MSCI’s June 2026 Market Classification Review maintained Indonesia’s emerging-market status while deferring any reclassification decision to its November Index Review, citing ongoing capital-market reforms that address core investability concerns such as shareholding transparency and free-float visibility. Regulators have raised the minimum free-float requirement to 15 percent, lowered mandatory ownership disclosure thresholds from 5 percent to 1 percent, and introduced a High Shareholding Concentration framework, measures MSCI described as a constructive step. Traders assign a 64 percent implied probability against a downgrade by November 30 because these reforms align with MSCI’s stated criteria and the index provider has signaled it will evaluate consistent implementation rather than immediate compliance. Key catalysts ahead include the November review outcome and any interim data on free-float adjustments or English-language disclosures that could influence final accessibility assessments.