The Draft Regulation encompasses 103 articles spanning 19 chapters, including revised criteria for and structures of financial conglomerates, as well as provisions on the establishment and business activities of PIKK

This new Regulation has been drafted with a significant contribution being made by relevant stakeholders, resulting in a more comprehensive and promising consumer and public protection infrastructure. Despite the broad scope of this new framework, the public focus has been on provisions that set limits and requirements in relation to the carrying out of debt collection activities in an effort to prevent the violence and threats that are commonly associated with these activities

The scope of the specific audits that are required to be outlined within the aforementioned work agreements has also now been redefined, while the specific audit aspects have been classified into three main sectors (e.g. banking, capital market and non-banking financial institutions). While the scope of specific audits is quite broad, depending on the Parties themselves, each of said Parties specific audits include assessments of management assertions.

It is essential to note that, in preparation for the new regulation, companies are required to complete trial submissions of monthly reports from January 2024 until March 2024. This will help to ensure a smooth transition to the new reporting system.

The following obligations must be fulfilled by no later than 31 December 2023: 1) AP must secure sharia accounting knowledge certification; and/or 2) KAP must submit their cooperation agreements with any foreign KAP or foreign auditor organizations

Whereas previously, PJK were divided into three main parties, specifically those that were grouped under the banking sector, the capital-market sector and the non-bank sector, this new regulation states that there are now 18 types of PJK (conventional/sharia) that are subject to mandatory compliance with the various provisions addressed therein, including: 1) Banks; 2) Custodians; 3) Trustees; 4) IT-based crowdfunding services; 5) IT-based transaction services and financial sector technology innovation organizers; and so forth

The adjustments that have been made involve the introduction of a limitation on the utilization of auditing services by Accountants and Firms that states that individual Accountants can only be utilized for periods of seven cumulative years at the maximum by commercial banks, issuers and public companies, and for periods of five consecutive years at the maximum by other Institutions

The indicators provided under this regulation are categorized into the following types of transactions: 1) Financial transactions intended to be used and/or that are known to have potential use in relation to acts of terrorism; 2) Financial transactions intended to be used and/or that are known to have potential use in relation to terrorism-related crime; and 3) Transactions that involve individuals who have been included on lists of suspected terrorists and terrorist organizations

The Financial Services Authority is currently preparing a Draft Regulation on Insurance Products Linked to Credit or Sharia Financing and Products in the Suretyship or Sharia Suretyship Business Lines

The obligation to submit quarterly financial statements has also now been removed. Companies are instead now required to draw up and maintain a detailed list of related parties and investment recipient groups who are not related parties for investments in assets other than sub-funds and investments in sub-fund assets