In order to be able to do so, Insurance Businesses must first secure approval from the Financial Services Authority

The implementation of good corporate governance by financing companies is no longer to be assessed by the companies themselves (self-assessment) but instead by the Financial Services Authority

LJKNB are required to assess their soundness levels based on either the individual assessment approach or the consolidation approach (for LJKNB which have control over their subsidiaries). These assessments should be undertaken annually and self-assessments may also be deemed necessary by the OJK.

In addition to state equity participation, placement of funds, government investment and guarantees, the attempt to recover national economy may also be implemented through state expenditure through, among other approaches, the granting of interest subsidies to debtors of banks, financing companies and agencies distributing government credit

Sets out a new countercyclical policy for LJKNB which comprises the following seven policies: 1) Timeline for the submission of periodic reports; 2) Implementation of fit-and-proper testing; 3) Determination of the quality of assets in the form of financing and restructuring; 4) Calculation of the solvency levels of insurance companies; 5) Calculation of the financing quality of pension funds; 6) Implementation of lifecycle funds within pension funds; and 7) Other policies, as determined by the OJK.

Exports of coal and/or CPO and imports of rice and/or goods for government procurement purposes are now required to utilize national maritime transport companies and national insurance. However, import/export activities that involve sample products, goods which will not be traded, goods that will be used for research purposes, rejected imported goods and goods which are to be re-exported, etc. have been exempted from this regulation.

OJK has recently extends the deadline for the submission of mandatory reports by LJKNB (i.e. insurance, pension funds, financing companies, venture-capital companies, infrastructure financing, etc.).The report submission periods set under this new legal framework have now been extended by 14 business days or two months after the original deadlines, as per the original provisions set out under the relevant respective regulations.

Consolidations of commercial banks can be carried out through the following schemes: 1) Merger, consolidation or integration; 2) Acquisition followed by merger, consolidation or integration; 3) Establishment of bank business groups (kelompok usaha bank KUB) by commercial banks which are owned by the controlling shareholders; 4) Establishment of KUB due to the spin-off of a sharia business unit; or 5) Establishment of KUB due to acquisition

All fit-and-proper testing should involve processes of administrative study which are implemented by the OJK. As a result, PSP candidates will be required to give presentations of their investment-manager or investment-advisor development plans for the next five years, as well as presentations of PSP candidate strategies which will be employed in the event that investment managers and investment advisors experience any liquidity or solvency difficulties.

Issuers and public companies may now hold their annual General Meeting of Shareholders by 31 August 2020 at the latest (instead of 3o June 2020) and submit their annual reports to the Financial Services Authority until 30 June 2020 (instead of 30 April 2020).