Polemic fiduciary REGISTRATION: Multifinance Association Will Take Legal Steps

Polemic fiduciary REGISTRATION: Multifinance Association Will Take Legal Steps -
JAKARTA: Indonesian Financial Services Association is conducting the study of law to the Minister of Finance concerning the registration of fiduciary duty, as it is considered burdensome and contrary to law.

A source who knows the business said the association is seeking the opinion of legal experts to the Finance Minister Regulation (PMK) about the number 130/PMK.010/2012 Fiduciary Registration For Financing Company.

"The Association is reviewing and ask my constitutional law expert to take the next step," he said Tuesday (11/09/2012).
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More details she explained that there are two points of FMD were a concern of the association as it is considered contrary to Law No. 42/1999 concerning Fiduciary, namely the need to register with fiduciary and legal consequences.

In the PMK which was published on August 7, 2012 the regulator requires multi conducting fiduciary charging for registering collateral to the fiduciary registration office no later than 30 days after the financing agreement done.

A number of sanctions prepared by the regulator to the multi-fiduciary who do not register, start warning, suspension of business activity, up to revocation.

"Whereas in Fiduciary Law no obligation to register the multi-fiduciary and no legal consequences for those who do not register fiduciary," he said.

The source declined to elaborate what legal steps can be taken by the FMD-related associations. However, based on the legislation in force there is an opportunity to test the material (judicial review) to the Minister when assessed against the legislation on it.

Petition for judicial review under the regulatory laws submitted to the Supreme Court in accordance with the Law No. 5/2004.

Board Indonesian Financial Services Association (IFSA) could not be confirmed by the Business for that information. Wiwie Kurnia, chairman APPI, did not answer phone calls from the business.