requested such documents and should provide the required documents within 10 working days of the request. If there are conditions preventing the customer to provide such documents within the 10-working day timeframe, such as the required documents are not at the customer's country of domicile and/or other circumstances exist that beyond the control of the customer, the period for the customer(s) to provide the required documents may be extended for an additional 10 working days. The extension of the period will be communicated to the customer before the initial 10 working days response period ends.
5. Verbal Complaint will be followed up and resolved no later than 5 (five) working days of receiving the complaint. If supporting documents are required and the period for resolving the complaint cannot be met, Customer should submit the complaint in writing and attach the required supporting documents. Complaint in writing will be followed up no later than 10 working days of receiving the supporting documentation in full.
6. Written Complaint will be followed up and resolved no later than 10 working days of receiving the complaint and the required supporting documentation.
7. In the event of certain conditions, the Company may extent the resolution period by not more than 10 working days from the expiration of the initial resolution timeframe. 
8. The extension of the period for resolving the complaint must be communicated in writing to the customer who submitted the complaint before the initial resolution period expires.
9. In the event that customers are not satisfied / do not agree with the outcome of the complaint resolution by MLINDO, customers may submit complaints directly to the OJK to handle accordance with the its vested authority, or submit a Dispute to the court of law or Alternative Dispute Resolution Institution in the Financial Services Sector (Financial Services Sector LAPS) which has the authority from the OJK to resolve disputes in the financial services sector outside of court.

 

Customer Complaint and Reporting Services

 

For customer complaint and reporting on breach, please contact:

Complaint Service Team

Tel : +6221.29553888

Fax : +6221.29553877

Email DG MLINDO Complaint Service Team: 

dg.mlindo_complaint_service_team@bofa.com

Corporate Governance

Complaint Handling Publication

2020

2021

2022

2023

2024

 

Terms of Reference Board of Commissioners and Board of Directors

 

Code of Conduct

 

Function and Policy on Risk Management, Compliance and Internal Audit

For the implementation of internal control in accordance with Otoritas Jasa Keuangan rule No. 57/POJK.04/2017, the Company established the function of Risk Management, Compliance and Internal Audit as follows:

The implementation of risk management function of the Company shall at least cover:

1. preparation of policy on risk management;
2. testing, evaluation, and recommendation of objective improvement for the implementation of risk management system, at least by annually or within more frequent frequency in case there is change of factor affecting the business activity of the Company significantly; and
3. monitoring, identification, measurement, and follow up related to any matters related to risk management requiring the attention of the Board of Directors.

The implementation of compliance function of the Company shall at least cover:

1. preparation of policy on compliance;
2. testing, evaluation, and recommendation of conformance of policy, provisions, system or procedure owned by the Securities Company to the provisions in the legislation at least by annually or in the more frequent frequency in case there is change of factor affecting the business activity of Securities Company significantly;
3. monitoring, identification, measurement, and follow up related to any matters related to compliance requiring attention of the Board of Directors.

The implementation of internal audit function of the Company shall at least cover:

1. preparation of policy on internal audit;
2. preparation and implementation of adequate audit program to entire work units of which the implementation shall take into account the risk degree in each work unit; and
3. monitoring, identification, measurement, and follow up related to any matters related to internal audit requiring attention of the Board of Directors.

 

Enterprise Risk Management Framework of Bank of America Corporation

 

General Meeting of Shareholders Minutes of Meeting Summary

Summary of the Circular Resolutions of The Shareholders of PT Merrill Lynch Sekuritas Indonesia In Lieu of The Annual General Meeting of Shareholders

 

The Circular Resolutions, dated 26 June 2024, of The Shareholders of PT Merrill Lynch Sekuritas Indonesia adopted in Lieu of the Annual General Meeting of Shareholders resolved the following matters:
 

1. approved the Company’s Annual Report and subsequently gave full discharge to members of the Board of Directors and the Board of Commissioners of the Company for any actions taken by them for the period of the financial year ending December 31, 2023 to the extent such actions are reflected in the books of the Company;
   
   
2. approved the dividend in the amount of IDR 44,000,000 to the holder of class B shares for the financial year ended December 31, 2023 as proposed by the Board of Directors of the Company at the Board of Directors’ Meeting held on 27 May 2024;
   
   
3. confirmed no provision of remuneration to the Board of Directors or honorarium to the Commissioners for year 2023 and approved the honorarium for the Independent Commissioner for the financial year 2023;
   
   
4. reappointed Mr. Gyanesh Chandra Nigam and Mr. Harish Dhanraj Aggrawal as the member of the Board of Commissioners of the Company and therefore, as of 26 June 2024, the composition of Board of Commissioners of the Company shall be as follows:
   
   Commissioner : Andrew Michael Briski
   Commissioner : Harish Dhanraj Aggrawal
   Independent Commissioner : Gyanesh Chandra Nigam
   
   For the avoidance of doubt, based on the provision of the Articles of Association of the Company, the term of office of Andrew Michael Briski shall expire on the close of the annual general meeting of the shareholders of the Company in 2027 and the term of office of Harish Dhanraj Aggrawal and Gyanesh Chandra Nigam shall expire on the close of the annual general meeting of the shareholders of the Company in 2028; 
   
   
5. reappointed Mr. Samuel Darmawan Resowijoyo, Mr. Prijadi, and Ms. Hartiani Rahayu as the Board of Directors of the Company and therefore, as of 26 June 2024, the composition of Board of Directors of the Company shall be as follows:
   
   President Director : Samuel Darmawan Resowijoyo
   Director : Prijadi
   Director : Hartiani Rahayu
   
   For the avoidance of doubt, the term of office of Board of Directors shall expire on the close of the annual general meeting of the shareholders of the Company in 2027; 
   
   
6. approved that AP Muhammad Jusuf Wibisana, and KAP Rintis, Jumadi, Rianto & Rekan (a member of the PricewaterhouseCoopers network of firms) as the Company's external auditors for the accounting year 2024 based on the recommendation provided by the Board of Commissioners at the Board of Commissioners Meeting held on 27 May 2024.
    

Summary of the Circular Resolutions of The Shareholders of PT Merrill Lynch Sekuritas Indonesia In Lieu of The Extraordinary General Meeting of Shareholders

 

The Circular Resolutions, dated 29 October 2024, of the Shareholders of PT Merrill Lynch Sekuritas Indonesia adopted in Lieu of the Extraordinary General Meeting of Shareholders resolved the following matters:

 

1. Accepted the Resignation of Andrew Briski as a member of the Board of Commissioners of the Company effective on 8 November 2024 (the “resignation”);
   
   
2. Approved the appointment of Puay Wee Leo as a member of the Board of Commissioners of the Company effective on 8 November 2024 (the “Appointment”). Therefore, as at the above Resignation and Appointment, composition of Board of Commissioners of the Company shall be as follows:
   Commissioner                         : Leo Puay Wee
   Commissioner                         : Harish Dhanraj Aggrawal
   Independent Commissioner     : Gyanesh Chandra Nigam
   
   For avoidance of doubt, based on the provision of the Articles of Association of the Company, the term of office of Leo Puay Wee, Harish Dhanraj Aggrawal and Gyanesh Chandra Nigam shall expire on the close of the annual general meeting of the Shareholders of the Company to be held in 2028.

NOTICE

P T Merrill Lynch Sekuritas Indonesia is registered and supervised by the Financial Service Authority of Indonesia