Regulation 32/2026 extends Bank Indonesia consumer protection obligations to money market and foreign exchange derivatives players and financial market infrastructure providers. It requires a dedicated consumer protection unit and the allocation of at least 3% of marketing costs to education. It also halves the resolution period for written complaints to 10 business days and introduces a dedicated track for fraud-related complaints.

Law 6/2026 establishes a dedicated tax and customs framework for the Indonesian International Financial Center (Pusat Finansial Internasional Indonesia ? ?PFII?), including a 100% Corporate Income Tax (Pajak Penghasilan ? ?PPh?) reduction, PPh facilities for financial sector experts and foreign ad hoc judges, and special tax treatment for family offices and foreign investors. Value-Added Tax (Pajak Pertambahan Nilai/PPN) and/or Luxury-Goods Sales Tax (Pajak Penjualan atas Barang Mewah/PPnBM), and import duty facilities are also provided, subject to eligibility, compliance requirements, and the 15% Global Minimum Tax.

Regulation 11/2026 establishes the operational framework for public offerings of debt securities and/or sukuk through the Electronic Public Offering System, covering order submission, funding, verification, allotment, and settlement. It also regulates investor funding requirements, due diligence for Fixed Allotment, and a minimum 5% Centralized Allotment with a minimum 1:2 Retail-to-non-Retail allocation ratio.

The regulation introduces changes mainly to minimum trading prices and Auto Rejection parameters for equity securities traded on the Regular and Cash Markets. Unlike the previous framework, which set a minimum price of Rp50 for shares and other equity securities, Regulation 9/2026 establishes a uniform minimum price of Rp1. Regulation 9/2026 also introduces a specific Auto Rejection threshold for securities priced between Rp1 and Rp10, while maintaining percentage-based thresholds for higher price ranges.

The Amendment updates the Auction of State Sharia Securities (Surat Berharga Syariah Negara ? ?SBSN?) auction framework by requiring the maximum target amount and settlement date in auction plans, introducing a fallback pricing mechanism for non-competitive bids where no competitive bids are submitted, and removing the benchmark-series trigger for additional auctions. Additional SBSN auctions may now be conducted where the main auction falls short of its maximum target amount, with bidding and settlement prices determined by reference to the main auction results.

The Indonesia Stock Exchange has introduced an updated incentive framework for Equity Liquidity Providers. While retaining the three baseline incentive options, the new decree notably introduces a temporary double transaction fee reduction applied directly to the billing statement for qualifying stock quotations, aiming to further stimulate market liquidity and participation by Exchange Members until August 2027.

The Draft Amendment expands the Organization of Financial Sector Technological Innovation (Inovasi Teknologi Sektor Keuangan/ITSK) framework to cover Digital Asset Financial Service Institutions (Lembaga Jasa Keuangan ? ?LJK?), Crypto Asset LJKs, Non-Crypto Digital Financial Asset LJKs, ITSK Providers, and Registered Participants, while introducing ?certain recommendations? as a new Sandbox outcome. It also strengthens reporting, sanctions, business planning, operational controls, exit procedures, and shareholder responsibility for certain outstanding obligations.

This Regulation introduces a separate category of other natural resource Non-Tax State Revenue (Penerimaan Negara Bukan Pajak ? ?PNBP?) for Domestic Market Obligation (?DMO?) receipts and production bonuses, alongside revised accounting treatment for Certain Natural Gas Price (Harga Gas Bumi Tertentu ? ?HGBT?)-affected revenues.

The Draft Regulation strengthens Investment Managers? risk management framework through the assessment of 10 risk types, enhanced liquidity stress testing and operational resilience, and strengthened cybersecurity requirements. It also tightens securities portfolio concentration risk management through concentration limits, integrated monitoring, and preventive measures, with a two-year adjustment period for Investment Managers with existing risk management guidelines.

The Second Amendment increases the maximum aggregate Macroprudential Liquidity Incentive Policy (Kebijakan Insentif Likuiditas Makroprudensial ? ?KLM?) from 5,5% to 6%, introduces a securities ownership ratio as a basis for obtaining KLM, removes interest rate-based and non-third-party funding incentives, and revises sectoral allocations and evaluation periods, including reducing the services and creative economy sector allocation to 0,1% and introducing monthly evaluations for securities ownership-based KLM.