OJK published amendments to the regulation on good corporate governance for "financing companies." The key amendments to the regulation relate to the changes in definition, number of Directors, the duties and membership of the audit committee, the duties and membership of the remuneration and nomination committee, and the mechanism of imposing sanctions. The amended regulation comes into force on the date of promulgation.
The key amendments include the following:
- Changes to the definitions of finance companies, Sharia business units, good corporate governance, debtors, affiliates, sharia supervisory boards, independent commissioners, affiliates, and conflicts of interest
- Additional provisions regarding authority of OJK to evaluate the application of good corporate governance
- Changes to the limit on disclosure of share ownership of directors and commissioners from 50% or more to 5% or more
- Addition of provisions related to enforcement of compliance
- Adjustments to provisions related to administrative sanctions
Related Links (in Indonesian)
Effective Date: April 29, 2020
Keywords: Asia Pacific, Indonesia, Banking, Operational Risk, Disclosure, Governance, OJK
Previous ArticleFCA Communicates No Impact of COVID-19 on LIBOR Transition Date
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.