Ministry of Finance Expedites Derivative Regulations of the P2SK Law

The Ministry of Finance (“ Kemenkeu ”) is targeting the completion of several regulations that serve as implementing regulations of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ P2SK ”) (“ Law 4/2023 ”). The Director-General of Financial Sector Stability and Development (Direktur Jenderal Stabilitas dan Pengembangan Sektor Keuangan/DJSPSK) at Permenkeu, Masyita Crystallin, stated that four Draft Regulation of the Government (Rancangan Peraturan Pemerintah- “ RPP ”) are targeted for completion by the end of this year.

“The discussions have been quite thorough; for several that we have completed, they are now awaiting the harmonization process,” Masyita told Hukumonline.

Among the items already in the Kemenkeu’s regulatory pipeline are the RPP on the Placement of Funds by the Deposit Insurance Corporation (“ LPS ”) and the Banking Restructuring Program (Program Restrukturisasi Perbankan/PRP), RPP on Microfinance Institutions, and RPP on Pension Program Assets and Liabilities. “Two of these have already progressed to the stage of finalizing the original draft texts,” she added.