Commercial banks and non-banking institutions must be ready to fulfill the following obligations by specific deadlines: 1) Submission of funding provision plans for human resources development for 2025 by December 2024; and 2) Securing of competence-based training certification for payment systems and/or payment system competency certification for personnel who have held certain positions by 31 December 2026.

Business entities, legal entities and public entities (collectively referred to as "Entities") will be subject to mandatory assessments of legal implementation effectiveness, particularly in relation to their legal awareness and compliance. In this regard, Entities will be required to undergo mandatory annual legal audits ("Audits") that will be carried out by legal auditors ("Auditors") and that broadly comprise the following phases: 1) Planning; 2) Gathering of data and information; 3) Implementation of Audits; and 4) Drafting and submission of Audit results reports ("Audit Reports") to the Minister of Law and Human Rights ("Minister").

If it is ultimately enforced, the Draft Regulation will require all equity, debt and/or sukuk securities to be issued in scripless form ("Scripless Securities"). As such, existing scrip-form equity securities ("Scrip Securities") will be required to complete a transition from scrip-based documents through the transitioning of ownership and physical transfer of equity securities into securities that take electronic form ("Dematerialization").

The government has established maximum limits for the sugar, salt and fat (Garam, Gula dan Lemak GGL) content of processed foods, including ready-to-eat items. These maximum GGL levels will be determined based on risk assessments and/or international standards. Additionally, the government may impose excise taxes on certain processed foods in an effort to regulate GGL levels. Business operators involved in the production, import and/or distribution of processed foods, including ready-to-eat items, must adhere to these maximum GGL levels and ensure that the nutritional content of ready-to-eat processed foods is clearly labeled on food packaging or in information media.

Religious and social organization (Organisasi Kemasyarakatan Keagamaan "Ormas") businesses ("Ormas-Owned Businesses") that are entitled to receive priority Special Mining Business License Area (Wilayah Izin Usaha Pertambangan Khusus "WIUPK") offerings that derived from lands that were previously under relevant Coal Contracts of Work (Perjanjian Karya Pengusahaan Pertambangan Batubara "PKP2B") must possess an organ that engages in economic activities with the overall goal of empowering or improving the welfare of their members, as well as fulfilling the following criteria: 1) Must take the form of a legal entity; 2) Must be officially registered with the government; 3) Must have a national scope; and 4) Must manage economic resources, preserve the environment and maintain the norms, values, ethics and culture of the relevant community.

Domestic corporate taxpayers ("Corporate Taxpayers") who invest in the City of Nusantara (Ibu Kota Nusantara "IKN") and/or certain regions of Kalimantan as part of the IKN economic superhub ("Partner Regions") are entitled to secure corporate income-tax reduction facilities ("Tax Reductions") upon meeting the applicable minimum investment threshold of Rp. 10 billion. While Tax-Reduction-eligible investments in IKN comprise three main categories (i.e. Infrastructure and Public Services, Economy Generation and Other Business Sectors), Tax-Reduction-eligible investments in Partner Regions only cover Infrastructure and Public Services.

The Draft Regulation is set to redefine Non-Banking Financial Services Institutions (Lembaga Jasa Keuangan Non-Bank/LJKNB) as financing companies, venture-capital companies (Perusahaan Modal Ventura/PMV), micro-financing institutions and other types of financial services institutions (collectively referred to as "PVML"). In this regard, mandatory risk management has also been redefined and will soon be implemented based on the amounts of nominal assets that are owned by the relevant PVML, which break down as follows: 1) For PMVL with assets over Rp. 200 billion: risk-management committee and work unit (both are mandatory); and 2) For PMVL with assets up to Rp. 200 billion: risk-management function (mandatory) and committee (optional).

The requirements for participation in the restructuring program have now been updated to include the following criteria: 1) Must have set up a legal business entity; 2) Must have secured a business license with an Indonesian Standard Industrial Classification (Klasifikasi Baku Lapangan Usaha Indonesia "KBLI") that corresponds to a prioritized Textile and Textile Product (Tekstil dan Produk Tekstil "TPT") industry and that is valid for at least four years after the issuance of said business license; and 3) Must have purchased machinery and/or equipment suitable for industrial activities that has been installed at the production site with a total purchase that amounts to at least Rp. 500 million and must ensure that the purchase and installation period is in line with a timeline set by the Director-General responsible for guidance in relation to TPT business activities ("Director-General").

Certain goods that are subject to import regulations (collectively referred to as "Imported Goods") and that will be targeted by the Task Force for the Supervision of Imported Goods ("Task Force") include the following: 1) Textiles and textile products; 2) Ready-made clothing and accessories; 3) Ceramics; 4) Electronics; 5) Footwear; 6) Cosmetics; and 7) Other finished textile goods.

Participants in the trial mechanism that has been created in order to assess the feasibility and reliability of Technological Innovations Within the Financial Sector (Inovasi Teknologi Sektor Keuangan "ITSK") ("Sandbox") are first required to submit enrolment applications for the Sandbox mechanism. Said applications should be accompanied by the relevant testing plan concepts in order for assessments to be made of the readiness and innovative aspects of prospective participants. Moreover, the previously featured Digital Financial Innovations (Inovasi Keuangan Digital "IKD") criteria have now been redefined as criteria for innovations that are eligible to participate in the Sandbox mechanism, which now include: 1) Must have scope within the financial services sector; 2) Must be innovations that are ready to be tested and developed; and 3) Must provide benefits, improve services and provide added value to consumers, society and/or the financial-sector ecosystem.