New Financial Sector Omnibus Law: Capital Market, Money Market, and Forex Market
The Indonesian government recently introduced a new omnibus law to regulate the financial sector. Law No. 4 of 2023 on Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan – “P2SK Law”) was enacted on 12 January 2023. The P2SK Law amends 17 laws in the financial sector, including the Banking Law, Capital Market Law, Futures Trading Law, Sovereign Debt Instruments Law, Insurance Law, and Currency Law, as well as the laws on Bank Indonesia and the Financial Services Authority (view our previous Advisory on Fintech Innovation and Financing Service Businesses). As the P2SK Law brings significant changes to the financial sector, we continue our Advisory series that focuses on the P2SK Law’s chapter V that amends the Capital Market, Money Market and Foreign Currencies Market.