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The Indonesian Capital Market is undergoing a strategic transformation in 2026. The Financial Services Authority (“OJK”) and PT Bursa Efek Indonesia (“IDX”) are shifting their focus from listing volume to market quality and liquidity. This regulatory reset demands immediate attention from the public companies or issuers to adapt to the new compliance standards set under OJK’s and IDX’s strategic roadmap. Below are some of the insights into such a transformation.

The Indonesian Capital Market is undergoing a strategic transformation in 2026. The Financial Services Authority (“OJK”) and PT Bursa Efek Indonesia (“IDX”) are shifting their focus from listing volume to market quality and liquidity. This regulatory reset demands immediate attention from the public companies or issuers to adapt to the new compliance standards set under OJK’s and IDX’s strategic roadmap. Below are some of the insights into such a transformation.

On November 18, 2025, Indonesia officially updated its Criminal Procedure Law through the ratification of the Draft Bill on the Criminal Procedure Code (" KUHAP "). This update will officially take effect on January 2, 2026, accompanying the enforcement of Law Number 1 of 2023 concerning the Criminal Code (" KUHP "). The enactment of the KUHP and the KUHAP introduces new concepts to the criminal justice system in Indonesia, including the enlargement of criminal subjects and s

The promulgation of Government Regulation No. 28 of 2025 concerning the Implementation of Risk-Based Business Licensing (“ GR 28/2025 ”) marks a significant milestone in the evolution of Indonesia’s business licensing regime, effectively repealing Government Regulation No. 5 of 2021 concerning the Implementation of Risk-Based Business Licensing (“ GR 5/2021 ”). This new regulation reflects the government’s continuous commitment to policy reform aimed at streamlining licensing

Indonesia’s insolvency landscape is mainly governed by Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations and supplemented by Supreme Court procedural guidelines that provide a structured framework for courts and practitioners. Despite being relatively young compared to regimes in mature jurisdictions, Indonesia’s restructuring system has evolved rapidly. Successive court practice, judicial guidance, and selective reforms have fostered a more predict

The Indonesian government has recently introduced a new investment policy following the issuance of Government Regulation No. 28 of 2025 concerning the Implementation of Risk-Based Business Licensing. The technical provisions are further elaborated under Regulation of the Minister of Investment and Downstream Industry/Chairman of the Indonesia Investment Coordinating Board No. 5 of 2025 (“BKPM Regulation No. 5/2025”), which has been in effect since 2 October 2025. Key Changes

On February 24, 2025, the President of the Republic of Indonesia, Prabowo Subianto, enacted Law Number 1 of 2025, constituting the Third Amendment to Law Number 19 Year 2003 concerning State-Owned Enterprises/Badan Usaha Milik Negara ( “BUMN” ) ( “Revised BUMN Law” ). This substantive amendment marks a new chapter in the governance of BUMN within Indonesia. This includes the establishment of the Daya Anagata Nusantara Investment Management Authority (BPI Danantara), and w

Now, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK” ) is further strengthening governance and regulatory oversight in the financial sector, especially for issuers and public companies, through Financial Services Authority No. 45 of 2024 on the Development and Strengthening of Issuers and Public Companies ( “POJK 45” ). POJK 45 is a derivative regulation oriented from Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ( “P2SK Law”

Indonesia is a strategic country with a large population that contains a million opportunities for the utilization of Artificial Intelligence (AI). As a country with the largest digital economy market power in Southeast Asia, the Indonesian government needs to develop policies that continue to evolve in the face of AI technology which has already affected various sectors, such as telecommunication and finance. Currently, Indonesia does not have specific regulations governing

With the issuance of Law No. 4 of 2023 on Financial Sector Development and Strengthening ( “P2SK Law“ ), several provisions specifically regulating the financial sector have been updated. Among the adjustments that were generated were the provisions regarding the legal framework of financial conglomerates (previously stipulated under Financial Services Authority Regulation No. 45/POJK.03/2020 ( “POJK 45/2020“ ) have been amended and updated. As a result, to carry out the mand

The Ministry of Law and Human Rights of the Republic of Indonesia has issued Regulation of the Ministry of Law and Human Rights of the Republic of Indonesia Number 20 of 2024 concerning Procedures for Requesting Copies of Corporate Legal Service Products which revokes Regulation of the Ministry of Law and Human Rights of the Republic of Indonesia Number 11 of 2019 concerning Procedures for Requesting Copies of Decrees and/or Copies of Notification Receipt Letters of Limited L

Regulation 47/2024: Enhancing Financial AccesThe Indonesian government has taken a significant step toward supporting micro, small, and medium enterprises (MSME) by introducing a policy to write off certain non-performing receivables. This initiative was enacted through Regulation No. 47 of 2024 (“Regulation 47/2024”), which has been in force since November 5, 2024. Regulation 47/2024 is a targeted policy aimed at addressing the financial challenges faced by MSME. It will rem

Brief Overview of Omnibus Law The former President envisioned creating a decent life for the people of Indonesia through job creation. To achieve this goal, some regulations must be adjusted to improve ease of doing business, protect and empower micro, small, and medium-sized enterprises (MSMEs or UMKM in Indonesian), enhance the investment ecosystem, accelerate national strategic projects, and strengthen worker protection and welfare. For the first time, the government took

The Indonesian government recently introduced Government Regulation Number 21 of 2024(“GR 21/2024”), which amends Government Regulation Number 25 of 2020 on the implementation of the Public Housing Savings (Tabungan Perumahan Rakyat, frequently referred to as “Tapera”). While this may seem like a new spotlight, it is essential to note that Tapera is not a newly enacted policy; instead, it was first introduced through Law No. 4 of 2016 on Public Housing Savings. In this articl

In the year 2023, the Financial Services Authority (“OJK“) observed that 12 (twelve) insurance companies were under special supervision. However, as the year drew close, the number of insurance companies under OJK’s supervision decreased to seven. This change was attributed to two companies returning to normal status and three companies revoking their business licenses. The insurance companies whose licenses were revoked by OJK are as follows: PT Asuransi Jiwa Kresna (Kresna

Based on Law Number 8 Year 1981 concerning Criminal Procedure (Kitab Undang-Undang Hukum Acara Pidana or “KUHAP”), it is stipulated under Article 263 paragraph (1) that those who can only submit a Judicial Review (Peninjauan Kembali or “PK”) to the Supreme Court are only the convicted persons or their lawful heirs. However, there is another legal basis, as stipulated in Law Number 11 Year 2021 concerning Amendments to Law Number 16 Year 2004 concerning the Public Prosecutor’s

Circular Letter Number 3 of 2023, issued by the Supreme Court Chamber (“Circular No. 3/2023”), sheds light on crucial aspects related to the formulation of results from the 2023 Plenary Meeting. Among the key discussions, the Circular addresses the formulation within the Civil Chamber, particularly focusing on Part 2 of the Special Civil Code, letter a, concerning Bankruptcy and Suspension of Debt Payment Obligations. This essay examines the provisions outlined in the Circula

In early 2023, the Government of the Republic of Indonesia introduced Law Number 4 of 2023, aimed at the Development and Strengthening of the Financial Sector (referred to as “Law 4/2023”). This legislation revises and introduces new measures within existing financial laws, addressing current challenges and opening new opportunities for industry stakeholders. A key area of interest highlighted in our newsletter is the concept of Technology Innovation within the Financial Sect

In the rapidly evolving economic landscape of Indonesia, state enterprises find themselves managing an immense responsibility: overseeing an asset base exceeding half a trillion dollars. This challenging situation was the focal point of a significant conference, “The Restructuring, Insolvency, and Governance Conference 2023,” organized by AJ Capital with support from INSOL International and the Asian Development Bank (ADB). Hosted by Danareksa and PPA, the conference was held

Bankruptcy and the Suspension of Debt Payment Obligation Law is a crucial element of any legal system as it deals with the financial stability of individuals and entities. In most countries following the common law system, bankruptcy is typically initiated when a debtor is insolvent. However, Indonesia has adopted a unique approach to the law, incorporating the concept of the presumption of insolvency. In this newsletter, we will explore Indonesia’s Bankruptcy and the Suspens