Featured Product

    OJK Issues Regulatory Updates for Financial Sector Entities

    July 01, 2022

    The Financial Services Authority of Indonesia (OJK) amended a circular on the implementation of governance for Sharia rural banks. The Authority also published the draft regulations on on limits for rural banks, on the "credit information management institutions, and the “application for licensing, approval, and reporting for information technology-based co-financing service providers."

    Below are the key highlights of the recent updates:

    • OJK published amendments to the circular on the implementation of governance for Sharia rural banks. The key changes relate to time limit for submission and publication of the Governance Implementation Report for Sharia rural banks, duties and responsibilities of the Board of Directors, and reporting related to remuneration for the Board of Directors. The amendments came into effect on June 29, 2022.
    • OJK is requesting responses to the draft regulation on “maximum limit for rural bank credit and maximum limit for distribution of funds for sharia rural bank.” To support more optimal economic growth, rural banks and Islamic people financing banks need to increase credit and financing for the real sector while considering the principles of prudence and risk management. OJK is requesting feedback until July 15, 2022.
    • OJK published the draft regulation on credit information management institutions (LPIP), which was open for feedback until July 08, 2022. The draft regulation includes provisions related to the implementation of good governance, protection of stakeholders, compliance with laws and regulations, and generally accepted ethical values as well as the management and development of credit information as a product and/or service produced by credit information management institutions.
    • OJK is requesting responses to the draft regulation on “application for licensing, approval, and reporting for information technology-based co-financing service providers.” The draft regulation sets out provisions on general requirements, scope of application for licenses, approval, and reporting, and procedures for submission of applications. The provisions in this draft regulation shall come into force on the date of stipulation. OJK is requesting feedback until July 29, 2022.

     

    Related Links (in Indonesian)

     

    Keywords: Asia Pacific, Indonesia, Banking, Rural Banks, Credit Rating Agency, Credit Risk, Reporting, Governance, Islamic Banking, Regulatory Capital, OJK

    Featured Experts
    Related Articles
    News

    CFPB Finalizes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.

    March 30, 2023 WebPage Regulatory News
    News

    BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023

    The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.

    March 23, 2023 WebPage Regulatory News
    News

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News
    News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News
    News

    US Congress Report Examines Data Privacy and Cybersecurity Regulations

    The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.

    March 13, 2023 WebPage Regulatory News
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    EU to Conduct One-Off Scenario Analysis to Assess Transition Risk

    The European authorities recently made multiple announcements that impact the banking sector.

    March 10, 2023 WebPage Regulatory News
    News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8810