Kamis, Juli 14, 2022

BI Regulates Implementation of Market Code of Ethics and Treasury Certification

In order to ensure a money market that is liquid, efficient and transparent, and that operates with integrity, as well as to achieve Bank Indonesia’s (“BI”) stated objective of ensuring the stability of the rupiah currency, BI’s Board of Governors has issued Regulation No. 24/9/PADG/2022 on the Implementation of the Market Code of Ethics and Treasury Certification (“Regulation 24/2022”).
Arrangements relating to the implementation of the market code of ethics and treasury certification apply to transaction actors operating within the money market that take the following forms: 1) Banks; 2) Brokerage firms; and 3) Securities companies.
The market code of ethics that will now serve as a set of guidelines for boards of directors and employees comprises: 1) Market code of conduct issued by the Indonesia Foreign Exchange Market Committee, which will apply to Directors and Employees that engage in transactions within conventional money markets; 2) Islamic financial market code of conduct issued by the Indonesia Islamic Global Market Association, which will apply to boards of directors and employees that engage in transactions within the money market based on sharia principles; and/or 3) Guidelines that address the prevention of unfair business competition, as issued by the Global Foreign Exchange Committee, which will apply to boards of directors and employees that engage in transactions within conventional money markets, as well as those based on sharia principles.
Treasury certification is organized by Professional Certification Institutions (Lembaga Sertifikasi Profesi – “LSP”), which are required to comply with the following criteria at the least: 1) Must be established by professional associations and/or financial services industry associations; 2) Must secure licenses as professional certification bodies operating within the treasury sector from national professional certification bodies; 3) Must possess organizational tools; and 4) Must organize treasury certification schemes.
Transaction actors operating within the money market are required to submit the following reports to BI: 1) Reports that set out lists of board of directors’ memberships and employees, as well as treasury ownership certificates; and/or 2) Reports that set out lists of any board of directors’ members and/or any employees who have been dismissed for violating the market code of ethics.
Regulation 24/2022 has been in force since 30 June 2022.

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In order to ensure a money market that is liquid, efficient and transparent, and that operates with integrity, as well as to achieve Bank Indonesia’s (“BI”) stated objective of ensuring the stability of the rupiah currency, BI’s Board of Governors has issued Regulation No. 24/9/PADG/2022 on the Implementation of the Market Code of Ethics and Treasury Certification (“Regulation 24/2022”).
Arrangements relating to the implementation of the market code of ethics and treasury certification apply to transaction actors operating within the money market that take the following forms: 1) Banks; 2) Brokerage firms; and 3) Securities companies.
The market code of ethics that will now serve as a set of guidelines for boards of directors and employees comprises: 1) Market code of conduct issued by the Indonesia Foreign Exchange Market Committee, which will apply to Directors and Employees that engage in transactions within conventional money markets; 2) Islamic financial market code of conduct issued by the Indonesia Islamic Global Market Association, which will apply to boards of directors and employees that engage in transactions within the money market based on sharia principles; and/or 3) Guidelines that address the prevention of unfair business competition, as issued by the Global Foreign Exchange Committee, which will apply to boards of directors and employees that engage in transactions within conventional money markets, as well as those based on sharia principles.
Treasury certification is organized by Professional Certification Institutions (Lembaga Sertifikasi Profesi – “LSP”), which are required to comply with the following criteria at the least: 1) Must be established by professional associations and/or financial services industry associations; 2) Must secure licenses as professional certification bodies operating within the treasury sector from national professional certification bodies; 3) Must possess organizational tools; and 4) Must organize treasury certification schemes.
Transaction actors operating within the money market are required to submit the following reports to BI: 1) Reports that set out lists of board of directors’ memberships and employees, as well as treasury ownership certificates; and/or 2) Reports that set out lists of any board of directors’ members and/or any employees who have been dismissed for violating the market code of ethics.
Regulation 24/2022 has been in force since 30 June 2022.

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