LEGAL EFFECTS OF IMPLEMENTING THE LAW ON DEVELOPMENT AND STRENGTHENING THE FINANCIAL SECTOR IN THE FINANCIAL SERVICES AUTHORITY'S BUDGET AND REPORTING MECHANISM

Ahmad Rihnu Erzal Wahyudi

Abstract


The Financial Services Authority (OJK) is an institution that plays a strategic role in overseeing and regulating the financial services sector in Indonesia. With the enactment of the Financial Sector Development and Strengthening Law, there have been fundamental changes in the OJK’s funding mechanism. This research aims to examine the legal implications of the implementation of UU P2SK on the budgeting and financial reporting mechanisms of the OJK. This research employs a normative juridical approach using the statute approach, conceptual approach, and comparative approach. The results of this study indicate that after the enactment of the Financial Sector Development and Strengthening Law, the OJK's budgeting and financial reporting mechanisms should refer to the provisions regulated under the State Finance Law and the mechanism of the State Budget. This change integrates the OJK's budget into the State Budget, meaning that the management and accountability of OJK's finances must follow the procedures applicable to other state institutions, including transparency, accountability, and oversight by the Supreme Audit Agency and the House of Representatives

Keywords


Legal Implications, Budgeting, Mechanism, Financial Services Authority.

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References


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DOI: https://doi.org/10.24815/sklj.v8i3.41977

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