Indonesia Parliament Approves New Officials to Steer Financial Regulator Reforms

OJK - JAKARTA. Indonesia's parliament voted on Thursday to endorse the selection of five top officials at the country's financial regulator, as it rushes to implement key reforms and assuage global investor concerns about market governance in Southeast Asia's largest economy. The positions fell vacant after a string of resignations in the aftermath of a January market rout that wiped off $120 billion in stock valuations.

The selloff was triggered by index provider MSCI warning that it could downgrade Indonesia to "frontier" status because of transparency and governance issues among listed firms.