Foreign investment in a few 'other financial services', such as stock exchange, securities companies (including brokerage and investment advisory services), fund management (investor manager) etc., remains limited to 85% of equity interest pursuant to the sector-specific legislation.
Effective from September 13, 2022, Indonesia's government implemented Regulation No. 31/2022. In accordance with the regulation, a foreign legal entity involved in finance activities other than securities can possess a maximum of 85% of shares in a joint venture securities firm. Furthermore, a foreign legal entity engaged in securities and holding a license or operating under the oversight of its home country's capital market regulator can have ownership of up to 99% of shares in the joint venture securities company. 
"Article 2
Securities Company shall take the form of:
a. A national Securities Company, all of whose shares are owned by individual Indonesian citizens and/or Indonesian legal entities; or 
b. A joint venture Securities Company, whose shares are owned by individual Indonesian citizen or Indonesian legal entity and foreign legal entity engaged in the financial sector.
Article 3
The shares of a joint venture Securities Company as referred to in Article 2 letter b may be owned by a foreign legal entity engaged:
a. in the financial sector other than securities, at a maximum of 85% (eighty five percent) of the paid-up capital; or
b. in the field of securities which has obtained a license or is under the supervision of the Capital Market regulator in its home country, at a maximum of 99% (ninety nine percent) of the paid-up capital.[...]" (Regulation No. 31/2022, implemented 13 September 2022, Articles 2 and 3 [google translation])
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"CHAPTER I - GENERAL PROVISIONS
Article 1
In this Law what is meant by: [...]
11. Investment Manager is a Party whose business activities are managing Securities portfolios for customers or managing collective investment portfolios for a group of customers, except for insurance companies, pension funds, and banks which carry out their own business activities based on the applicable laws and regulations.[... ]
21. Securities Company is a Party conducting business activities as Underwriter, Broker-dealer, and or Investment Manager.
[...]
CHAPTER III - SECURITIES EXCHANGES, CLEARING AND GUARANTEE INSTITUTIONS, AND DEPOSITORY AND SETTLEMENT AGENCIES
Part One - Stock Exchange
Paragraph 1 - Licensing
Article 6
(1) Companies that can conduct business activities as Stock Exchanges have obtained business licenses from Bapepam.
(2) The requirements and procedures for licensing the Securities Exchange as referred to in paragraph (1) are further regulated by a Government Regulation.
[...]
Article 8
Those who can become stockholders of the Stock Exchange are Securities Companies that have obtained business licenses to carry out activities as Securities Broker-Dealers.
[...]
Part Two - Clearing Guarantee Institutions and Depository and Settlement Institutions [...]
Article 15
(1) Shareholders of Clearing Guarantee Institutions and Depository and Settlement Institutions are Stock Exchanges, Securities Companies, Securities Administration Agencies, Custodian Banks, or other Parties with the approval of Bapepam.
(2) The majority of Clearing Guarantee Institution shares must be owned by the Stock Exchange.
[...]
CHAPTER V - SECURITIES COMPANIES, SECURITIES COMPANY REPRESENTATIVES, AND INVESTMENT ADVISORS
Article 30
(1) Those that can carry out business activities as Securities Companies are Companies that have obtained business licenses from Bapepam.
(2) A Securities Company that has obtained a business license as referred to in paragraph (1) may carry out activities as Underwriter, Broker-dealer, and or Investment Manager as well as other activities in accordance with the provisions stipulated by Bapepam.
(3) Parties conducting business activities as Underwriters, Securities Brokers, and or Investment Managers only for debt securities with a maturity of not more than one year, certificates of deposit, insurance policies, Securities issued or guaranteed by the Government of Indonesia, or other Securities determined by Bapepam are not required to obtain a business license as a Securities Company.
(4) Requirements and procedures for licensing Securities Companies are further regulated by Government Regulation.[...]" (Law  No. 8 of 1995 on the Capital Market [repealed by Law no. 4 of 2023 concerning the Development and Strengthening of the Financial Sector] [google translation])
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"1.  GENERAL PROVISIONS 
a. Investment Manager is the Investment Manager as referred to in Law Number 8 Year 1995 concerning Capital Market.
b. Person who may conduct business activity as an Investment Manager is a Securities Company which has already obtained business license from Capital Market and Financial Institutions Supervisory Agency (CMFISA).
c. An Investment Manager may conduct business activities in the form of: 
1) management of Securities portfolio for the interest of a particular investor based on an individual and bilateral fund management agreement arranged according to CMFISA rules; 
2) management of collective investment portfolios for a group of investors through a vehicle or products which are regulated by CMFISA rules; and/or 
3) other activities in accordance with provisions set by CMFISA.
 d. An Investment Manager that does not have a business license as an Investment Advisor may conduct business activities as an Investment Advisor provided that such Investment Manager does not charge any fee for advice on sale or purchase of Securities offered to its clients. [...]"" (DECISION OF CHAIRMAN OF CAPITAL MARKET AND FINANCIAL INSTITUTION SUPERVISORY AGENCY NUMBER: KEP-479/BL/2009 CONCERNING LICENSING PROCEDURES FOR SECURITIES COMPANY CONDUCTING BUSINESS AS AN INVESTMENT MANAGER )
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"Article 1
In this rule, the following terminologies apply: [...]
2. Securities Company is a Person that conducts business as an Underwriter, a Broker-Dealer and/or an Investment Manager. 
[...]
Article 2
(1) Shares of a joint venture Securities Company may be owned by a foreign legal entity which engaged in financial sector other than Securities industry at maximum 85% (eighty five percent) of paid in capital.
(2) Shares of a joint venture Securities Company may be owned by a foreign legal entity which engaged in Securities industry that has license or under Capital Market authority’s supervision in the home country at maximum 99% (ninety nine percent) of paid in capital. 
Article 3
(1) In the event that a national or a joint venture Securities Company conducts a Public Offering, shares of the Securities Company can be wholly owned by a Local Investor or Foreign Investor. (2) Foreign Investor as referred to in item (1) can be a Foreign Investor who is not engaged in financial sector. [...]" (MINISTER OF FINANCE REGULATION NUMBER 153/PMK.010/2010 CONCERNING SHARE OWNERSHIP AND CAPITAL OF SECURITIES COMPANY)
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"RULE NUMBER III.A.3 : DIRECTORS OF SECURITIES EXCHANGE [...]
1. GENERAL a. Securities Exchange must have at least 3 (three) directors.
[...]
2. REQUIREMENTS FOR CANDIDATES OF DIRECTORS 
a. Candidates of directors of a Securities Exchange must meet the following requirements: 1) Must be individuals who have Indonesian citizenship and are legally competent; 
[...]
27. Office term of director of the Securities Exchange is automatically ended if the director, among other things: a. lose his/her Indonesian citizenship; [...]" (Decision of the Chairman of Capital Market and Financial Institutions Supervisory Agency (CMFISA) Number: Kep-12/BL/2009 Date: 30 January 2009)
Regulation No. 31/2022, implemented 13 September 2022, Articles 2 and 3 [google translation]
Law  No. 8 of 1995 on the Capital Market [repealed by Law no. 4 of 2023 concerning the Development and Strengthening of the Financial Sector] [google translation]
DECISION OF CHAIRMAN OF CAPITAL MARKET AND FINANCIAL INSTITUTION SUPERVISORY AGENCY NUMBER: KEP-479/BL/2009 CONCERNING LICENSING PROCEDURES FOR SECURITIES COMPANY CONDUCTING BUSINESS AS AN INVESTMENT MANAGER
MINISTER OF FINANCE REGULATION NUMBER 153/PMK.010/2010 CONCERNING SHARE OWNERSHIP AND CAPITAL OF SECURITIES COMPANY 
Decision of the Chairman of Capital Market and Financial Institutions Supervisory Agency (CMFISA) Number: Kep-12/BL/2009 Date: 30 January 2009
[<a href="https://jdih.setkab.go.id/PUUdoc/176819/Salinan_PP_Nomor_31_Tahun_2022.pdf">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/46197/uu-no-8-tahun-1995">Law</a>],[<a href="https://www.ojk.go.id/Files/regulation/capital-market/bap-rules/new/VA3-2009.pdf">Decision</a>],[<a href="https://www.ojk.go.id/en/kanal/pasar-modal/regulasi/peraturan-keputusan-menteri/Documents/03TerjemahanPMK153_1420163031.pdf">Reg</a>],[<a href="https://www.ojk.go.id/en/kanal/pasar-modal/regulasi/klasifikasi-bapepam/bursa-efek/Documents/IIIA3_1391350862.pdf">Decision</a>]