JAKARTA. The government has restricted the cooperation with the main dealers of government bonds (SUN) by revising Minister of Finance Regulation (PMK) No 134/PMK.08/2016 on the main dealers to PMK No 234/PMK.08/2016.
Minister of Finance had added some additional requirements in the regulation, which took into effect since 30 December 2016. One of them is the article 7A on the obligations of the main dealers. Article 7A says, “The main dealers are subject to maintain partnership with the Government of Indonesia based on professionalism, integrity, and conflict of interest avoidance principles, as well as concerns on the interests of Unitary State of the Republic of Indonesia”.
The article is similar with the statement of Minister of Finance Sri Mulyani during a press conference, Tuesday (3/1), on the termination of cooperation with JP Morgan.
Three considerations
Minister of Finance also revised some considerations to accept or reject the proposals of the main dealers. First, the number of main dealers needed. Second, the track records of the dealers in banking and securities company sectors, as well as the experience of previous cooperation with Minister of Finance. Third, the effectiveness of the system implementations of the main dealers.
The previous Minister of Finance Regulation (PMK) only considered the number of main dealers needed to determine whether to accept or reject the proposals. The new provision also stipulates the resubmission of proposal to be the main dealer in only 12 months after the revocation.
Head of Communication and Information Services Bureau Nurfansa Wira Sakti said that the PMK’s revision is expected to increase the roles of the main dealers to develop SUN’s markets. “Including in increasing liquidity, efficiency, and transparency in the SUN’s secondary market,” he said in an official statement, Wednesday (11/1).
Director of Government Bonds at Minister of Finance Loto Srianita Ginting said, the new regulation has perfected and strengthened the roles of the main dealers in SUN’s trade. Loto denied that the revision is related to the termination of cooperation with JP Morgan. (Muhammad Farid/Translator)
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