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Wednesday, February 26, 2014

FSA Act ​​Impartial to the People and Economic Democracy

FSA Act ​​Impartial
to the People and Economic Democracy

The existence of the Financial Services Authority ( FSA ) is a judicial mandate of Article 34 paragraph ( 1 ) Bank Indonesia's Law , which states " The task of overseeing the Bank will be carried out by a supervisory agency independent financial services sector , and established by law " . However , as it is known , is a judicial mandate large plan of the International Monetary Fund ( IMF ) , as part of a package of cooperation with Indonesia , thus PRESS RELEASE
Nations Economic Sovereignty Defense Team
Thursday, February 27, 2014

In cooperation , the IMF wants the establishment of a separate institution from the Ministry of Finance and the central bank , which is expected to prepare the national banking industry to be able to become a global player with inspiration from the Financial Supervisory Agency ( FSA ) in the UK . In fact , proved later , the FSA failed miserably in carrying out its duties and authorities .

Bank Indonesia Act on which the FSA itself was the formation of legislation intended to establish rules related to bank supervision duties , not the laws governing the financial services sector oversight of non - banks and other financial services . Therefore , Bank Indonesia Law both overall meupun specifically through Article 34 paragraph ( 1 ) it can not be used as the basis of legislation governing the sector of non-bank financial services and other financial services . Non - financial services sector banks and other financial services have been arranged in a number of laws , which specifically referred to the following set sector supervision.

Article 34 paragraph ( 1 ) of the Law of Bank Indonesia is also not a legal product higher power or greater mandate than laws that specifically regulate non - financial services sector banks and other financial services , the following set of supervisory authority . In other words , the laws that regulate and supervise the financial services sector and other services have a stronger constitutional basis , but instead negated and defeated by the FSA Act ​​which does not have a constitutional basis .

Bank supervision and regulation function is actually the constitutional duty of Bank Indonesia , which is derived directly from the provisions of Section 23D of the 1945 Constitution , which is regulated by the Law of Bank Indonesia . Thus , Bank Indonesia has more constitutional basis in implementing the tasks of regulation and supervision of banks .

Meanwhile, the FSA summarizes the functions , duties , authority , and institutional regulation and supervision of banks ( together with the financial services activities in the capital markets and financial services activities in the insurance sector , pension funds , financial institutions , and other financial services institutions ) into one part of the overall function , duty , and authority of the FSA as set out in Article 6 of Law OJK.Padahal , all financial services activities that are financial activities derived from the setting of legislation under the 1945 Constitution , namely Law No. 8 of 1995 of the Capital Market Law No. 2 of 1992 on Insurance Business , and ; other legislation within the scope of the Capital Market Supervisory Agency and Financial Institution ( Bapepam - ​​LK ) . Thus , no constitutional value equivalent to banking activities .

The nature of the task and the merged FSA regulatory and supervisory authority of banks , financial services activities in the capital markets , and financial services activities in the insurance sector , pension funds , financial institutions , and other financial institutions have consequences on the application of Basel II ( and Basel III ) and who will represent Indonesia in the forum of central banks around the world . In function and authority , Bank Indonesia has not had eligibility to portray themselves be representative of Indonesia .

The word " independence " in Article 34 paragraph ( 1) of the Bank of Indonesia by the FSA grafted unanimously by the provisions of Article 1 paragraph 1 of Law FSA , which mentions " the Financial Services Authority , hereinafter referred to as FSA , is an independent agency , independent of the hands of the other party , which has the functions, duties , and authority to regulate , control , inspection , and investigation referred to in this Act " .

The word " independent " in Article 1 paragraph 1 of Law FSA did not find in the preamble cantolannya FSA Act ​​, legislation based on the backfoot , among others, Article 33 of the 1945 Constitution . This conflict will clearly appear if Article 33 UUD 1945 in question is Article 33 , paragraph 1 of the 1945 Constitution which reads " The economy is structured as a joint venture based on the principle of kinship " .

In fact , if the consideration in question is Article 33 paragraph 4 of the 1945 Constitution which states that " the national economies be conducted in accordance with the principles of economic democracy , equitable efficiency, sustainability , environmental friendliness, independence , and balancing economic progress and national unity " , the word " independent " does not find its mother .

FSA Act ​​preamble that using Article 33 UUD 1945 as a hook requires FSA integrated economic system that is mandated by the constitution . That way, the FSA may not be independent and free from interference by other parties .

Therefore , the independence of the FSA into question whose interests besar.Untuk FSA 's independence actually made ​​?

Related independence itself known only through derivatives regulation and the reference refers to the provisions of Article 23D of the 1945 Constitution , which made ​​possible the existence of an independent central bank . However, an FSA is not derivative and / or the operating agency of the functions and tasks of the central bank . Moreover , the task also includes the task FSA Bapepam LK . That way , the word " independent " is contrary to Article 33 of the 1945 Constitution .

There are many problems associated with the presence of FSA and FSA will also cause many problems for the country . Because , the buildup of authority in one hand / body can lead to potential moral hazard . FSA also tend to keep the role of the state and increase the role of financial markets . As a result , the public interest for the existence of financial stability , the reduction of financial crime , and consumer protection will be more difficult to achieve . FSA also potentially massive financial harm state .

Associated with it , SYAMSUDIN Slawat Pesilette , SH and Azhar Rahim Rival , S.H. , M.H. yangt is Team Defender Nations Economic Sovereignty ( TPKEB ) act jointly or severally for and on behalf of Salamuddin ( researcher at the Institute for Global Justice ) , Suryono Ahmad , and Ahmad Lubis governor filed a petition for judicial review of Law No. 21 Year 2011 on Financial Services Authority (Statute Book of 2011 No. 111 ) . Request a judicial lawsuit was filed officially on Thursday, February 27, 2014 , the Constitutional Court , Jalan Medan Merdeka Barat , Central Jakarta .

According to Ahmad Suryono , FSA encourage the formation of a free market in favor of the rich and the capitalists , not the side with the people and the social economy. " There is not a single article , let alone the soul and spirit of the constitution , which live and coloring Law FSA , " said Ahmad Suryono .

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