Financial Conglomerates and Parent Companies of Financial Conglomerates

The Financial Services Authority (OJK) issued Regulation No. 30 of 2024 to harmonize the legal framework for issuing Written Orders to Financial Institutions regarding mergers, consolidations, takeovers, integrations, and conversions. This regulation aligns OJK's supervisory powers with the mandates of the Financial Sector Development and Strengthening Law (UU P2SK) and the OJK Law to ensure legal certainty and justice. It establishes the principle-based standards for Written Orders while maintaining the validity of specific prior regulations that do not conflict with this new framework.

Indonesia

Otoritas Jasa Keuangan (Financial Services Authority)

Regulation / Regulation Search / Financial Conglomerates and Parent Companies of Financial Conglomerates

Sector: OJK Wide

Sub-Sector: Other Regulations

Regulation Type: OJK Regulation

Regulation Number: 30 Year 2024

Effective Date: 12/19/2024

Appendix 1 POJK 30 Year 2024 Financial Conglomerates and Parent Companies of Financial Conglomerates.pdf Abstract of POJK 30 Year 2024 Financial Conglomerates and Parent Companies of Financial Conglomerates.pdf FAQ of POJK 30 Year 2024 Financial Conglomerates and Parent Companies of Financial Conglomerates.pdf

Page Content Regulation of the Financial Services Authority of the Republic of Indonesia Number 30 Year 2024 concerning Financial Conglomerates and Parent Companies of Financial Conglomerates (KK PIKK)

Abstract: POJK Written Orders is prepared to harmonize provisions regarding the regulation of OJK's authority to issue Written Orders applicable across OJK, emphasizing the development of principle-based provisions and alignment and updating with existing provisions, including Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), particularly regarding the follow-up to the mandate of Article 8A of Law Number 21 Year 2011 concerning the Financial Services Authority as amended by UU P2SK (UU OJK), which mandates OJK to further regulate OJK's authority in issuing Written Orders to Financial Institutions (LJK) to carry out mergers, consolidations, takeovers, integrations, and/or conversions (P3IK).

This POJK aims to realize justice, legal certainty, and benefit in the implementation of regulatory and supervisory duties to address various legal issues.

The legal basis for this Financial Services Authority Regulation (POJK) is: Law No. 21 Year 2011 as amended by Law No. 4 Year 2023; and Law No. 4 Year 2023.

Note This Financial Services Authority Regulation takes effect on the date of promulgation. This Financial Services Authority Regulation was promulgated on December 23, 2024, and established on December 19, 2024.

Upon the effective date of this Financial Services Authority Regulation: a. all provisions in this Financial Services Authority Regulation and other regulations prior to the effectiveness of this Financial Services Authority Regulation, which contain the authority of the Financial Services Authority to carry out supervisory actions other than Written Orders as referred to in this Financial Services Authority Regulation, are construed as written instructions; and b. all provisions in this Financial Services Authority Regulation and other regulations prior to the effectiveness of this Financial Services Authority Regulation, which contain the authority of the Financial Services Authority to issue orders made in writing and intended as the implementation of Article 8A paragraph (1) letter a and Article 9 letter d of Law Number 21 Year 2011 concerning the Financial Services Authority as amended by Law Number 4 Year 2023 concerning the Development and Strengthening of the Financial Sector, are construed as Written Orders as per this Financial Services Authority Regulation.

Upon the effective date of this Financial Services Authority Regulation, all provisions in this Financial Services Authority Regulation and other regulations prior to the effectiveness of this Financial Services Authority Regulation that are equated with Written Orders in accordance with this Financial Services Authority Regulation are declared to remain in force insofar as they do not conflict with this Financial Services Authority Regulation.

Upon the effective date of this Financial Services Authority Regulation, the implementation provisions: a. Financial Services Authority Regulation Number 18/POJK.03/2020 concerning Written Orders for Handling Bank Issues; b. Financial Services Authority Regulation Number 40/POJK.05/2020 concerning Written Orders for Handling Non-Bank Financial Institution Issues; and c. Financial Services Authority Regulation Number 18 Year 2022 concerning Written Orders, are declared to remain in force insofar as they do not conflict with this Financial Services Authority Regulation.

Upon the effective date of this Financial Services Authority Regulation: a. Financial Services Authority Regulation Number 18/POJK.03/2020 concerning Written Orders for Handling Bank Issues; b. Financial Services Authority Regulation Number 40/POJK.05/2020 concerning Written Orders for Handling Non-Bank Financial Institution Issues; and c. Financial Services Authority Regulation Number 18 Year 2022 concerning Written Orders, are repealed and declared invalid.