Any LJKNB who engage in sharia-based business operations are additionally required to include special business plans which address the relevant sharia units or sharia business units

A three-business-day window now has been set for Financial Service Providers (PJK) to provide administered data, information and/or documents to the Financial Services Authority (OJK) and/or other competent authorities upon an official request

Provisions in relation to securities transactions performed via securities brokers are now addressed, where the brokers may act on behalf of customers, provided that they send written confirmation to both transaction counterparts and/or customers in duly manner

While essentially addressing similar areas as the Previous Regulation, Regulation 63/2019 sets out a significantly more comprehensive framework which tackles a number of aspects which were not regulated under the Previous Regulation, particularly investments which involve shares and/or bonds (e.g. the appointment of investment managers and the opening of accounts at custodian banks) as a focus for future government investment

By coordinating with the Financial Services Authority (Otoritas Jasa Keuangan) and the Indonesian Deposit Insurance Corporation (Lembaga Penjamin Simpanan), BI has developed an integrated, metadata-based reporting system for commercial banks

If the Draft Bill is passed by the House of Representatives, cooperatives will be subject to the obligation to pay mandatory membership fees to the Indonesian Cooperatives Council.

Board of Directors of insurance companies are prohibited from acting as members of Board of Commissioners committees. However, affiliates of insurance companies may act as members of committees, provided that a six-month cooling-off period had been undergone initially

When implementing good pension fund governance guidelines, pension funds are required to appoint administrators or acting executives, to establish supervisory boards and/or sharia supervisory boards, as well as to implement certain functions and set up committees

There are three dispute settlement mechanisms available under this Draft Regulation, including: 1) Limited facilitation; 2) Facilitation; and 3) Consultation

Non-Bank Reporters have to submit monthly LLD reports online to BI by the 15th day of the month following the relevant month being reported at the latest