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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Jazmi Adlan Bohari
The Financial Services Authority (OJK) is currently developing an integrated oversight mechanism for the improvement of the financial services industry. The mechanism will specifically target financial conglomerates and it is expected to consolidate and support OJK’s individual supervision of all financial services institutions.
Agus Siregar, Head of the Banking Oversight Department at the OJK, said that the oversight mechanism has three objectives. The first is to diminish regulatory imbalance between a parent company and its subsidiary. Equal regulatory treatment of parent companies and their subsidiaries will ease the overall burden on both in the consolidation of the financial statements of the subsidiary company.
Next, the proposed mechanism will also remove blind spots so that there will not be any financial activities that are not known by the OJK. Finally, the mechanism will consolidate all information from financial activities as a measurement of risk management.
Mr. Siregar said that this integrated supervision will be very systemic and as under it the OJK will cover the three key components of the financial sector covering banking, capital markets, and the non-bank financial industry (IKNB). Currently, the OJK has recorded 31 financial conglomerates, including some owned by foreign parties.
“That’s why there are three boards of commissioners to act as supervisors,” added Mr. Siregar.
Mr. Siregar further explained that the OJK is currently preparing a regulation to support this proposal which is expected to be issued at the end of 2014.
Ryan Kiryanto, Chief Economist at Bank Negara Indonesia, said that the proposed system is needed due to the recent trend within the financial services industry for mixed products covering banking services and capital market, or banking services with INKB services.
The integrated supervisory system, added Mr. Kiryanto, will help Indonesia develop its economy in order to welcome the ASEAN Economic Community. The system will benefit the people by facilitating and providing completeness and efficiency as well as lower priced products.
(hot/kc)
Fathan Qorib, Jazmi Adlan Bohari
The Financial Services Authority (OJK) is currently developing an integrated oversight mechanism for the improvement of the financial services industry. The mechanism will specifically target financial conglomerates and it is expected to consolidate and support OJK’s individual supervision of all financial services institutions.
Agus Siregar, Head of the Banking Oversight Department at the OJK, said that the oversight mechanism has three objectives. The first is to diminish regulatory imbalance between a parent company and its subsidiary. Equal regulatory treatment of parent companies and their subsidiaries will ease the overall burden on both in the consolidation of the financial statements of the subsidiary company.
Next, the proposed mechanism will also remove blind spots so that there will not be any financial activities that are not known by the OJK. Finally, the mechanism will consolidate all information from financial activities as a measurement of risk management.
Mr. Siregar said that this integrated supervision will be very systemic and as under it the OJK will cover the three key components of the financial sector covering banking, capital markets, and the non-bank financial industry (IKNB). Currently, the OJK has recorded 31 financial conglomerates, including some owned by foreign parties.
“That’s why there are three boards of commissioners to act as supervisors,” added Mr. Siregar.
Mr. Siregar further explained that the OJK is currently preparing a regulation to support this proposal which is expected to be issued at the end of 2014.
Ryan Kiryanto, Chief Economist at Bank Negara Indonesia, said that the proposed system is needed due to the recent trend within the financial services industry for mixed products covering banking services and capital market, or banking services with INKB services.
The integrated supervisory system, added Mr. Kiryanto, will help Indonesia develop its economy in order to welcome the ASEAN Economic Community. The system will benefit the people by facilitating and providing completeness and efficiency as well as lower priced products.
(hot/kc)