2012年-IMF国际货币组织全球_Indonesia_Implementation_of_the_IOSCO_Objectives_and_Principles_of_Securities_Regulation_69页_799kb

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

Introduction

This document presents an assessment of Indonesia's implementation of the IOSCO Objectives and Principles of Securities Regulation. It highlights the alignment of Indonesia's regulatory framework with IOSCO standards, while also identifying areas for improvement and recommending actions to enhance the effectiveness of securities regulation. The assessment was conducted in November 2010, using the 2003 methodology (reissued in 2008), and was carried out by Andrea M. Corcoran, with two on-site visits. It is part of a broader Financial Sector Assessment Program (FSAP) that evaluates the Indonesian financial system.

Key Findings

Regulatory Framework Overview

• Indonesia's regulatory framework for capital markets is largely consistent with IOSCO principles.
• The Capital Markets Law (CML) No. 8/1995, effective in 1996, has been updated to reflect market evolution and international norms.
• The Capital Markets and Financial Institutions Supervisory Agency (BAPEPAM-LK) is responsible for overseeing capital markets, including exchanges, depositories, and intermediaries.
• The Indonesian Stock Exchange (IDX), formed in 2007, operates as a not-for-profit mutual entity with 118 active members.
• The Jakarta Futures Exchange (JFX) and the newly launched Indonesia Commodity and Derivatives Exchange (ICDX) are under the supervision of the Commodity Futures Trading Regulatory Authority (BAPPEBTI).
• There are no restrictions on foreign ownership in listed companies, with up to 100% allowed for securities companies and up to 99% for banks.

Market Performance and Resilience

• Indonesian markets weathered the 2008 financial crisis relatively well.
• Stock market capitalization declined by 48.76% in 2008 but recovered to 2,019.38 trillion rupiahs by 2009.
• Government securities (SBN) market capitalization increased by 10.04% in 2008.
• Equity trading volume and turnover increased significantly in 2008 and 2009.
• The IDX has 398 active companies, 78 government bonds, and 223 corporate bond offerings as of 2009.

Legal and Institutional Environment

• Indonesia operates under a civil law system, which allows for some interpretive flexibility in securities regulation.
• There are no unnecessary barriers to entry or exit from Indonesian capital markets.
• The CML emphasizes the strategic role of capital markets in national development and underscores the need for a sound legal foundation and investor protection.
• The regulatory system is being enhanced to align with international standards, including IFRS adoption and legal reforms for securities enforcement.

Enforcement and Regulatory Capacity

• BAPEPAM-LK has the powers to inspect, investigate, and enforce securities laws, and has used these proactively.
• However, the enforcement of these powers is limited by the need for further legal reforms, especially in areas of administrative enforcement and international cooperation.
• The legal certainty and judicial support for securities enforcement are critical to the effectiveness of investor and systemic protections.
• The comprehensive accounting and bankruptcy reforms are important for financial reporting integrity and market expansion.

Main Findings by Principle

Principles 1-5: Regulator Responsibilities

• The regulatory framework is highly transparent, and the roles of the regulators are clearly defined.
• Cooperation between BAPEPAM-LK and the Bank of Indonesia (BI) has been formalized, but ongoing monitoring is essential.
• There is a need for increased oversight in response to market growth and international participation.
• The legal framework should ensure that regulatory independence and efficiency are maintained, avoiding unnecessary government pre-approvals for budget reallocation.

Principles 6-7: Self-Regulation

• BAPEPAM-LK has the authority to oversee self-regulatory activities of exchanges and depositories.
• The level of oversight should be increased to match the growth of the market and its participants.
• The guidance on discretionary funds was recently issued to clarify their regulatory status and ensure proper protection of customer assets.

Principles 8-10: Enforcement of Securities Regulation

• BAPEPAM-LK has the necessary powers for enforcement, but full implementation requires more resources and legal clarity.
• There is a need for more comprehensive procedures to detect and punish violations, including expanding administrative enforcement powers to non-licensees.
• Improved access to banking records and enhanced cooperation with prosecutors and criminal courts would strengthen enforcement capacity.

Principles 11-13: Cooperation in Regulation

• Legal changes are necessary to enable full international enforcement cooperation.
• Domestic cooperation between BI and BAPEPAM-LK is in place but should be continuously reviewed.
• Clarification of BAPEPAM-LK's authority to assist foreign regulators is important for joining the IOSCO multilateral MOU.

Principles 14-16: Issuers

• Disclosure regimes for initial and ongoing issuances are in place.
• Minority shareholder protections are being enhanced.
• IFRS adoption is underway, and the transition to international accounting standards should be accelerated.

Principles 17-20: Collective Investment Schemes

• The sale and structure of collective investment schemes are regulated.
• All relevant entities (fund operators, custodians, advisers, etc.) are within the regulatory framework.
• Retail offerings such as discretionary funds require further clarification and oversight.

Principles 21-24: Market Intermediaries

• Licensing and monitoring of intermediaries are in place, with due diligence and internal controls.
• Customer fund protections should be enhanced to ensure compliance and oversight.
• A single identifier for transactions has been implemented, but further monitoring is required.

Principles 25-29: Secondary Market

• Sophisticated oversight mechanisms are in place for the secondary market.
• There are no non-exchange platforms currently operating.
• BAPEPAM-LK should ensure that oversight arrangements cover all accessible markets and continue to evolve with market developments.

Recommendations

• Accelerate legal reforms to enhance the authority and independence of BAPEPAM-LK.
• Strengthen the capacity for international cooperation and cross-border enforcement.
• Ensure that the judicial system supports the timely and consistent application of securities laws.
• Improve the enforcement of existing regulations and enhance the transparency and effectiveness of the regulatory process.
• Continue the transition to IFRS and improve accounting disclosures.
• Clarify the legal status of investment products and ensure that the existing disclosure regime is sufficient to avoid investor confusion.
• Intensify oversight of customer funds and enhance monitoring procedures.
• Document and refine contingency plans and resolution mechanisms for market intermediaries.