On November 4, 2021, Indonesia SIPF attended the International Forum of Investor Protection Institutions with the theme “Coffee Chat: Update on Case Issues in Each Country” which was also attended by representatives from the Canadian Investor Protection Fund (CIPF/Canada), Securities Investor Protection Corporation (SIPC). /United States), Japan Investor Protection Fund (JIPF/Japan), Securities Exchanges Guarantee Corporation (SEGC/Australia), Financial Services Compensation Scheme (FSCS/UK), European Investor Compensation Company DAC (ICCL), and FOGAIN (Spain).
This event started with each representative of the institution presenting the latest issues in their country. The hottest issue in every country, namely the Covid-19 pandemic that has infected almost all countries in the world, has had quite an impact on every country, not only having a negative impact but also having a positive impact. During the 2020 to 2021 pandemic period, cases handled by the Investor Protection Fund (IPF) tended to decline. Economic conditions, especially the Capital Market industry, which was hit quite hard at the beginning of the pandemic caused transaction and trading activities to become less enthusiastic, which this (perhaps) also helped reduce the crime rate in the Capital Market.
In addition to Covid-19, the cryptocurrency 'fever' (crypto currency) has also attacked many countries around the world, including the IPF representative countries of the world. As is known, in the past few years, the growth of investors and cryptocurrency products has been quite rapid. Although it does not yet have concrete regulations, it does not dampen public interest in placing their funds in cryptocurrencies. Following up on this, not a few countries have begun to discuss the possibility of creating a protection mechanism for the cryptocurrency industry (crypto protection). Security in investing is something that is needed and needed for investors and the industry. But of course this crypto protection is still far enough if it is to be implemented in Indonesia.
Furthermore, Indonesia SIPF through Narotama Aryanto as the President Director also conveyed the latest updates regarding the development of investor protection mechanisms in Indonesia and also the strategic plans that are being and will be implemented by Indonesia SIPF. Based on the information given by Narotama Aryanto, currently there are at least three (3) strategic plans of Indonesia SIPF that are still on going, namely the expansion of the DPP Protection Coverage, the DPP Funding Source Scheme, and the Preparation to Become the Administrator of the Disgorgement Fund. These three (3) strategic plans are expected to be completed by the end of 2021.
Narotama Aryanto revealed that Indonesia SIPF as an institution which is still quite young compared to other IPFs needs support and input to be able to complete the work plan in 2021 as well as the Company's strategic plan to be implemented in 2022 which consists of:
The support and input provided by IPF from other countries is expected to give Indonesia SIPF a broader understanding and perspective to be able to complete these various targets properly and smoothly.
An interesting thing was revealed in the update session of the CIPF, that in order to strengthen the institutional status and increase the protection they can provide, currently Canadian Securities Administrators (CSA) have announced to consolidate the functions of CIPF with the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) so that it can turn into a Self-Regulatory Organization (SRO). This transformation can certainly be a reference material for various countries in creating a more efficient and stronger IPF institution. As the strategic plan for the transformation of Indonesia, SIPF is being carried out to strengthen institutional status and increase protection in the Indonesian Capital Market.
In addition, this forum also discussed the initiation of the establishment of the International Investor Protection Fund Forum (IIPFF), a forum for IPF institutions to be able to exchange information from their respective jurisdictions, which of course Indonesia SIPF will participate in it. By synergizing and collaborating with IIPFF members, Indonesia SIPF hopes to learn from the knowledge and experience of other IPFs to be able to adopt various policies that can be implemented in Indonesia, as well as how to implement the right and effective concept of investor protection in this industry. Moreover, Indonesia SIPF hopes to create a safer and healthier investment environment for Indonesian Capital Market investors.
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