SMI Fokus Pembiayaan Syariah
The Financial Services Authority (OJK) has issued Financial Services Authority Regulation (POJK) Number 16 of 2024 concerning Supervision of PT Sarana Multi Infrastruktur (Persero).
Chief Executive of the Supervisory Board of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) of OJK Agusman, hopes that the issuance of this POJK will be one of OJK's efforts to strengthen supervision of PT SMI as a Special Mission Vehicle (SMV) as well as a fiscal tool for the Government.
"And to provide infrastructure financing in order to encourage the acceleration of infrastructure development in Indonesia," he said in a release on Thursday (7/11/2024).
The issuance of this POJK is expected to increase the effectiveness of OJK's supervision as a whole, after the enactment of the P2SK Law.
"This POJK strengthens the implementation of governance and supervision by coordinating with the Government regarding the assessment of fit and proper and re-assessment of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board as well as the submission of information regarding the determination of PT SMI's supervisory status to the Minister of Finance of the Republic of Indonesia as the shareholder," he said.
Prior to the enactment of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), PT Sarana Multi Infrastruktur (Persero) [PT SMI] had been supervised as one of the players in the infrastructure financing company industry by the OJK based on POJK Number 46/POJK.05/2020 concerning Infrastructure Financing Companies.
However, then, Article 106 paragraph (5) letter c of the P2SK Law stipulates that infrastructure financing companies and/or development activities formed due to special assignments from the government (namely PT SMI) "are not included in the scope of the Financing Services Business based on this Law", so that POJK Number 46/POJK.05/2020 concerning Infrastructure Financing Companies no longer applies to PT SMI.
On the other hand, in Article 2E of Government Regulation Number 53 of 2020, which is the second amendment to Government Regulation Number 66 of 2007 concerning State Capital Participation of the Republic of Indonesia for the Establishment of a Limited Liability Company (Persero) in the Infrastructure Financing Sector, it is stipulated that PT SMI is under the regulation and supervision of the authority that regulates and supervises the financial services sector.
Based on these provisions, even though PT SMI is outside the scope of the Financing Services Business, PT SMI remains under the supervision of the OJK, as an infrastructure financing company that was formed due to a special assignment from the government (sui generis institution).
With the issuance of POJK Number 16 of 2024 concerning Supervision of PT SMI, this POJK becomes the legal basis for OJK in carrying out supervision of PT SMI which was formed due to a special assignment from the government (sui generis institution).
POJK Number 16 of 2024 concerning Supervision of PT SMI regulates: institutions and management; business operations; sources of funding, participation, and placement of funds; Health Level assessment; determination of supervision status; implementation of anti-money laundering programs, prevention of terrorism financing, and prevention of financing of proliferation of weapons of mass destruction, implementation of antifraud strategies, and consumer protection; reporting; aspects of the Company's compliance with the provisions of laws and regulations; and other aspects that are the functions, duties, and authorities of the Financial Services Authority based on the provisions of laws and regulations.
POJK Number 16 of 2024 concerning Supervision of PT SMI shall come into effect on the date of its promulgation.