OJK Finalizes Two New Banking Regulations

The Financial Services Authority (“OJK”) is finalizing the Draft Regulation of the OJK on Commercial Banks Reporting through the Financial Services Authority Reporting System (“APOLO Draft Regulation”). OJK Chief Executive of Banking Supervision, Dian Ediana Rae, explained that the regulation will simplify the submission of bank reports through the OJK reporting system.

“With the enforcement of APOLO Draft Regulation, Regulation of OJK (“Regulation”) No. 63/Regulation.03/2020 on Commercial Banks Reporting through the Reporting System of the Financial Services Authority (“Regulation 63/2020”) will be repealed and declared invalid,” Dian told Hukumonline.

The OJK is also finalizing the Draft Regulation of the OJK on the Use of Foreign Workers (Tenaga Kerja Asing - “TKA”) and Knowledge Transfer Programs by Commercial Banks (“TKA Draft Regulation”). TKA Draft Regulation is an amendment to Regulation No. 37/Regulation.03/2017 (“Regulation 37/2017”) and Circular of OJK No. 42/SEOJK.03/2017 (“Circular 42/2017”) to support the development of human resource competencies in the banking sector.

“The provisions are targeted to be issued this year,” he concluded.