The Amendment has now included Bank Indonesia ("BI") Rupiah Securities (Sekuritas Rupiah Bank Indonesia - "SRBI") on the list of highly-valued securities ("Securities") that are available to be placed as collateral in order to secure short-term liquidity loans (Pinjaman Likuiditas Jangka Pendek - "PLJP") for conventional commercial banks (Bank Umum Konvensional "BUK").

Among the various changes that have now been introduced, provisions that specifically address the following areas have been adjusted: procedures for the replacement and dismissal of members of banks boards of directors and boards of commissioners, committee classifications and memberships, the implementation of Governance, Risk and Compliance (Tata Kelola, Manajemen Risiko dan Kepatuhan/GRC), applicable administrative sanctions, and the mechanism for the submission of reports to the OJK

The Supervisory Statuses that apply under the Draft Regulation have now been adjusted and are set to encompass the following classifications: 1) Normal; 2) In recovery (dalam penyehatan); and 3) In resolution. In this regard, the forthcoming framework has also made adjustments to various applicable criteria that relate to Banks that are classified under the second and third tiers of the currently applicable Supervisory Statuses.

Broadly speaking, the changes that have been made encompass various matters, including the reporting of DHE-SDA special accounts (rekening khusus/Reksus), transaction reports that affect foreign banks financial assets (aset finansial luar negeri/AFLN) and foreign banks financial obligations (kewajiban finansial luar negeri/KFLN), up to the submission of LLD reports

As Banks will be required to report the results of implemented Self-Assessments within 15 business days of the end of the relevant reporting year, the Draft Circular states that Self-Assessments should be scheduled for initial implementation by December 2023 and then reported by the end of June 2024.

The required minimum capital levels for the establishment of UUS have now been revised and reorganized into several classifications and fulfillment periods, as follows: 1) New UUS: Rp. 1 trillion; 2) Existing UUS: Rp. 500 billion by 31 December 2023 and Rp. 1 trillion by 31 December 2024; and 3) Existing UUS belonging to regional government banks: Rp. 500 billion by 31 December 2024 and Rp. 1 trillion by 31 December 2025

This new BI-issued legal instrument primarily reaffirms and restructures previously applicable provisions that address short-term liquidity loans (PLJP) but has not made any major adjustments to this previous legal framework

Bank Indonesia expand and strengthen the efforts to ensure consumer protection through the imposition of additional obligations, prohibitions and administrative sanctions on financial service organizers

In terms of further accommodating various matters relating to digital services, as offered by commercial banks and/or their partners, the following matters have now been introduced under the Draft Regulation, amongst other updated provisions: 1) Digital services whose licensing is regulated by other authorities are not required to secure licenses from the OJK; 2) Digital services in the form of account administration (e.g. account opening or closing, the updating of client data, etc.) must be offered through applications that are owned by the relevant Banks; 3) Various matters relating to personal data protection

Commencing January 2025, all banks operating within Indonesia will be required to pay premiums for the Bank Restructuring Program to the Deposit Insurance Corporation. Said payments should be completed twice a year as follows: 1) 1 January - 30 June (to be paid by 31 January at the latest); 2) 1 July - 31 December (to be paid by 31 July at the latest)