15 Dec 2022
New Rule Facilitates Full Shareholder Participation at Online General Meetings of Public Companies
A. Introduction In 2020, Indonesia’s Financial Services Authority (“OJK”) issued two regulations, OJK Regulation No. 15/POJK.04/2020 (“POJK 15”)[1] and OJK Regulation No. 16/POJK.04/2020 (“POJK 16”),[2] to establish a concrete legal framework to allow public companies / issuers to hold their shareholders’ meetings online (“e-Meeting”). The…
30 Nov 2022
‘If you can’t beat them, join them’: Commercial banks now permitted to invest in fintech companies
Introduction Technological development has brought rapid, radical change to the financial-services industry around the world, and Indonesia is no exception. While the country’s financial-products market used to be dominated by the banking sector, the banks must now share it with financial technology (fintech) companies. In response to the rapid rise of fintech, Indonesia’s Financial Services…
28 Nov 2022
ABNR Hosted A Client Seminar-Discussion on Personal Data Protection: Challenges and Practical Compliance Guide for Businesses
ABNR Counsellors at Law is proud to have been the first law firm to host a client seminar-discussion titled Personal Data Protection Law: Challenges and Practical Compliance Guide for Business. The event was held at Financial Hall Jakarta, on Tuesday, 22 November 2022, and was attended offline and online by around 150 representatives of many of ABNR’s key clients. The discussion was held in…
14 Nov 2022
ABNR Acts for Online Used-Car Marketplace Moladin in USD 32 Mio Loan Deal
We are pleased to announce that ABNR acted for Indonesian used-car marketplace and e-commerce platformPT Moladin Digital Indonesia (a subsidiary of Singapore-based Zinfinity Pte. Ltd) for their approx. USD 32 million credit facility from Indonesian publicly listed, technology-focused lender PT Bank Jago Tbk.The original credit facility agreement was signed on 6 July 2022 in Jakarta, but was subsequently…
08 Nov 2022
ABNR Wins Twelve Awards from HK-based Asia Business Law Journal
Following hard on the heels of ABNR being named “Indonesia Law Firm of the Year” at the 2022 Asian Legal Business (ALB) Indonesia Law Awards, the firm received a raft of awards at the recently announced Asia Business Law Journal (ABLJ)’s Indonesia Law Firm Awards 2022, which recognize the country’s very best law firms, legal work and lawyers, and is one of only two law-firm…
02 Nov 2022
New Regulation to Speed Up Development of Infrastructure Projects Assigned to Public Works Ministry
The President has issued a new regulation, which came into effect on 27 September 2022, which grants the Ministry of Public Works and Housing (“MOPW”) broad strategic authority to undertake the timely development and delivery of key infrastructure projects. The new regulation (Presidential Regulation No. 120 of 2022 on Special Assignments to Accelerate Infrastructure Development / “PR…
28 Oct 2022
ABNR Named ALB Indonesia Law Firm of the Year 2022
We are very pleased to announce that ABNR Counsellors at Law was named Asian Legal Business (ALB) Indonesia Law Firm of the Year 2022 at a glittering awards ceremony at Shangri La Hotel Jakarta on Thursday, Oct. 20. The annual ALB Indonesia Law Awards recognize the country’s best law firms, legal work and lawyers across all major practice areas. Speaking about this latest recognition for the…
20 Oct 2022
Indonesia’s SOE Ministry to Require Proactive Risk Management in Public Companies
1. Introduction Two years after the “Three Lines Model” risk management protocol was issued by the Institute of Internal Auditors (https://www.theiia.org/) to help organizations manage risk and successfully achieve their goals, the Ministry of State-Owned Enterprises (“MSOE”) has adopted it for the state-owned sector in Indonesia via MSOE Regulation No. PER-5/MBU/09/2022 (“Reg.…
06 Oct 2022
Long-Awaited Presidential Regulation Signals Transition to Greener Energy in Indonesia
The President has finally issued a long-awaited regulation that maps out the road towards cleaner power generation in Indonesia, in line with the country’s international climate-change commitments. The new regulation, Presidential Regulation No. 112 of 2022 on Accelerated Development of Renewable Energy for Electricity Supply (“PR 112”),i was issued and entered into force on 13 September…
04 Oct 2022
Indonesia’s OJK Moves to Beef Up Consumer Protection in Financial Services Sector
A. Introduction Against a backdrop of widespread unauthorized disclosure of personal data and dubious business practices that frequently leave consumers of financial services aggrieved or out of pocket, the Indonesian Financial Services Authority (“OJK”) has issued a new regulation to beef up consumer protection in the sector. The regulation, (No. 6/POJK.07/2022 on Consumer and Public…
26 Sep 2022
OJK Moves to Better Regulate Stock Splits and Reverse Stock Splits by Public Companies
A. Introduction A stock split (“SS”) is where a company subdivides its shares by splitting 1 share into 2 or more shares based on an agreed ratio. This results in an increase of the number of the company’s shares and a reduction in the nominal value of each share, whilst maintaining the total value of each member’s shareholding. By way of illustration, if Shareholder A owns…
23 Sep 2022
Long-Awaited Personal Data Protection Law Aims to Take Data Privacy to Next Level
A. Introduction After several years of deliberation and amid a long running epidemic of Personal Data breaches, the Indonesian Parliament finally passed the long-awaited Personal Data Protection Bill on 20 September 2022. The Bill has now been sent to the President for signing, after which it will be promulgated as law by publication in the State Gazette. As these steps are normally mere formalities,…
22 Sep 2022
ABNR Ranked in Tier 1 for M&A by Singapore’s Asian Legal Business (ALB)
We are very pleased to announce that ABNR is once again ranked as a Tier 1 Firm for M&A by Asian Legal Business (ALB) in the 2022 iteration of their annual Asia M&A Rankings. Congrats to all our partners and lawyers, and a big thank you to all of our clients and friends for continuing to place their trust in us. With 20 partners, two foreign counsel and some 85 other fee earners, ABNR is the…
16 Sep 2022
Moratorium on Private Port Licenses Could Leave Miners High and Dry
1. Introduction Under Indonesian law, private entities can apply for a license to construct, operate and manage a dedicated or “special” sea terminal (“Special Terminal”)[1] for their own cargo loading/unloading and sea transportation operations (“Special Terminal License”).[2] This license, which enables a company that has a main line of business other than port…
13 Sep 2022
New Bappebti Regulation Takes Aim at Rogue Robot Trading
Introduction Earlier this year, the Commodity Futures Trading Supervisory Authority (“Bappebti”) blocked a number of both Indonesia- and overseas-based robot-trading platforms offering automated commodity trading services (in foreign exchange, cryptocurrency or gold) to Indonesian customers. After Bappebti shut down the platforms due to their being unlicensed, many customers experienced…
06 Sep 2022
Indonesian Regulator Publishes Updated Whitelist of Officially Approved Crypto Assets
1. Introduction Following the issuance in 2020 of their first ever list of crypto assets that are officially approved for trading on the local crypto-assets market (“Whitelist”),[1] the Commodity Futures Trading Supervisory Authority (“Bappebti”) has now issued a much-anticipated update of the Whitelist, which expands the number of officially approved crypto assets from 229…
30 Aug 2022
New Bank Indonesia Regulation Provides Further Guidance on Payment Systems Regime
The central bank, Bank Indonesia (“BI”), has issued an implementing regulation to follow up on its recent series of regulations focused on payment systems (BI Regulation No. 22/23/PBI/2020 / “PBI 22/23”[1], BI Regulation No. 23/6/PBI/2021 / “PBI 23/6”[2] and BI Regulation No. 23/7/PBI/2021 / “PBI 23/7”[3] -- for a detailed analysis of these regulations,…
19 Aug 2022
Bank Indonesia Issues New Regulations to Consolidate Forex Rules and Relax Underlying Transaction Requirements
A. Introduction As the shadow of Covid dissipates and the volume of cross-border transactions continues to rise, Bank Indonesia has issued two new regulations to consolidate the foreign-exchange (forex) market rules that were previously contained in a large number of disparate regulations. Importantly, the new regulations also relax the underlying-transaction requirements for access to foreign exchange.…
11 Aug 2022
KAI’s Rp 2 Trillion Islamic and Conventional Bonds Issue Listed on IDX
ABNR would like to congratulate Indonesian state railways PT Kereta Api Indonesia (Persero) (KAI) on their recent issuance of IDR 2 trillion (USD 136 million) in conventional and Islamic bonds. The bonds were listed on the Indonesia Stock Exchange on 8 August. Proceeds from the bonds in the amount of IDR 1 trillion will be used to repay debt principal arising from KAI Bonds I Year 2017 Series A, which…
27 Jul 2022
Indonesia’s Financial Services Regulator Moves to Tighten up Rules on P2P Lending
A. Introduction Following more than a year and a half of consultations, the Indonesian Financial Services Authority (“OJK”) has issued a much-anticipated new regulation on P2P lending in Indonesia. The new regulation (OJK Regulation No. 10 /POJK.05/2022 - “POJK 10/2022”)[1] makes substantial changes to the regime established by its antecedent, OJK Regulation No. 77/POJK.01/2016…
07 Jul 2022
Ministry Confirms Legalisation of Foreign Public Documents for Use in Indonesia No Longer Required
After a period of uncertainty, the Indonesian Ministry of Foreign Affairs (“MOFA”) has confirmed that public documents issued by authorities / officials of states that are party to the Convention to Abolish the Requirement for Legalisation of Foreign Public Documents (the “Convention”) no longer need to be legalised by the Indonesian embassy / permanent mission in the jurisdiction…
06 Jul 2022
NEWSFLASH: Deadline Looms for Registration of Private Electronic System Operators in Indonesia
In a rather abrupt move that has taken many businesses by surprise, Indonesia’s Ministry of Information and Communications Technology (“MCIT”) has issued a new circular (the “Circular”)[1] that sets a firm deadline of 20 July 2022 by which electronic systems operators (“ESO”) in the private sector (but not the state sector) must register their systems and…
04 Jul 2022
New Regulation Reaffirms Liability of Key Officers for State Enterprise Losses
A. Introduction On 8 June 2022, the Government issued Regulation No. 23 of 2022 (“GR 23/2022”)[1], which amends Government Regulation No. 45 of 2005 on the Establishment, Management, Supervision, and Dissolution of State-Owned Enterprises (“GR 45/2005”)[2]. GR 23/2022 incorporates a number of amendments, including: (i) a further fine-tuning as regards the liability of a state-owned…
30 Jun 2022
Sarinah Establishes Joint Venture with Switzerland’s Dufry and Mexico’s Omega Group
ABNR would like to congratulate state-owned retailer PT Sarinah (Persero) on the signing on 29 June 2022 of their landmark joint venture agreement with widely diversified Mexico-based conglomerate Grupo Industrial Omega SA DE CV and Switzerland-based Dufry AG, a leading travel retailer which operates duty-free and duty-paid shops and convenience stores in airports, cruise lines, seaports, railway…
28 Jun 2022
Flag-carrier Garuda Indonesia’s USD 9.8-billion restructuring gets all clear for takeoff
ABNR would like to congratulate all involved in the recently agreed USD 9.8-billion debt restructuring for the country’s national flag carrier Garuda Indonesia, the largest ever aviation-sector restructuring (PKPU) in Indonesia. The ABNR team, which was headed by partner Mr. Emir Nurmansyah and included partner Mr. Kevin Sidharta, foreign counsel Mr. Theodoor Bakker, senior associate Mr. Bilal…
28 Jun 2022
Six ABNR Lawyers Named on ABLJ's 2022 List of Indonesia's Top 50 up-and-coming Future Legal Leaders
We are delighted to announce that six ABNR lawyers have been named in the 2022 iteration of “Indonesia’s top 50 up-and-coming future legal leaders,” which was published recently by prestigious Hong Kong-based legal publication Asia Business Law Journal (ABLJ). This year’s list, which was prepared based on the collective views of in-house counsel and Indonesia-focused partners…
21 Jun 2022
Bank Indonesia Moves to Boost Rupiah Use in International Transactions
With the Rupiah coming under some pressure again vis-à-vis the United States Dollar, the central bank, Bank Indonesia (“BI”), has issued a new regulation to discourage the use of foreign currencies and promote the use of Rupiah in international trade. The new regulation, PBI No. 24/6/2022 on the Use of Rupiah in International Activities (“PBI 24”),[1] entered into force…
03 Jun 2022
Two senior ABNR litigators admitted to BANI Panel of Arbitrators
We are pleased to report that two senior ABNR litigators and the co-heads of our Dispute Resolution Department, Mr. Sahat A. M. Siahaan and Ms. Ulyarta Naibaho, have been admitted to the Indonesian National Board of Arbitration (BANI)’s Panel of Arbitrators. Between them, Sahat and Uly’s experience and expertise extend across all practice areas and industry sectors, with Sahat focusing…
25 May 2022
Eight ABNR Lawyers Named on Asia Business Law Journal’s A-List of Indonesia’s Top-100 Lawyers
A total of eight ABNR lawyers are recognized in Asia Business Law Journal (ABLJ)’s recently released 2022 iteration of their “A-List of Indonesia’s Top-100 Lawyers” (https://law.asia/indonesia-top-lawyers-2022/?utm_source=Indonesiaalist&utm_medium=edim&utm_campaign=ABLJAwards ) The ABNR lawyers on this year’s list are: Mr. Agus Ahadi Deradjat - general corporate/mergers…
28 Apr 2022
New Apostille Regulation Set to Simplify Legalization of Indonesian Public Documents
As a follow-up to Presidential Regulation No. 2 of 2021 (“PR 2/2021”), which ratifies the Convention to Abolish the Requirement for Legalization of Foreign Public Documents (“Convention”), the government issued an implementing regulation in the form of Ministry of Law and Human Rights (“MOLHR”) Regulation No. 6 of 2022 on Apostille Legalization Services for Public…
31 Mar 2022
Indonesia’s Commodities & Futures Regulator Publishes Updated List of Approved Overseas Investments
Indonesia’s Commodity Futures Trading Regulatory Agency (“Bappebti”) has issued the latest iteration of its list of approved futures and other derivative contracts traded on overseas futures exchanges. The list, which is updated annually, is of considerable interest to Indonesian investors as it allows them to directly deal in such instruments through a Bappebti-licensed Indonesian…
22 Mar 2022
New Decree Should Help Resolve Long-standing Licensing Problems in Mining Sector
On 21 January 2022, the Minister of Energy and Mineral Resources (“MEMR”) issued Decree No. 15.HK/HK.02/MEM.B/2022 on Application and Issuance Procedures for Mining Business Licenses (“Decree 15/2022”).[1] This occurred only a few months after the Ministry of Investment had revoked a number of mining business licenses (“IUPs”). As reported by the media, the license…
09 Mar 2022
Risk-Based Licensing Framework Introduced for Indonesia’s Nuclear Sector
On 10 January 2022, the Nuclear Energy Regulatory Agency (“Bapeten”) issued Regulation No. 1 of 2022 on Business Licensing in the Nuclear Sector (“Reg. 1/2022”).[1] It creates a new framework for accommodating the nuclear sector within the risk-based licensing system introduced by Government Regulation No. 5 of 2021 (“GR 5/2021”).[2] It revokes the previous nuclear-sector…
11 Feb 2022
OJK Provides Greater Clarity on Discharge of its Capital-Market Supervisory Functions
The Financial Services Authority (“OJK”) has faced criticism by stakeholders and the public in the wake of a spate of recent financial scandals involving capital-market participants and products. In response, the OJK has issued regulation No. 23/POJK.04/2021 on Further Measures for Capital-market Supervision (“Reg. 23”),[1] which entered into effect on 3 December 2021. All…
18 Jan 2022
ABNR Shines with 11 Tier-1 Rankings from Legal 500 Asia Pacific
ABNR’s position as a top-tier Indonesia commercial law firm has been confirmed once again by the 2022 rankings published by leading international law firm directory The Legal 500 Asia Pacific on Wednesday, Jan 12. ABNR is now ranked as a Tier-1 Firm in a total of 11 practice areas: Competition, Aviation, Banking & Finance, Capital Markets, Corporate & M&A, TMT, Manpower, Projects,…
07 Jan 2022
IDX Recognizes Dual-Class Shares in Move to Boost Tech Listings
Indonesia has emerged as a fertile breeding ground for tech startups over the last decade or more. Many of these have grown exponentially, with some now having valuations in excess of USD 1 billion (unicorns) and even USD 10 billion (decacorns). However, only a small number have listed so far on the Indonesia Stock Exchange (IDX). This is unfortunate as the listing of a couple of decacorns or unicorns…