On 13 September 2022, the government issued new regulations updating the current regime relating to foreign ownership of securities (the New Regulations)*. The New Regulations set out the foreign ownership rules in relation to Indonesian securities companies.

The New Regulations state that if a foreign legal entity is a securities company, then it can own shares that represent a maximum of 99% of the paid-up capital in an Indonesian securities company. However, if the foreign legal entity is not a securities company, then it can own shares that represent a maximum of 85% of the paid-up capital in an Indonesian securities company.

The limitations in the New Regulations do not apply if the securities company in question is listed on a stock exchange.

*Government Regulation Number 31 of 2022 concerning Foreign Capital Ownership in
Securities Companies.