The updated KSEI framework introduces structural changes to the administration of securities sub-accounts, notably establishing the new Sub-Account 084, which is dedicated to transaction settlements that are managed by KPEI. This new mandate now requires clearing members and regional brokers to adapt their account management systems in order to facilitate seamless settlement processing.

The Second Amendment seeks to strengthen the overall management of Indonesia?s Export Proceeds from Natural Resources (Devisa Hasil Ekspor Sumber Daya Alam/DHE SDA) by requiring exporters to deposit their funds exclusively in state-owned banks. This will involve rupiah conversions being restricted to a maximum of 50% of export values, as well as an expansion of applicable compliance sanctions. The new framework also narrows the available fund placement channels while introducing certain sector-specific retention obligations that will apply to mining exporters, thereby significantly affecting exporters? liquidity management, banking arrangements and foreign currency utilization strategies.

While retaining the existing fee structure for Securities Borrowing and Lending (Pinjam Meminjam Efek Reguler/PME) services (e.g. applicable rates, minimum charges and the use of T+0 closing prices for fee calculations), this Circular has now clarified that loan fees will only be billed after loan completion or reimbursement. The new framework also introduces a proportional compensation distribution mechanism for Multi-Lender transactions that is based on each lender?s share contribution

This framework establishes stringent domestic product utilization mandates that will now apply to all goods and services that are procured by the Nusantara Capital City Authority (Otorita Ibu Kota Nusantara ? ?OIKN?). The new Regulation requires domestic products to be prioritized beyond a minimum 40% combined Domestic Component Level (Tingkat Komponen Dalam Negeri/TKDN) and Company Benefit Weighted (Bobot Minimum Penilaian/BMP) value. Furthermore, the new framework also introduces a strict approval mechanism for imported products that will require direct authorizations to be granted by the Head of OIKN

Bank Indonesia has now significantly tightened the threshold for spot foreign exchange purchases against the rupiah currency that can be executed and that require underlying transaction documents, thereby lowering the limit from US$ 50,000 to US$ 25,000 per month. This shift requires strict compliance in terms of documents and proactive liquidity management by corporate participants who are navigating smaller routine currency conversions

Entities eligible to be appointed as Primary Dealers in the Money Market and Foreign Exchange Market (Pasar Uang dan Pasar Valuta Asing - ?PUVA?) must operate as issuers of money market instruments or participants in PUVA transactions, and include banks or other entities designated by Bank Indonesia (?BI?). These parties are required to act as market makers, must actively engage in open-market operations and PUVA transactions and must fulfill various additional obligations, as mandated by BI. Any failure to comply with these obligations may lead to the imposition of administrative sanctions that range from written reprimands to temporary suspensions to revocations of Primary Dealer approvals

This Amendment has now expanded the authority of the Daya Anagata Nusantara (?BPI Danantara?) Investment Management Agency (Badan Pengelola Investasi) so that it can now issue strategic policies that address State-Owned Enterprises. Said policies will cover areas such as investment, procurement and risk management, as well as environmental, social and governance (ESG) programs. The Amendment will also allow BPI Danantara to independently establish multiple investment and operational holding companies that will be wholly owned by the agency. In addition, the Amendment also introduces annual work-plan requirements and allows development-focused investment holdings to receive direct state capital participation

This Regulation establishes a new procedural framework for the introduction of the Global Minimum Tax (GMT) framework within Indonesia. Under this framework, qualifying multinational enterprises will have to register as Global Anti-Base Erosion (GloBE) Taxpayers, submit specialized annual income-tax returns and information reports, and also, where applicable, pay top-up tax in order to satisfy the 15% minimum effective tax rate requirement

This new Circular has now revised the applicable electronic purchasing procedures for road and bridge infrastructure by extending the mini-competition methods to also encompass both Itemized and Non-Itemized categories. In this regard, the new mandate introduces stringent localized scoring mechanisms that emphasize the utilization of domestic components and implements new mandatory warranty provisions that apply to high-value goods. As a consequence, business actors will have to adjust their bidding strategies and supply chain sourcing in order to remain competitive

This new Draft Regulation is set to fundamentally strengthen financial reporting governance over parties who organize technological innovations that transform the financial sector (Inovasi Teknologi Sektor Keuangan/ITSK), digital financial assets and crypto assets by mandating the adoption of mandatory internal control systems and integrated anti-fraud functions, as well as direct accountability for Boards of Directors, Boards of Commissioners and controlling shareholders in terms of reporting accuracy and regulatory compliance. The new framework will also significantly expand personal and corporate exposure to administrative sanctions. Said sanctions encompass fines, suspensions of business activities, disqualification of management personnel and license revocations, and may be imposed in response to failures that relate to the integrity of financial reporting or unlawful interventions