OJK Sets New Rules on Material Transactions and Alterations of Business Activities

In order to bring businesses into line with both the dynamic demands of the marketplace and international best practice, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has issued Regulation No. 17/POJK.04/2020 (“ Regulation 17/2020 ”), which updates various provisions on material transactions and the alteration of business activities. Previously, these matters were addressed under the now obsolete Decree of the Head of the Capital Market and Financial Institution Supervisory Board No. Kep-614/BL/2011 , which bore the same title, along with Rule IX.E.2 as its Appendix (“ Rule IX.E.2 ”). [1]