Indonesia’s Financial Services Authority (OJK) issued Regulation No. 31/2025 on governance for the stock exchange, the clearing and guarantee institution, and the depository and settlement institution, aimed at strengthening governance standards for these self-regulatory organisations (SROs) and reinforcing OJK oversight. The framework is positioned to support the SROs’ expanding roles alongside the development of the capital market, financial derivatives and the carbon exchange, including carbon trading, central counterparty activity for money and foreign exchange markets, and alternative trading system infrastructure. The regulation sets requirements covering the duties, responsibilities and authorities of boards of directors and boards of commissioners, the establishment and operation of committees, conflict-of-interest handling, internal and external audit functions, risk management and internal controls, alternative procedures, information technology governance, oversight of subsidiaries, remuneration, investment policy and strategic planning, anti-fraud and anti-bribery measures, sustainable finance including social and environmental responsibility, stakeholder-related governance, and document retention and complaints handling. The rules took effect upon promulgation on 3 December 2025, with compliance with Article 49 and Article 51(c) required no later than six months from promulgation. On entry into force, specified provisions in three 2016 OJK regulations on directors and boards of commissioners for the respective institutions were revoked and declared no longer applicable.

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