Challenges of the Financial Services Authority in Supervising Indonesia's Capital Market Independently

Abstract

The Financial Services Authority (FSA), is an independent institution that has powers, responsibilities, and jurisdiction to oversee and regulate all financial services sectors. An essential element in determining the objectivity and effectiveness of supervision is the supervisory authority's independence. The article discusses the independence of the FSA to conduct supervision in the capital markets sector. The financing aspect is one of the important things, that affect the FSA's independence. To fulfil its obligations and functions, the FSA is legally authorized to collect levies from supervised financial services institutions other than government agencies. In view of the violations that occur in the capital market, can the fees paid to the OJK by companies supervised by the OJK affect the independence of the OJK in carrying out its supervisory duties? The OJK is the one that has to take on this challenge. The research is normative juridical, by using secondary data. Qualitative research using a literature study design is the research methodology employed. The data collection makes use of secondary data gathered from Google Scholar reference sources, including journals, legal goods, and research publications. These findings demonstrate the implementation of the independence of OJK supervision of actors in the capital market sector. OJK answers the challenge by enforcing the law for violators in an accountable and transparent manner. Thus, the OJK levy does not affect the independence of the OJK in conducting supervision.