OJK Updates SLIK Rules, Capital Market Sector Is The Main Focus

Financial Services Authority (Photo: OJK)

JAKARTA - The Financial Services Authority (OJK) earlier this year announced a regulatory update on the Financial Information Service System or SLIK.

Through an official broadcast received by VOI on Tuesday, January 5, the authority has focused on the changes to the expansion of reporting in the Capital Market, namely Securities Companies (PE) that carry out business activities as securities brokers and Securities Funding Institutions (LPE).

"This change also includes regulations related to the delivery and use of debtor information in order to improve the effectiveness of SLIK implementation and mitigate the misuse of debtor information," said OJK in its release.

Meanwhile, the regulation in question is related to the Amendment to POJK No.18 / POJK.03 / 2017 concerning Reporting and Requests for Debtor Information through the Financial Information Service System (Changes to the POJK SLIK) which is an improvement from POJK No.18 / POJK.03 / 2017.

It was explained that SLIK reporters could only access debtor information data at a maximum of 100 percent of the total debtors reported in the position of the previous two months.

"SLIK reporters can submit requests for additional debtor information by submitting an application to the OJK," wrote the authority.

Then, PE, which carries out business activities as a securities brokerage company, will be a SLIK reporter on February 28, 2021 at the latest.

It was also stated that an LPE would become an SLIK reporter by 31 December 2021 at the latest. Other LJKs that provide funding facilities can become SLIK reporters by submitting an application to the OJK.

"The extension of time for the Pawnshop to become an SLIK reporter is from December 31, 2022 to December 31, 2025 at the latest, with the scope of the report only covering fiduciary secured loans," said OJK.

Then, in relation to the imposition of maximum fines for violations of requests and use of debtor information, the authorities set three points. First, for a reporter with total assets with assets of more than Rp. 500 billion, then a fine of Rp. 10 million is imposed per debtor information and a maximum of Rp. 100 million.

Second, for reporters with total assets of between Rp. 500 billion to Rp. 20 trillion, the sanction is a fine of Rp. 50 million per debtor information and a maximum of Rp. 500 million.

Furthermore, for reporters with total assets of more than Rp. 20 trillion, they will be subject to a fine of Rp. 50 million per debtor information and a maximum of Rp. 5 billion.

"The transitional provisions governing the changes to the SLIK POJK have come into force, so the sanctions that commit violations can be imposed in accordance with the intended amendment rules," concluded the institution led by Wimboh Santoso.