2010年-世界发展银行全球_Republic_of_Indonesia_Financial_Sector_Assessment_Program___Implementation_of_the_IOSCO_Objectives_and_Principles_of_Securities_Regulation_68页_1mb

Indonesia's Implementation of the IOSCO Objectives and Principles of Securities Regulation

Summary of Key Findings and Recommendations

This assessment evaluates the implementation of the IOSCO Objectives and Principles of Securities Regulation in the Republic of Indonesia. The Indonesian financial regulatory framework is largely aligned with IOSCO standards, but further improvements are necessary to ensure the effective enforcement of securities laws and the protection of investors.

Core Content

• Regulatory Framework: The regulatory system is partially integrated, with the Bank of Indonesia (BI) handling bank supervision and monetary policy, while the Capital Markets and Financial Institutions Supervisory Agency (BAPEPAM-LK) oversees capital markets, including exchanges, clearing houses, and non-bank financial institutions.
• Legal Basis: The Capital Markets Law (CML), enacted in 1995, forms the core of securities regulation and has been substantially strengthened since its adoption. It emphasizes the strategic role of capital markets in national development and the importance of a sound legal foundation.
• Market Structure: The Indonesian Stock Exchange (IDX) is a merged entity of the Jakarta and Surabaya Stock Exchanges. The Jakarta Futures Exchange (JFX) and the newly launched Indonesia Commodity and Derivatives Exchange (ICDX) are key platforms for derivatives and commodity trading.
• Market Openness: Indonesia has an open market, allowing up to 100% foreign ownership in listed companies, 99% in banks, and significant foreign participation in trading volumes and capital holdings.
• Market Performance: The market weathered the 2008 financial crisis relatively well, with recovery observed in 2009. Trading volumes and market capitalization have shown growth since then.

Main Findings

• Regulatory Transparency: The legal and regulatory framework is transparent, with clear roles for regulators and supervisors. However, there is a need for greater clarity in the scope of regulatory coverage and legal reforms.
• Self-Regulation: BAPEPAM-LK has authority to oversee self-regulatory activities of exchanges and depositories. The level of oversight should be increased with market growth and international participation.
• Enforcement: BAPEPAM-LK has powers to conduct inspections, investigations, and enforcement. However, these powers require stronger implementation, including more proactive enforcement, better access to banking records, and expanded authority for non-licensees.
• International Cooperation: Legal reforms are needed to facilitate full international enforcement cooperation. A formal information sharing agreement between BAPEPAM-LK and BI was established in April 2010, but further procedures for accessing bank records and cross-border enforcement are required.
• Issuer Regulation: Disclosure regimes are in place, and minority shareholder protections are being enhanced. However, improvements are still needed in accounting disclosures and the identification of second-tier listings.
• Collective Investment Schemes: Regulatory provisions cover the sale and structure of collective investment vehicles. Retail offerings, such as discretionary funds, have been recently clarified, but continued oversight is necessary to ensure proper handling of customer assets.
• Market Intermediaries: Licensing and monitoring requirements are in place, but more attention is needed to customer fund protections and the testing of capital rules against actual market developments.
• Secondary Market Oversight: The secondary market is well-regulated, but non-exchange platforms and enforcement against market abuses require further attention.

Key Recommendations

• Accelerate Legal Reforms: Legislative changes should be implemented to strengthen regulatory independence, expand enforcement powers, and enhance international cooperation.
• Improve Enforcement: Enhance the capacity of BAPEPAM-LK to enforce securities laws, including better access to banking records and expanded sanctioning powers.
• Strengthen Oversight: Intensify oversight of market intermediaries and exchanges, especially regarding customer fund protection and the proper handling of trades.
• Promote Transparency and Accountability: Ensure that the regulatory framework remains transparent and that all relevant market participants are adequately informed of regulatory policies.
• Enhance Investor Protections: Clarify the legal status of investment products and ensure that the existing disclosure regime is sufficient to prevent investor confusion.
• Support Accounting and Bankruptcy Reforms: Continue and accelerate comprehensive accounting reform and bankruptcy reform to improve financial reporting integrity and market stability.

Detailed Assessment Overview

• Assessment Methodology: Based on the 2003 IOSCO methodology, updated in 2008, and including self-assessments, legal reviews, market data, and stakeholder consultations.
• Scope: The assessment focuses on capital markets and institutions, excluding the ICDX and its clearing functions.
• Implementation Status: The CML is currently undergoing amendment to reflect market evolution and international norms. The new amendments aim to expand the scope of regulatory coverage and enhance enforcement capabilities.
• Challenges: Judicial enforcement remains a concern, as the application of sanctions for securities law violations is not always timely or consistent. Legal certainty is essential for effective regulation and market development.

Conclusion

Indonesia has made significant progress in aligning its securities regulatory framework with IOSCO principles. However, the implementation of these principles requires continued attention, especially in areas of enforcement, international cooperation, and investor protection. Accelerating legal reforms and enhancing regulatory capacity will be crucial to maintaining market integrity and supporting sustainable financial development.