DPR aims to finalise P2SK law revision by early June 2026

JAKARTA, KOMPAS.com - The House of Representatives (DPR) aims to finalise the revision of the P2SK law by early June 2026. DPR Commission XI Chairman Mukhamad Misbakhun stated that the revision process is currently in the government-level regulatory harmonisation stage. Several regulations have been synchronised with the government’s Problem Inventory List (DIM). ‘We are currently finalising the P2SK law,’ he said at the National Conference for Regional Economic Development in Jakarta on Monday (25 May 2026). ‘We hope to complete it by early June,’ he added. The P2SK law is an omnibus law consolidating regulations from the Bank of Indonesia (BI), Deposit Insurance Agency (LPS), Financial Services Authority (OJK), Banking, Sharia Banking, Capital Markets, Insurance, and other financial sector laws. Following its enactment on 12 January 2023, the DPR initiated revisions to the P2SK law in response to a Constitutional Court ruling on a material review of the legislation. The court’s ruling invalidated several provisions, particularly concerning LPS’s independence and institutional structure, as well as investigative powers over financial sector crimes. The court ruled that the finance minister cannot interfere with the preparation of LPS’s annual work and budget plan (RKAT). Additionally, financial sector crime investigations are no longer solely the OJK’s jurisdiction but can also be conducted by non-OJK investigators, such as the police. However, the DPR is not only revising the provisions mandated by the court. Commission XI has proposed changes to 16 key elements in the P2SK bill to strengthen and refine financial sector regulations in line with evolving needs. These changes include additional BI responsibilities, DPR oversight of BI, OJK, and LPS, as well as regulations on digital and cryptocurrency assets.