OJK Regulates Procedures for the Issuance and Implementation of Written Orders Within the Financial Services Sector

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 18 of 2022 on Written Orders (“Regulation 18/2022”). This new regulation has been issued in order to satisfy the mandate that addresses the regulatory and supervisory duties of the OJK, as set out under Law No. 21 of 2011 on the OJK (“Law 21/2011”). Furthermore, Regulation 18/2022 is aiming to provide a more transparent and accountable mechanism that addresses the procedure for the issuance and implementation of written orders to Financial Services Institutions (Lembaga Jasa Keuangan – “LJK”) and/or certain parties.[1] Through the issuance of Regulation 18/2022, Regulation of the OJK No. 35/POJK.05/2016 on Procedures for the Determination of Written Orders Within the Insurance Sector (“Regulation 35/2016”) has now been replaced and repealed.[2]