The Amendment has now clarified that relevant importers are first required to deposit collateral with the relevant customs-and-excise office head. Said collateral may take one of the following forms: 1) Cash; 2) Bank guarantees; 3) Guarantees that are provided by insurance companies; 4) Guarantees that are provided by the Indonesian Export Financing Agency (Lembaga Pembiayaan Ekspor Indonesia/LPEI); 5) Guarantees that are provided by guarantor agencies; 6) Corporate guarantees; and/or 7) Written guarantees

In addition to the existing five types of premium objects that can be awarded to any individuals, groups of people or work units that contribute to the handling of customs violations, premium objects can now also derive from the following: 1) Administrative fines for criminal violations that are not subject to investigations; or 2) Administrative fines for criminal violations for which the relevant investigations are suspended in the interests of state revenue

The Draft Regulation requires all prospective liquidity providers to first fulfill the following requirements, among others: 1) Must secure a business license or approval from the OJK; 2) Must secure approval from the market organizer; and 3) Must continuously fulfill the requirements set by the market organizer. Upon meeting said requirements, liquidity providers are obliged to conduct orderly, fair and efficient securities trading

Comprising 141 articles spanning seven chapters, the Draft Regulation aims to update and integrate frameworks that relate to the licensing and institutions of Employer Pension Funds (Dana Pensiun Pemberi Kerja /DPPK) and Financial Institution Pension Funds (Dana Pensiun Lembaga Keuangan/DPLK) (collectively referred to Pension Funds). In this regard, the Draft Regulation specifies the following matters in relation to the establishment of Pension Funds: 1) Eligible organizers; 2) Types of pension programs permitted to be organized; 3) Applicable requirements; and 4) Mechanism for the securing of approvals from the Financial Services Authority (Otoritas Jasa Keuangan/OJK).

The Second Amendment has also made several adjustments to applicable requirements for imports of fortification premixes that will be used as raw materials during the manufacture of flour. In this regard, this type of commodity may now be imported by holders of Manufacturer Importer Identification Numbers (Angka Pengenal Importir Produsen/API-P) and does not require any import approvals to be secured. Moreover, imports of feedstock lubricant materials no longer require relevant importers to first secure recommendations from the Ministry of Industry

The National Agency of Drug and Food Control has revised a number of provisions that specifically address the labeling of processed food products, as originally set out under Regulation No. 31 of 2018. These revisions encompass the affixation of labels to AMDK products. In this regard, any AMDK that utilize polycarbonate plastics should have the following wording affixed to them: Under certain conditions, polycarbonate packaging can release BPA into bottled drinking water.

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