Selasa, April 20, 2021

House of Representatives Set to Deliberate Draft Bill on Financial-Sector Omnibus Law

Indonesia’s House of Representatives (“House”) is currently preparing to initiate the deliberation phase of the Draft Bill on the Financial-Sector Omnibus Law (“Draft Bill”), which is expected to commence around August/September 2021. As a result, the House is now soliciting input from all of the relevant stakeholders in an effort to create a complete and comprehensive academic manuscript of the Draft Bill.
The Vice-Chairman of House Commission X, Mr. Fathan Subchi, stated recently that the House had yet to receive any official copy of the Draft Bill and is currently engaging in regular Forum Group Discussions with the OJK, BI and the LPS. Furthermore, Mr. Subchi is also ensuring that the Draft Bill will not ultimately diminish the independence of Bank Indonesia. Ultimately, the Draft Bill is aiming to improve regulation, strengthen coordination and improve mechanisms for the handling of banking problems.
This Draft Bill has been incorporated under the 2021 Priority National Legislative Program (Program Legislasi Nasional – “Prolegnas”) and is projected to comprise 94 Articles which will re-formulate seven prevailing laws, specifically: 1) Law No. 7 of 1992 on Banking; 2) Law No. 23 of 1999 on Bank Indonesia; 3) Law No. 24 of 2004 on the Indonesian Deposit Insurance Corporation; 4) Law No. 21 of 2008 on Sharia Banking; 5) Law No. 21 of 2011 on the Financial Services Authority; 6) Law No. 9 of 2016 on the Prevention and Handling of Financial System Crises; and 7) Law No. 2 of 2020 on the Determination of Regulation of Government in Lieu of Law No. 1 of 2020 on State Financial Policies and Policies for Financial System Stability to Handle the Corona Virus Disease 2019 Pandemic. _(ANT)

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Indonesia’s House of Representatives (“House”) is currently preparing to initiate the deliberation phase of the Draft Bill on the Financial-Sector Omnibus Law (“Draft Bill”), which is expected to commence around August/September 2021. As a result, the House is now soliciting input from all of the relevant stakeholders in an effort to create a complete and comprehensive academic manuscript of the Draft Bill.
The Vice-Chairman of House Commission X, Mr. Fathan Subchi, stated recently that the House had yet to receive any official copy of the Draft Bill and is currently engaging in regular Forum Group Discussions with the OJK, BI and the LPS. Furthermore, Mr. Subchi is also ensuring that the Draft Bill will not ultimately diminish the independence of Bank Indonesia. Ultimately, the Draft Bill is aiming to improve regulation, strengthen coordination and improve mechanisms for the handling of banking problems.
This Draft Bill has been incorporated under the 2021 Priority National Legislative Program (Program Legislasi Nasional – “Prolegnas”) and is projected to comprise 94 Articles which will re-formulate seven prevailing laws, specifically: 1) Law No. 7 of 1992 on Banking; 2) Law No. 23 of 1999 on Bank Indonesia; 3) Law No. 24 of 2004 on the Indonesian Deposit Insurance Corporation; 4) Law No. 21 of 2008 on Sharia Banking; 5) Law No. 21 of 2011 on the Financial Services Authority; 6) Law No. 9 of 2016 on the Prevention and Handling of Financial System Crises; and 7) Law No. 2 of 2020 on the Determination of Regulation of Government in Lieu of Law No. 1 of 2020 on State Financial Policies and Policies for Financial System Stability to Handle the Corona Virus Disease 2019 Pandemic. _(ANT)

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