RegAlert
2024-10-18

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Implementation of Corporate Governance for Rural Banks

The Financial Services Authority (OJK) issued Circular Letter No. 12/SEOJK.03/2024 to refine the implementation rules for corporate governance at Rural Banks (BPR) in alignment with POJK No. 9 of 2024. The regulation mandates specific self-assessment procedures for BPR governance that correspond with risk-based health rating principles. It also establishes standardized formats for transparency reports, assessment worksheets, and general conclusions while repealing previous circulars from 2016 and 2020.

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Otoritas Jasa Keuangan (Financial Services Authority)

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Implementation of Corporate Governance for Rural Banks

Sector:
Banking

Sub-Sector:
Rural Banks (BPR)

Type of Regulation:
OJK Circular Letter

Regulation Number:
12/SEOJK.03/2024

Effective Date:
10/18/2024

Attachment 1
SEOJK 12-SEOJK.03-2024 Implementation of Corporate Governance for Rural Banks.pdf Abstract SEOJK 12-SEOJK.03-2024 Implementation of Corporate Governance for Rural Banks.pdf FAQ SEOJK 12-SEOJK.03-2024 Implementation of Corporate Governance for Rural Banks.pdf

Page Content

Circular Letter of the Financial Services Authority of the Republic of Indonesia Number 12/SEOJK.03/2024 concerning the Implementation of Corporate Governance for Rural Banks.

Abstract:
As a follow-up to the issuance of POJK No. 9 of 2024 concerning the Implementation of Corporate Governance for Rural Banks and Sharia Rural Banks, it is necessary to refine the implementation provisions to align with existing legislation. The legal basis for this OJK Circular Letter is: Law No. 7 of 1992 as amended several times, lastly with Law No. 4 of 2023; Law No. 21 of 2011 as amended with Law No. 4 of 2023; and POJK No. 9 of 2024. This Circular Letter of the Financial Services Authority regulates further explanations, including the application of Good Corporate Governance at BPRs, and requires changes to the method of assessing governance implementation (self-assessment) in line with the principles of assessing BPR health levels based on risk.

Notes:
The transparency report on the implementation of governance refers to Attachment I, which is an integral part of this Circular Letter of the Financial Services Authority. The assessment worksheet for governance implementation refers to Attachment II, which is an integral part of this Circular Letter of the Financial Services Authority. The general conclusion of the governance implementation assessment refers to Attachment III, which is an integral part of this Circular Letter of the Financial Services Authority. This Circular Letter of the Financial Services Authority takes effect on the date of determination, October 18, 2024. Upon the entry into force of this OJK Circular Letter:
Circular Letter of the Financial Services Authority Number 5/SEOJK.03/2016 concerning the Implementation of Corporate Governance for Rural Banks; and Circular Letter of the Financial Services Authority Number 24/SEOJK.03/2020 concerning Amendments to Circular Letter of the Financial Services Authority Number 5/SEOJK.03/2016 concerning the Implementation of Corporate Governance for Rural Banks, are repealed and declared invalid.

Attachment I: 11 pages.
Attachment II: 65 pages.
Attachment III: 1 page.

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Lineage: In force

Undang-Undang Nomor 21 Tahun 20…2011Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan (Law No. 21 of 2011 on the Financial Services Authority) (2011-11-22)Undang-Undang Nomor 4 Tahun 202…2023Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector, UU P2SK) (2023-01-12)Law No. 7 of 1992Law No. 7 of 1992SEOJK on the Implementation of …2016SEOJK on the Implementation of Corporate Governance for Rural Banks (2016-03-10)Amendment to Financial Services…2020Amendment to Financial Services Authority Circular Number 5/SEOJK.03/2016 on the Implementation of Corporate Governance for Rural Banks (2020-12-14)Implementation of CorporateGovernance for Rural Banks2024-10-18 · this documentImplementation of Corporate Governance for Rural Banks (2024-10-18)
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Timeline

This document supersedes: Amendment to Financial Services Authority Circular Number 5/SEOJK.03/2016 on the Implementation of Corporate Governance for Rural Banks, SEOJK on the Implementation of Corporate Governance for Rural Banks

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Source: Otoritas Jasa Keuangan (Financial Services Authority) — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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