Measures to improve consistency between the External Audit Act and the Financial Service and Capital Market Act

Penelitian ini bertujuan untuk menjelaskan peran Otoritas Jasa Keuangan sebagai lembaga independen dalam melakukan pengawasan terhadap lembaga jasa keuangan di Indonesia serta kewenangan Otoritas Jasa Keuangan yang diatur dalam Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan. Metode yang digunakan dalam penelitian ini adalah penelitian hukum normatif. Dari hasil penelitian dijelaskan bahwa Otoritas Jasa Keuangan adalah lembaga yang independen dan bebas dari campur tangan pihak lain, yang mempunyai fungsi, tugas, dan wewenang pengaturan, pengawasan, pemeriksaan, dan penyidikan terhadap lembaga jasa keuangan seperti perbankan. Dasar hukum dibentuknya Otoritas Jasa Keuangan adalah Undang-Undang Nomor 21 Tahun 2011. Secara kelembagaan, Otoritas Jasa Keuangan berada di luar pemerintah, yang dimaknai bahwa Otoritas Jasa Keuangan tidak menjadi bagian dari kekuasaan pemerintah. Otoritas Jasa Keuangan dibentuk dengan tujuan agar keseluruhan kegiatan di dalam sektor jasa keuangan terselenggara secara teratur, adil, transparan, dan akuntabel; mampu mewujudkan sistem keuangan yang tumbuh secara berkelanjutan dan stabil; serta mampu melindungi kepentingan konsumen dan masyarakat. Otoritas Jasa Keuangan bertugas tidak hanya mengatur dan mengawasi perbankan saja, tetapi juga mencakup pasar modal, perasuransian, dana pensiun, lembaga pembiayaan, serta lembaga jasa keuangan lainnya. THE ROLE OF FINANCIAL SERVICES AUTHORITY ON SUPERVISION OF FINANCIAL INSTITUTIONS IN INDONESIA This research aims to explain the role of the Financial Services Authority as an independent institution in supervising financial service institutions in Indonesia as well as the authority of the Financial Services Authority as regulated in Law Number 21 of 2011 concerning the Financial Services Authority. The method used in this research is normative legal research. From the research results, it is explained that the Financial Services Authority is an independent institution and free from interference from other parties, which has the function, task and authority to regulate, supervise, examine and investigate financial service institutions such as banks. The legal basis for the establishment of the Financial Services Authority is Law Number 21 of 2011. Institutionally, the Financial Services Authority is outside the government, which means that the Financial Services Authority is not part of the government's power. The Financial Services Authority was formed with the aim that all activities in the financial services sector are carried out in an orderly, fair, transparent and accountable manner; able to realize a financial system that grows in a sustainable and stable manner; and able to protect the interests of consumers and society. The Financial Services Authority is tasked with not only regulating and supervising banking, but also covering the capital market, insurance, pension funds, financing institutions, and other financial service institutions.

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PENERAPAN PRINSIP MENGENAL NASABAH SEBAGAI UPAYA PENCEGAHAN PENCUCIAN UANG PADA PERUSAHAAN ASURANSI

Gorontalo Law Review ◽

10.32662/golrev.v2i2.452 ◽

2019 ◽

Vol 2 (2) ◽

pp. 105

Author(s):

Nashiba Maulidya ◽

Nurfaidah Said ◽

Sabir Alwy ◽

Muhammad Ilham Arisaputra

Keyword(s):

Financial Institutions ◽

Capital Market ◽

Financial Institution ◽

Legal Protection ◽

Fundamental Principle ◽

Financial Service ◽

Insurance Companies ◽

Insurance Company ◽

Service Companies ◽

Implementation Guidelines

There is one fundamental principle that must be considered in the implementation of financial institutions in Indonesia, namely the Know Your Customer Principle. The application of know your customer principles to insurance companies is specifically regulated in the Regulation of the Chairperson of the Capital Market and Financial Institution Supervisory Agency (Bapepam and LK) Number Per-01/BL 2011 concerning Know Your Customer Principles Implementation Guidelines for Insurance Companies. Every insurance company is required to make the Know Your Customer Principles Guidelines and SOP to know and analyze prospective customers and monitor transactions carried out by their customers. The application of the principle of knowing customers is a form of preventive legal protection in an effort to prevent money laundering from occurring in financial service companies.

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Demand for Financial Service in Capital Market of Nepal

Quest Journal of Management and Social Sciences ◽

10.3126/qjmss.v3i2.41538 ◽

2021 ◽

Vol 3 (2) ◽

pp. 162-174

Author(s):

Ajaya Dhungana ◽

Tej Prasad Devkota

Keyword(s):

Capital Market ◽

Financial Literacy ◽

Financial Services ◽

Research Work ◽

Financial Service ◽

Literacy Programs ◽

Regulatory Body ◽

Access To Finance ◽

Independent Variable ◽

The Capital Market

Background: In the contemporary literature, access to finance is well spell-out as the key to development. The supply leading hypothesis asserts that financial deepening contributes to enhancing growth so, the growth of the financial market is regarded as an important infrastructure to influence saving and investment. The Government of Nepal opted for a policy ‘One person one bank account’ in its fiscal policy in 2018/19 (MOF, 2018). Aligning the policy, the Securities Board of Nepal (SEBON) launched the ‘one Nepali one D-mat account’ policy in 2018 to increase the access of the capital market throughout the country. The low-financial literacy base is a major constraint to develop the market, in the other, most of the rural population, still are not equipped with the capital market instrument. In, this background, there is an utmost need to examine the factors contributing the demand for the financial services. Objective: The primary objective of the study is to access the determinants of the demand for financial services in the capital market of Nepal, considering the supply leading hypothesis. Method: To examine the determinants of the demand for financial service, we employed the Ordinary Least Square method of regression analysis. The dependent variable employed in this study is the demand for financial services. Level of income, access to finance and financially active provinces have been taken as the independent variable along with the concerned district population. As well, the financial literacy program conducted by the capital market regulator is another major independent variable. Result: The demand following hypotheses asserts that financial literacy is the key to influence the demand for financial services. It is found that financial literacy programs conducted by the capital market regulator could not explain the demand for financial services in Nepal indicating the weak performance of the program conducted by SEBON. It is found that the number of BFIs, population and financially active provinces are highly significant with the demand for financial services indication the influential role of supply leading hypothesis. Conclusion: The study concludes that the variables selected to determine the demand for financial services in capital market are appropriate and most of them (population, per capita income, financially active provinces and access to financial services) are significant with the capital market of Nepal. It is observed that the financial literacy programs conducted by the capital market regulator have not contributed in enhancing demand of the financial services in the capital market of Nepal. Recommendation: The study is focused and based on the capital market of Nepal. Results obtained from this study could not replicate the same in the money market or insurance sector of Nepal. The findings of the study strongly recommend the regulatory body to evaluate and revise its financial literacy programs while in the meantime urge to focus on addressing demand-side inefficiencies in the long run. Originality: The research work is original and has not been published in other publications. As well, no financial support has been received for the study.

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Kewenangan Dan Ruang Lingkup Otoritas Jasa Keuangan Di Bidang Perbankan

Jurnal Hukum Kaidah: Media Komunikasi dan Informasi Hukum dan Masyarakat ◽

10.30743/jhk.v19i1.1743 ◽

2019 ◽

Vol 19 (1) ◽

pp. 40-49

Author(s):

Nurasiah Harahap

Keyword(s):

Mutual Funds ◽

Capital Market ◽

Financial Services ◽

Banking Industry ◽

Financial Service ◽

Services Sector ◽

Financial Services Sector ◽

Regulation And Supervision ◽

Stable Manner ◽

Bank Checks

The Financial Services Authority (OJK) is a financial service supervision institution such as the Banking Industry, Capital Market, Mutual Funds, Financing Companies, Pension Funds and Insurance. OJK has become an independent institution based on the Law Number 21 Year 2011 concerning OJK, which means it is free from intervention or interference from any party. The purpose of the establishment of OJK is that all activities in the Financial Services sector are carried out regularly, fairly, transparently and accountably; able to realize a financial system that grows in a sustainable and stable manner; and able to protect the interests of consumers and society.OJK has duties and authorities in the field of micropudential, which includes regulation and supervision of bank institutions, bank health, prudential aspects of banks, and bank checks. Whereas in the micropudential field, OJK's role is to assist Bank Indonesia (BI) to make moral appeals to the Banking Industry. Keywords: Financial Services Authority, Banking

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Role of Capital Market in the Economic Development of Pakistan

PsycEXTRA Dataset ◽

10.1037/e719822011-006 ◽

2009 ◽

Author(s):

Abdul Majeed Shuja

Keyword(s):

Economic Development ◽

Capital Market

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External Factors of Big Business Transformation in Russia

Voprosy Ekonomiki ◽

10.32609/0042-8736-2005-10-72-89 ◽

2005 ◽

pp. 72-89 ◽

Cited By ~ 1

Author(s):

Ya. Pappe ◽

Ya. Galukhina

Keyword(s):

Financial Market ◽

Capital Market ◽

Business Groups ◽

External Factors ◽

Big Business ◽

Business Transformation ◽

Global Standards ◽

The World ◽

Principal Subject

The paper is devoted to the role of the global financial market in the development of Russian big business. It proves that terms and standards posed by this market as well as opportunities it offers determine major changes in Russian big business in the last three years. The article examines why Russian companies go abroad to attract capital and provides data, which indicate the scope of this phenomenon. It stresses the effects of Russian big business’s interaction with the world capital market, including the modification of the principal subject of Russian big business from integrated business groups to companies and the changes in companies’ behavior: they gradually move away from the so-called Russian specifics and adopt global standards.

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Institutional Investors on the Securities Market

Voprosy Ekonomiki ◽

10.32609/0042-8736-2003-8-95-101 ◽

2003 ◽

pp. 95-101

Author(s):

O. Khmyz

Keyword(s):

Financial Crisis ◽

Capital Market ◽

Hedge Funds ◽

Institutional Investors ◽

Securities Market ◽

Main Role ◽

Investment Funds ◽

Investment Process ◽

The Capital Market

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

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THE IMPLEMENTATION OF MYORGANIC: A CASE STUDY OF KOPERASI ABSB

Journal of Technology and Operations Management ◽

10.32890/jtom2018.13.2.8 ◽

2018 ◽

Vol 13 (Number 2) ◽

pp. 78-87

Author(s):

Sabariyah Hoyaeli ◽

Zakirah Othman ◽

Iswandi Anas ◽

Shafini M. Shafie

Keyword(s):

Qualitative Method ◽

Daily Routine ◽

Staple Food ◽

Farming Practices ◽

Organic Farms ◽

External Audit ◽

Agriculture Industry ◽

The Government ◽

Organic Standards

Rice is a staple food and daily routine for Malaysians. Currently, the increasing population in Malaysia has led to the need to increase rice production with more quality. Therefore,the government established a scheme with national organic standards, MS 1259: 2015 which is myOrganic certification to recognize organic farms. Koperasi ABSB is the first rice farm that obtained this certification. Thus, the aims of this study are to explore the implementation of myOrganic in Koperasi ABSB and the barriers faced by this cooperative to implementing myOrganic certification. Qualitative method is used in this case study through interviews and observation. The finding showed that the implementation of myOrganic is as follows, by register myGAP, register myOrganic, Department of Agricultural Malaysia (DOA) will send a supervisor, prepare nine files or records, perform internal and external audit, and renew myOrganic. This study is expected to increase awareness of organic farming practices and promote the implementation of myOrganic in agriculture industry especially for the new farmer who wants to register and obtain myOrganic certification.

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