20 Apr 2020
Indonesia’s FSA Relaxes ‘Single Presence Policy’ in Banking Sector but Tightens Minimum Capital Requirements
A. Introduction The Indonesian Financial Services Authority (Otoritas Jasa Keuangan / “OJK”) recently issued Regulation No. 12/POJK.03/2020 (“Reg. 12”, effective 17 March 2020),[1] which relaxes bank ownership rules under the OJK’s Single Presence Policy but simultaneously increases minimum capital requirements. It is important to note that Reg. 12 was conceived prior…
13 Apr 2020
Jakarta Imposes Partial Lockdown to Curb Spread of Covid-19
Overview Following the issuance of a Minister of Health decree permitting the introduction of large-scale social restrictions (“LSSR”) in Jakarta,[1] the city’s governor, Mr. Anies Baswedan, has issued a regulation (the “Regulation”)[2] that imposes a range of specific LSSR on Indonesia’s capital. These LSSR, which effectively amount to a partial lockdown, are the…
08 Apr 2020
Indonesian Gov’t Arms Itself with Powers to Impose Local Lockdowns
1. New Lockdown Powers The Indonesian government has taken a series of concerted steps recently to establish a solid legal framework for the imposition of what are likely to be partial or total lockdowns at the local level to contain the spread of Covid-19. The first of these steps was the declaration of Covid-19 as a public health emergency through the issuance of Presidential Decree No. 11 of 2020…
06 Apr 2020
Government Temporarily Bans Most Foreign Nationals from Entering Indonesia
In response to the Covid-19 crisis, the President officially declared a public health emergency on March 31 through the issuance of Presidential Decree No. 11 of 2020, which mandates all government institutions to take whatever measures are necessary to contain the spread of the virus. The Minister of Law and Human Rights has acted on this by issuing Regulation No. 11 of 2020 (“Reg. 11”),[1]…