The Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finally unveiled the much-anticipated implementing regulation for the new chapter of financial conglomeration. OJK Regulation No. 30 of 2024 on Financial Conglomeration and Financial Holding Company governs the establishment or appointment of a financial holding company (perusahaan induk konglomerasi keuangan or PIKK) – a legal entity tasked with controlling, consolidating and overseeing all of the financial conglomerate’s activities. This regulation was promulgated and became effective on 23 December 2024.