Indonesia’s capital markets continue to evolve as the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) implements the financial-sector reforms introduced under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“UU P2SK”). Recent developments highlights three key areas of regulatory focus: the institutionalization of carbon trading, stronger governance and internal controls for market intermediaries, and more structured regulatory reporting.

These developments reflect a broader objective of deepening Indonesia’s capital markets while strengthening transparency, market integrity and investor protection.

1. Carbon trading framework further strengthened

One of the most significant recent developments is OJK Regulation No. 10 of 2026 (“POJK 10/2026”), effective 6 July 2026, which amends POJK No. 14 of 2023 concerning carbon trading through the carbon exchange.

POJK 10/2026 further develops the regulatory framework for carbon trading and aligns it with the Government’s broader framework for carbon pricing and greenhouse-gas emissions reduction. Among other matters, the regulation addresses the recording and trading of carbon units, including a framework for carbon units that are not recorded in the relevant national registration system. It also strengthens reporting and consumer-protection requirements applicable to carbon-exchange participants.

The framework was subsequently supplemented by OJK Board of Commissioners Regulation No. 6 of 2026 (“PADK OJK No. 6/2026”), which provides more detailed procedures for the organization of carbon trading through the carbon exchange.

Taken together, these regulations signal the continued institutionalization of Indonesia’s carbon market. For businesses operating in sectors such as energy, mining, forestry, manufacturing and infrastructure, carbon trading is becoming an increasingly relevant consideration alongside traditional financial and capital-market activities.

2. Greater scrutiny of securities underwriters

OJK is also strengthening the governance and internal-control framework applicable to capital-market intermediaries.

OJK Board of Commissioners Regulation No. 5 of 2026 (“PADK OJK No. 5/2026”), effective 9 July 2026, establishes guidelines on internal controls and conduct for securities companies acting as securities underwriters. The regulation covers areas including risk management, compliance, internal audit, documentation and the determination of offering prices.

The regulation is particularly relevant to public offerings. Its requirements indicate that regulatory scrutiny is increasingly extending beyond the information ultimately disclosed to investors to the internal processes and controls supporting an offering.

This development is consistent with OJK’s broader capital-market integrity agenda, which includes strengthening transparency, governance, free float, beneficial ownership disclosure and market enforcement.

For issuers and securities companies, the practical implication is that robust governance and documented decision-making processes are becoming increasingly important throughout the public-offering process, rather than only at the prospectus and disclosure stage.

3. More structured reporting across the capital markets

The regulatory framework for reporting has also been strengthened through OJK Regulation No. 9 of 2026 (“POJK 9/2026”), which came into effect on 31 July 2026.

POJK 9/2026 establishes requirements for incidental reporting through OJK’s reporting system across the capital-market, financial-derivatives and carbon-exchange sectors. The regulation forms part of OJK’s continuing efforts to standardize and digitalize regulatory reporting.

For market participants, this reinforces the importance of maintaining appropriate internal systems and controls to ensure that information can be accurately prepared and submitted within the applicable regulatory timelines.

The inclusion of capital markets, financial derivatives and carbon exchanges within the same reporting framework is also noteworthy. It reflects the increasing breadth of Indonesia’s regulated financial-market ecosystem and the convergence of previously distinct market segments.

Conclusion

The latest developments reflect a capital market undergoing simultaneous expansion and regulatory consolidation. As of 7 August 2026, approximately IDR 123.21 trillion had been raised through 135 corporate actions, while the investor base reached approximately 30.06 million as of July 2026, representing 47.63% year-to-date growth. Against this backdrop, the continued development of the carbon exchange and strengthened requirements for market intermediaries and regulatory reporting demonstrate OJK’s broader focus on building a more diversified, transparent and resilient market.

As OJK continues to implement UU P2SK, regulatory expectations around governance, disclosure, internal controls and investor protection are likely to increase alongside market participation. For issuers, investors and intermediaries, staying abreast of these developments will therefore be essential not only to managing regulatory risk, but also to identifying opportunities within Indonesia’s increasingly sophisticated capital markets.