Financial Regulation Research Articles

Sosialisasi Santunan Penjaminan PT. Jasa Raharja Akibat Kecelakaan Lalu Lintas

Driving activities on the highway are inseparable from various risks such as accidents and death. The government as the executor to protect the public makes some rules aimed at ensuring the implementation of accident insurance that occurs while driving. The government established PT Jasa Raharja to implement the rules that have been made, both in the form of Laws, Government Regulations or Minister of Finance Regulations. Information on traffic accident insurance is not known by all levels of society, both in terms of claim procedures, requirements and also types of accidents that can be covered, so that many people end up being burdened by the accidents that occur. STIE Ganesha conducts community service programs in collaboration with related parties to provide socialization about driving safety on the highway, including socialization about guarantees for traffic accident victims carried out by PT Jasa Raharja. The participants who were targeted in this socialization were students, offline motorcycle taxi drivers, surrounding communities and also STIE Ganesha employees. This service went well so that the participants could understand the material given during the event and could become a liaison between the community and information about traffic accident guarantees.

Analisis Pajak Penghasilan Pasal 21 Sebelum dan Sesudah Penerapan Tarif Efektif Rata-Rata

Before January 1 2024 Income Tax Article 21 for permanent employees is calculated using the Director General of Taxes Regulation Number PER-16/PJ/2016. Starting January 1 2024 Income Tax Article 21 for permanent employees is calculated using Government Regulation Number 58 of 2023 and Minister of Finance Regulation Number 168 of 2023. This research is intended to examine whether there is a difference in the amount of Income Tax Article 21 which is calculated using Regulation of the Director General of Taxes Number PER-16/PJ/2016 when compared using Government Regulation Number 58 of 2023 and Minister of Finance Regulation Number 168 of 2023. This research is classified as a type of library research using two approaches, namely the statutory approach (statute approach) and the comparative approach (comparative approach). To make it easier to draw conclusions, a simulation was carried out to calculate the amount of Income Tax Article 21 on five permanent employee data using Director General of Taxes Regulation Number PER-16/PJ/2016 and using Government Regulation Number 58 of 2023 and Minister of Finance Regulation Number 168 of 2023. The results of the research show that the Income Tax Article 21 deducted for each tax period in the period January to November using the provisions of the Director General of Taxes Regulation Number PER-16/PJ/2016 is greater in amount when compared to using Government Regulation Number 58 of 2023 and Ministerial Regulations Finance Number 168 of 2023. On the other hand, for the December tax period, the amount of Income Tax Article 21 which is deducted using Regulation of the Director General of Taxes Number PER-16/PJ/2016 is smaller when compared to using Government Regulation Number 58 of 2023 and Minister of Finance Regulation Number 168 2023. Overall, for one tax year, there is no difference in the amount of Income Tax Article 21 of permanent employees deducted, whether using the Director General of Taxes Regulation Number PER-16/PJ/2016 or Government Regulation Number 58 of 2023 and Minister of Finance Regulation Number 168 Year 2023.

Public Financial Reporting Practices, Regulations and Accountability for State-Owned Enterprises in Kenya

Public Financial Reporting Practices, Regulations and Accountability for State-Owned Enterprises in Kenya

The Impact of Financial Regulation on Indian Arbitral Institutions and Corporate Compliance

The Impact of Financial Regulation on Indian Arbitral Institutions and Corporate Compliance

Summarising directions for using fintech products in the field of financial sector development, in particular mortgage financing

Mortgage lending has become the most important part of the financial market. The most common use of a mortgage is the purchase of an apartment or a private house on credit by an individual. Given the importance of the chosen topic, the goal of the research is defined as follows: to identify promising directions for the development of mortgage financing using fintech products. The list of fintech products that can be used in the field of mortgage financing to improve the system of managing mortgage loan processes using methods of generalisation and systematisation has been elaborated. It has been discovered that the mortgage lending process provides for the analysis of a borrower’s risks as well as more complex procedures for determining optimal interest rates for mortgage lending. When the analysis of discount rates is taken as a basis, it is necessary to analyse market volatility. These results have been achieved using methods of analysis and systematisation. Fintech tools are increasingly being used to facilitate the work on data analysis in the development of the mortgage lending system, as they enrich the toolkit for ensuring the security of the mortgage financing process both at the level of financial institutions and state regulation. The peculiarities of using fintech tools have been identified. Main trends and risks of the development of modern mortgage financing using the concretisation method have also been discovered. The possibilities of using fintech tools in the field of mortgage financing have been determined; in particular, an approach to creating a technical task of using fintech tools for further development of mortgage financing has been created. The author’s approach will be of practical significance for both financial institutions providing mortgage financing and mortgage market regulators to minimise risks in the system of providing mortgage loans

Fintech's impact on conventional and Islamic sustainable equities: Short- and long-term contributions of the digital financial ecosystem

This study investigates the integration of cutting-edge financial technologies, such as distributed ledger diversity, next-generation payment trackers, democratized banking, and cryptocurrency, and their impact on global sustainability and ethical ratings in Islamic markets. Our analysis spans the period from May 31, 2018, to May 10, 2023, and uses a novel analytical framework based on quantile time–frequency connectedness and causality analysis. Results showed that democratized banking, future payment opportunities, and sustainability-screened markets had stronger associations than distributed ledger technologies and crypto-based tokenization. Second, Islamic sustainable markets have slightly closer ties to the digital financial ecosystem than traditional responsible investments. Third, causality analysis revealed bidirectional relationships between sustainable markets and democratized banking and potential payment opportunities in the short to mid-term. Fourth, in the short term, there was unidirectional causality from conscious markets to investments in digitized currencies and blockchains; however, no long-term causality between the digital financial ecosystem and sustainability investments. Fifth, the diversity of distributed ledgers had a limited relationship with green investments, whereas advanced transaction monitoring platforms and inclusive financial infrastructure could serve as catalysts for nature-based portfolios. These findings inform policymakers in green finance and provide insights for digital financial network strategists, investors, and regulators, enabling sustainable interdisciplinary investment practices. This comprehensive examination sheds light on the evolving landscape of sustainable finance in the context of rapidly advancing financial technologies, paving the way for informed decision-making and strategic planning in the field of green investments.

Critical Analysis of The Law on Purchasing Gold on Credit

This study aims to understand the legal background of gold credit in Indonesia, we can explore more deeply how this product contributes to the development of Islamic banking, consumer protection, and financial market regulation more broadly. It also helps in identifying the challenges and opportunities faced in the implementation of Islamic financial practices in Indonesia. This writing uses a normative method where in this writing a literature search is conducted. Peter Mahmud stated that Legal Research must find a coherent truth, namely legal rules in accordance with legal norms or are there norms in the form of commands or prohibitions that are in accordance with Legal Principles and whether a person's actions are in accordance with Legal Principles or Legal Norms. Legal analysis of gold credit shows that this transaction involves various aspects that need to be considered, including the legal basis, sharia aspects (if applicable), financial risks, and legal treatment. It is important for financial institutions and customers to clearly understand their rights and obligations in gold credit contracts, and to comply with all applicable regulations to minimize risk and maintain fairness in this transaction.

International Regulatory Experience and Enlightenment on Non-Legal Tender Digital Currency from the Perspective of the Kame Framework

Based on the current imperfect regulatory system for non-legal digital currencies in China, this article focuses on the regulation of non-legal digital currencies, exploring regulatory paths and models suitable for Chinas national conditions based on the regulatory experiences of typical foreign countries. The renowned law and economics theory frameworkthe Coase-Meade frameworkis adopted to analyze the overall regulatory model of non-legal digital currency regulation abroad. Firstly, based on the applicability value of the Coase-Meade framework to the subject of this study, typical countries such as Germany, the United States, the United Kingdom, Japan, and South Korea are analyzed under the Coase-Meade frameworks prohibition and transaction rules, property rules, and liability rules to clarify their legal characterization of non-legal digital currencies and explore regulatory paths in terms of legal, financial, and technological regulation. Next, the characteristics of foreign regulatory models are reviewed, including scenario-based regulation, centralized regulation, and categorized regulation. Finally, drawing on Chinas current prohibition stance and overseas practical experience, the article preliminarily clarifies the legal attributes of non-legal digital currencies. Then, it constructs a regulatory framework suitable for the country from the perspectives of principles, priorities, and methods based on the chosen paths of typical countries. Additionally, it emphasizes the clarity of regulatory responsibilities for regulatory agencies and the establishment of other self-regulatory bodies to enhance the coordination of domestic regulatory entities. Furthermore, it actively explores international cooperation to strengthen international coordination in regulation, enhancing Chinas international influence and discourse power.

Does Climate Policy Uncertainty Affect Bank Systemic Risk?- Empirical Evidence from China

ABSTRACT This study explores the impact of climate policy uncertainty (CPU) on the systemic risk of Chinese listed banks. We calculate China’s CPU index from 2010 to 2022 through text analysis of newspaper articles. Using data from 42 listed banks, we document that CPU increases bank systemic risk and this impact is heterogeneous. Moreover, external shocks exacerbate the impact, while robust internal indicators and strong financial regulation reduce it. Further analysis indicates that this effect is nonlinear. This study provides several new aspects to enrich the understanding of this impact, thereby providing more comprehensive ideas for policymakers to ensure bank stability.

Studi Analisis Terhadap Urgensi dan Implementasi Undang-Undang Nomor 8 Tahun 2010 Tentang Tindak Pidana Pencucian Uang

This study is entitled Study Analisys of the Urgency and Implementation of the Law Number 8 of 2010 on Prevention and Punishment of Money Laundering. The development of the financial sector in Indonesia continues to progress, but the legal process has not followed the guidelines set by the Indonesian Financial Law and Regulations on Unlawful Money Transfer. Indonesia has enacted several laws to address this problem, including Financial and Material Law Number 8 of 2010, which aims to maintain economic stability and the integrity of the financial system, promote social harmony, economic growth, and government reform. The Indonesian government has implemented various measures to eradicate money laundering, including bilateral and multilateral forums, the concept of double crime, and the implementation of the "KYC" principle. The government also imposes fines on those who break the law, such as fines, jails, and non-bank fines. In the end, money laundering in Indonesia can be effectively managed through legal action and international cooperation. This research uses normative research methods, using non-fiction data sources, electronic journals, legislative regulations, and other relevant library sources to conduct research. The purpose of this research is to find out the urgency of Law Number 8 of 2010 on the Prevention and Eradication of TPPU and what efforts are being made to prevent and eradicate TPPU.

The co-evolution of sustainable finance stakeholders under the EU taxonomy for sustainable activities: an exploratory study of Irish disclosure experiences

Purpose In pursuit of objectives, under the European Green Deal, to channel capital flows to sustainable activities, the EU Taxonomy offers clarity, labelling real economic activities as “sustainable”, based on technical screening criteria. This study of disclosure experiences aims to explore the role of co-evolutionary relationships in the Taxonomy’s effectiveness. Design/methodology/approach Co-evolution theory implies a dynamic interplay among sustainable finance stakeholders (SFSs), through adjustment to, impact on and operationalisation of the Taxonomy. Corporate disclosure experiences, including those of financial institutions and related SFS experiences, may reveal co-evolutionary processes. With significant Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs), Irish SFSs provide contextual insight. Semi-structured interviews with a purposive sample of Irish SFSs capture inaugural corporate Taxonomy disclosure experiences. Findings A thematic analysis reveals six co-evolutionary processes that facilitate Taxonomy implementation in pursuit of policy objectives: [1] cross-functional reporting; [2] iterative pre-empting and addressing compliance issues; [3] regulation as a catalyst for co-evolution; [4] advanced capacity building; [5] stakeholder adaptation and [6] graduated use of ESG data. Implications for sustainability policy development and management are significant. Practical implications Whilst limited to just one EU jurisdiction, given limited prior empirical evidence for sustainable finance regulations from co-evolutionary perspectives, this study highlights a catalytic, yet precautionary role for co-evolution in their transformation effectiveness. As such, they must take account of their potential to stimulate co-evolution and to nurture it in pursuit of their policy objectives. Social implications The findings of this study add to a small, but growing body of academic literature on the Taxonomy Regulation, which suggests that a co-evolutionary lens is important for gaining a comprehensive understanding of its early-stage dynamics. From an implementation perspective, the qualitative data reveals actionable implications for regulators and policymakers, such as building capacity, better anticipation of outcomes and investment in data infrastructure. Originality/value Unlike existing analyses of disclosures, this study offers a co-evolutionary lens on Taxonomy contributions to sustainable development through qualitative accounts.

Regulatory and legal regulation of financing the activities of forensic institutions in the Russian Federation

The authors of the article, based on a comparative legal analysis of the system of sources of legal regulation of financing of forensic institutions, as well as domestic scientific literature, propose to “transfer: the signs of the system to the concept of a mechanism. Within the framework of the system analysis carried out, the authors of the article proceed from the definition of the system of financial and legal mechanisms for ensuring forensic expert activity as an object of public administration, which is a legal relationship regulated by the norms of law to achieve the set goals and objectives, the use of methods, tools and rules having monetary, organizational, accounting and control content. The article substantiates the need for an integrative approach to the definition of a system of financial and legal mechanisms for ensuring judicial expert activity as a single system subject to legal regulation. The authors propose to define the mechanism of financial support for the activities of a forensic expert institution/organization as a system of education from the norms and institutions of national law contained not only in regulatory legal acts relating to various branches of legislation, but also local acts of state and non-state institutions and organizations; legal and technical documents, among which should be mentioned instructional letters, regulations, methodological recommendations, technical standards, GOST standards, etc., as well as contracts of normative content that ensure international cooperation on forensic activities.

Examining public perceptions of US campaign finance over time through survey experiments

In Buckley v. Valeo (1976), the US Supreme Court ruled that campaign finance regulations “are appropriate legislative weapons against the reality or appearance of improper influence.” Using data from multiple survey experiments repeated across six CCES surveys from 2012 to 2020, we test whether varied information regarding US campaign finance institutions and laws alter public perceptions of the campaign finance system and campaign finance reform across time, including the perception of improper influence. Respondents had more negative attitudes toward candidates who received support from Super PACs. However, respondents were not moved by primed differences in expenditure limits, coordination, or donation disclosure. Ultimately, we find that the majority of Americans dislike and distrust the campaign finance system and generally remain unmoved by any experimentally-primed differences. These experimental findings remain consistent across time, indicating that attitudes toward the US campaign finance system are stable and resistant to change.

Measurement of regional green finance development and its coordination with economic development: a study on the Yangtze River Delta region of China

The green transformation of industry and sustainable economic development both require considerable investment. In this regard, green finance that is compatible with economic development can help cope with the massive demand for capital. Taken China’s Yangtze River Delta (YRD) as an example, this study is to measure the coordination degree between green finance and economic development. First, the concept, content and scope of green finance is defined based on the new financial regulation mechanism. Second, a green finance measurement index is built to calculate the green finance index for 30 Chinese provinces by the CFA test. Third, based on the economic structure index, an economic development index is built. Testing the rationality of green financial index and the economic development index, this paper finally measures the degree of coordination between green finance and economic development in the YRD. The results reveal that, first, green finance is a financial instrument that integrates financial industry development, environmental improvement, and economic growth. The measurement of the green financial development index includes the sum of regional green credit, green investment, green securities, and green insurance. Second, after years' development, the comprehensive score of YRD’s coupling coordination degree exceeds 0.8 in 2020, which shows a high level of coordinated development between green finance and economic construction. However, there is a 2-year timing effect between the economic development and green finance index increase, which reveals that green finance development in the YRD requires further policy guidance and support. This study’s findings can provide a theoretical reference and case support for the further development of green finance and related policies in China.

Implementation of Street Vendor Arrangement Policy in Wonoasri Village, Tempurejo District, Jember Regency

The implementation of the policy of structuring street vendors in Wonoasri village is carried out by providing separate policies for street vendors in Wonoasri village, building public facilities in the village square in order to increase convenience in trading, increase community resources for the village community, reduce unemployment, entertainment and gathering places for the community and increase economic value in selling. These conditions are also influenced by the Bumdes to manage street vendors in the Wonoasri Village square, where the Bumdes plays a role as a policy maker, rent financial regulator, facility provider, provider of rental space for street vendors, and supervisor of harmony between street vendors. One of the objectives of this study is to describe the implementation of the policy of structuring street vendors in the village square of Wonoasri, Jember Regency, which can be seen from three factors, namely the perspective of compliance, success, satisfaction and beneficiaries. This research specifically uses a qualitative approach method, the techniques in data collection used are observation, documentation and interview methods. The results of this study state that the implementation of the street vendor arrangement policy in Wonoasri Village, Tempurejo District, Jember Regency involves the Wonoasri Village Government, Wonoasri Village Bumdes, Street Vendors and the community around the Wonoasri Village Square. So it can be said that this policy has been successful and is a successful implementation. In implementing the policy of arranging street vendors in Wonoasri Village Square, there are several obstacles, including: Controlling the number of new street vendors, the discipline of street vendors and facilities and infrastructure that were previously inadequate but are now well met such as water, electricity, toilets, trash bins, selling space, prayer rooms, and parking lots. Improve better facilities and infrastructure so that traders and visitors can be more comfortable when visiting the Wonoasri Village Square.

PENGARUH PENERAPAN PMK-59/PMK.03/2022 TERHADAP PENERIMAAN PPN PADA KPP PRATAMA KEBAYORAN BARU SATU

The aim of writing this scientific work is to research and evaluate the impact of the implementation of the Republic of Indonesia Minister of Finance Regulation (PMK) Number 59/PMK.03/2022 on domestic Value Added Tax revenues in government agencies in the working area of ​​the Jakarta Kebayoran Baru Satu Primary Tax Service Office. The research population included 194 taxpayers (WP) of government agencies located in the working area of ​​KPP Pratama Jakarta Kebayoran Baru Satu, including Senayan Subdistrict with 46 WPs, Petogogan Subdistrict 30 WPs, Selong Subdistrict 105 WPs, Rawa Barat Subdistrict 2 WPs, and Gunung Gunung Subdistrict as many as 11 WP. The data source used in the research is primary data known from the State Revenue Module of the Jakarta Kebayoran Baru Satu Primary Tax Service Office. The research method used is a quantitative approach with descriptive methods. The results of the research show that the implementation of PMK-59/PMK.03/2022 has a positive impact on domestic Value Added Tax revenues in government agencies.

Supervision of Goods Resulting from Trade With Non-Trade Online Deposit Business Activities (Permenkeu No. 96 of 2023)

This research is motivated by the fact that online deposit business activities have recently become more widespread in line with advances in information and telecommunications technology. These activities are generally regulated through Minister of Finance Regulation Number 96 of 2023 concerning Customs, Excise and Tax Provisions for the Import and Export of Consigned Goods. Minister of Finance Regulation Number 96 is actually a replacement for the Minister of Finance Regulation Number 199/ PMK.010/ 2019 concerning Customs, Excise and Tax Provisions for Imported Consigned Goods previously. Minister of Finance Regulation Number 96 of 2023 itself, is an important regulation relating to services or online deposit business. The legal research method used in this research is normative juridical research which is research carried out or aimed only at written regulations with the nature of descriptive analysis research which is a method that functions to describe or provide an overview of the object being studied. The data source used is secondary data with quantitative data analysis. The results of this research are the implementation of Minister of Finance Regulation No. 96 of 2023 concerning Customs, Excise and Tax Provisions for the Import and Export of Shipped Goods regarding online deposit business activities is more aimed at avoiding the legal mode in the form of illegal import practices. The impact of the policy of Minister of Finance Regulation Number 96 of 2023 means that Jastip UMKM players in the e-commerce sector must adapt to technological advances, including the form of sales and purchase agreements in jastip, as well as causing consumers to have to consider the value of the goods they order because it affects the tax that must be paid.

FINANCIAL MANAGEMENT IN THE NATIONAL DEFENCE FIELD

The article examines the essence of the defense resources financial management, institutional and legal support, as well as the practice of its modernization in the leading countries of the world and Ukraine under the conditions of a full-scale war. According to the theoretical and institutional aspects analysis results, the concepts of " defense resources financial management" and "defense resources financial management system" were clarified, and the main principles and elements of the mechanism of its implementation were outlined. An assessment of the modern world practice of defense resources financial management was carried out on the example of the US Armed Forces in terms of institutional infrastructure, regulations, standards and tools. The main determinants of the US Armed Forces financial management are established: combat capability, human capital and environmental protection according to ESG principles and Sustainable Development Goals. The components of improving the system of financial management of Ukraine’s defense resources in accordance with the implementation of NATO financial management standards and regulations have been identified. A thorough analysis of the distribution of expenditures and the credits granting under budget programs in accordance with the goals of state policy in 2020-2023 and projected for 2024-2025, of individual defense budget expenditures of the Ministry of Defense of Ukraine in accordance with the budget request for 2024-2026 raised questions about the impact of budget defense expenditures for the development of Ukraine's economy. The existence of the specified positive influence was proved by means of correlation-regression analysis based on the data of budget expenditures in the time horizon of 2014-2023, with the period before the full-scale invasion of the aggressor country being singled out. However, the scientific hypothesis has not been confirmed for the US economy, that is, military spending is not characterized by a significant impact on the US GDP.

Theory of Regulation of Financial Markets: Reasons and Methods

Financial market regulation serves stability and protection. The purpose of risks and risk management is to prevent the phenomena of too big to fail, too interconnected to fail, and moral hazards at the micro and macro levels that could lead to a cascading impact. Consumer protection is addressed through disclosure requirements and educational initiatives, shielding consumers from predatory practices. The regulations extend to environmental and societal impacts, promoting sustainable and ethical finance, encouraging environmental practices transparency and incentivising green finance. Ethical finance aligns with global ethical standards and religious principles, shaping financial practices. Governments and international bodies collaboratively establish a multi-level regulatory framework, including national, supranational, and international levels. On the one hand, the different levels and binding rules provide flexibility, but at the same time, this makes uniformity difficult; harmony and consistency require careful supervision and oversight. Regional and national variations may exist in regulatory structures.

Political inequality: reasons for optimism?

Abstract I comment on the article in this collection by Ansell and Gingrich, who highlight the concept of political inequality. Then they investigate empirically whether political inequality has risen in line with economic inequality over the past few decades in the UK. This is an important question, as political inequality can easily generate an inequality trap. I focus on the last dimension of political inequality that Ansell and Gingrich consider—who politicians are—and highlight that it is strongly linked to the first two: who votes and who they vote for. I first argue that the lack of political representativeness may at least partly explain the rise in abstention. I then highlight the role played by campaign finance regulations in explaining the relationship between political and economic inequalities. Finally, using the example of gender underrepresentation, I argue that shifting descriptive representation may have concrete policy consequences.