[2] The OJK is an autonomous agency designed to be free from any interference, having functions, duties, and powers to regulate, supervise, inspect, and investigate.

The agency was established in 2011 to replace the role of Bapepam-LK in regulating and supervising the capital market and financial institutions, as well as that of Bank Indonesia in regulating and supervising banks, and to protect consumers of financial services industry.

After the passage of the Law on Financial Sector Development and Strengthening, Indonesian government eventually elevated the authority to the special status and integrated it to the law enforcement system in Indonesia.

It replaced the functions of the Capital Market and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan) or Bapepam-LK in short.

[4] All member banks are registered and supervised by the organization, and are required to carry the statement indicating such in advertising.