Previously, the applicable criteria that had to be met by conventional commercial banks (Bank Umum Konvensional/BUK), sharia commercial banks (Bank Umum Syariah/BUS) and sharia business units (Unit Usaha Syariah/UUS) in order to become monetary market primary dealers comprised three main aspects (i.e. contribution, capability, as well as collaboration and reputation). These criteria have now been revised as follows: 1) General criteria (i.e. size, interconnectivity and complexity); and 2) Special criteria (i.e. transactions, interconnectivity, competency, risk management and infrastructure).

The Financial Services Authority (OJK) is preparing to introduce the Financial Services Actor Information System (Sistem Informasi Pelaku di Sektor Jasa Keuangan/SIPELAKU) in order to make a shared database available on fraudulent activities that take place within the financial sector, with the ultimate goal of minimizing any potential risks and ensuring stability across the sector

Indonesia's Constitutional Court ("MK") has decided to partially grant the Petitioners' petition and has therefore declared that Article 10 of Law 28/2014 is contrary to Indonesia's 1945 Constitution and therefore does not have any legally binding force as long as it is not interpreted to mean, "Managers of trading places and/or UGC-based, digital service platforms are prohibited from allowing the sale, display and/or duplication of goods resulting from copyright infringement and/or related rights within said trading places and/or through digital services that they manage."

Handling procedures have also now been redefined and eased, including relevant timeframes, which now encompass the following: 1) Investigations, which should be completed within a maximum of 60 business days; 2) Preliminary examinations, during which respondents are entitled to respond within 30 business days (previously 14 business days); 3) Imposition of three written warnings (with a period of 30 business days between each warning in order to implement the relevant order). Previously, respondents were only given 14 business days between each warning

All banks are now required to prepare and submit recovery plans to the OJK, whereas previously only systemic banks were mandated to prepare and submit such plans. The new Regulation introduces various new deadlines for the submission of recovery plans, which lie between November 2024 and December 2027, depending on the type of banks concerned

In addition to the foreign citizens who were previously eligible to secure limited-stay visas, representatives of foreign parent companies that are visiting or assigned to branches or subsidiaries in Indonesia are now also eligible to secure this type of visa

Mandatory submissions of reports by Rural Banks and Sharia Rural Banks via the Financial Services Authority Reporting System are set to be redefined.

While the newly introduced 2024 National Strategy on Consumer Protection retains the majority of sectors that were originally stipulated as priority consumer protection sectors under the previous 2017 - 2019 National Strategy on Consumer Protection, the 2024 National Strategy has now expanded the list of priority sectors through the inclusion of tourism and creative economy

For stateless individuals or foreign nationals (i.e. individuals who are not Indonesian citizens) who are in possession of stay permits and non-passport travel documents, a number of additional requirements must be fulfilled in order to enter or exit Indonesian territory, including: 1) Re-entry permit; 2) Return or onward ticket; and/or 3) Visa approval from the Director-General of Immigration

The Draft Regulation encompasses 103 articles spanning 19 chapters, including revised criteria for and structures of financial conglomerates, as well as provisions on the establishment and business activities of PIKK