As the OJK may verify and/or validate any original documents that are submitted with Applications, Organizers are obliged to provide and retain the originals of any scanned documents that they submit to the OJK in relation to the above Applications (whether said Applications are submitted via either online or offline means) for certain periods, as follows: 1) For licensing and approval documents: must be retained for as long as a licensing and approval period remains valid; and 2) For reporting documents: must be retained for a period of at least five years from the relevant reporting date

In carrying out said risk-based approach, Providers must implement the following six specific activities: 1) Identification of inherent risk; 2) Stipulation of risk tolerance; 3) Implementation of a risk-based approach; 4) Development of risk mitigation and control measures; 5) Evaluation of residual risk; and 6) Review and evaluation of any existing risk-based approach

The Draft Regulation requires all securities companies that engage in certain types of business activities to become Users, specifically: 1) Securities brokers (PPE); 2) Mutual-fund sales agents; 3) Institutional PPE marketing partners; and so forth

Following restrictions have now been introduced and will apply to Unit Link sub-funds: 1) Limits on placements of investments that derive from Unit Link sub-funds have been determined; and 2) Placements of Unit Link sub-funds in the form of mutual funds (reksa dana) are only applicable to funds with underlying assets that take the form of securities issued by the state or Bank Indonesia

All Organizers must appoint at least one controlling shareholder, while Organizers that secured business licenses prior to the promulgation of this regulation must report the appointment of said controlling shareholders and any related amendments to the OJK within six months of 4 July 2022

Organizers of LPBBTI are required to submit applications for various licenses, approvals and reporting to the OJK through the OJKs data communications network system or offline through the OJK office

LPEI is obliged to maintain and/or enhance its soundness level through the implementation of the prudential principles and risk management during the conducting of its business activities

When marketing any unit-link products, insurance companies must provide adequate documentation (in audio and/or video form) the feature explanations of the benefits, costs and risks associated with the products that are being offered (including any additional features), as well as statements from policyholders

The types of products that incorporate inclusive branchless banking services and that may be offered by financial institutions encompass the following: 1) Basic Savings Accounts; 2) Microcredit and financing; and/or 3) Other financial services, as approved by the OJK

Adds two new broadened scopes of countercyclical policies for LJKNB, specifically: 1) Actuarial valuation provisions that address employer pension funds; and 2) Loan restructuring for providers of technology-based money lending services