The Chairman of ASIC, Mr Jeffrey Lucy, will visit Jakarta next week to launch a series of workshops designed to build the capacity of the Indonesian financial regulator, Bapepam LK.

Mr Lucy will meet the Indonesian Minister for Finance and the newly appointed Chairman of Bapepam, Dr Fuad Rahmany, to discuss opportunities for Bapepam to replicate processes and systems used by ASIC and, where needed, adapt these to be relevant and beneficial to the Indonesian financial environment.

ASIC recently hosted in Australia eight secondees from Bapepam who, together with five ASIC staff, will present a series of workshops in Indonesia where Bapepam staff will develop their technical skills in a variety of areas.

The areas covered by the workshops include:

• techniques for the consistent and high quality review of prospectuses;
• profiling, ‘real time’ monitoring and risk assessment of companies; and
• surveillance techniques, intelligence gathering and enforcement training.

In addition, a senior ASIC staff member will spend up to six months in Jakarta assisting Bapepam implement the outcomes of these workshops.

Mr Lucy said it was in the interests of Australia and the region for all markets and financial systems to operate in a manner that fosters confidence.

‘Financial regulators have an important role in creating and maintaining a system that all market participants have confidence in,’ Mr Lucy said.

‘ASIC is delighted to be able to assist a fellow regulator in building its capacity in some key areas that fosters the level of confidence that attracts and supports trade and investment.’

While in Jakarta, Mr Lucy will also be guest speaker at an Indonesian Investor Forum for approximately 1000 participants.

Background

Mr Lucy will visit Jakarta on Monday 31 July 2006.

The program is funded by the Australia-Indonesia Partnership for Reconstruction and Development’s Government Partnership Fund.

Following the 2004 Boxing Day tsunami, the Australian Government committed $1 billion through the Partnership to support Indonesia’s reconstruction and development efforts.

The $50 million Government Partnership Fund aims to assist Indonesia in economic, financial and public sector management through the exchange of skills and expertise between Australian and Indonesian government agencies.