Government Sets New Rules on SPV and Trustees for Danantara and INA
Key Takeaways
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JAKARTA, Investortrust.id — The Ministry of Finance prepares new rules on Friday, Nov 21, 2025 in Jakarta for a special purpose vehicle structure and a trustee framework as mandated by the P2SK Law to deepen Indonesias financial market and strengthen legal certainty for asset securitization and trust-based investments. The regulation aims to support broader investor protection, improve financing alternatives, and open new instruments for BPI Danantara and Indonesia Investment Authority.
Director General of Financial System Stability and Development PT Pertamina Persero Masyita Crystallin said the government had drafted a government regulation to provide a clear legal basis for both structures.
“This preparation of the SPV and trustee regulation is a mandate, one of the mandates of the P2SK Law whose purpose is to provide a legal framework for financial instruments involving SPVs and trustees,” she said.
She explained that an SPV served as a special entity created to carry out asset securitization. She said the structure widened the scope of assets that could be securitized and offered an alternative form of financing that improved overall market efficiency.
“This is created within a single regulation that makes investment more comfortable. With a legal framework, financing structures are expected to be more directed and clearer,” she said.
She added that the trustee framework adopted practices commonly used in common-law jurisdictions, while Indonesia operated under a civil-law foundation. She said the goal was to ensure a clear separation between legal ownership and beneficial ownership, while emphasizing the importance of bankruptcy remoteness.
“This regulation is intended to provide clearer legal protection for trustees to carry out investments and to strengthen trust,” she said.
She noted that the new framework would not limit trustee roles to BPI Danantara or Indonesia Investment Authority alone. She said PT SMI could also utilize the structure either as a user or as a beneficiary of these instruments.
“The use of SPV and trustee instruments in Indonesia will support higher investment and national economic growth, while providing more diverse and structured asset-management options for various stakeholders,” she said.
Before issuance, she said the government had prepared governance principles, legal foundations, business-model details, licensing requirements, investment scopes, and institutional needs at each operational level.