OJK Set to Clarify Provisions on the Approval of LAPS SJK Regulations

Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”)  No. 61/POJK.07/2020 (“Regulation 61/2020”)[1] states that alternative dispute resolution institutions operating the financial services sector (lembaga alternatif penyelesaian sengketa sektor jasa keuangan – “LAPS SJK”) are required to secure approvals for their operations from the OJK. When submitting applications to secure said approvals, LAPS SJK must enclose certain documents, including their regulations. These regulations and their amendments (if any) will come into force when official OJK approvals are granted.[2]