Global Financial Supervision Model-Indonesia
Source: WE BANK
Financial Supervision Mode Combining Institutional Supervision, Behavioral Supervision and Functional Supervision
The three main regulators in Indonesia's financial system are Bank Indonesia, Otoritas Jasa Keuangan (OJK) and BAPPEBTI (English name COFTRA, Commodity Futures Trading Regulatory Agency), which are independent and cooperate with each other. But slightly different
However, BI and OJK are independent government agencies, while BAPPEBTI is under the management of Indonesia's Ministry of Trade and is responsible for supervising commodity futures, foreign exchange spot, foreign exchange futures and other fields.
Before OJK was established, BI was responsible for supervising and managing the banking industry in addition to macro-prudential management, monetary policy management, systemic risk prevention, and the establishment and improvement of a stable and effective financial system. However, after the Indonesian government established OJK in 2011, it completed a high degree of gathering of regulatory responsibilities for various financial institutions in Indonesia through two transitional periods. First, the first phase OJK replaced all the functions of the Capital Market Supervision and Management Agency (BAPEPAM) formerly affiliated to the Indonesian Ministry of Finance on December 30, 2012, while the second phase OJK replaced the banking supervision function of BI on December 30, 2013.
Indonesia's regulatory system is similar to that of mainland China. First of all, BI's responsibilities are similar to those of the People's Bank of China, and OJK and BAPPEBTI's regulatory responsibilities are very similar to those of the China Banking Regulatory Commission and the CSRC. At the same time, Indonesia is also a financial supervision mode combining institutional supervision, behavioral supervision and functional supervision.
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