Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, M. Agus Yozami
As a part of efforts to gather as much input as possible for the Draft Bill on Banking (Draft Bill), the House of Representatives (House) invited several professional associations to give their recommendations on the Draft Bill. Held last Thursday, the House invited bankers, accountants, capital market legal consultants, and other associations that may have an interest in the Draft Bill.Jon Erizal, Deputy Chairman of Commission XI, said recommendations from these business professionals will enable the Draft Bill Working Committee to prepare a more detailed Draft Bill, before discussions with the government are held. He hopes that the final Draft Bill does not need further revision and can be passed as law.
Business and the professional associations were invited to give their views including the Indonesian Bankers Association (IBI), Indonesian Issuers Association (AEI), Indonesian Accountants Association (IAI), Indonesian Coalition for Fair Finance Banks (KRBI), Association of Indonesian Capital Market Legal Consultants (HKHPM), Association of Indonesian Securities Companies (APEI), and Indonesian Society of Appraisers (MAPPI).
Zulkifli Zaini, IBI’s Chairperson, gave input on nine points on the Draft Bill. First, Mr. Zaini asserts that the Draft Bill must consider the reciprocal principle in implementing international banking cooperation. Second, Mr. Zaini emphasized that to maintain the stability of banking activities and protect investors without abandoning national interests, foreign banks operating in Indonesia must be formed as a limited liability company (PT).
Corresponding with the second point, Mr. Zaini pointed out Bank Indonesia Regulation No.14/26/PBI/2012 on Provisions on Office Networks and Business Activities Based on Main Capital and Bank Indonesia Regulation No.15/12/PBI/2013 on Mandatory Capital for Conventional Banks. He said that there is some urgency to differentiate between local banks and foreign banks, however, these regulations did not do so.
Third, regarding permission to open offices and branches, Mr. Zaini said that such licenses could be granted in the form of multiple license based on capital or equity. Fourth, on limitations on share ownership by foreign parties, Mr. Zaini stated that foreign citizens are entitled to a maximum of 40 percent ownership, while the remaining 60 percent must belong to locals.
The fifth relates to the nullification of certain articles in the Draft Bill such as Article 43 on the supervisory agent for bank management, and Article 58 on compliance directors. The sixth concerns the competency assessment and compliance for directors and commissioners.
Seventh, is in regard to the employment of local and foreign bankers. Mr. Zaini firmly believes that every banker must possess their own personal competence. Eighth, on adjustments to the limitations on foreign banks operating in Indonesia to holing 40 percent of the share of conventional banks, this should be shortened from 10 years to five years. As his last advice, Mr. Zaini stated that the criminal and administrative sanctions should remain the same as Law No. 7 of 1992 on Banking as amended by Law No. 10 of 1998.
Meanwhile, Fransiscus Welirang, Chairman of AEI warned the House about harmonizing the Draft Bill in a way that avoids overlaps with other financial regulatory frameworks, as many AEI members have suffered great losses due to overlapping laws. Mr. Welirang insisted that the Draft Bill must be harmonized with the Bank Indonesia Law, Financial Services Authority Law, and Capital Market Law.
“Harmonization is crucial in order to avoid overlaps between one law and another,” Mr. Welirang concluded.
(hot/kc)
Marcell Sihombing, M. Agus Yozami
As a part of efforts to gather as much input as possible for the Draft Bill on Banking (Draft Bill), the House of Representatives (House) invited several professional associations to give their recommendations on the Draft Bill. Held last Thursday, the House invited bankers, accountants, capital market legal consultants, and other associations that may have an interest in the Draft Bill.Jon Erizal, Deputy Chairman of Commission XI, said recommendations from these business professionals will enable the Draft Bill Working Committee to prepare a more detailed Draft Bill, before discussions with the government are held. He hopes that the final Draft Bill does not need further revision and can be passed as law.
Business and the professional associations were invited to give their views including the Indonesian Bankers Association (IBI), Indonesian Issuers Association (AEI), Indonesian Accountants Association (IAI), Indonesian Coalition for Fair Finance Banks (KRBI), Association of Indonesian Capital Market Legal Consultants (HKHPM), Association of Indonesian Securities Companies (APEI), and Indonesian Society of Appraisers (MAPPI).
Zulkifli Zaini, IBI’s Chairperson, gave input on nine points on the Draft Bill. First, Mr. Zaini asserts that the Draft Bill must consider the reciprocal principle in implementing international banking cooperation. Second, Mr. Zaini emphasized that to maintain the stability of banking activities and protect investors without abandoning national interests, foreign banks operating in Indonesia must be formed as a limited liability company (PT).
Corresponding with the second point, Mr. Zaini pointed out Bank Indonesia Regulation No.14/26/PBI/2012 on Provisions on Office Networks and Business Activities Based on Main Capital and Bank Indonesia Regulation No.15/12/PBI/2013 on Mandatory Capital for Conventional Banks. He said that there is some urgency to differentiate between local banks and foreign banks, however, these regulations did not do so.
Third, regarding permission to open offices and branches, Mr. Zaini said that such licenses could be granted in the form of multiple license based on capital or equity. Fourth, on limitations on share ownership by foreign parties, Mr. Zaini stated that foreign citizens are entitled to a maximum of 40 percent ownership, while the remaining 60 percent must belong to locals.
The fifth relates to the nullification of certain articles in the Draft Bill such as Article 43 on the supervisory agent for bank management, and Article 58 on compliance directors. The sixth concerns the competency assessment and compliance for directors and commissioners.
Seventh, is in regard to the employment of local and foreign bankers. Mr. Zaini firmly believes that every banker must possess their own personal competence. Eighth, on adjustments to the limitations on foreign banks operating in Indonesia to holing 40 percent of the share of conventional banks, this should be shortened from 10 years to five years. As his last advice, Mr. Zaini stated that the criminal and administrative sanctions should remain the same as Law No. 7 of 1992 on Banking as amended by Law No. 10 of 1998.
Meanwhile, Fransiscus Welirang, Chairman of AEI warned the House about harmonizing the Draft Bill in a way that avoids overlaps with other financial regulatory frameworks, as many AEI members have suffered great losses due to overlapping laws. Mr. Welirang insisted that the Draft Bill must be harmonized with the Bank Indonesia Law, Financial Services Authority Law, and Capital Market Law.
“Harmonization is crucial in order to avoid overlaps between one law and another,” Mr. Welirang concluded.
(hot/kc)