OJK Sets New Regulation Concerning the Governance of Commercial Banks

The recent implementation of Ministry of Trade Regulation No. 31 of 2023 signals a substantial transformation in the country’s e-commerce sector. This regulatory update is geared towards fostering the growth of SMEs and protecting domestic products, particularly amidst the rapid rise of social commerce. Notable provisions of the new rules include the classification of e-commerce platforms based on their business models, the introduction of minimum pricing for foreign products, stringent restrictions on social commerce, and extending the regulatory scope to extraterritorial e-commerce providers.

This Client Update will further discuss the key implications of these regulations and provide insights for e-commerce stakeholders on how to navigate this evolving landscape effectively while ensuring full compliance with the updated regulations.

Please see here for further details on our Client Update