OJK Targets The Derivative Of The P2SK Law Regulation To Be Completed By The End Of The Year

LABUAN BAJO - Financial Services Authority (OJK) targets all regulations mandated in Law (UU) Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) to be completed in 2024.

Head of the OJK Capital Market Regulation and Development Department Antonius Hari said that the P2SK Law is a legal framework that needs to be strengthened by the issuance of derivative regulations to support the effectiveness of surveillance, law enforcement and investor protection tasks.

"In 2024, we have several priority programs. First, we have a target to comply with all regulations mandated by the P2SK law that must be completed this year," he explained in the Capital Marketing Journalist Workshop, Thursday, October 31.

Anton conveyed that regarding the derivative of the P2SK Law in the Capital Market Supervisory cluster, Derivative Finance and Carbon Exchange (PMDK), there were 37 derivatives.

However, not all of them are used as Regulations of the Financial Services Authority (POJK).

According to Anton, there are several main clusters, namely those related to perpetrators, SRO, products, and supporting policies. Therefore,

He hopes that all derivatives of the P2SK Law will be completed before January 2025.

"There are several clusters, which at this time have all passed, or have been approved by RDK. However, they are still constrained at the Ministry of Law and Human Rights because there is a change in ministries, and there are also other things," he said.

Anton said that currently OJK is still waiting for the issuance of Government Regulations as an implementation regulation of the P2SK Law, one of which is regulating the transfer of derivative Finance from CoFTRA to OJK.

Meanwhile, in parallel, OJK is currently compiling and identifying several provisions for the implementation of the transfer of derivative financial supervision authority from CoFTRA to OJK.