Financial Services

OJK Updates Capital-Surcharge Allocations for Systematically Important Banks
With the purpose of avoiding any potentially adverse effects which may emerge as a result of banking system failures through the imposition of capital surcharges, the Financial Services Authority has issued Regulation No. 2/POJK.03/2018 on the Appointment of Systematically Important Banks and the Imposition of Capital Surcharges.
New Rules for the Utilization of the Intraday Liquidity Facility
The utilization of FLI is to be undertaken via a Repo mechanism for securities which are owned by Participants and which are made available in their FLI accounts
OJK Sets Mechanism for Measurement of the Financial Soundness Levels of Venture-Capital Companies
The Financial Services Authority recently issued Circular No. 7/SEOJK.05/2018 on the Financial Soundness Levels of Venture-Capital Companies, as mandated by OJK Regulation No. 35/POJK.05/2015 on the Organization of Venture-Capital Businesses.
BI Tightens Sanctions Relating to the Carriage of Foreign Banknotes into and out of Indonesia
With the ultimate objective of maintaining the stability of the rupiah currency, Bank Indonesia has further tightened up rules for the carriage of foreign banknotes into and out of Indonesian customs territory by introducing stricter sanctions which can be imposed in relation to said activities through the issuance of BI Regulation No. 20/2/PBI/2018 on the Amendment to BI Regulation No. 19/7/PBI/2017 on the Carriage of Foreign Banknotes into and out of Indonesian Customs Territory.
Draft Government Regulation on the Foreign Ownership of Insurance Companies
The government is currently deliberating a new Draft Government Regulation on the Foreign Ownership of Insurance Companies, as mandated by Article 7 (3) of Law No. 40 of 2014 on Insurance.
Stricter Rules Introduced for the Disclosure of Financial Information for Tax Purposes
Based on recommendations made by the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Ministry of Finance recently issued Regulation No. 19/PMK.03/2018, which amends Ministry Regulation No. 70/PMK.03/2017 on Technical Guidelines for Access to Financial Information for Tax Purposes for the second time.
Guidelines for the Registration of Financial-Service Institutions and the Submission of Reports Containing Financial Information
The Director General of Tax has issued Regulation No. PER-04/PJ/2018 on Registration Procedures for Financial Institutions and the Automatic Submission of Reports Containing Financial Information.
OJK Simplifies Regulations on Periodic Reporting by Insurance and Reinsurance Companies
The Financial Service Authority has issued Circular No. 1/SEOJK.05/2018 on the Form and Structure of Periodic Reports for Insurance and Reinsurance Companies. Circular 1/2018 sets out an official list of periodic reports that must be submitted by conventional and sharia-insurance/reinsurance companies and also simplifies provisions which address reporting obligations, which were formerly addressed under several regulations.
Formulation and Submission of Good Corporate Governance Reports by Venture-Capital Companies
In a bid to implement Article 42 (2) of Financial Services Authority Regulation No. 36/POJK.05/2015 on Good Corporate Governance by Venture-Capital Companies, the OJK has issued Circular No. 4/SEOJK.05/2018 on Reporting the Implementation of Good Corporate Governance for Venture-Capital Companies.
OJK Sets New Guidelines on Real-Estate Investment Funds
As part of the Indonesian Government's 11th Economic Policy Package, the Financial Services Authority has issued Regulation No. 64/POJK.04/2017 on Real-Estate Investment Funds in the Form of Collective-Investment Contracts.
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