Jakarta – The Financial Services Authority (OJK) plans to issue 224 OJK regulations as derivative regulations of the Financial Sector Development and Strengthening (P2SK) Law, Deputy Chairperson of OJK’s Board of Commissioners Mirza Adityaswara stated.

“In short, based on identification results, 224 OJK regulations have to be created and 43 government regulations as derivative regulations from the P2SK Law,” he remarked during an online press conference, Monday.

Currently, the OJK is discussing the possibility of these 224 OJK regulations being consolidated into several regulations in the form of “mini omnibus.”

“This is because if we create one per one OJK Regulation, then this can take a long time because there are 224 regulations that have to be created,” he explained.

“However, if we can create them using the ‘mini omnibus’ method, for instance, several regulations can contain several changes at once, and this is being discussed,” he remarked.

The agency is also classifying which OJK regulations should be issued in the near future and which can be issued within several years in the future.

Earlier, Chairperson of OJK’s Board of Commissioners Mahendra Siregar stated during the Financial Service Industry Annual Meeting here, Monday, that the OJK is preparing a smooth transition process amid global financial uncertainty to implement the P2SK Law.

“P2SK Law’s ratification demanded major allocation of resources that necessitates internal reformation of the OJK, through policy improvement and organization as well as human resources’ transformation,” he noted.

The OJK will also reform the financial sector’s landscape to encourage development of the sharia financial service sector, especially to support the spin-off of the Sharia Business Unit related to financial service institution consolidation program.

Source: Antara News