General Corporate

1. Regulation of the President No. 105 of 2025 on the State-Owned Enterprises Regulatory Agency

Enforcement Date: 7 October 2025

Summary:

• Following the shift from the Ministry of State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”) to the new BUMN Regulatory Agency (Badan Pengaturan BUMN – “BP BUMN”), as set out under the most recent amendment to Law No. 19 of 2003, this new Regulation now clarifies that any duties and functions associated with BUMN that were previously the responsibility of the Ministry of BUMN (“Ministry”) have now been integrated into the duties and functions of BP BUMN.
• The aforementioned institutional transformation has also resulted in the adjustment of various core duties and functions that previously regulated BUMN. One notable example of a newly featured BP BUMN function is the inclusion of the management of BUMN Series A Dwiwarna shares dividends, as approved by the president. Furthermore, this Regulation also redefines the scope of the various policies that are formulated and stipulated by BP BUMN, which was previously the responsibility of the Ministry.
• This Regulation revises the original organizational structure of the Ministry, which is set to be assumed by BP BUMN. In this regard, it should be noted that certain BP BUMN Deputies will now be responsible for various functions and authorities that did not previously apply to Deputies of the Ministry. These functions and authorities include responsibility for reviewing and analyzing work plans drawn up by the Investment Management Agency (Badan Pengelola Investasi) of Daya Anagata Nusantara (BPI Danantara). Moreover, while no longer featuring any expert staff as a part of its organizational structure, this Regulation allows the Head of BP BUMN to establish an expert group that is tasked with conducting studies and providing advice and considerations to BP BUMN regarding the creation of BUMN policies, strategies and national programs.
• For more information, see ILB No. 5282.