Konglomerasi Keuangan: Studi tentang Pengaturan dan Pengawasan Konglomerasi Keuangan di Indonesia

Abstract

Financial Conglomerates have played a significant role in the financial system of Indonesia by providing a wide range of financial services to businesses and consumers. On the other hand, Financial Conglomerates also pose potential risks to the financial system because if one financial institution within the conglomerate fails, it can have cascading effects on other institutions within the conglomerate. This can lead to systemic crises, which can adversely affect the overall economy. To address this risk, the Government and the Financial Services Authority (OJK) have implemented regulations and oversight mechanisms for Financial Conglomerates designed to ensure that they are managed properly and do not pose undue risks to the financial system. This dissertation research utilizes normative legal research methods, which are exploratory and prescriptive in nature, employing legislative, conceptual, and comparative legal approaches. The primary data for the research include the Company Law, Banking Law, Financial Sector Development and Strengthening Law, and Financial Services Authority Regulation No. 45/POJK.03/2020 regarding Financial Conglomerates, international journals, and legal dictionaries, supported by empirical data, such as interviews with representatives from the Financial Services Authority and the Directorate General of Legal Administration, Ministry of Law and Human Rights of the Republic of Indonesia. The data analysis process employs a normative-qualitative data analysis method, consisting of interpretation, construction, abstraction, conceptualization, and systematic data organization based on relevant legal theory frameworks. The existing legal framework in Indonesia is not yet sufficient to regulate Financial Holding Companies forming Financial Conglomerates. Although there are several regulations, such as Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector and OJK Regulation No. 45/POJK.03/2020, which regulate oversight and governance aspects, there are still no comprehensive provisions regulating the legal entities of Financial Holding Companies in the context of financial conglomerates. The Company Law, as the legal basis for Limited Liability Companies (LLC) in Indonesia, also does not specifically regulate holding company structures in the context of financial conglomerates. In terms of supervision, OJK's supervision of Financial Holding Companies forming Financial Conglomerates is still not optimal for creating a stable and sustainable financial system. This is because the regulation of financial conglomerates is not comprehensively regulated in the law, leading to legal uncertainty. Moreover, this regulation has not accommodated legal principles that support financial system stability. Therefore, ideal legal reforms are needed to regulate the existence of financial holding companies forming financial conglomerates, taking into account several key aspects, including clear definitions, well-defined legal status, comprehensive regulations, and effective supervision. The government needs to firmly limit the use of public funds to rescue financial conglomerates experiencing difficulties.