28 Jan 2013
INDONESIAN BANKS TO PROVIDE BROADER TRUST SERVICES
Although Indonesian banking law No. 7/1992 (as amended, “Law No. 7/1992”) allows Indonesian banks to provide trust services, Indonesian banks have generally only provided limited trust services. As a result, the Indonesians rich and companies operating in Indonesia would usually opt for the services of foreign banks. Bank Indonesia expects to change the above condition through its recently…
28 Jan 2013
NEW MINISTER OF TRADE REGULATION ON FRANCHISING
The Minister of Trade issued his Regulation No. 53/M-DAG/PER/8/2012 concerning Franchise Management (“Regulation No. 53”), revoking at the same time the previous Minister of Trade Regulation No. 31/M-DAG/PER/8/2008 (“Regulation No. 31”) on the same subject matter. The new regulation aims at increasing franchising business partnership between franchisors and Indonesian small…
28 Jan 2013
LEGAL ALERT FOR HAK TANGGUNGAN HOLDERS: THE STATE HAS THE RIGHT TO TAKE LAND FOR REASONS OF ABANDONMENT
Hak tanggungan (land mortgage) holders, financial institutions, banks, and creditors alike should be aware of the possible invalidation of their lien over land that has been pledged to them if the State has reasons to declare the land as abandoned land. In January 2010, the Government issued Regulation No. 11 Year 2010 concerning Abandoned Land (“Regulation 11”), which regulates that the…
28 Jan 2013
NEW REGULATION REGARDING OUTSOURCING
The Minister of Manpower and Transmigration (“Minister”) has revoked two previous Minister decrees, respectively No.KEP.101/MEN/VI/2004 regarding Guidelines Permits for the Outsourcing of Workers/Labor Services and No. KEP.220/MEN/X/2004 regarding Requirements for the Outsourcing of Part of Work to Another Company, and replaced them with Regulation No. 19 of 2012 regarding Requirements…