Legal counsel Eliadi Hulu (right) at the judicial review of Law No. 4 of 2023 on the Financial Sector Development and Reinforcement, Wednesday (9/20/2023). Photo by MKRI/Panji.

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JAKARTA (MKRI) — The Constitutional Court (MK) held a judicial review hearing on Article 8 point 1, Article 1 point 1, Article 8 point 2, and Article 2 paragraph (1) of Law No. 4 of 2023 on the Financial Sector Development and Reinforcement (P2SK Law) on Wednesday, September 20, 2023 in one of the panel courtrooms. The case No. 95/PUU-XXI/2023 was filed by Inri Januar, a law lecturer.

The panel petition revision hearing was presided over by Constitutional Justices Daniel Yusmic P. Foekh, Suhartoyo, and Enny Nurbaningsih.

The Petitioner’s legal counsel Eliadi Hulu said that the Petitioner had revised the subject matter. “Firstly, we revised the writing of the articles in the P2SK Law, which is an omnibus law, following the constitutional justices’ instruction at the preliminary hearing,” he said.

Eliadi continued that the Petitioner’s legal standing had also been revised. “We try to link the Petitioner’s position as a customer. I read in point 25, apart from being a lecturer, the petitioner is also a bankcustomer,” he said.

He also emphasized that the Petitioner would like the provisional petition be removed with consideration that it could affect the OJK’s operation. The Petitioner had also revised the petitum. “We also revised the format of the petitum,” he added.

Also read: OJK’s Authority Challenged 

At the preliminary hearing on Thursday, September 7, legal counsel Oktoriusman Halawa said that Article 8 point 1 and Article 2 of the P2SK Law are in violation of Article 28D paragraph (1) of the 1945 Constitution and the Constitutional Court Decision No. 25/PUU-XII/2014. He explained that the OJK receives its authority from the transfer of part of the authority of the central bank Bank of Indonesia (BI) to the OJK. The transfer is regulated in Article 34 paragraph (1) of the BI Law, which reads, “The task of Bank supervision shall be performed by an independent supervisory board for the financial services sector to be established by law.”

Halawa further explained that due to the removal of the legal basis for the OJK’s authority in the BI Law, if the OJK continues to exercise its authority, it is in violation of the principle of the rule of law as regulated in Article 1 paragraph (3) of the 1945 Constitution. In addition, it will result in legal uncertainty. Therefore, in the petitum, the Petitioner request the Court to declare the Article 8 point 1, Article 1 point 1, Article 8 point 2, Article 2 paragraph (1) on the P2SK Law unconstitutional and not legally binding.

Author       : Utami Argawati
Editor        : Nur R.
PR            : Muhammad Halim
Translator  : Nyi Mas Laras Nur Inten Kemalasari/Yuniar Widiastuti (NL)

Disclaimer: The original version of the news is in Indonesian. In case of any differences between the English and the Indonesian versions, the Indonesian version will prevail.

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