Misbakhun: Government to Immediately Form Selection Committee for OJK Mineral Exchange

Commission XI Chairman of the Indonesian House of Representatives (DPR RI), Mukhamad Misbakhun, stated that the government, as the authority, will soon form a selection committee to choose a new Board of Commissioners for the Financial Services Authority (OJK) or the Executive Head of Supervision for the Mineral and Strategic Commodities Exchange. Misbakhun said he is currently awaiting the issuance of a Minister of Finance Regulation (PMK) which will govern the mechanism and timeframe for the selection process. He stressed that this process must be carried out immediately so that the operational preparations for the Mineral Exchange remain on target. “The selection committee is under the government, and the government will form the selection committee. The committee will wait for the new PMK regarding the term of time, how long, and so forth. What is certain is that it must be selected soon because they have to prepare the infrastructure, the OJK Regulation (POJK) regarding the mineral exchange, the mineral and commodity exchange,” Misbakhun said when met at the Indonesia Stock Exchange (BEI) building in Jakarta on Wednesday. Misbakhun explained that the types of minerals and strategic commodities to be traded through the Mineral and Strategic Commodities Exchange will later be determined through an OJK Regulation. “Later, what minerals are included and what commodities are included will be regulated in the POJK,” he said. He continued that the authority previously held by the Commodity Futures Trading Regulatory Agency (Bappebti) is being transferred in accordance with the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK). “Later, matters relating to Bappebti will be pulled into the Mineral Exchange, the law already says so,” Misbakhun stated. Previously, OJK Board of Commissioners Chairman Friderica Widyasari Dewi said the OJK is beginning to prepare the establishment of the Executive Head of Supervision for the Mineral and Strategic Commodities Exchange position as part of the operational preparations for the mineral exchange, which is targeted to begin operations on 1 January 2027. According to Friderica, there is still much work to be completed before the exchange officially operates, ranging from infrastructure development to regulatory drafting. “God willing, on 1 January 2027, the Exchange must already be operating. So it should not be long, hopefully the selection committee is formed soon, so that the executive head can be selected immediately,” Friderica said.