The Financial Services Authority has issued Regulation No. 41/POJK.03/2017 on Requirements and Procedures for Bank Examinations. This new regulation effectively makes no significant alterations to any of the provisions which were originally set out under Regulation 41/2017.

To minimize the risks inherent to commercial banking business in both a preventative and curative manner, the Financial Services Authority has issued Regulation No. 46/POJK.03/2017 on the Implementation of Commercial Bank Compliance. This new regulation makes a minor alteration to the provisions which were originally set out under Bank Indonesia Regulation No. 13/2/PBI/2011 on the same matte. Essentially, this regulation addresses several matters, including: 1) Compliance function; 2) Director of compliance; and 3) Sanctions.

In a bid to codify provisions which relate to reporting obligations for Insurance-Related Companies, the OJK has issued Regulation No. 55/POJK.05/2017 on Periodic Reporting by Insurance Companies. In brief, Regulation 55/2017 re-regulates the list of periodic reports that should be submitted by each type of company operating within the insurance industry, as well as administrative sanctions for non-compliance.

In order to accommodate the needs of experts across the banking sector, the Financial Services Authority has issued Regulation No. 37/POJK.03/2017 on the Employment of Foreign Workers and the Transfer-of-Knowledge Program Within the Banking Sector. This regulation basically makes no alteration to any of the provisions which were originally set out under Bank Indonesia Regulation No. 9/8/PBI/2007, which addressed the same matters. The new regulation addresses several provisions, including: 1) Eligible positions for foreign workers; 2) Employment of foreign workers; and 3) The Transfer-of-Knowledge program.

In an attempt to achieve Indonesia?s sustainable-development goals, the OJK has issued Regulation No. 51/POJK.03/2017 on the Implementation of Sustainable Financing by Financial Services Institutions, Issuers and Public Companies. In essence, Regulation 51/2017 mandates that financial-service institutions, issuers and public companies to implement sustainable financing through the formulation of two documents: 1) An action plan; and 2) Sustainability reports. Moreover, incentives will be offered by the OJK for the effective implementation of sustainable financing.

The Financial Services Authority has issued Regulation No. 30/POJK.04/2017 on Buybacks of Shares Issued by Public Companies. This new regulation repeals and replaces BAPEPAM ? LK Regulation No. KEP ? 105/BL/2010 on Buybacks of Shares Issued by Issuers or Public Companies (Regulation XI.B.2). In essence, this new regulation makes a number of minor alterations to the provisions which were originally set out under Regulation XI.B.2. Moreover, this new Regulation also adds a new list of administrative sanctions for any acts of non-compliance.

The OJK has finally issued Regulation No. 26/POJK.04/2017 of 2017 on Bankruptcy Information Disclosure for Issuers and Public Companies. This new regulation replaces BAPEPAM-LK Regulation No. Kep-46/PM/1998 which addressed the same matters (Regulation X.K.5). Essentially, the new regulation does not significantly alter the provisions which were originally set out under Regulation X.K.5, however it does add a new list of administrative sanctions for non-compliance.

The OJK has decided to address technical provisions for sustainable education programs for the BoDs and BoCs of securities companies through the issuance of Circular No. 20/SEOJK.04/2017 of 2017 on the Organization of Sustainable Education Programs for Members of Boards of Directors and Boards of Commissioners of Securities Companies Which Are Undertaking Business Activities as Securities Underwriters and/or Broker-Dealers. In essence, the Circular requires BoDs and BoCs of securities companies to participate in sustainable education programs at least once every two years.

The Financial Services Authority has issued Circular Letter No. 18/SEOJK.02/2017 of 2017 on Good Governance and Information-Technology Risk Management for Technology-Based Fund-Lending Services. In essence, this circular letter addresses a number of areas pertaining to the implementation of good governance and risk management for peer-to-peer lending, including the roles and responsibilities of Boards of Directors, data-center and disaster-recovery-center good governance as regards electronic systems and information technology, transfers of technology, information-technology risk management, electronic-system security and so forth.

In order to provide better protection for minority shareholders in publicly traded companies, the Financial Services Authority (OJK) recently issued Regulation No. 10/POJK.04/2017, which amends OJK Regulation No. 32/POJK.04/2014 on the Planning and Organization of General Meetings of Shareholders for Publicly Traded Companies by adding new provisions which address various topics which were not covered under the 2014 regulation, specifically: (1) General meetings of shareholders which address changes to share rights; and (2) The appointment and termination of public accountants who will be responsible for auditing the annual financial histories of publicly traded companies.