Indonesia's Financial Services Authority, Otoritas Jasa Keuangan, announced on 23 January 2025 its Regulation No. 30 of 2024, issued in December 2024, establishing a revised supervisory framework for financial conglomerates and financial holding companies operating in the country. The regulation supersedes OJK Regulation 45/POJK.03/2020 and implements the requirements set out in Indonesia's Financial Sector Development and Strengthening Law, known as the P2SK Law.
The P2SK Law assigned the OJK responsibility for developing more detailed rules governing the organisation and oversight of complex financial groups. The regulation's central change is to replace the previous 'lead entity' approach with a requirement to establish a Financial Conglomerate Parent Company (PIKK) that controls and consolidates the group.
CONTROLLING SHAREHOLDERS AND BENEFICIAL OWNERS
The regulation imposes specific requirements on Controlling Shareholders, referred to as PSP in the Indonesian regulatory framework, and on ultimate beneficiary owners within conglomerate structures.
Financial holding companies operating under the regulation face requirements relating to corporate governance, risk management and the management of intra-group transactions and exposures.