The Amendment introduces significant changes to Indonesia?s carbon trading framework by revising the registry system, expanding the categories of tradable carbon units and offering greater flexibility for the trading of internationally recognized carbon units. The Amendment has also expanded OJK oversight to include the governance of carbon exchange users? sustainability and provides a three-month transition period in order to support the implementation of the new registry framework.

This Second Amendment strengthens the investment and asset management framework of BPJS Ketenagakerjaan through enhanced governance, expanded investment instrument eligibility and the introduction of sharia-compliant investments. The Second Amendment also introduces stricter investment standards, extends asset management provisions to the Unemployment Insurance Program (Jaminan Kehilangan Pekerjaan/JKP), revises operational funding for the Old-Age Benefit Program (Jaminan Hari Tua/JHT) and the Pension Benefit Program (Jaminan Pensiun/JP) and standardizes the one-year adjustment period for portfolios that exceed regulatory limits as a result of market value fluctuations.

The Third Amendment mandates that all exporters operating within the natural resources sector must exclusively place, hold and manage their export proceeds through State-Owned Enterprise Banks, effectively stripping private banks and Indonesia Eximbank of their prior custodial authority. Furthermore, non-mining exporters now face a strict 50% regulatory cap on the conversion of their foreign exchange proceeds into rupiah, thereby fundamentally altering corporate treasury and hedging flexibilities.

If it is ultimately enforced, then this new Draft Bill will serve as a dedicated legal, governance, supervisory and judicial framework for the International Financial Center (Pusat Finansial Internasional Indonesia - ?PFII?). The Draft Bill introduces extensive fiscal and non-fiscal incentives, including 100% income tax reductions, indirect tax facilities, import-duty waivers and unrestricted capital repatriation. The Draft Bill also permits the use of foreign currencies and specialized legal arrangements within the PFII, with several proposed provisions differing from Indonesia?s existing legal framework.

The Directorate-General of Customs and Excise has introduced a number of new operational flexibilities relating to the management of customs-and-excise revenue targets. The Amendment empowers relevant directors to dynamically adjust previously established revenue trajectories during an ongoing fiscal year in response to changing economic conditions, thereby ensuring that internal monitoring remains strictly in line with actual market dynamics.

Bank Indonesia has drastically tightened the regulatory threshold for spot foreign exchange purchases against the rupiah currency. The new amendment has now lowered the maximum monthly transaction limit for exemptions from underlying transaction document requirements from US$ 25,000 to US$ 10,000. This strategic adjustment is targeting the stabilization of the rupiah currency amidst ongoing global uncertainties, thereby compelling businesses and financial institutions to immediately update their transaction compliance protocols.

PT Kliring Penjaminan Efek Indonesia has officially extended its fee incentive program for the clearing and settlement of futures contracts. This extension has retained the established tiered fee structure, which is based on contract multipliers and underlying assets, thereby ensuring continued cost reductions for participating clearing members while maintaining exemptions for compliant liquidity providers.

This new framework introduces a comprehensive framework that will now govern the activities of so-called Information Providers (Financial Influencers), as well as the various responsibilities of Providers of Financial Services (Pelaku Usaha Jasa Keuangan ? ?PUJK?). The new Regulation seeks to strengthen consumer protection through the imposition of stricter disclosure and content standards that require licensing or competency qualifications to be secured in order to be permitted to provide certain types of financial recommendations. In addition, the framework places primary responsibility for influencer marketing on engaging PUJK, while also introducing enhanced oversight of high-risk financial products, including digital assets. Significant new administrative sanctions will also be available and can be imposed in response to any non-compliance.

This Amendment marks a significant recalibration of Indonesia?s financial sector architecture through the expansion of parliamentary oversight over core financial authorities, the embedding of restorative justice into financial sector enforcement, and the broadening of the OJK?s reach to new markets and state-linked financing structures. Taken together, these reforms herald a more interventionist and institutionally integrated regulatory model, while leaving important questions regarding implementation, coordination, and regulatory independence to be addressed by follow-up rules.

This new Draft Regulation is set to fundamentally strengthen financial reporting governance over parties who organize technological innovations that transform the financial sector (Inovasi Teknologi Sektor Keuangan/ITSK), digital financial assets and crypto assets by mandating the adoption of mandatory internal control systems and integrated anti-fraud functions, as well as direct accountability for Boards of Directors, Boards of Commissioners and controlling shareholders in terms of reporting accuracy and regulatory compliance. The new framework will also significantly expand personal and corporate exposure to administrative sanctions. Said sanctions encompass fines, suspensions of business activities, disqualification of management personnel and license revocations, and may be imposed in response to failures that relate to the integrity of financial reporting or unlawful interventions