Article Sidebar

Download
PDF
Statistic
Read Counter : 97 Download : 87

Main Article Content

Abstract

The Financial Services Authority (FSA), is an independent institution that has powers, responsibilities, and jurisdiction to oversee and regulate all financial services sectors. An essential element in determining the objectivity and effectiveness of supervision is the supervisory authority's independence. The article discusses the independence of the FSA to conduct supervision in the capital markets sector. The financing aspect is one of the important things, that affect the FSA's independence. To fulfil its obligations and functions, the FSA is legally authorized to collect levies from supervised financial services institutions other than government agencies. In view of the violations that occur in the capital market, can the fees paid to the OJK by companies supervised by the OJK affect the independence of the OJK in carrying out its supervisory duties? The OJK is the one that has to take on this challenge. The research is normative juridical, by using secondary data. Qualitative research using a literature study design is the research methodology employed. The data collection makes use of secondary data gathered from Google Scholar reference sources, including journals, legal goods, and research publications. These findings demonstrate the implementation of the independence of OJK supervision of actors in the capital market sector. OJK answers the challenge by enforcing the law for violators in an accountable and transparent manner. Thus, the OJK levy does not affect the independence of the OJK in conducting supervision.

Keywords

Independence Supervisory Financial Services Authority

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Wiyanti, D., & Razak, M. U. A. (2024). Challenges of the Financial Services Authority in Supervising Indonesia’s Capital Market Independently. Ilomata International Journal of Social Science, 5(4), 1000-1016. https://doi.org/10.61194/ijss.v5i4.1287

References

  1. Adventy, A. (2023). OJK Catat 104 Kasus Pasar Modal , Ada Manajer Investasi Didenda Rp525 Juta. Bisnis.Com.
  2. Allen, M. (2017). The SAGE Encyclopedia of Communication Research Methods (M. Allen (ed.); Vol 1, Issue 112). SAGE Publications.
  3. Aprilia, Z. (2024, May 13). OJK Terima Ribuan Pengaduan Hingga April, Paling Banyak Soal Ini. CNBC Indonesia, May. https://www.cnbcindonesia.com/market/20240513152127-17-537669/ojk-terima-ribuan-pengaduan-hingga-april-paling- banyak-soal-ini%0AJakarta,
  4. Armour, J., Davies, P., Gordon, J. N., Payne, J., Awrey, D., Enriques, L., & Mayer, C. (2016). Principles of Financial Regulation (277/2014; Law Working Paper, Issue June).
  5. Baetjer, J. H. (2015). Regulating Regulators: Government vs. Markets. The Cato Journal, 35(3), 627–656.
  6. Barth, J. R., Caprio, G., & Levine, R. (2012). Guardians of Finance Making Regulators Work for Us. In Guardians of Finance. The MIT Press. https://doi.org/10.7551/mitpress/9065.001.0001
  7. Boldeanu, F. T., & Tache, I. (2015). The Financial System of the EU and the Capital Markets Union. International Journal in Economics and Business Administration, III(3), 41–51.
  8. Calvo, D., Crisanto, J., Hohl, S., & Cutierrez, O. (2018). Financial Supervisory Architecture: What has changed after the crisis? In BIS FSI Insights (No. 8; Issue 8).
  9. Carney, M. (2017). Ten Years on Fixing the Fault Lines of the Global Financial Crisis. Financial Stability Review, 21, 13–20. http://www.fsb.org/wp-content/uploads/BdF-Financial-Stability-Review.pdf
  10. Creswell, J. W., & Creswell, J. D. (2023). Research Design Qualitative, Quantitative, and Mixed Methods Approaches (Sixth Edit). SAGE Publications.
  11. Darmansyah. (2022a). Siaran Pers: Optimisme Pasar Modal Indonesia Melanjutkan Pemulihan Ekonomi Penutupan Perdagangan Bursa Efek Indonesia 2022. Otoritas Jasa Keuangan, SP 97/DHMS(Desember).
  12. Darmansyah. (2022b). Siaran Pers OJK Perkuat Pengawasan Pasar Modal Tingkatkan Perlindungan Investor. Otoritas Jasa Keuangan.
  13. Ferran, E. (2014). Institutional Design for Financial Market Supervision: The Choice for National Systems. In Legal Studies Research (No. 28; Legal Studies, Issue 28). https://doi.org/10.2139/ssrn.2425177
  14. Fraccaroli, N., Sowerbutts, R., & Whitworth, A. (2020). Does Regulatory and Supervisory Independence Affect Financial Stability? In Bank of England, Working Paper No. 893 (No. 893; Issue 893). https://doi.org/10.2139/ssrn.3744309
  15. Gilardi, F., & Maggetti, M. (2010). The Independence of Regulatory Authorities.
  16. Goodhart, C. A. E. (2007). The Structure of Financial Regulation - Financial Supervision from an Historical Perspective: was the development of such supervision design, or largely accidental? (D. G. Mayes & G. E. Wood (eds.)). Routledge. https://doi.org/10.1016/j.frl.2020.101665
  17. Indaryanto, W. (2012). Pembentukan dan Kewenangan Otoritas Jasa Keuangan. Jurnal Legislasi Indonesia, 9(3), 333–342.
  18. Irwansyah. (2021). Penelitian Hukum- Pilihan Metode & Praktik Penulisan Artikel (A. Yunus (ed.); Edisi Revi). Mirra Buana Media.
  19. Koop, C., & Hanretty, C. (2018). Political Independence, Accountability, and the Quality of Regulatory Decision-making. Comparative Political Studies, 51(1), 1–39. https://doi.org/10.1177/0010414017695329
  20. Majone, G., & Surdej, A. (2006). Regulatory Agencies in Economic Governance: The Polish Case in a Comparative Perspective. Koszalin: Institutenstitute of Comparative European Studies (KICES), 5(5), 1–57.
  21. Masciandaro, D., & Quintyn, M. (2011). Regulating the Regulators: The Changing Face of Financial Supervision Architectures Before and After the Crisis. In D. Eijÿnger, S. and Masciandaro (Ed.), Handbook of Central Banking, Financial Regulation and Supervision. Edward Elgar Publishing. https://doi.org/10.4337/9781849805766.00023
  22. Masciandaro, D., & Quintyn, M. (2013). The Evolution of Financial Supervision: the Continuing Search for the Holy Grail in 50 Years of Money and Finance - Lessons and Challenges (M. Balling & E. Gnan (eds.)). SUERF.
  23. McKinsey & Company. (2017). Deepening Capital Markets in Emerging Economies. Banking & Finance, April. http://www.mckinsey.com/industries/financial-services/our-insights/deepening-capital-markets-in-emerging-economies?cid=other-eml-alt-mip-mck-oth-1704&hlkid=b73bc92b4a904c74921f0c363f9a380e&hctky=9939963&hdpid=9657dc63-3be4-4ca0-9adc-7de54fcfb8a6
  24. Mwenda, K. K. (2006). Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator. The World Bank.
  25. Nasution, A. (2015). Macroeconomic Policies in Indonesia: Indonesia's Economy Since the Asian Financial Crisis of 1997. In A. Nasution (Ed.), Macroeconomic Policies in Indonesia: Indonesia Economy Since the Asian Financial Crisis of 1997. Routledge.
  26. OCBC. (2023). Krisis Moneter 2008 , Kronologi & Cara Indonesia Mengatasinya. https://www.ocbc.id/id/article/2023/02/08/krisis-moneter-2008%0A
  27. OECD. (2012). Recommendation of the Council on Regulatory Policy and Governance. Recommendation of the Council on Regulatory Policy and Governance. https://doi.org/10.1787/9789264252301-ko
  28. OECD. (2014). The Governance of Regulators, OECD Best Practice Principles for Regulatory Policy. OECD Publishing.
  29. OECD. (2016). Being an Independent Regulator, The Governance of Regulators. OECD Publishing.
  30. OJK. (2014, April 3). Siaran Pers Tentang Aturan Pelaksanaan Pungutan OJK. Otoritas Jasa Keuangan, 01.
  31. OJK. (2024). Capital Market Fact Book 2023. In Otoritas Jasa Keuangan. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Capital-Market-Fact-Book-2021.aspx
  32. Pikahulan, R. M. (2020). Implementasi Fungsi Pengaturan serta Pengawasan pada Bank Indonesia dan Otoritas Jasa Keuangan (OJK) terhadap Perbankan. Jurnal Penegakan Hukum Dan Keadilan, 1(1), 41–51. https://doi.org/10.18196/jphk.1103
  33. Quintyn, M., & Taylor, M. W. (2004). Should Financial Sector Regulators Be Independent? International Monetary Fund, 32.
  34. Rahayu, R. (2023). Jaga Kepercayaan Investor dan Masyarakat terhadap Pasar Modal, OJK Jatuhkan 193 Sanksi Penegakan Hukum. Bisnis.Tempo. Co. https://bisnis.tempo.co/read/1758340/jaga-kepercayaan-investor-dan-masyarakat-terhadap-pasar-modal-ojk-jatuhkan-193-sanksi-penegakan-hukum
  35. Rahmadi, R. (2019). Investasi dan Pasar Modal, Memahami Peranan Bank Indonesia, Bapepam-LK, dan Otoritas Jasa Keuangan Dalam Lingkungan Pasar Modal. Supremasi Hukum, 15(2), 100–110. https://doi.org/10.33592/jsh.v15i2.448
  36. Rahyani, W. S. (2012). Independensi Otoritas Jasa Keuangan dalam Perspektif Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan. Legislasi Indonesia, 9(3), 361–372.
  37. Rahyani, W. S. (2014). Independen OJK Terusik. Rechts Vinding Media Pembinaan Hukum Nasional.
  38. Restroy, F. (2016). The Organisation of Financial Supervision. In BIS central bankers’ speeches (Issue January).
  39. Sigalingging, B. (2022). Otoritas Jasa Keuangan: Suatu Kajian Terhadap Raung Lingkup Independensi. Sosek: Jurnal Sosial Dan Ekonomi, 3(1), 35–47.
  40. Siregar, A. Z., & Harahap, N. (2019). Strategi dan Teknik Penulisan Karya Tulis Ilmiah dan Publikasi (Cetakan Pe). deepublish.
  41. Sudarwati, Y. (2014). Pungutan Otoritas Jasa Keuangan. Ekonomi Dan Kebijakan Publik, VI(06), 13–16.
  42. Suparman, E. (2012). The Impact of 2008 Global Financial Crisis on the Performance of Selected Indonesian Stocks: A Preliminary Study. Indonesia Capital Market Review, IV(2), 81–100.
  43. Tracy, S. J. (2013). Qualitative Research Methods. Wiley-Blackwell.
  44. Wiyanti, D., Aghina, G., & Suryani, D. (2023). Implementation of Capital Market Supervision By Otoritas Jasa Keuangan (OJK) to Enhance Investor Protection and Principles of Justice. The 2nd International Conference on Economics, Business, and Management Research (ICEBMR), 2.