Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Christina Desy, Fathan Qorib
As 2015 fast approaches, preparation for the ASEAN Economic Community (AEC) continues to intensify. One measure being taken is to revise old and issue new regulations, as case for is the Financial Services Authority (OJK).
Specific to the capital market sector, the OJK issued seven new regulations in November. Nurhaida, Executive Head of OJK’s Capital Market Supervisors, said that the general objective is to provide regulations that will protect the Indonesian capital market industry and boost its competitiveness under AEC’s market liberalization.
“This is to improve preparation in welcoming the AEC, which is in essence regional competition,” said Mrs. Nurhaida in Jakarta on Wednesday.
One recently issued regulation is OJK Regulation No. 23/POJK.04/2014 on Guidelines to Issue and Report Asset-Backed Securities under a Participation Letter (efek beragun aset berbentuk surat partisipasi – EBA-SP) for Secondary Housing Financing, which is expected to strengthen capital market liquidity, and develop more product variants and increase transaction numbers.
This regulation will enable financial institutions other than secondary housing financing institutions to issue EBA-SP, provided that the institution is a limited liability company. Additionally, the regulation also aims to reduce the gap between funding sources and funding users for housing loans.
Another recent regulation is Regulation No. 24/POJK.04/2014 on Guidelines to Implement Investment Manager Functions which was issued to improve the quality and professionalism of investment managers by setting out the requirements and responsibilities that must be complied with by coordinators of each investment manager function.
Certain functions, however, can be transferred to other service providers, provided that such party is a legal entity which has passed the required due diligence. Such functions include the information technology function, human resources development functions, as well as the finance and accounting functions.
Mrs. Nurhaida further elaborated that the OJK is processing a number of regulations currently in draft form which will be issued by the end of this year. The regulations will incorporate other important aspects related to th AEC, such as the risk-mitigation matters.
“For example, regulations regarding board of directors and commissioners of public issuers, and a regulation regarding a guarantee fund,” added Mrs. Nurhaida.
Adding further, Mrs. Nurhaida’s statement, Fakhri Hilmi, Head of OJK’s Department of 2A Capital Market Supervision, said that the OJK has prepared a regulation on cross-border offerings, which enables an issuer to have a public offering in two countries at the same time. Mr. Hilmi believes that this regulation will enhance the competitiveness of Indonesia’s capital market industry and is urging for the regulation to be issued immediately.
(hot/kc)
Christina Desy, Fathan Qorib
As 2015 fast approaches, preparation for the ASEAN Economic Community (AEC) continues to intensify. One measure being taken is to revise old and issue new regulations, as case for is the Financial Services Authority (OJK).
Specific to the capital market sector, the OJK issued seven new regulations in November. Nurhaida, Executive Head of OJK’s Capital Market Supervisors, said that the general objective is to provide regulations that will protect the Indonesian capital market industry and boost its competitiveness under AEC’s market liberalization.
“This is to improve preparation in welcoming the AEC, which is in essence regional competition,” said Mrs. Nurhaida in Jakarta on Wednesday.
One recently issued regulation is OJK Regulation No. 23/POJK.04/2014 on Guidelines to Issue and Report Asset-Backed Securities under a Participation Letter (efek beragun aset berbentuk surat partisipasi – EBA-SP) for Secondary Housing Financing, which is expected to strengthen capital market liquidity, and develop more product variants and increase transaction numbers.
This regulation will enable financial institutions other than secondary housing financing institutions to issue EBA-SP, provided that the institution is a limited liability company. Additionally, the regulation also aims to reduce the gap between funding sources and funding users for housing loans.
Another recent regulation is Regulation No. 24/POJK.04/2014 on Guidelines to Implement Investment Manager Functions which was issued to improve the quality and professionalism of investment managers by setting out the requirements and responsibilities that must be complied with by coordinators of each investment manager function.
Certain functions, however, can be transferred to other service providers, provided that such party is a legal entity which has passed the required due diligence. Such functions include the information technology function, human resources development functions, as well as the finance and accounting functions.
Mrs. Nurhaida further elaborated that the OJK is processing a number of regulations currently in draft form which will be issued by the end of this year. The regulations will incorporate other important aspects related to th AEC, such as the risk-mitigation matters.
“For example, regulations regarding board of directors and commissioners of public issuers, and a regulation regarding a guarantee fund,” added Mrs. Nurhaida.
Adding further, Mrs. Nurhaida’s statement, Fakhri Hilmi, Head of OJK’s Department of 2A Capital Market Supervision, said that the OJK has prepared a regulation on cross-border offerings, which enables an issuer to have a public offering in two countries at the same time. Mr. Hilmi believes that this regulation will enhance the competitiveness of Indonesia’s capital market industry and is urging for the regulation to be issued immediately.
(hot/kc)