Firms in the region either embrace, endure or avoid MiFID II’s LEI requirement, but must accept that it’s not just regulations from the US which now have a profound extraterritorial impact.
BSP has begun reporting international banking statistics from January 2018, having met BIS standards for completeness and quality.
Trend towards more isolated policymaking will challenge the implementation of financial regulations on a worldwide basis.
Move will require all financial services firms operating in the country to provide customers identification and tax details to the regulator by 2022.
The SEC says fraud and money laundering not points of concern as CBOE and CME markets are properly supervised.
Stock transaction tax increased 20% from 1 January 2018; change in timeline took exchange by surprise.
Centralising counterparty risk at a clearinghouse will make derivative products offered by Indonesian financial institutions more competitive.
Indonesian financial regulator will take over arranging, developing and managing credit information systems from central bank.
Although foreign software costs more and regulatory change cannot be adopted instantly, banks prefer them for their functionality and flexibility.
Central bank gives financial institutions two years to meet new risk management expectations.