BI Tightens Administrative Sanctions for Non-Compliant Primary Dealers

In 2024, Bank Indonesia’s (“ BI ”) Board of Governors introduced a regulatory framework for implementation by primary dealers through the issuance of Regulation No. 2 of 2024 (“ Regulation 2/2024 ”). At its core, Regulation 2/2024 features various criteria, requirements and procedures that apply to conventional and sharia commercial banks, as well as sharia business units (collectively referred to as “ Banks ”) that wish to be appointed as primary dealers in the Money Market and Foreign Exchange Market (Pasar Uang dan Pasar Valuta Asing- “ PUVA ”) (“ Primary Dealers ”). [1]