Otoritas Jasa Keuangan
LOGO
Otoritas Jasa Keuangan (OJK)
INDONESIA FINANCIAL SERVICES AUTHORITY
Gonthor R. Aziz h i
Senior Advisor, Indonesia Capital Market and Financial Institutions Supervisory Agency Ministry of Finance of Republic of Indonesia
Entity Scope and Powers
Background
OJK is an independent Institution with authority to regulate, supervise, examine, and investigate Financial Services sector in Indonesia • OJK is funded from the State Budget and/or fees (levy) from parties who conduct their businesses in the financial services sector. With the objective to promote and organize a system of regulations and supervisions that is integrated into the overall activities in the financial services sector The Function of OJK are; • To ensure that the overall activities within the financial services sector are iimplemented in an organized fair organized, fair, transparent and accountable manner • Promotes a financial system that grows in a sustainable and stable manner; and • Protect the interest of Consumer in the Financial Market
BEFORE
Bapepam‐LK under MOF Bank Indonesia reporting to Parliament
Banking Regulation and Supervision
Capital Market
Massive Gaps in Cross Sectoral
NBFI
Monetary, Payment Systems and Foreign Exchange
AFTER
OJK as an Independent Entity Reporting to Parliament Bank Indonesia reporting to Parliament
Capital Market
Macro Prudential Regulation
NBFI*
Monetary, Payment Systems and Foreign Exchange
Banking Regulation and Supervision
* NBFI includes Pension, Insurance, Finance Companies, Venture Capital, Guarantee Companies
1
Authority and Mandate
Regulatory Mandate • Implement OJK Law and harmonize 3 sub sector laws sector laws • Establish rules and regulation • Supervision • Institutional • Enforcement and Sanctions Supervisory Mandate • Institutional and Market Oversight Policy and Supervisory Activities and Supervisory Activities • Governance and Oversight of CEO’s from Banking, Capital Market and NBFIs (refer OJK
Otoritas Jasa Keuangan (OJK)
INDONESIA FINANCIAL SERVICES AUTHORITY
Gonthor R. Aziz h i
Senior Advisor, Indonesia Capital Market and Financial Institutions Supervisory Agency Ministry of Finance of Republic of Indonesia
Entity Scope and Powers
Background
OJK is an independent Institution with authority to regulate, supervise, examine, and investigate Financial Services sector in Indonesia • OJK is funded from the State Budget and/or fees (levy) from parties who conduct their businesses in the financial services sector. With the objective to promote and organize a system of regulations and supervisions that is integrated into the overall activities in the financial services sector The Function of OJK are; • To ensure that the overall activities within the financial services sector are iimplemented in an organized fair organized, fair, transparent and accountable manner • Promotes a financial system that grows in a sustainable and stable manner; and • Protect the interest of Consumer in the Financial Market
BEFORE
Bapepam‐LK under MOF Bank Indonesia reporting to Parliament
Banking Regulation and Supervision
Capital Market
Massive Gaps in Cross Sectoral
NBFI
Monetary, Payment Systems and Foreign Exchange
AFTER
OJK as an Independent Entity Reporting to Parliament Bank Indonesia reporting to Parliament
Capital Market
Macro Prudential Regulation
NBFI*
Monetary, Payment Systems and Foreign Exchange
Banking Regulation and Supervision
* NBFI includes Pension, Insurance, Finance Companies, Venture Capital, Guarantee Companies
1
Authority and Mandate
Regulatory Mandate • Implement OJK Law and harmonize 3 sub sector laws sector laws • Establish rules and regulation • Supervision • Institutional • Enforcement and Sanctions Supervisory Mandate • Institutional and Market Oversight Policy and Supervisory Activities and Supervisory Activities • Governance and Oversight of CEO’s from Banking, Capital Market and NBFIs (refer OJK