- In order to create a progressive and modern money market and foreign exchange market, Bank Indonesia has embarked on comprehensive reforms in regulation, development, and supervision by harmonizing and refining all of the substantive regulations governing these markets, Bank Indonesia has issued Regulation No. 6 of 2024 on the Money Market and Foreign Exchange Market, which has been in force since 16 July 2024.
- This regulation encompasses 194 articles spanning 17 chapters, and addresses the following key areas: 1) Regulatory, developmental, and supervisory frameworks for the money market and foreign exchange market; 2) Market products; 3) Pricing; 4) Market participants (Pelaku PUVA); 5) Financial market infrastructure; 6) Market transactions; 7) Licensing; 8) Data and information; 9) Application of prudential principles, risk management, and governance; 10) Consumer protection; 11) Supervision; 12) Exit policy; and 13) Coordination.
- It should be noted that upon its enforcement, this Regulation simultaneously revoked and repealed a total of nine frameworks, while integrating the substantive provisions previously outlined in those frameworks into the new regulatory structure.
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