Law on Financial Sector Development and Strengthening
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The Law on Financial Sector Development and Strengthening is an omnibus law formulated by Joko Widodo administration aimed to develop and strengthen Indonesian financial sector. The law passed by the People's Representative Council on 15 December 2022.[1]
Quick Facts UU Pengembangan dan Penguatan Sektor Keuangan, People's Representative Council ...
UU Pengembangan dan Penguatan Sektor Keuangan | |
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People's Representative Council | |
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Citation | Law No. 4/2023 |
Territorial extent | Indonesia |
Passed by | People's Representative Council |
Passed | 15 December 2022 |
Commenced | 12 January 2023 |
Legislative history | |
Bill title | RUU Pengembangan dan Penguatan Sektor Keuangan} (Bill on Financial Sector Development and Strengthening) |
Status: In force |
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Unlike the previous omnibus laws passed by Joko Widodo administration such as Omnibus Law on Job Creation, Law on State Capital, and 2023 Indonesian Criminal Code, this law is the first omnibus law made under mechanism prescribed in 2022 Law on Law Formulation.
As the law passed, Indonesia currently undergoes national economy transition for next 5 years after the law passed.[2]