OJK Amends Regulation on Corporate Governance
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 Article
FCA Communicates No Impact of COVID-19 on LIBOR Transition DateRelated Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
