Pendirian Bank Syariah Infrastruktur Dinilai Belum Mendesak
The Financial Services Authority (OJK) issued Financial Services Authority Regulation (POJK) Number 16 of 2024 concerning Supervision of PT Sarana Multi Infrastruktur (Persero).
The issuance of the POJK is one of the regulator's efforts to strengthen supervision of PT SMI as a Special Mission Vehicle (SMV) as well as a government fiscal tool. An institution that plays a role in providing infrastructure financing in order to encourage the acceleration of infrastructure development in Indonesia.
Agusman, Chief Executive of the Supervisory Board of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) OJK said that this regulation is expected to increase the effectiveness of OJK supervision as a whole, after the enactment of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).
"This POJK also 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 Indonesian Minister of Finance as the shareholder," said Agusman in his official statement on Wednesday (6/11/2024).
This regulation is 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 the institution and management, business operations, funding sources, participation, and placement of funds.
In addition, it also regulates the assessment of health levels, determination of supervisory status, implementation of anti-money laundering programs, prevention of terrorism financing, and prevention of funding for the proliferation of weapons of mass destruction, implementation of anti-fraud strategies, and consumer protection.
There are also regulations regarding reporting, aspects of company compliance with the provisions of laws and regulations. Finally, the POJK also includes other aspects that are the functions, duties, and authorities of the OJK.
Before the enactment of the P2SK Law, PT SMI had been supervised as one of the players in the infrastructure financing company industry by the OJK based on POJK Number 46 of 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 service business based on this Law. Thus, POJK Number 46 of 2020 concerning Infrastructure Financing Companies no longer applies to PT SMI.
On the other hand, in Article 2E of Government Regulation (PP) Number 53 of 2020, which is the second amendment to PP 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 formed due to a special assignment from the government [sui generis institution]," said Agusman.