20 Apr 2018
OJK Issues New Rules for Assessing Financial Soundness of Venture Capital Companies in Indonesia
1. Background The Financial Services Authority (“OJK”) has issued new rules (the “Rules”) to give effect to the provisions of Chapter V of OJK Regulation No. 35/POJK.05/2015 (the “Regulation”), which governs the management of venture capital (“VC”) providers. The Rules are set out in OJK Circular No. 7/SEOJK.05/2018 on the Financial Soundness of Venture…
20 Apr 2018
Supreme Court Stresses Expats May Only Work on Temporary Contracts, but Surprises Still Possible
A. Introduction Following our recent legal update on Presidential Regulation No. 20 of 2018, which significantly streamlines the requirements for the hiring of expatriates [click here to view], we have received a number of queries as to the rights and protections afforded to expatriate employees under Indonesian manpower law. In particular, we have been asked whether there is any possibility for an…
06 Apr 2018
Bureaucratic Reform Gains Traction in Indonesia as Government Streamlines Expat Employment Rules
There was a flurry of reports in the media recently suggesting that the Government planned to institute a major overhaul of the rules governing the employment of expatriates. These reports have turned out to be well-founded, with the newly issued Presidential Regulation No. 20 of 2018 (the “New Regulation”)[i] significantly streamlining the expatriate employment process. The Regulation,…
02 Apr 2018
Indonesian Competition Authority Again Fines Companies for Late Merger Notification, Likely More to Follow
The Indonesian Competition Authority (“KPPU”) recently imposed fines on two companies for failure to notify their acquisitions to it. Indonesian competition law requires that a merger, consolidation or acquisition meeting certain criteria should be notified to the KPPU within 30 business days after the transaction becomes legally effective. In the event of a failure to notify within 30…