Govt, House say OJK to take over Bapepam’ authorities

Finance Minister Agus Martowardjojo said the government and the House of Representatives had agreed that the currently mulled Financial Services Authority (OJK) would take over the Capital Market and Financial Institution Supervisory (Bapepam-LK) authorities later on.

“Hopefully the merging process can be completed by the end of next year,” Agus said on Friday as quoted by tempointeraktif.com.

He said that a year after the merger, the OJK would take over the central bank’s monitoring authority partially but not entirely, as the central bank would still be able to monitor banks with special status.

He also said that the OJK leadership council would comprise nine people, with two holding ex officio status and the seven others selected by a committee.

The government and the House’s finance and banking commission are now finalizing the OJK bill deliberation and its expected to reach the result in immediate future.