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Rabu, September 20, 2023

OJK Introduces New Regulation on the Strengthening of Commercial Bank Governance

The Chief Executive of Banking Supervision at the Financial Services Authority (Otoritas Jasa Keuangan - "OJK"), Dian Ediana Rae ("Chief Executive"), has stated that the issuance of Regulation of the OJK No. 17 of 2023 on the Application of Governance by Commercial Banks ("Regulation 17/2023") is expected to strengthen the business governance of commercial banks ("Banks") and should hopefully minimize any improper conduct that may be carried out by Banks’ controlling shareholders (Pemegang Saham Pengendali – "PSP"), as either owners or controllers of the Bank.
Furthermore, the Chief Executive has also now officially confirmed that the issuance of Regulation 17/2023 represents a follow-up to the mandate originally set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ("Law 4/2023"). In this regard, the Chief Executive has claimed that the governance described under Regulation 17/2023 is in line with various international standards, including: 1) The Basel Committee on Banking Services (BCBS); 2) The Organization for Economic Cooperation and Development (OECD); and 3) The International Finance Corporation (IFC).
One of the most important aspects of Regulation 17/2023 is the support that this new framework offers for the improvement of Bank management through the provision of clear-cut regulatory corridors, particularly concerning the conduct of Banks’ PSP. Overall, Regulation 17/2023 obliges Banks to implement good corporate governance in relation to various aspects, including: 1) The roles and responsibilities of Banks’ boards of directors and commissioners; 2) Internal and external audits; 3) Risk management; 4) Remuneration; and 5) Provision of large funds and funding for other parties.
For more on this story, see Hukumonline: “OJK Terbitkan Aturan Baru Soal Penguatan Tata Kelola Bank Umum”.

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The Chief Executive of Banking Supervision at the Financial Services Authority (Otoritas Jasa Keuangan - "OJK"), Dian Ediana Rae ("Chief Executive"), has stated that the issuance of Regulation of the OJK No. 17 of 2023 on the Application of Governance by Commercial Banks ("Regulation 17/2023") is expected to strengthen the business governance of commercial banks ("Banks") and should hopefully minimize any improper conduct that may be carried out by Banks’ controlling shareholders (Pemegang Saham Pengendali – "PSP"), as either owners or controllers of the Bank.
Furthermore, the Chief Executive has also now officially confirmed that the issuance of Regulation 17/2023 represents a follow-up to the mandate originally set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ("Law 4/2023"). In this regard, the Chief Executive has claimed that the governance described under Regulation 17/2023 is in line with various international standards, including: 1) The Basel Committee on Banking Services (BCBS); 2) The Organization for Economic Cooperation and Development (OECD); and 3) The International Finance Corporation (IFC).
One of the most important aspects of Regulation 17/2023 is the support that this new framework offers for the improvement of Bank management through the provision of clear-cut regulatory corridors, particularly concerning the conduct of Banks’ PSP. Overall, Regulation 17/2023 obliges Banks to implement good corporate governance in relation to various aspects, including: 1) The roles and responsibilities of Banks’ boards of directors and commissioners; 2) Internal and external audits; 3) Risk management; 4) Remuneration; and 5) Provision of large funds and funding for other parties.
For more on this story, see Hukumonline: “OJK Terbitkan Aturan Baru Soal Penguatan Tata Kelola Bank Umum”.

......

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Precedent Hukumonline
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PROFESSIONAL

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per bulan

Semua Fitur Paket Standard
Terjemahan Peraturan
Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

STANDARD

Rp 2.500.000

per bulan

Indonesian Legal Brief (ILB)
Daily Updates
Bantuan Layanan Pencarian Peraturan
Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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