The Bill on the Development and Strengthening of the Financial Sector has finally been passed by Indonesia's House of Representatives and includes 341 articles that span 27 chapters

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

Written orders are issued in order to demand the conducting or non-conducting of certain activities to ensure the fulfillment of provisions set out under the applicable laws and regulations that apply within the financial services sector, as well as to prevent and minimize losses to consumers, the general public and the financial services sector

In terms of mandatory spin-offs of conventional commercial banks that are looking to convert their sharia business units into sharia commercial banks, the Draft Bill removes the spin-off deadline and now only states that spin-offs are mandated for conventional commercial banks with sharia business units with asset values of at least 50% of the total asset values of the relevant parent banks. Previously, a deadline of 2023 was set for mandatory spin-offs

The overall procedure for the registration of PA and PAF with the OJK breaks down as follows: 1) Submission of a registration application to the OJK along with the relevant required documents; 2) Inspection of the application and required documents by the OJK; and 3) PA/PAF will then be notified of application approvals and will be issued official registration certificates

All PUJK are required to implement various activities that relate to increasing financial literacy and financial inclusion at least once a semester. Any failure to comply with this obligation may lead to the imposition of administrative sanctions that range from warnings to a prohibition on continuing in the role of primary party

In order to support the organization of offshore cash borrowing in relation to the funding and management of loan portfolios, established planning processes and several adjustments to provisions that address the procurement of offshore cash loans have been introduced

The organization of systems by the relevant PJP and/or PIP encompasses the following matters: 1) Pricing schemes; 2) System capital obligation fulfillment; 3) Information technology auditor; 4) Development of activities, products and/or cooperation; 5) Cooperation with goods and/or service providers; 6) Sole ownership; and 7) Corporate actions that take the form of mergers, consolidations, separations and/or acquisitions

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

During the marketing of any new products/services, PUJK should comply with various new provisions, including a prohibition on the marketing of any products/services to prospective consumers through personal communication facilities without approvals first being secured from said prospective consumers. Said approvals must be obtained prior to PUJK contacting and marketing their products/services to prospective consumers