MSCI’s June 2026 Market Classification Review maintained Indonesia’s emerging-market status while acknowledging regulator-led reforms on shareholder disclosures above 1 percent, the High Shareholding Concentration framework, and a phased free-float increase to 15 percent. These measures, introduced after January concerns over investability and price formation, have kept the market in the MSCI Global Investable Market Indexes with ongoing freezes on Foreign Inclusion Factor increases and additions. As of the August 2026 review, no country reclassification occurred, and the November 11 decision—effective December 1—remains the key test. With roughly six weeks remaining and evidence of consistent implementation building, traders assign only an 8 percent implied probability to a downgrade by November 30. A reversal would require MSCI to deem reform track records inadequate despite the short window and prior positive accessibility assessments.