Bank Indonesia Law Relations With The Financial Services Authority (FSA) in Indonesian Banking Supervision

Zulfi Diane Zaini


With the presence of FSA, the supervision function of financial institutions, banks and nonbanks,
will be taken over by FSA. Meanwhile Bank Indonesia as the Central Bank only acts as a regulator
to keep monetary policy for monetary stability. The formation of FSA will thus have an impact to
changes on four laws and regulations related to insurance, capital markets, banking, as well as the Capital
Market Supervisory Agency and other financial institutions. Substantially the presence of FSA must
bridge the importance of each monitoring regulator at this moment.
The duty of FSA in accordance with Article 6 of Law Number 21 Year 2011 regarding FSA ie:
To carry out regulation and supervision of financial services activity in the banking sector, activities of
financial services in the Capital Market, activity in the financial services in insurance sector, pensions,
funding agencies and other financial services institutions.
Institutionally, FSA is outside the Government which means that FSA is not part of the
government authority. However there is a possibility of government representation elements existence
because in reality FSA is the authority in the financial services sector that has strong relationships and
linkages with other authorities, in this case the fiscal authority (Minister of Finance) and the monetary
authority (Bank Indonesia).
The provision of Article 69 paragraph (1) letter (a) of Law no. 21 year 2011 asserts that the task
of Bank Indonesia in regulating and overseeing banks that are moved to FSA is a job of arrangements and
supervision related with microprudential, while Bank Indonesia still has a job related to macroprudential
banking arrangements. Associated with it, the task of banking regulation is not fully implemented
independently by FSA because microprudential and macroprudential regulation would be highly
relevant. Thus it can be seen that FSA still has a "special relationship" with Bank Indonesia, especially in
banking regulation and supervision .


Law Relations; Bank Indonesia and the Financial Services Authority

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