Released By Two New Rules, OJK Also Watchs BP Tapera And Supports Capital Participation Plans By Commercial Banks

OJK. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) continues to strengthen the implementation of the task of regulating and supervising the financial services sector through the issuance of two new regulations (POJK). Among them, POJK Number 20 of 2022 concerning Supervision of the Public Housing Savings Management Agency (BP Tapera) and POJK Number 22 of 2022 concerning Capital Participation Activities by Commercial Banks.

In detail, the Director of Public Relations of OJK Darmansyah explained, based on Law Number 4 of 2016 concerning Public Housing Savings (UU Tapera), it was regulated that external supervision of BP Tapera was carried out by the Tapera and OJK Committees.

The appointment of OJK as an independent supervisor over BP Tapera is in line with the OJK's management and supervision tasks. "In connection with these considerations, OJK issued POJK 20 of 2022 as a legal umbrella needed in the context of implementing OJK supervision of BP Tapera," Darmansyah said in his statement, Wednesday, November 16.

The scope of OJK's supervision of BP Tapera includes the implementation of BP Tapera's compliance supervision (compliance supervision) on laws and regulations in the field of Tapera and internal provisions of BP Tapera which include the implementation of Tapera, asset management of BP Tapera, as well as the implementation of BP Tapera's governance and risk management.

"OJK supervision is carried out through inspection (on-site supervision) and analysis (off-site supervision), which is carried out once a year or according to the needs of supervisors," Darmansyah added.

In addition, Darmansyah continued, the POJK also regulates OJK's authority to ask BP Tapera to compile and submit reports to OJK, as well as impose administrative sanctions on BP Tapera and recommendations to the Tapera Committee.

With the supervision, both from the Tapera Committee and the OJK, of BP Tapera, it is hoped that the management of the Tapera Fund program that is transparent, sustainable, and able to protect the interests of the community can be realized in accordance with the mandate of the Tapera Law. "This POJK will take effect from the date of promulgation on October 28, 2022," said Darmansyah.

Capital Participation by Commercial Banks

Meanwhile, Darmansyah also explained that POJK 22 regulates capital participation activities carried out by commercial banks, including temporary capital participation activities aimed at increasing resilience, competitiveness, and national banking efficiency.

"Along with the development of business activities, information technology, and the financial sector ecosystem, OJK provides flexibility for commercial banks in several aspects of capital participation activities while still paying attention to the precautionary principle in its implementation," said Darmansyah.

In the POJK, it is stipulated that parties that can become investments from banks, among others, can be in the form of companies in the financial sector that utilize the use of information technology to produce financial products as the main business.

Some of the provisions in this POJK include:

According to Darmansyah, the issuance of POJK is more of a principle based to support bank business strategies and harmonization with current provisions.

In addition, this POJK also stipulates that capital participation must be balanced with improving the quality of implementation of risk management to anticipate risks that can arise, including from subsidiaries and investors which in turn can affect the business continuity and risk profile of banks.

"The improvement of regulations related to capital participation is expected to increase the competitiveness and efficiency of the banking sector, support the collaboration of the banking industry in the digital ecosystem in the financial sector, and provide ample opportunities for the creation of banking industry collaboration with non-banking industries," said Darmansyah.