By : Mutiara Rengganis, Evan J. Cane, Hafil N. Rahman
17-Jul-2020
Government of Republic Indonesia has recently enacted Law No. 3 of 2020 (“Law No. 3/2020”) concerning the Amendment of Law No. 4 of 2009 concerning Mineral and Coal Mining (“Law No. 4/2009”) and comes into effect at the same date of the enactment, which is 10 June 2020.
Law No. 3/2020 has made some material changes to provisions under the previous Law No. 4/2009 which may affect investment in mineral and coal mining sector. The following are some key changes in Law No. 3/2020 which should be taken into account when investing in mineral ...
By : Arie Armand, Benny Handoko, Alisya Anindita Febriani
26-Jun-2020
Introduction
Directorate General of General Law Administration (Direktorat Jenderal Administrasi Hukum Umum) of the Minister of Law and Human Rights (the “MoLHR”), the governmental agency which has the authority to administer the registration of legal entity in Indonesia, has taken a policy that starting from 30 January 2020, all corporations, including companies, foundations, cooperatives, firms (firma), associations, and commanditaire vennootschap shall report its Beneficial Owner (as defined below) to the MoLHR through the legal entity administration system (<...
By : Arie Armand, Agung Santoso
23-Jun-2020
On 19th March 2020, Bank Indonesia (i.e. the Central Bank of Indonesia – “BI”) has enacted Bank Indonesia Regulation Nr. 22/2/PBI/2020 (the “2nd Amendment”) concerning Second Amendment to Bank Indonesia Regulation Nr. 20/10/PBI/2018 concerning Domestic Non-Deliverable Forward Transaction (the “PBI on DNDF”) (collectively, the “2nd Amended PBI on DNDF”) which comes into effect at the same date as the enactment.
The (only) new feature installed in this 2nd Amendment is the insertion of IDR bank account ownership by Foreign ...
By : Wemmy Muharamsyah, Agung Santoso, Suherlin
21-Jun-2020
Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has recently enacted Financial Services Authority Regulation (Peraturan OJK - “POJK”) Nr. 12/POJK.03/2020 of 2020 concerning Consolidation of Commercial Banks (Konsolidasi Bank Umum) (“POJK Nr. 12/2020”) on 17 March 2020.
This POJK Nr. 12/2020 revokes the previous Bank Indonesia Regulation Nr. 7/15/PBI/2005 of 2005 as amended by Bank Indonesia Regulation Nr. 9/16/PBI/2007 of 2007 concerning Amount of Minimum Core Capital of Commercial Banks. The highlights of this POJK Nr. 12/2020 are:
By : Wemmy Muharamsyah, Agung Santoso, Suherlin
18-Jun-2020
Indonesian Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has recently issued Financial Services Authority Regulation (Peraturan OJK - “POJK”) Nr. 18/POJK.03/2020 of 2020 concerning Written Orders for the Mitigation of Bank Problems (“POJK Nr. 18/2020”) on 21 April 2020.
In a nutshell, this POJK Nr. 18/2020 regulates these followings: (i) the conditions of banks that will receive written orders for the mitigation of bank problems (“Written Order”); (ii) the follow-up actions for banks that received such Written Order; and (iii) other requirements or ...
By : M. Arie Armand, Hana Monica, Cindy Rachel Jessica
05-Dec-2019
Government of Republic Indonesia has recently enacted Government Regulation No. 71 of 2019 concerning Implementation of Electronics Systems and Transactions (“GR 71/2019”).
GR 71/2019 revoked Government Regulation No. 82/2012 (“GR 82/2012”) on 4 October 2019, which has come into effect as of 10 October 2019.
The issuance of GR 71/2019 presents substantial changes that may affect current practice, among others, (i) new distinction between public-scope and private-scope electronic system operators (“ESO”); (ii) provisions on data storage location; (iii)&...
By : AYMP
07-Nov-2019
President Joko Widodo has recently enacted Presidential Regulation Number 63 Year 2019 on the Use of Bahasa Indonesia (“PR 63/2019”) which comes into effect on 30 September 2019 that is more than 10 years after Law Number 24 Year 2009 on National Flag, Language, Coat of Arms and National Anthem (“Law 24/2009”) was promulgated which in Article 40 of Law No. 24/2009 mandate the issuance of the presidential regulation. Below are several key provisions from PR 63/2019:
I. MoU or Agreement
<...By : AYMP
02-Jun-2016
On 21 March 2016, the Minister of Agrarian Affairs and Spatial Layout / Head of National Land Agency (“Minister of Agrarian”) has enacted a new Minister of Agrarian Regulation No. 13 Year 2016 regarding Procedures for Granting, Relinquishing and Transferring Ownership of Residential Property for Foreign Citizens Domiciled in Indonesia (“Minister Regulation No. 13/2016”) as a further implementation of Government Regulation No. 103 Year 2015 regarding Ownership of Residential Property of Foreign Citizens Domiciled in Indonesia (“Government Regulation No. 103/2015”), which regulates on the further guidelines ...
By : AYMP
01-Jun-2016
The Financial Service Authority (Otoritas Jasa Keuangan – “OJK”) has recently enacted Regulation No. 7/POJK.03/2016 concerning Prudential Principles in Implementing Structured Product Activities for Conventional Banks (“POJK 7/2016”). This POJK 7/2016 has come into effect on 27 January 2016 and revokes the previous regulation i.e. Bank Indonesia Regulation No. 11/26/PBI/2009 concerning Prudential Principles in Implementing Structured Product Activities for Conventional Banks. In comparison between POJK 7/2016 and the previous regulation, there are no material changes made under POJK 7/2016, save for the reporting obligation ...
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