29 Jan 2019
Indonesia’s OJK Puts Framework in Place for Establishment of Securities Finance Agency
A. Introduction The Financial Services Authority (“OJK”) has issued a regulation that provides a detailed framework for the establishment of a dedicated Securities Finance Agency (Lembaga Pendanaan Efek / “SFA”) so as to boost transaction volume and liquidity in the Indonesian stock market by, in particular, encouraging margin trading and short selling. Upon establishment,…
28 Jan 2019
Repatriation of Export Earnings to Indonesia: New Regulation Signals Stricter Approach
A. Introduction Government Regulation No. 1 of 2019 (“GR 1/2019”),[1] which entered into effect on 10 January 2019, requires exporters in the natural-resources sector to repatriate their forex-denominated export earnings to Indonesia. While this requirement is not actually new, firmer action to enforce it has been on the cards for some time, given that it was announced as a key part of…
28 Jan 2019
ABNR Enhances Client Service with Appointment of Three New Partners
As a reflection of our commitment to providing superior legal services to our clients across all practice areas, we are pleased to announce the appointment of three new partners, Ms. Monic Devina, Ms. Ammalia Putri, and Ms. Serafina Muryanti. Their appointments are effective from 1 January 2019. Monic has been with ABNR since 2005. Her key practice areas are Banking & Finance, Foreign Direct Investment…
24 Jan 2019
Indonesia’s OJK Redefines Rules Governing Finance Companies
The Financial Services Authority (OJK) has issued a new umbrella regulation on finance companies to take account of changes in the market since its last intervention in the form of OJK Regulation 29/POJK.05/2014 (“Reg. 29”). The new regulation (OJK Regulation No. 35 /POJK.05/2018 / “Reg. 35”),[1] which entered into effect on 28 December 2018, revokes and supersedes Reg. 29.…
23 Jan 2019
If at First You Don’t Succeed... Indonesia Makes Another Attempt to Regulate App-based Ride-Hailing Services
1. Background As is the case in practically all jurisdictions around the world, Indonesia’s regulators have struggled to come to grips with the disruption caused to conventional public transportation models by the emergence and phenomenal growth of app-based ride-hailing services. To date, the Minister of Transportation (the “Minister”) has made a total of four attempts to regulate…
22 Jan 2019
ABNR Ranked Among Top-3 Indonesian Law Firms by ‘Legal 500 Asia Pacific’ 2019
ABNR has emerged with flying colors in The Legal 500 Asia Pacific 2019 rankings, reaffirming our status as one of Indonesia’s top-three commercial law firms. Overall, our legal expertise in a total of 12 key practice areas is recognized, while 19 ABNR lawyers are lauded as either “Leading Individuals” or “Recommended Lawyers” for their cutting-edge and innovative advice…
18 Jan 2019
Indonesia’s OJK Moves to Regulate on Equity Crowdfunding
1. General The Indonesian Financial Services Authority (“OJK”) has issued a long-awaited regulation on equity crowdfunding that it is hoped will provide a solid foundation for the development of the industry going ahead. The new regulation forms part of a series of instruments issued by the OJK since 2016[1] to establish a regulatory framework governing the financial technology (fintech)…
17 Jan 2019
BKPM Takeover of OSS Should Help Iron Out Glitches
As we reported in our ABNR Legal Update titled The OSS System: What Exactly is it? (4 September 2018), the Online Single Submission system (“OSS”) represents a quite revolutionary new departure for business and investment licensing in Indonesia. The OSS was established by Presidential Regulation 24/2018 (“PR 24/2018”), which entered into effect on 21 June 2018. In the latest…
15 Jan 2019
Corruption Court Sets Important Precedent by Finding Corporation Guilty of Tender Rigging
In our ABNR Legal Update titled Anticorruption Latest: Some Encouragement for Whistleblowers and KPK Launches Its First-Ever Prosecution of a Corporation, published on 8 November 2018, we reported on the Corruption Eradication Commission (KPK)’s prosecution of publicly listed PT Nusa Konstruksi Enjiniring Tbk (“Nusa Konstruksi”) for corruption related to its participation in a number…