| Since its inception in 1967, ASEAN has agreed to carry out economic cooperation. The agreement was more concrete in the 9th ASEAN Summit in Bali on October 7, 2003 where it was agreed that the formation of the ASEAN Community is one of the pillars of the ASEAN Economic Community (**AEC") which is targeted to be realized in 2020 but accelerated in 2015. One of the AEC's program is the development of the Integration of the ASEAN Capital Market. In the 12th ASEAN Finance Ministers' Meeting ("AFMM") in Danang, Vietnam on April 4, 2008. Has compiled The Implementation to Promote the Development of an Integrated Capital Market to Achieve the Objective of the AEC Blueprint 2015 ("The Implementation Plan") that was announced in the 13th AFMM in Pattaya, Thailand, on April 9, 2009. The Integration of the ASEAN Capital Market has disadvantages due to the difference level of economic readiness, legal and Capital Market infrastructure in each Countries of the ASEAN Member. In regard to the legal readiness, the Countries of the ASEAN Member agreed to harmonize the law through the concept of mutual recognition for the regulation, procedures and professions of Capital Markets ("Mutual Recognition"). Consequently, the domestic Capital Market regulation should be in accordance with the Mutual Recognition. Indonesia will discuss the Integration of the ASEAN Capital Market by the end of 2013 with the consideration that Indonesia is still ready evidenced by the persistence of the pros and cons of Indonesia's participation in the integration. The Law No. 8 of 1995 regarding the Capital Market and Law No. 21 of 2011 regarding the Financial Services Authority considered not able to accommodate the legal issues in the Integration of the ASEAN Capital Market. Therefore, if Indonesia participates, it must change both Laws. |