The Indonesian parliament has approved the appointment of two new officials to oversee financial regulator reforms. The move was prompted by MSCI warning that it could downgrade Indonesia to "frontier" status due to issues with transparency and governance among listed firms. The new officials include Friderica Widyasari Dewi as the regulator's chair and Hasan Fawzi as its chief capital market supervisor. Both were previously serving in interim roles and have been spearheading reform efforts. The potential downgrade could trigger massive capital flight, potentially leading to outvings of $7.8 billion.