OJK Enlists Coordinating Ministry and SROs in Capital Market Integrity Reform Task Force
Jakarta (ANTARA) — The Financial Services Authority (OJK) has established an Indonesian Capital Market Integrity Reform Task Force as part of efforts to overhaul the country's capital market.
Acting Chairperson and Deputy Chairperson of the OJK Board of Commissioners, Friderica Widyasari Dewi, known as Kiki, said the task force would comprise representatives from OJK, the Coordinating Ministry for Economic Affairs, and Self-Regulatory Organisations (SROs).
"We will also announce the establishment of the Indonesian Capital Market Integrity Reform Task Force. It will consist of members from OJK, the Coordinating Ministry for Economic Affairs, and colleagues from the SROs," Kiki said at a press conference at the Indonesia Stock Exchange (IDX) building in Jakarta on Friday.
Kiki said the possibility remained open for other ministries and government agencies to join the task force.
She added that the task force would be responsible for overseeing and ensuring the implementation of eight action plans for capital market integrity reform, covering aspects of liquidity, transparency, enforcement, and strengthened coordination.
The eight action plans include raising the minimum free float requirement for listed companies (issuers) to 15 per cent, strengthening the role of domestic institutional investors and broadening the investor base, improving transparency of ultimate beneficial owners (UBOs) and disclosure of shareholder affiliations, and the demutualisation of the IDX.
The reforms also target strengthened rule enforcement and the imposition of sanctions for violations in the capital market, improved corporate governance of issuers, and integrated market deepening through cross-authority coordination.
Additionally, the plans include strengthening ongoing collaboration with all stakeholders.
"We will communicate to the public, as we promised — nothing will be concealed and we will be fully transparent in conveying progress updates on each of the eight action plans," Kiki said.
Acting Chairperson and Deputy Chairperson of the OJK Board of Commissioners, Friderica Widyasari Dewi, known as Kiki, said the task force would comprise representatives from OJK, the Coordinating Ministry for Economic Affairs, and Self-Regulatory Organisations (SROs).
"We will also announce the establishment of the Indonesian Capital Market Integrity Reform Task Force. It will consist of members from OJK, the Coordinating Ministry for Economic Affairs, and colleagues from the SROs," Kiki said at a press conference at the Indonesia Stock Exchange (IDX) building in Jakarta on Friday.
Kiki said the possibility remained open for other ministries and government agencies to join the task force.
She added that the task force would be responsible for overseeing and ensuring the implementation of eight action plans for capital market integrity reform, covering aspects of liquidity, transparency, enforcement, and strengthened coordination.
The eight action plans include raising the minimum free float requirement for listed companies (issuers) to 15 per cent, strengthening the role of domestic institutional investors and broadening the investor base, improving transparency of ultimate beneficial owners (UBOs) and disclosure of shareholder affiliations, and the demutualisation of the IDX.
The reforms also target strengthened rule enforcement and the imposition of sanctions for violations in the capital market, improved corporate governance of issuers, and integrated market deepening through cross-authority coordination.
Additionally, the plans include strengthening ongoing collaboration with all stakeholders.
"We will communicate to the public, as we promised — nothing will be concealed and we will be fully transparent in conveying progress updates on each of the eight action plans," Kiki said.