Financial Service Authority (OJK) is needed to uphold sustainable, stable, and consumer-protecting financial system. The statement was delivered by Head of Regional Development Bank Eko Budiwiyono. Presented by OJK itself Eko explained in trial held on Wednesday (12/19) at MK Plenary room, that OJK’s independency is unconditional, deeming the condition is required in signifying its programs. “It has been well anticipated, by regulating its commissioner council in which ex officio from Bank of Indonesia and Financial Ministry are listed. They are chosen through transparent and responsible mechanism,” he told the Panel chaired by Chief Justice Hamdan Zoelva.

Acording to Eko, development bank throughout Indonesia has received guidance from OJK in order to bolster their quality, human resources, operational, and competitiveness level. “OJK is obliged to develop development banks all over Indonesia and it is imminently affects us in bolstering our services,” he added.

Furthermore, OJK plays role in stock market, it is bolstering innovation in developing stock market, said Robinson Simbolon, Chief Commissioner of Indonesia Stock Exchange (IDX) who was also presented in the trial. According to him, OJK integrates managing and overseeing mechanism to all financial industries since 2012. “Stock exchange is spurred to do more innovation,” he added.  

Another milestone, is when OJK issued permission of Indonesian Stock Investors Protection Program (P3IEI). “By the establishment of P3IEI, investors are expected to trust investitation even more. It affects directly as significant growth shown in stock market sector,” he explained. 

In the Application, Plaintiffs see that their constitutional rights were harmed by the ruling of Article 1, Article 5, Article 6, Article 7, Article 37, Article 55, Article 64, Article 65, and Article 66 UU OJK. In principle, OJK’s competence only conveys the settlement of regulation related to finance service firm monitoring supposedly, therefore, OJK’s authority to monitor other finance firms stands on no legal ground, according to the Plaintiff.   

“Banking was exiled from OJK’s authority. If OJK grabbed all authority to entire finance sectors, OJK will lately become giant generator hogging finance market. Any public interest related to finance stability will be abandoned and deteriorated,” Syamsudin Slawat, Plaintiff’s attorney, explained.  

For that faith, Plaintiffs asked MK to declare UU OJK, especially Article 1, Article 5, and Article 37 opposed 1945 Constitution. Otherwise, they asked phrase “regulating duty and finance sector monitoring” to be removed. They also asked to postpone OJK’s operation until the Court decides. (Lulu Anjarsari/kun)