Bloomberg News

Indonesia Resolves Financial-Regulator Stalemate, Globe Reports

October 20, 2011

Oct. 20 (Bloomberg) -- Indonesian lawmakers and the government broke an impasse over a planned financial regulator, the Jakarta Globe reported today, citing Harry Azhar Aziz, deputy chairman the parliament’s finance and banking committee.

The Financial Services Supervisory Authority, or OJK as it is known by its Indonesian-language initials, will begin work Jan. 1, 2013, the Globe cited Aziz as saying. The authority will assume the supervisory roles of the country’s central bank and Bapepam, Indonesia’s Capital Market and Financial Institution Supervisory Agency, Aziz said, according to the report.

The composition of the body may be decided by Oct. 25, Nusron Wahid, chairman of the parliament’s Financial Services Authority working committee, said by phone Oct. 5.

Lawmakers and the government failed to agree on the body’s makeup in July and extended a deadline for parliament and government to choose the board of commissioners.

The parliament wants two of its members on the financial supervisory authority’s board, alongside five government nominees proposed by the president and two former officials from the finance ministry and the central bank. The government’s proposal is two former finance ministry and central bank members and seven presidential picks vetted by parliament.

The Jakarta Globe article didn’t say whether those issues had been resolved.

--Editor: Greg Ahlstrand

To contact the reporters on this story: Greg Ahlstrand in Jakarta at nmanurung@bloomberg.net

To contact the editor responsible for this story: Greg Ahlstrand in Jakarta at nmanurung@bloomberg.net


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