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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, Fathan Qorib
The nation’s current economic growth rate of just 4.7 percent is raising concern among stakeholders, including the Financial Services Authority (OJK). In order to promote growth, the OJK is taking proactive measures by issuing 35 new regulations for all of the financial sectors under its supervision.Muliaman D. Hadad, Chairman of the OJK’s Board of Commissioners, asserted that the new regulations are being issued in a bid to support the national economy in the hope that the financial industry will become the engine that produces a faster and more stable national economy, thus improving social welfare.
The new regulations, according to Chairman Hadad, will be able to maintain growth in the areas of banking loans and the capital market, as well as in the development of non-banking financial industries (IKNB). Overall, the new regulations are expected to help the national economy achieve its estimated growth target.
The 35 new regulations consist of 12 regulations that deal with the banking sector, 15 that focus on the capital-market sector, four that apply to the non-banking financial institution (IKNB) sector, and four that deal with the education and consumer protection sector (EPK). Some of these regulations fall under a two-year implementation term, so that they can be adjusted according to future economic trends.
The 35 new regulations can be summarized as follows:
A. Banking Sector:
1. Debts or loans guaranteed by the central government are to be charged at a zero-percent risk weight when calculated as risk weighed assets (ATMR) for loan risks;
2. The risk weight of motor-vehicle loans (KKB) is to be set at 75% in ATMR loan-risk calculations;
3. The implementation of business-prospect assessments as a requirement for loan restructuring without any consideration of market conditions or conditions pertaining to the debtor’s industrial sector;
4. Loan restructuring must be conducted prior to a loan-quality reduction;
5. The reduction of risk weight for house-backed loans not under a government program is set at 35% without consideration of Loan to Value (LTV) in ATMR loan-risks calculations ;
6. The reduction of risk weight for health-and-welfare (RSS) house mortgages under the governmental program is set at 20%, without any consideration of Loan to Value (LTV) in ATMR loan-risks calculations;
7. The reduction of risk weight for the People’s Business Credit Program (KUR) is guaranteed by a Regional Credit Guarantee (Penjaminan Kredit Daerah - Jamkrida), which may lead to the implementation of a 50% risk weight;
8. Loan-quality assessment of a single debtor or project based on prompt payment of a principal loan and/or interest has been raised from IDR 1 billion (max) to IDR 5 billion;
9. Loan quality assessment of micro-small-medium enterprises loans (UMKM) with over IDR 5 billion value relating to risk management implementation quality (KPMR) assessment rank and bank health level composite rank are to be undertaken;
10. Loan quality is to be determined after restructuring;
11. Loan quality is to be determined after restructuring via the application of a grace-period principle;
12. Health level composite ranks are to be required for banks investing equity capital in:
a. The establishment of a company taking over non-performing loans from the same bank, as long as the ownership amounts to 20% (max) and involves no power of authority; or
b. Providing additional equity capital to save bank subsidiary companies.
B. Capital Market Sector:
1. The development of infrastructure for the repurchase agreement market (Repo), including Repo arrangements, development of Repo products, as well as development of Repo transaction settlement services equipped with monitoring and 3rd party Repo concepts;
2. Development of medium and small businesses (UKM) with the aim of going public, including arranging UKM development regulations, as well as the creation of a special platform for UKM;
3. Determination of an electronic trading platform (ETP) including the development of a trading platform of integrated debt securities to be used by business practitioners and utilized for supervisory purposes;
4. Utilization of the central bank for transaction settlements, including implementation of central bank utilization beyond that of payments for fund settlement services in the capital market;
5. The issuance of a derivative product based on Indonesian Government Bond Futures (IGBF) pertaining to the development of the National Securities Market (SBN);
6. The development of local obligations in order to support government programs relating to infrastructure building;
7. Utilization of the debt securities bond index as a reference indicator to be used widely by market practitioners within the Indonesian debt-securities market;
8. The extension of investment products in the capital markets through the issuance of an asset backed securities-participation letter (EBA-SP) in order to increase the growth of house financing in Indonesia, as well as to help financial service agencies obtain liquidity from the capital market as a source of affordable financing for small and medium-sized communities;
9. The regulation of segmented licensing for securities intermediary representatives (WPPE) into three levels: WPPE, WPPE specializing in marketing, and WPPE specializing in marketing agents;
10. The regulation of an integrated investment management system in order to optimize efficient transactions and operations within the investment management industry;
11. The implementation of an extensible business reporting language (XBRL) in order to provide accurate and reliable information;
12. The development of state-owned enterprises and subsidiaries that go public in order to assist state-owned enterprises in gathering funds for business-expansion activities, as well as improving market liquidity.
In addition, electronic book production will also be implemented in order to improve transparency and fairness between investors. Regulation of the sharia capital market will also be undertaken in order to provide regulatory leniency and legal certainty for sharia securities, so that they are on a level playing field with conventional securities. The issuance of guidelines for the management of publicly traded companies in order to promote good corporate governance is also imminent.
C. IKNB Sector:
1. Leniency regarding non-performing financing (NPF) policy as applied to finance companies in order to boost the growth of finance debt by finance companies;
2. Development of agricultural insurance in order to improve farmers’ access to the finance system and develop the national agrarian sector;
3. The establishment of a ratings agency for UMKM in order to minimize the asymmetric information issues pertaining to UMKM financing and to prepare for the ASEAN Economic Community (AEC) era;
4. The development of micro-financing institutions (MFI) that will focus their efforts on inviting MFIs that are not formally registered to apply immediately to become legitimate MFIs in accordance with the MFI law.
D. EPK Sector:
1. Improvement of the culture of saving in order to support the enhancement of public financing access;
2. Education and financial access for UMKMs in order to boost the improvement of financing access for MFIs to UMKMs, as well as UMKM capacity building in the financial management sector;
3. Consumer empowerment in order to improve public trust in both the financial-services industry and MFIs;
4. Prevention of illegal fund/investment gathering in order to improve public trust in formal financial-service institutions.
(hot/ja/sp)
Marcell Sihombing, Fathan Qorib
The nation’s current economic growth rate of just 4.7 percent is raising concern among stakeholders, including the Financial Services Authority (OJK). In order to promote growth, the OJK is taking proactive measures by issuing 35 new regulations for all of the financial sectors under its supervision.Muliaman D. Hadad, Chairman of the OJK’s Board of Commissioners, asserted that the new regulations are being issued in a bid to support the national economy in the hope that the financial industry will become the engine that produces a faster and more stable national economy, thus improving social welfare.
The new regulations, according to Chairman Hadad, will be able to maintain growth in the areas of banking loans and the capital market, as well as in the development of non-banking financial industries (IKNB). Overall, the new regulations are expected to help the national economy achieve its estimated growth target.
The 35 new regulations consist of 12 regulations that deal with the banking sector, 15 that focus on the capital-market sector, four that apply to the non-banking financial institution (IKNB) sector, and four that deal with the education and consumer protection sector (EPK). Some of these regulations fall under a two-year implementation term, so that they can be adjusted according to future economic trends.
The 35 new regulations can be summarized as follows:
A. Banking Sector:
1. Debts or loans guaranteed by the central government are to be charged at a zero-percent risk weight when calculated as risk weighed assets (ATMR) for loan risks;
2. The risk weight of motor-vehicle loans (KKB) is to be set at 75% in ATMR loan-risk calculations;
3. The implementation of business-prospect assessments as a requirement for loan restructuring without any consideration of market conditions or conditions pertaining to the debtor’s industrial sector;
4. Loan restructuring must be conducted prior to a loan-quality reduction;
5. The reduction of risk weight for house-backed loans not under a government program is set at 35% without consideration of Loan to Value (LTV) in ATMR loan-risks calculations ;
6. The reduction of risk weight for health-and-welfare (RSS) house mortgages under the governmental program is set at 20%, without any consideration of Loan to Value (LTV) in ATMR loan-risks calculations;
7. The reduction of risk weight for the People’s Business Credit Program (KUR) is guaranteed by a Regional Credit Guarantee (Penjaminan Kredit Daerah - Jamkrida), which may lead to the implementation of a 50% risk weight;
8. Loan-quality assessment of a single debtor or project based on prompt payment of a principal loan and/or interest has been raised from IDR 1 billion (max) to IDR 5 billion;
9. Loan quality assessment of micro-small-medium enterprises loans (UMKM) with over IDR 5 billion value relating to risk management implementation quality (KPMR) assessment rank and bank health level composite rank are to be undertaken;
10. Loan quality is to be determined after restructuring;
11. Loan quality is to be determined after restructuring via the application of a grace-period principle;
12. Health level composite ranks are to be required for banks investing equity capital in:
a. The establishment of a company taking over non-performing loans from the same bank, as long as the ownership amounts to 20% (max) and involves no power of authority; or
b. Providing additional equity capital to save bank subsidiary companies.
B. Capital Market Sector:
1. The development of infrastructure for the repurchase agreement market (Repo), including Repo arrangements, development of Repo products, as well as development of Repo transaction settlement services equipped with monitoring and 3rd party Repo concepts;
2. Development of medium and small businesses (UKM) with the aim of going public, including arranging UKM development regulations, as well as the creation of a special platform for UKM;
3. Determination of an electronic trading platform (ETP) including the development of a trading platform of integrated debt securities to be used by business practitioners and utilized for supervisory purposes;
4. Utilization of the central bank for transaction settlements, including implementation of central bank utilization beyond that of payments for fund settlement services in the capital market;
5. The issuance of a derivative product based on Indonesian Government Bond Futures (IGBF) pertaining to the development of the National Securities Market (SBN);
6. The development of local obligations in order to support government programs relating to infrastructure building;
7. Utilization of the debt securities bond index as a reference indicator to be used widely by market practitioners within the Indonesian debt-securities market;
8. The extension of investment products in the capital markets through the issuance of an asset backed securities-participation letter (EBA-SP) in order to increase the growth of house financing in Indonesia, as well as to help financial service agencies obtain liquidity from the capital market as a source of affordable financing for small and medium-sized communities;
9. The regulation of segmented licensing for securities intermediary representatives (WPPE) into three levels: WPPE, WPPE specializing in marketing, and WPPE specializing in marketing agents;
10. The regulation of an integrated investment management system in order to optimize efficient transactions and operations within the investment management industry;
11. The implementation of an extensible business reporting language (XBRL) in order to provide accurate and reliable information;
12. The development of state-owned enterprises and subsidiaries that go public in order to assist state-owned enterprises in gathering funds for business-expansion activities, as well as improving market liquidity.
In addition, electronic book production will also be implemented in order to improve transparency and fairness between investors. Regulation of the sharia capital market will also be undertaken in order to provide regulatory leniency and legal certainty for sharia securities, so that they are on a level playing field with conventional securities. The issuance of guidelines for the management of publicly traded companies in order to promote good corporate governance is also imminent.
C. IKNB Sector:
1. Leniency regarding non-performing financing (NPF) policy as applied to finance companies in order to boost the growth of finance debt by finance companies;
2. Development of agricultural insurance in order to improve farmers’ access to the finance system and develop the national agrarian sector;
3. The establishment of a ratings agency for UMKM in order to minimize the asymmetric information issues pertaining to UMKM financing and to prepare for the ASEAN Economic Community (AEC) era;
4. The development of micro-financing institutions (MFI) that will focus their efforts on inviting MFIs that are not formally registered to apply immediately to become legitimate MFIs in accordance with the MFI law.
D. EPK Sector:
1. Improvement of the culture of saving in order to support the enhancement of public financing access;
2. Education and financial access for UMKMs in order to boost the improvement of financing access for MFIs to UMKMs, as well as UMKM capacity building in the financial management sector;
3. Consumer empowerment in order to improve public trust in both the financial-services industry and MFIs;
4. Prevention of illegal fund/investment gathering in order to improve public trust in formal financial-service institutions.
(hot/ja/sp)