Regulatory AlertsFinancial Services Sector Cooperatives
The Financial Services Authority (OJK) issued Regulation No. 47 of 2024 to regulate the licensing, supervision, and operational scope of cooperatives participating in the financial services sector. The regulation establishes OJK as the independent regulator for these entities, requiring them to meet specific capital, asset quality, and financial capability criteria to transition from general cooperatives to Licensed Financial Institutions (LJKs). It outlines the application mechanisms, consumer protection standards, and transitional provisions for cooperatives moving under OJK's oversight.
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