Supreme Court Finalizes New Regulation on Civil Lawsuits Filed by OJK

The Supreme Court (“MA”) is finalizing Draft Regulation of MA (“Regulation”) on the Procedures for the Examination of Civil Lawsuits Filed by the Financial Services Authority (“OJK”) towards Financial Service Business Actors (“Regulation on OJK Lawsuit”). The regulation was drafted to resolve various formal civil procedural issues, including as an effort to protect consumers and the public in the financial services sector.

“It has undergone public review and is currently awaiting a schedule to be discussed at the MA leadership meeting,” said Irwan Tahir, Head of the Legislation Division of MA, to Hukumonline.

Under Law No. 21 of 2011 on OJK, as amended by Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (collectively referred to as “Law 21/2011”), there is the OJK's authority to file civil lawsuits. The drafting of the Regulation on OJK Lawsuit is a follow-up to the issuance of Decree of the Chief of MA No. 139/KMA/SK/VII/2023 dated 20 July 2023 in an effort to protect consumers and the public.

Thus, the implementation of these civil lawsuits will serve as a strong warning to business actors in the financial services sector who violate consumer protection regulations.