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In AML & Financial Services Regulatory

Indonesia: The future of financial conglomeration — Understanding the latest regulatory changes

by , , , and 5 Mins Read

The Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finally unveiled the much-anticipated implementing regulation for the new chapter of financial conglomeration. OJK Regulation No. 30 of 2024 on Financial Conglomeration and Financial Holding Company governs the establishment or appointment of a financial holding company (perusahaan induk konglomerasi keuangan or PIKK) – a legal entity tasked with controlling, consolidating and overseeing all of the financial conglomerate’s activities. This regulation was promulgated and became effective on 23 December 2024.

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In ESG

Indonesia: The signing of the Mutual Recognition Agreement for bilateral carbon trading between Indonesia and Japan – a breath of fresh air

by and 2 Mins Read

After months of negotiations, Indonesia and Japan signed a mutual recognition agreement for bilateral carbon trading (MRA) on 18 October 2024. The MRA, which came into effect on 28 October 2024, is expected to support Indonesia and Japan to meet their climate change mitigation efforts, and also to draw investors into the carbon sector for both countries.

In Product Regulation & Liability

Indonesia: Sweet, salty and fatty – new regulation aims to control processed food ingredients

by , and 4 Mins Read

On 26 July 2024, the government of Indonesia issued Government Regulation No. 28 of 2024 (“GR 28”), which is an implementing regulation of Law No. 17 of 2023 on Health (“Health Omnibus Law”). GR 28 came into effect on the same day it was issued.
Through GR 28, the government aims to impose control by setting up limits on the maximum content level of sugar, salt and fat (known as gula, garam dan lemak/”GGL”) in processed food products.

In Product Regulation & Liability

Indonesia: GR 28 unveiled – Implementing regulation of the Health Omnibus Law is finally starting to kick off

by , , and 7 Mins Read

On 26 July 2024, the government of Indonesia issued Government Regulation No. 28 of 2024 (“GR 28”), which is an implementing regulation of Law No. 17 of 2023 on Health (“Health Omnibus Law”). GR 28 came into effect on the day it was issued. GR 28 regulates the same main principles as the Health Omnibus Law, but adds more depth and details

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In AML & Financial Services Regulatory

Indonesia: 2030 Payment System Blueprint – Indonesia marches on in propelling the digital economy

by and 4 Mins Read

As a continuation of the 2025 Payment System Blueprint, which led to the successful implementation of key initiatives such as (i) the continued domestic and cross-border implementation of the Quick Response Code Indonesia Standard (QRIS), (ii) the National Open API Standard (SNAP), (iii) the real-time payments infrastructure (BI-FAST), and (iv) regulatory, licensing, and supervisory reforms, Bank Indonesia has now issued the 2030 Blueprint of Payment System (“2030 Blueprint”).
The key objectives of the 2030 Blueprint are to ensure the payment system’s resilience against economic and technological challenges and to integrate various payment systems, creating a more efficient and cohesive structure.

In Antitrust / Competition

Indonesia: KPPU releases 2023 annual report; continued robust enforcements and Competition Law amendment on the horizon

by , and 2 Mins Read

2023 was a transformative year for the Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha, KPPU). Among others, the KPPU updated its merger control regulation and case handling regulation, introduced guidelines to help corporations identify issues in bid rigging, and updated its guidelines to define the relevant market and mechanism for payment of administrative fines by instalments. The transformation continues with the new KPPU leadership and issuance of regulation on case handling for unfair contract terms.

In Product Regulation & Liability

Indonesia: Key updates on medical devices provision

by and 4 Mins Read

On 2 March 2023, Indonesia’s Minister of Health enacted Minister of Health Regulation on Maintenance of Medical Devices in Healthcare Facilities (“MOH Regulation 15/2023”). Under the new regulation, healthcare facilities of hospitals, local governments or communities are required to allocate a certain amount of budget to carry out medical device maintenance. This new requirement is aimed to ensure the availability of medical devices that meet service standards and requirements for quality, security, benefits, safety and feasibility of use in healthcare facilities, and to ensure the safety of users, patients and the environment in healthcare facilities.

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In Product Regulation & Liability

Indonesia: CDAKB (GDP) certificate required for product registration

by and 3 Mins Read

On 11 May 2024, the Ministry of Health (MOH) issued circular letter No. FR.03.01/E/884/2024. In the Letter, the MOH announced that a Good Distribution Practice for Medical Devices (Cara Distribusi Alat Kesehatan Yang Baik or CDAKB) certificate will be required as a pre-requisite for the issuance of the product registration (izin edar).

In Antitrust / Competition

Indonesia: KPPU revises regulation on handling unfair contract terms cases

by , and 5 Mins Read

The Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha, KPPU) has been carrying out enforcement against unfair contract terms (UCT) since February 2022, resulting in six decisions with three infringement findings. KPPU has the authority to examine UCT cases based on Law No. 20 of 2008 on Micro, Small and Medium Enterprises, as amended (“Law 20/2008”), and recently introduced a regulation on the procedures for handling UCT cases, in the form of KPPU Regulation No. 2 of 2024 (“New UCT Case Handling Regulation”). This new regulation revoked KPPU Regulation No. 4 of 2019 on the same topic.

In ESG

Indonesia: Unlimited sunshine, limited solar plants quota

by , , and 1 Min Read

On 29 January 2024, the Minister of Energy and Mineral Resources (“MEMR”) issued MEMR Regulation No. 2 of 2024 on Rooftop Solar That is Connected to the Grid of a Holder of a Business License for Electricity Provision for Public Use (“Reg. 2/2024”). Reg. 2/2024 became effective on 31 January 2024 and effectively revokes the old MEMR regulation on rooftop solar (i.e., MEMR Regulation No. 26 of 2021 (“Reg. 26/2021”)).

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