After Being Ratified, There Will Be 224 POJKs And 43 PP Derivatives Of The P2SK Law

Illustration of Rupiah (Photo: Doc. Antara)

JAKARTA - The Law on the Development and Strengthening of the Financial Sector (UU P2SK) has been passed. This makes the Financial Services Authority (OJK) prepare the process to implement the new law.

Deputy Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mirza Adityaswara said that his party plans to issue 224 OJK Regulations as derivatives of the Financial Sector Development and Strengthening Law (UU P2SK).

"In short, from the results of identification, there are 224 OJK regulations that must be made and 43 government regulations as derivative regulations for the P2SK Law," he said, quoting between, Monday, January 6, 2023.

Currently, the OJK is discussing the possibility of 224 OJK Regulations derived by the P2SK Law being incorporated in only a few rules in the form of "mini omnibuses".

"Because if it is made one by one OJK Regulation, this can take a long time, because there are 224 rules that must be made. But if the mini-monibus' method can be made, for example, some POJK can accommodate several changes at once, this is being discussed," he said.

OJK is also classifying OJK regulations derived by the P2SK Law which need to be issued in the near future, or in the next few years.

Previously, Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said the OJK was preparing a smooth transition process and did not cause shocks amid global financial uncertainty to implement the P2SK Law.

"The ratification of the P2SK Law requires a large allocation of resources, so that internal reform of the OJK institution is needed, through improving policies and transforming the organization and human resources," he said at the Annual Meeting of the Financial Services Industry in Jakarta, Monday.

OJK will also organize the landscape of the financial sector to encourage the development of the Islamic financial services sector, especially to support the implementation of the Sharia Business Unit spin off related to the consolidation program of financial services institutions.