[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109425-en":3,"doc-seo-109425-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109425,4398048950312,"Violet","https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908",8,"Research & Report","Indonesia - Financial Sector Assessment Program Technical Note - Capital Markets Regulation and Supervision","Indonesia’s capital market regulation and supervision are assessed within the Financial Sector Assessment Program framework, grounded in a legal structure aligned with international IOSCO Principles. The analysis covers OJK investigative powers, administrative sanctions, and the operational supervision model across multiple departments. Key findings address listing and issuance approvals involving OJK and IDX, financial reporting standards, auditor regulation responsibilities, resource constraints, issuer coverage by end-2023, market structure, and steps to broaden retail participation and access for smaller enterprises.","April 2024  \nPublic Disc losure Authorized  \nPub lic Disc losure Authorized  \nTHE WORLD BANK GROUP  \nINDONESIA  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nCAPITAL MARKETS REGULATION AND SUPERVISION  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared by Malcolm Rodgers (World Bank consultant) in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Indonesia during January 22-February 6, 2024 led by Ranjit Singh, IMF and Ilias Skamnelos, World Bank, and overseen by the Monetary and Capital Markets Department. IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap).  \nCONTENTS  \nGLOSSARY............................................................................................................................................ 3  \nExecutive Summary ............................................................................................................................ 1  \nTable of Recommendations ............................................................................................................... 4  \nI. INTRODUCTION.......................................................................................................................... 5  \nII. MARKET OVERVIEW ................................................................................................................... 6  \nIII. REGULATORY FRAMEWORK...................................................................................................... 9  \nIV. REGULATION AND SUPERVISION OF ISSUERS ........................................................................................ 11  \nV. CORPORATE GOVERNANCE AND SUPERVISION OF CONTROLLING SHAREHOLDERS ....... 21  \nVI. AUDITORS AND CREDIT RATING AGENCIES........................................................................................ 24  \nVII. PRIVATE OFFERINGS OF SECURITIES ....................................................................................................... 30  \nVIII. INVESTIGATION AND ENFORCEMENT .................................................................................................... 32  \n GLOSSARY  \nBoC BoDCML  \nCompany Law  \nCRADIPMDPEPDSAK  \nFSOL GMSIAIIAPI  \nIDXIFRS IOSCO  \nIOSCO Principles IPO  \nKAPKSEIMoFOJKOJK Law PA POJKPPPK  \nPSAK  \nSPAP  \nSPESPRINT WKSI  \nBoard of Commissioners  \nBoard of Directors  \nLaw on Capital Market Law 1996 Law on Limited Liability Companies 2007 Credit rating agency  \nOJK Department of Capital Market Licensing OJK Department of Issuer Supervision  \nDewan Standar Akuntansi Keuangan (Financial Accounting Standards Board)  \nFinancial Sector Omnibus Law General Meeting of Shareholders  \nIkatan Akuntan Indonesia (Indonesian Institute of Accountants) Institut Akuntan Publik Indonesia (Indonesian Institute of Public Accountants)  \nIndonesia Stock Exchange  \nInternational Financial Reporting Standards International Organization of Securities Commissions ISOCO Objectives and Principles for Securities Regulation Initial public offering  \nKantorAkuntan Publik (Public Accountant Firm/Audit Firm)  \nKustodian Sentral Efek Indonesia (Central Securities Depository) Ministry of Finance  \nOtoritas Jasa Keuangan (Financial Services Authority) Law on the Financial Services Authority 2011 Akuntan Publik (Public Accountant/Auditor)  \nOJK Regulation  \nPusat Pembinaan Profesi Keuangan (Finance Professions Supervisory Center)  \nPernyataan Standar Akuntansi Keuangan (Indonesian Statement of Financial Accounting Standards)  \nStandar Profesional Akuntan Publik (Auditing Standard/Public Accountants Professional Standards)  \nOJK’s Issuer and Public Company Electron","cbCaituj4WuEzjIH","https://ap.wps.com/l/cbCaituj4WuEzjIH","pdf",1003499,2,1,42,"English","en",105,"# Executive Summary\n## Legal and Regulatory Alignment\n## Market Structure and Supervision Coverage\n# Table of Recommendations\n# Introduction\n# Market Overview\n# Regulatory Framework\n# Regulation and Supervision of Issuers\n# Corporate Governance and Supervision of Controlling Shareholders\n# Auditors and Credit Rating Agencies\n# Private Offerings of Securities\n# Investigation and Enforcement","[{\"question\":\"How does Indonesia’s capital market framework align with international standards?\",\"answer\":\"The technical note states that the legal and regulatory framework is closely aligned with international standards, including IOSCO Principles.\"},{\"question\":\"What roles do OJK and IDX play in public issuance and listing?\",\"answer\":\"OJK and IDX coordinate during the issuance process; since 2021, public issuers of shares must be listed on IDX, while public issues of equity securities require approval by OJK and IDX.\"},{\"question\":\"What challenges does the report identify regarding OJK supervision capacity?\",\"answer\":\"OJK resources have not increased in line with issuances and supervised companies, with 999 issuers and public companies under supervision at end-2023.\"}]","Indonesia - Financial Sector Assessment Program Technical Note - Capital Markets Regulation and Supervision | PDF",1784479637,106,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"indonesia-financial-sector-assessment-program-technical-note-capital-markets-regulation-and-supervision","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,48,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":20},"https://docshare.wps.com/document/","Document",{"item":49,"name":12,"@type":44,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/indonesia-financial-sector-assessment-program-technical-note-capital-markets-regulation-and-supervision/109425/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"How does Indonesia’s capital market framework align with international standards?","Question",{"text":76,"@type":77},"The technical note states that the legal and regulatory framework is closely aligned with international standards, including IOSCO Principles.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What roles do OJK and IDX play in public issuance and listing?",{"text":81,"@type":77},"OJK and IDX coordinate during the issuance process; since 2021, public issuers of shares must be listed on IDX, while public issues of equity securities require approval by OJK and IDX.",{"name":83,"@type":74,"acceptedAnswer":84},"What challenges does the report identify regarding OJK supervision capacity?",{"text":85,"@type":77},"OJK resources have not increased in line with issuances and supervised companies, with 999 issuers and public companies under supervision at end-2023.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]