Bank Indonesia (BI) is the country's central bank, responsible for formulating monetary policy and supervising payment and banking systems.
The Capital Market and Financial Institution Supervisory Board (BAPEPAM-LK), under the Ministry of Finance (Departemen Keuangan), is responsible for granting licenses, setting rules and regulations, supervising market participants, and establishing capital market accounting standards. BAPEPAM-LK also collects reports from market participants, including those of both issuers and securities companies. Reporting requirements vary for each but in general include daily and monthly activity reports as well as six-month and annual financial reports. Securities companies must also report their daily-adjusted working capital. The former BAPEPAM was merged with one unit of Direktorat Jenderal Lembaga Keuangan (DJLK) in December 2005 to become BAPEPEM-LK.
The Indonesia Stock Exchange has statutory reporting requirements for all listed companies.
BI has specific licensing procedures for organizations structured on Sharia principles. They include recognizing the supervisory authority of the National Sharia Board, a council established by the Indonesian Ulama Council, authorized to issue fatwas (Islamic rulings) concerning products, services and operations of financial institutions operating on Sharia principles. |