Regulatory AlertsOJK Circular No. 8/SEOJK.07/2024 on Associations of Financial Sector Technology Innovation Providers
The Financial Services Authority (OJK) issued Circular No. 8/SEOJK.07/2024 to implement POJK No. 3 of 2024 and fulfill mandates under Law No. 4 of 2023 regarding Financial Sector Technology Innovation Providers (ITSK). The regulation establishes the legal framework for ITSK associations, detailing requirements for membership, organizational duties, funding sources, and supervisory monitoring. It further outlines the procedures for applying for association status and the grounds for revoking the designation of an appointed association.
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Sector: ITSK
Sub-Sector: Other Regulations
Type of Regulation: OJK Circular
Regulation Number: 8/SEOJK.07/2024
Effective Date: 11/9/2024
Appendix 1 SEOJK 8-SEOJK.07-2024 Association of Financial Sector Technology Innovation Providers.pdf Abstract SEOJK 8-SEOJK.07-2024 Association of Financial Sector Technology Innovation Providers.pdf FAQ SEOJK 8-SEOJK.07-2024 Association of Financial Sector Technology Innovation Providers.pdf
Page Content Circular Letter of the Financial Services Authority Number 8/SEOJK.07/2024 concerning Associations of Financial Sector Technology Innovation Providers
Abstract: The drafting of the Circular Letter of the Financial Services Authority concerning Associations of Financial Sector Technology Innovation Providers is carried out to follow up on the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) to issue further regulations regarding Financial Sector Technology Innovation Providers (ITSK). This Circular Letter of the Financial Services Authority is an implementing regulation of Financial Services Authority Regulation Number 3 of 2024 concerning the Organization of Financial Sector Technology Innovation (POJK No. 3 of 2024). The legal basis for this SEOJK is POJK No. 3 of 2024. This Circular Letter of the Financial Services Authority regulates provisions regarding ITSK Associations, namely: Applications as an Association, Association Membership, Duties and Authority of the Association, Funding Sources, Monitoring of the Association, and Revocation of the Decree of Appointment of the Association. Note: This Circular Letter of the Financial Services Authority takes effect on the date of establishment, which is September 11, 2024. Appendix I: 3 pages. Appendix II: 2 pages. Appendix III: 1 page.