Constitutional Court Decision concerning the Enforcement of Fiducia Security

By : Agung Santoso

2020-03-10

The Constitutional Court of the Republic of Indonesia has issued Decision No. 18/PUU-XVII/2019 on 6 January 2020 (the “Court Decision”) as a final verdict towards judicial review over certain provisions in Law No. 42 Year 1999 concerning Fiducia Security(the “Fiducia Law”). In brief, the verdicts in this Court Decision are as follows:

• Article 15 paragraph (2) of the Fiducia Law is unconstitutionalif the terms “executional power” and “as if a final and bindingcourt decision” thereunder are not interpreted the followingway:“for fiducia ...

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Updates on Regulation concerning Monitoring of FX Activity for Bank and Customer

By : Agung Santoso

2020-02-13

Bank Indonesia (i.e. the Central Bank of Indonesia – “BI”) has enacted Bank Indonesia Regulation (“PBI”) Nr. 21/15/PBI/2019 concerning Monitoring of FX Activity for Bank and Customer (Pemantauan Kegiatan Lalu Lintas Devisa Bank dan Nasabah) (“PBI Nr. 21/2019”) which comes into effect on 2nd January 2020.

Previously, the monitoring of foreign exchange (FX) activity (lalu lintas devisa – “LLD”) for bank and customer was regulated under PBI Nr. 18/10/PBI/2016. The main update in this ...

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New Government Regulation on Implementation of Electronic Systems and Transactions

By : M. Arie Armand (arie@aymp.law),Hana Monica (hana@aymp.law), Cindy Rachel Jessica (jessica@aymp.law)

2019-12-05

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)&...

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New Implementing Regulation concerning the Use of Bahasa Indonesia

By : AYMP

2019-11-07

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

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Residential Property Ownership by Foreigners in Indonesia

By : AYMP

2016-06-02

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 ...

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Current Updates on Structured Products Regulation

By : AYMP

2016-06-02

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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