THE IMPACTS OF OJK (INDONESIAN FINANCIAL SERVICES AUTHORITHY) FOR INDONESIAN CENTRAL BANK

Christiani, Theresia Anita (2014) THE IMPACTS OF OJK (INDONESIAN FINANCIAL SERVICES AUTHORITHY) FOR INDONESIAN CENTRAL BANK. International Journal of Business, Economics and Law, 5 (4). pp. 119-123. ISSN 2289-1552

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Abstract

Financial Services Authority is an institution that is authorized to perform the task of regulation and supervision of all financial institutions in Indonesia. The legal basis is Article 34 of the Law of OJK BI .Before presence OJK Law, the regulation and supervision of any financial institution that is given to different institutions. For example, the banking institutions given the authority to regulate and supervise are Bank Indonesia, while the capital market given the task of regulation and supervision is the cause of weak supervision Bapepam.That situation performed due to hybridization products of financial institutions that exist. It became one of the reason of the existence of the OJK. The birth FSA also had an impact in various aspects to financial institutions in the form of a bank (bank) and financial institutions that are not shaped bank (capital markets, insurance, etc.). Before the Financial Services Authorithy appears there is some arguments whether or FSA. When this argument is irrelevant whether or not to become again to talk about but can be taken into consideration and input to make the FSA to address many concerns and doubts of the existence of the OJK. The impact of the establishment of the OJK which will cause potential problems in the future, more attention should among other things there are still some issues that need to be resolved after the Act was enacted and applicable FSA among others, the consistency between the mandate of Article 34 of the Law of BI and the OJK Regulation . Bank Indonesia problems are about independence and Human Resources issues. This needs attention so that FSA can perform the task well in order to achieve the goal. For Bank Indonesia most noticeable impact is the shift supervision and regulation tasks that were once in Bank Indonesia now turn to the FSA and how the status of the independence of Bank Indonesia after the formation of the OJK Regulation

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