Legal Updates

OJK Regulates Digital Banking Services

30 October 2018

The Indonesian Financial Services Authority (the OJK) will now manage the provisions of digital banking services by commercial banks through its recently issued regulation POJK 12/2018, effective 8 August 2018. POJK 12/2018 was issued to increase operational efficiency, improve customer service quality, and to encourage responsible innovation. The regulation applies to any commercial bank providing digital banking services. Through this regulation, we recognise OJK's fortitude to ensure risk infrastructure is properly managed to support digital services in Indonesia.

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OJK's Fintech Sandbox

23 October 2018

Until very recently, the Financial Services Authority (OJK) only regulated peer-to-peer fintech lending platforms (P2P Firms). A recently issued OJK regulation (POJK 13/2018) increases its regulatory mandate over fintech firms in a bid to prevent financial sector stability, promote consumer protection, and improve non-competitive practices. POJK13/2018 is effective as of 16 September 2018.

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Aftech Releases Code of Conduct

08 October 2018

The Indonesian FinTech Association (Aftech) recently published a code of conduct providing guidance on ethical and responsible behavior (the code) for peer-to-peer financial technology (fintech) lending platforms that are registered or licensed by the Financial Services Authority (P2P firms). Fintechs that support P2P firms and are Aftech members (P2P supporting firms) will also be subject to the code, which will be de facto binding in nature.

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New Non-Tax Government Revenue Bill

30 August 2018

The Indonesian House of Representatives has approved a new bill ("Bill") relating to government revenue from non-tax sources ("PNBP"), and the Bill now awaits Presidential assent. The Bill is a response to a request from the Minister of Finance, Sri Mulyani, for a more robust platform for non-tax revenue collection and management. The Bill will replace Law 20/1997.

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Update on Online Single Submission Services

20 July 2018

Further to our client update of 11 July 2018 in respect of the Online Single Submission Service  system ("OSSS")  the Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal or "BKPM") issued a list of licenses and recommendations  which will continue to be processed and issued by the BKPM (and not via the OSSS)

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The New Leadership in the Indonesian Competition Authority

12 July 2018

In early May, the President of the Republic of Indonesia inaugurated the new Commissioners of the Business Competition Supervisory Commission (Komisi Pengawas Persaingan Usaha, "KPPU"), the Indonesian Competition Authority.

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The Supreme Court of the Republic of Indonesia and its innovations to Enhance Efficiency in the Court System

12 July 2018

Recently, the Supreme Court of the Republic of Indonesia ('SCRI') issued several regulations to streamline court procedure and enhance efficiency in the court system, including the SCRI Regulation No. 9 of 2017 on Decision Formatting, which aims to simplify the decision format and, with that, accelerate the timing of service of decision to the relevant party, and the SCRI Regulation No. 3 of 2018 on Electronic Court Administration, which introduces and facilitates court proceeding administration through an online system.

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12 July 2018

After being delayed from its initial planned issuance on April 2018, Government Regulation No. 24 of 2018 concerning Online Single Submission Services ("GR 24/2018") was finally signed by President Joko Widodo on 21 June 2018 and has been in force as of the same day.

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Changes in insurance regulation: China / Hong Kong / Singapore / Indonesia / Vietnam

25 June 2018

The updates on the introduction of an insurance levy in Hong Kong, a consultation on agency recruitment incentives in Singapore, and new measures in relation to the use of insurance funds in Chine.

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New Presidential Regulation on Utilization of Foreign Workers

15 May 2018

The President has enacted Presidential Regulation ("PR") Number 20 of 2018 on Utilization of Foreign Workers ("PR 20/18").  PR 20/18 will come into force on 29 June 2018 ("Effective Date") and revokes PR Number 72 of 2014 on the same subject ("PR 72/14").  This regulation aims to simplify procedures and reporting obligations which are expected to increase investment into Indonesia.

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E-Money: Change in foreign ownership

14 May 2018

The Indonesian central bank, Bank Indonesia ("BI"), has issued Regulation Number 20/6/PBI/2018 ("PBI 20/2018") on E-Money replacing Regulation Number 11/12/PBI/2009 on E-Money and its amendments ("Old Regulations") effective on 4 May 2018 ("Effective Date"). PBI 20/2018 was issued to promote the use of e-money in Indonesia whilst addressing consumer protection, prudential principles, risk management, and healthy competition.

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Mandatory Beneficial Ownership Reporting for Entities in Indonesia

14 May 2018

Mandatory rules on reporting beneficial ownership now apply in Indonesia. The requirement has come into force on 5 March 2018, with a one year grace period for existing entities.

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Data Localization: Coming to you soon in Indonesia

08 November 2017

As globalization and growth in the digital economy continues, a trend has emerged worldwide of some national governments seeking to assert control and stop the flow of data across borders. These laws intended to keep personal data in-country and subject to local regulation. Indonesia is now one of the countries where data will be required to be stored locally by 1 December 2018. An article on this topic was recently published in the November issue of Asian Legal Business magazine.

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PE in Indonesia - A Vibrant Market

19 October 2017

Indonesia is gaining popularity among both regional and international private equity funds. Demographics and economic forces increasingly portray Indonesia as a 'must-be-in' market.

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Changes in Insurance Regulation: China / Hong Kong / Singapore / Indonesia / Vietnam

27 September 2017

From the attached you can find information regarding our Asia insurance regulatory tracker for the second quarter of 2017. It includes updates on regulations for credit insurance in China, detailed rules for spreading life insurance commissions in Singapore, new approval requirements for insurers' investments in the financial services industry in Indonesia and a recent circular on various aspects of insurance business in Vietnam.

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Requirements for Changes in Shareholding and Boards in Oil & Gas, Mining, Power and Geothermal Sectors - Regulatory Update

15 August 2017

Ministry of Energy and Mineral Resources ("MEMR") issued Regulation Number 48 of 2017 on Supervision of Operations of Business Activities in the Energy and Mineral Resources Sector ("Reg 48/2017") which came into effect on 3 August 2017. Reg 48/2017 was issued following feedback on Ministry of Energy and Mineral Resources Regulation No. 42/2017 ("Reg 42/2017"). Reg 42/2017 required prior approval from MEMR for most transfers of shares and changes to the board of directors and commissioners in the energy and mineral resources sector.

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Approvals for Changes in Shareholding and Boards in Oil & Gas, Mining, Power and Geothermal Sectors - Regulatory Update

03 August 2017

Ministry of Energy and Mineral Resources ("MEMR") Regulation Number 42 of 2017 on Supervision of Operations of Business Activities in the Energy and Mineral Resources Sector ("Reg 42/2017") came into effect on 17 July 2017. The regulation applies to licensed entities operating in the upstream and downstream oil and gas, mining, power, and geothermal sectors and has aims of improving MEMR oversight over the sector. In respect of the mining sector, Reg 42/2017 replaces and partially revokes MEMR Regulation Number 34 of 2017 in respect of provisions relating to the transfer of shares and the changes to the Board of Directors and Board of Commissioners.

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Indonesia's construction sector – from the ground up

28 July 2016

This note serves as a basic introductory overview on the Indonesian construction sector.  The attached schedules provide further details on requisite licences that are generally required for a construction company, as well as the revised Negative Investment List that was promulgated on 18 May 2016 ("List").

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The Obligation of the use of Indonesian Rupiah in the Territory of the Republic of Indonesia

25 May 2016

Bank Indonesia Regulation No. 17/3 /PBI/2015 on the Obligation of the Use of Indonesian Rupiah in the territory of the Republic of Indonesia (“PBI 17/3/PBI/2015“) is a new legislation enacted by Bank Indonesia which is based on the law that has been previously promulgated, namely Law No. 7 of 2011 on the Currency ("Law No. 7/2011")

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