OJK Officially Unveil Fit-and-Property Assessment Mechanism for Non-Operational Holding Companies of Financial Conglomerates

In 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 30 of 2024 (“Regulation 30/2024”) on Financial Conglomerates (“Conglomerates”) and Holding Companies of Conglomerates (Perusahaan Induk Konglomerasi Keuangan – “PIKK”),[1] which classified PIKK into Operational PIKK and Non-Operational PIKK. The latter classification refers to legal entities owned by controlling shareholders (Pemegang Saham Pengendali – “PSP”) and/or ultimate controlling shareholders (Pemegang Saham Pengendali Terakhir – “PSPT”) that only engage in activities as PIKK.[2] In this regard, the main parties of the aforesaid Non-Operational PIKK are subject to a fit-and-proper assessment organized by the OJK.[3]