OJK Re-amends Provisions on Countercyclical Policies for LJKNB, Some of Which Will Remain Valid until 17 April 2023

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 30/POJK.05/2021 (“Second Amendment”) as the second amendment to Regulation No. 14/POJK.05/2020 on Countercyclical Policy to Mitigate the Impact of the Corona Virus Disease 2019 Pandemic upon Non-Bank Financial Service Institutions, which was also previously amended through the issuance of Regulation No. 58/POJK.05/2020 (collectively referred to as “Regulation 14/2020”).[1]  Broadly speaking, the Second Amendment updates several leniencies for Non-Bank Financial Services Institutions (Lembaga Jasa Keuangan Non-Bank – “LJKNB”) in order to further support the operations of LJKNB during the ongoing Corona Virus Disease 2019 (“COVID-19”) pandemic, as well as to prevent LJKNB experiencing any negative consequences in the wake of the expiration date of previous countercyclical policies.[2]