Tol Solo-Ngawi-Kertosono Siap Dilintasi Pemudik
Press Release: OJK Issues POJK on Supervision of PT Sarana Multi Infrastruktur (Persero)
Jakarta, November 6, 2024. The Financial Services Authority (OJK) issued Financial Services Authority Regulation (POJK) Number 16 of 2024 concerning Supervision of PT Sarana Multi Infrastruktur (Persero).
Chief Executive of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) 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, to provide infrastructure financing in order to accelerate infrastructure development in Indonesia.
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-evaluation of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board as well as submitting information regarding the determination of PT SMI's supervisory status to the Minister of Finance of the Republic of Indonesia as the shareholder.
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, Article 106 paragraph (5) letter c of the P2SK Law stipulates that infrastructure financing companies and/or development activities that are 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 Limited Liability Companies (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 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:
POJK Number 16 of 2024 concerning Supervision of PT SMI shall come into force on the date of its promulgation.
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Further information:
Acting. Head of Literacy, Financial Inclusion and Communication Department – M. Ismail Riyadi
Tel. (021) 29600000; Email: humas@ojk.go.id