01 Dec 2014
NEW BKPM POLICY: ONLINE COMPANY FOLDER
The Investment Coordinating Board (”BKPM”) announced under its Circular Number 252/A.8/2014, that as of 1 October 2014 it will not accept licensing and non-licensing applications from companies which have not made the so called “Company Folder” as their corporate data base for the BKPM online licensing system known as SPIPISE. The information and guidance for the creation of…
01 Dec 2014
OJK REGULATION ON CONSUMER PROTECTION IN THE FINANCIAL SERVICES INDUSTRY
On 6 August 2014, a new regulation on customer protection in the financial services industry became effective one year after its issue. Regulation No. 1/POJK.07/2013, which was issued on 26 July 2013 and enacted on 6 August 2013 (the “Regulation”), was issued by the newly established Financial Services Authority to implement Article 30 and Article 31 of Law No. 21/2011 regarding Financial…
28 Oct 2014
M. Husseyn Umar and Theodoor Bakker admitted as Fellows to CIArb
We are pleased to announce that our Of Counsel M. Husseyn Umar and our Foreign Counsel Theodoor Bakker have recently been admitted as Fellows of the Chartered Institute of Arbitrators ("CIArb"). The CIArb is the distinguished global membership body for dispute resolution professionals. Established in 1915, it is a not-for-profit organization that exists for the world-wide promotion, facilitation and…
27 Oct 2014
IMLA Tea Talk “Ship Arrests in Indonesia and Singapore”
Our Partner, Sahat A.M. Siahaan will be speaking in a tea talk organized by Indonesian Maritime Law Association (IMLA). The event will be held on Wednesday, 29 October 2014 at Puri Denpasar Hotel from 2 &ndash
24 Oct 2014
Half Day Workshop “Avoiding Conflict of Interest in International Commercial Arbitration and Mediation”
Our Senior Foreign Counsel, Theodoor Bakker will be speaking in a half day workshop organized by International Chamber of Commerce (ICC) Indonesia. The workshop will be held on Wednesday, 29 October 2014 at ICC Indonesia Meeting Room in Tempo Pavilion from 4 &ndash
30 Sep 2014
ENERGY AND MINERAL RESOURCES REGULATION ON PROCEDURE FOR THE GRANTING OF RECOMMENDATION FOR THE SALE OF PROCESSED AND REFINED MINERALS
The above mentioned regulation was issued on 17 April 2014 by the Minister of Energy and Mineral Resources under No. 11 of 2014 (“MEMR Regulation No. 11/2014”). MEMR Regulation No. 11/2014 addresses holders of Mining Business License (Izin Usaha Pertambangan or “IUP”) for production operation; Special IUP (Izin Usaha Pertambangan Khusus or “IUPK”) for production…
30 Sep 2014
MINERAL AND COAL MINING REGULATION REGARDING IMPLEMENTATION OF RECLAMATION AND POST MINING ACTIVITIES
The above regulation was issued by the Minister of Energy and Mineral Resources under No. 7 of 2014 (“MEMR Regulation No. 7/2014”) on 28 February 2014, as the implementation of Articles 9, 12, 15, 18, 28, 36, 43, 49, and 51 of Government Regulation No. 78 of 2010 on Reclamation and Post-Mining Activities. MEMR Regulation No. 7/2014 sets out the obligations of holders of Mining Business…
30 Sep 2014
MINISTER OF FORESTRY’S REGULATION REGARDING ASSIGNMENT OF PART OF THE GOVERNMENT’S FORESTRY AND CLIMATE CHANGE AFFAIRS TO REGENTS
The Minister of Forestry issued his Regulation No. P.2/Menhut-II/2014 earlier this year, assigning part of the Ministry’s tasks in the framework of the running of the Forest and Climate Change program to the Regent of Berau, the Regent of Malinau, and the Regent of Kapuas Hulu (“Regulation No. 2/2014”). The details of the forestry affairs which are assigned to the Regents are set…
30 Sep 2014
THIRD AMENDMENT TO REGULATION NO. P.33/MENHUT-II/2010 REGARDING MANNER AND PROCEDURE FOR THE RELEASE OF CONVERTIBLE PRODUCTION FOREST AREAS
The Minister of Forestry (“Minister”) has issued Regulation No. P.28/Menhut-II/2014, which amends for the third time the above captioned Regulation No. P.33/Menhut-II/2010. The amending regulation (“Regulation No. 28/2014”) has the purpose of speeding up the process of the release of a convertible production forest area. In line with its purpose, Regulation No. P.28/2014 simplifies…
30 Sep 2014
GEOTHERMAL FEED-IN TARIFFS (Regulation of the Minister of Energy and Mineral Resources Number 17 of 2014)
The above captioned Regulation of the Minister of Energy and Mineral Resources Number 17 of 2014 was issued on 3 June 2014. It increases the purchase price payable by the state-owned power utility company PT Perusahaan Listrik Negara (Persero) for the electricity produced by geothermal power plants and for the geothermal steam used in generating electricity. The new regulation provides that the highest…
30 Sep 2014
NEW GEOTHERMAL LAW
On 26 August 2014, a new bill concerning Geothermal Energy was passed by the House of Representatives. The new act is a revised version of Law No. 27 of 2003 concerning Geothermal, with major changes that are meant to ease the development of the country’s geothermal energy industry. Key changes in the new Geothermal Act (New Act): The New Act clearly distinguishes between geothermal energy which…
11 Aug 2014
NEW REGULATIONS BY OJK ON GUARANTEE INSTITUTIONS (LEMBAGA PENJAMIN)
Three new regulations were issued in April 2014 by the Indonesian Financial Services Authority (Otoritas JasaKeuangan or "OJK"), being the implementing regulations for Presidential Regulation No. 2 year 2008 regarding Guarantee Institutions ("Regulation No. 2"). The three regulations are as follows: OJK Regulation No. 5/POJK.05/2014, regarding Business Licensing and Institutional Structure of Guarantee…
11 Aug 2014
MINISTER OF FINANCE REGULATION ON MANNER AND PROCEDURE FOR THE COLLECTION OF IMPORT AND/OR EXCISE DUTIES
This regulation of the Finance Minister, number 111/PMK.04/2013, was issued in August 2013. It regulates the manner and procedure for import and excise duties collection as well as the sanctions for non compliance with the payment obligation. The following are some of the highlighted provisions: The officer authorized to implement import and excise duties collection is the Head of the Taxation Services…
11 Aug 2014
REGULATION ON FINANCIAL CONDITION TRANSPARANCY OF PEOPLE’S CREDIT BANKS
To promote the financial and accountability transparency of People’s Credit Banks (Bank Perkreditan Rakyat or “BPR”), Bank Indonesia Governor issued on the 21st May 2013, Bank Indonesia Regulation Number 15/3/PBI/2013. Under the regulation, BPRs are obliged to prepare the following: Annual Report, which is prepared in accordance with SAK ETAP Financial Accountancy Standards and Accountancy…
11 Aug 2014
OJK REGULATION ON ALTERNATIVE DISPUTE RESOLUTION IN THE FINANCIAL SECTOR
The Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued on 16 January 2014, its Regulation No. 1/POJK/2014 regarding Alternative Dispute Resolution Institutions (“Lembaga Alternatif Penyelesaian Sengketa or “LAPS”) in the Financial Sector (“Regulation 1/2014"). The following are the provisions of note: Establishment of the LAPS The LAPS is established…
07 Jul 2014
REGULATION OF INDONESIA DEPOSIT INSURANCE CORPORATION ('LPS') ON PROCEDURES TO SELL SHARES OF FAILING BANKS
The LPS (Lembaga Penjamin Simpanan) has issued a new regulation, Number 1/PLPS/2014 of 2014, on Procedures to Sell Shares of Failing Banks (“Regulation 1/2014”), which replaces the older Regulation Number 2/PLPS/2011. The new regulation is set to provide clearer and more thorough information regarding procedures to sell shares of failing banks. Regulation 1/2014 among others provides the…
12 May 2014
MANPOWER REGULATION ON ESTABLISHMENT OF BPJS MANPOWER (Badan Penyelenggara Jaminan Sosial Tenaga Kerja)
As mandated by Law No. 24 of 2011 concerning Social Security Organizing Agency (Badan Penyelenggara Jaminan Sosial or “BPJS”) (“Law No. 24/2011”), on 1 January 2014 PT Askes (Persero) effectively became BPJS Health and PT JAMSOSTEK (Persero) became BPJS Manpower. However, the implementing regulations of Law No. 24/2011 have not, to date, been issued. Here are highlights of…
12 May 2014
MANPOWER REGULATION ON UTILIZATION OF FOREIGN EMPLOYEES
The Minister of Manpower and Transmigration has issued a new regulation, Number 12 of 2013, on Procedure for Utilization of Foreign Employees (“PERMENAKER 12/2013”), which replaces the older Regulation Number PER.02/MEN/III/2008. The new regulation is set to provide clearer and more thorough information regarding employment of foreign nationals in Indonesia. Job training program is now…
12 May 2014
FUTURES REGULATOR INTRODUCES NEW DERIVATIVES CONTRACTS
The Indonesian Commodities Futures Trading Supervisory Agency (“Bappebti”) recently issued Regulation No. 109/BAPPEBTI/PER/01/2014 regarding Derivative Contracts Traded on the Alternative Trading System (the “Regulation”). With the issuance of the Regulation, Bappebti now allows futures exchanges in the country, though still subject to Bappebti’s further approval. At…
26 Mar 2014
THIRD AMENDMENT OF KPPU'S GUIDELINES ON MERGERS, CONSOLIDATIONS AND ACQUISITIONS OF SHARES
KPPU has amended again the above mentioned guidelines by issuing KPPU Regulation No. 02 of 2013 (“Regulation 02”) regarding Guidelines for the Implementation of Mergers or Consolidations of Business Entities and Acquisitions of Company Shares Which May Result in Monopoly Practices and Unsound Business Competition. This Regulation 02 replaces the former KPPU Regulation No. 3 of 2012 (“Regulation…
26 Mar 2014
BI'S CIRCULAR REGARDING CREDIT INFORMATION MANAGEMENT INSTITUTION ('LPIP')
In furtherance of its Regulation No. 15/1/PBI/2013 (“PBI 15/2013”) regarding Credit Information Management Institution or Lembaga Pengelola Informasi Perkreditan (“LPIP”), Bank Indonesia issued, on 5 December 2013, its Circular Letter No. 15/49/DPKL of 2013 regarding Credit Information Management Institution (“Circular 15/2013”). This Circular 15/2013 contains provisions…
26 Mar 2014
BI REGULATION ON HEDGING TRANSACTIONS
As a reaction to the volatility of Rupiah over the past year, Bank Indonesia has issued a new regulation on hedging transactions. This Bank Indonesia Regulation No. 15/8/PBI/2013 regarding Bank Hedging Transactions, (“PBI No. 15/2013”), enacted in October 2013, is expected to encourage the use of derivatives as a tool to hedge foreign currency exposure and to subsequently reduce foreign…
07 Jan 2014
BANTEN IPP - PFI POWER DEAL OF THE YEAR
We are pleased to announce that “Banten IPP” deal has been awarded the “PFI Power Deal of the Year” for Asia Pacific. The PFI (Project Finance International) Awards honour achievement in the global project finance market and are celebrated at the annual PFI Awards Dinner, which will be held on February 5 2014 at The Hilton, Park Lane, LondonABNR represented lenders in the financing…