Regulatory Alerts2009-12-31
Bank Indonesia Circular Letter No. 11/35/DPNP on Reporting of New Products or Activities
Bank Indonesia mandates that all conventional commercial banks submit detailed reports for the issuance of new products or execution of new activities to enhance risk management and customer protection. Banks must submit a plan report at least 60 days prior to launch, obtain regulatory confirmation, and file a realization report within seven working days after the product or activity becomes available to customers. The regulation defines specific criteria for new products, outlines required documentation including risk assessments and legal compliance, and prohibits marketing unreported or unapproved offerings.
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