The Financial Services Authority (OJK) has issued Regulation No. 67/POJK.05/2016 on Business Licenses and the Organizational Structures of Insurance, Sharia Insurance, Reinsurance and Sharia Reinsurance Companies in a bid to set out a set of comprehensive guidelines for the establishment, as well as the licensing, of both conventional and sharia insurance and reinsurance companies. In this regard, the new regulation specifies a wide range of topics, including requirements for the form, ownership, minimum-capital levels and naming of insurance or reinsurance companies, as well as the requirements and procedures for the securing of business licenses.

For the purposes of greater simplicity and transparency during mergers and validations undertaken by publicly traded companies, the Financial Services Authority has finally issued Regulation No. 74/POJK.04/2016 on Mergers and Consolidations of Publicly Traded Companies. The new regulation repeals and replaces the obsolete BAPEPAM Decree which addressed the same matters and this regulation serves as a new set of guidelines which encompass the various requirements and procedures which are to be followed when engaging in the merger or consolidation of publicly traded companies, as well as various sanctions for non-compliance.

The Financial Services Authority (OJK) has finally provided comprehensive guidelines for the organization of peer-to-peer (P2P) lending services through the issuance of Regulation No. 77/POJK.01/2016 on Technology-Based Fund-Lending Services. These guidelines cover a broad range of provisions, including the structure of P2P lending schemes, as well as the various requirements, procedures and obligations which relate to providers of P2P lending services.

In a bid to maintain the skill-base of underwriter representatives and brokerage dealers, the Financial Services Authority (OJK) has issued a mandate requiring professionals in these fields to undergo continuing education programs. Under the new regulations, attendance in these programs is now pre-requisite to the extension of professional licenses. In that regard, the OJK has issued Circular Letter No. 45/SEOJK.04/2016 on the Organization of Continuous Education Programs for Underwriter Representatives and Brokerage Dealers, which provides further guidelines for the implementation of this obligation. Circular Letter No. 45/SEOJK.04/2016 covers requirements concerning the organization of these continuous education programs, including the requirements/procedures necessary to secure acknowledgement from OJK and the basis for revoking such acknowledgement, as well as the obligations for PPL organizers and participants.

In order to accommodate the current boom in financial-technology industries, Bank Indonesia (BI) has issued Regulation No. 18/40/2016 on the Organization of Payment Transaction Processing. This regulation sets out a set of comprehensive guidelines for banks and non-bank institutions who are engaged in or who are seeking to engage in payment-transaction processing activities, including the parties which are allowed to undertake said activities, as well as the requirements and procedures for: 1) securing a license to be a payment-system service provider; or 2) gaining approval for the development of services, products and/or activities or for cooperation with other parties.

Bank Indonesia (BI) has issued Regulation No. 18/20/PBI/2016 on Non-Bank Foreign Currency Businesses in a bid to realize healthier and more efficient foreign-currency exchange activities, as undertaken by non-bank businesses. This objective has been implemented through the revision of a number of the provisions which were originally set out under the previous BI Regulation No. 16/15/PBI/2014 framework, including money-changer activities and licensing procedures. Moreover, the new regulation also adds a number of new provisions, including the requirement for money changers to possess bank accounts and provisionS which regulate trading in foreign-currency banknotes by non-money changers.

The Financial Services Authority (OJK) has issued Circular Letter 31/2016 No. 31/SEOJK.05/2016 which sets out further guidelines for the implementation of fit-and-proper testing for major parties in non-bank financial-service institutions. These guidelines cover: 1) The scope of the relevant major parties; 2) Requirements for major parties; 3) Procedures for securing approval from the OJK to become a major party; 4) Procedures for performing, disseminating or terminating the results of fit-and-proper testing; and 5) Sanctions for non-compliance.

As mandated by Financial Service Authority (?OJK?) Regulation No. 29/POJK.04/2016 on the Annual Reporting Obligations of Issuing Companies or Public Companies, the OJK has issued Circular Letter No. 30/SEOJK.04/2016, which sets out the required forms and contents which must be utilized by issuers and public companies during the drawing up of their annual reports before they are submitted to the OJK

The OJK has finally issued a circular letter on the marketing of insurance products in cooperation with banks, a process which is known as ?bancassurance?. The circular letter sets out a number of guidelines relating to the establishment and operation of any such cooperations, and encompasses provisions on business models, the various requirements which have to be met, procedures for the securing of Bancassurance approval from OJK, risk management and consumer protection.

In order to anticipate the discovery of new or existing majority shareholders in public companies due to disclosures of assets under the tax-amnesty program, the Financial Service Authority (OJK) has issued Circular Letter No. 35/SEOJK.04/2016. This circular essentially guarantees that such majority shareholders do not have to undergo the mandatory tender offer process and thus disclose their acquisition information publicly, as regulated under Rule IX.H.1 for the Capital Market and Financial Institutions Supervisory Board Decree No. KEP ? 264/BL/2011