Published On: Mon, Jun 16th, 2014

Japan FSA And Indonesia OJK Exchanged Letters On Financial-sector Technical Cooperation

Kenichi SADO, Japan FSA Chairman, Securities and Exchange Surveillance Commission

Kenichi SADO, Japan FSA Chairman, Securities and Exchange Surveillance Commission

On June 13, 2014, the Financial Services Agency and the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan: OJK) exchanged letters on financial-sector technical cooperation.

In October 2013, in view of the growing globalization of the world’s financial markets, JFSA and OJK exchanged letters on financial-sector technical cooperation on capital market, insurance and non-bank sectors in order to promote sound development of financial regulatory mechanisms and financial markets. Based on that Bank Indonesia’s authority on banking regulation and supervision was transferred to OJK in the end of 2013, these new letters aim to strengthen cooperation between both agencies in all the financial sectors of banking, capital market, insurance and non-bank, replacing the letters exchanged in last October.

Based on these new letters, both agencies continuously intend to exchange their experiences and expertise for the purpose of enhanicing legal and regulatory frameworks as well as financial markets in both countries.

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