Provisions on the Collection of Fines within the Financial Services Sector Re-Amended

Provisions on the Collection of Fines within the Financial Services Sector Re-Amended In a bid to harmonize generally accepted accounting standards with administrative procedures relating to the levying of fines, so that said standards will be brought into line with Regulation of the Government on Financial Services Authority Levies (“ Regulation 11/2014 ”), the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has issued Regulation (“ Second Amendment ”) on the Second Amendment to the Regulation of the OJK on Procedures for the Collection of Administrative Sanctions in the Form of Fines within the Financial Services Sector (“ Regulation 4/2014 ”). [1] Prior to the issuance of this Second Amendment, Regulation 4/2014 was amended once previously, specifically through the issuance of Regulation of the OJK (“ First Amendment ”).The following matters are relevant to the Second Amendment within the context of the imposition of fines by the OJK: