18 Dec 2023
Chambers Fintech Guide Ranks ABNR as Top Tier Firm for Financial Technology
ABNR Counsellors at Law has once again been ranked as a leading Indonesian law firm for financial technology (fintech) by the Chambers Fintech Guide (2024 edition), which also lists ABNR partner Mr. Freddy Karyadi as one of only four Indonesian lawyers to be recommended for this practice area. Mr. Karyadi, a member of the Board of Ethics of Indonesian Fintech Association, also contributed an overview…
15 Dec 2023
Indonesia’s FSA Issues New Regulation to Expand Range of Sustainable Securities
On 5 October 2023, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan / “OJK”) issued OJK Regulation No. 18 of 2023 on Issuance and Requirements for Sustainable Debt Securities and Sustainable Sukuk (“Reg. 18” or “New Regulation”).[1] The New Regulation, which entered into force on 10 October 2023, revokes and supersedes OJK Regulation No. 60/POJK.04/2017…
13 Dec 2023
New Indonesian Regulation Streamlines Mining Plan Rules But Imposes Tough New Sanction for Non-Compliance
A. Introduction On 11 September 2023, the Ministry of Energy and Mineral Resources (“MEMR”) issued Regulation No. 10 of 2023 (“Reg. 10”)[1], which establishes new rules that govern the submission, approval and amendment of mining and budget plans (Rencana Kerja dan Anggaran Biaya / “RKAB”) by mineral and coal mining businesses. An RKAB is a document that must be…
27 Nov 2023
ABNR Honored in Korea for Work on USD 711-million EV Battery Plant Financing Deal
We are pleased to share that an ABNR deal was recently named “Project Finance Deal of the Year” at the prestigious 2023 Asian Legal Business Korea Law Awards, which were presented at the Conrad Seoul hotel on Nov. 10. The winning deal saw ABNR advise Australia & New Zealand Banking Group Limited (ANZ), as syndication lead lender, on the USD 711-million financing provided to the Hyundai…
23 Nov 2023
Indonesian Introduces New ‘Golden Visa’ Scheme But Faces Tight Competition from Regional Rivals
The Indonesian government has recently introduced a new investment-based “golden visa” scheme. The nuts and bolts of the scheme are set out in Government Regulation No. 40 of 2023 on Immigration (“GR 40/2023”, effective 4 August 2023)[1] and Minister of Law and Human Rights Regulation No. 22 of 2023 on Visas and Residence Permits (“MOLHR Reg. 22/2023”, effective…
14 Nov 2023
New Indonesian Regulation Attempts to Control Growth of ‘Social Commerce’
The e-commerce landscape in Indonesia has seen tremendous growth and transformation in recent years, including the emergence of what is termed “social commerce,” that is, business models that combine features of both social media and e-commerce. The growth of social commerce significantly affected traditional market traders and other existing business models in Indonesia, leading to loud…
10 Nov 2023
OJK Aims to Boost Indonesia’s ‘Green’ Credentials via Newly Opened Carbon Exchange
A. What exactly is carbon trading? With climate change becoming an increasingly urgent issue, 196 countries adopted the Paris Agreement at the UN Climate Change Conference (COP21) on 12 December 2015, and it came into force on 4 November 2016. It is critical that countries that signed up to the Paris Agreement now fulfill their obligations to contribute to the reduction of greenhouse gas emissions…
06 Nov 2023
ABNR Receives Three Top Accolades at 2023 ‘ALB Indonesia Law Awards’
ABNR’s position as one of Indonesia’s top law firms was confirmed once again at the tenth iteration of the Asian Legal Business (ALB) Indonesia Law Awards, which were presented on Wednesday, Oct 25, during a glittering ceremony at the Jakarta Pullman hotel in Central Jakarta. This year saw the firm come home with three prestigious awards: Woman Lawyer of the Year (Ms. Rita Taufik) Medical…
30 Oct 2023
Ms. Rita Taufik being named “Woman Lawyer of the Year” at the Asian Legal Business (ALB) Indonesia Law Awards 2023
Congratulations to ABNR partner Ms. Rita Taufik on being named “Woman Lawyer of the Year” at the Asian Legal Business (ALB) Indonesia Law Awards 2023, which were presented on Wednesday, 25 October, during a glittering ceremony at the Jakarta Pullman hotel in Central Jakarta. After some 32 years of legal practice at ABNR, this latest award for Rita comes on the back of a long list of accolades.…
11 Oct 2023
New Indonesian Guidelines on Workplace Sexual Harassment: Improvements Still Needed
Introduction Following the enactment of the Sexual Harassment Law[1] in 2022, on 29 May 2023 the Minister of Manpower (“MoM”) issued MoM Decree No. 88 of 2023 on Guidelines for the Prevention of and Response to Sexual Harassment in the Workplace (“Guidelines”),[2]which provides technical guidance for employers and other stakeholders on how best to prevent and respond…
29 Sep 2023
Indonesia’s FSA Clarifies Powers in Market Emergencies, Reinstates Rule that Share Buybacks Require Shareholder Consent
With economic storm clouds once again on the horizon, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan / "OJK") has moved to clarify and broaden the circumstances in which it can take emergency action to dampen down significant turbulence in the capital markets. The new rules are set out in Regulation No. 13/2023 on Policies for Maintaining the Performance and Stability…
12 Sep 2023
New Legislation to Kick Start Much Needed Health Sector Reform in Indonesia
With Indonesians spending an eye-watering Rp 100 trillion (USD 6.6 billion) on overseas healthcare every year, the government and national parliament have finally moved to institute a number of much-needed reforms to the domestic health sector, notwithstanding entrenched opposition from the country’s doctors. The reforms are set out in a new omnibus health law (Law No. 17 of 2023) that entered…
06 Sep 2023
ABNR Acts for PT Bank IBK Indonesia on USD 66-million Rights Issue
ABNR advised PT Bank IBK Indonesia Tbk, the Indonesian majority owned subsidiary of South Korea’s state-owned Industrial Bank of Korea, on their recent rights issue that raised approximately IDR 1 trillion (USD 66 million), after deduction of fees and costs. The transaction was closed on 28 July 2023. The rights issue was conducted in order to give effect to Industrial Bank of…
30 Aug 2023
If at First You Don’t Succeed! Indonesian Gov’t Makes Renewed Push to Compel Repatriation of Export Dollars in Commodities Sector
A. Introduction With the rupiah coming under sustained pressure in recent months, the government has launched a renewed push to compel the repatriation of commodity export earnings to Indonesia by issuing Government Regulation No. 36 of 2023 on Export Proceeds from the Exploitation, Management and/or Processing of Natural Resources (“GR 36”),[1] which requires exporters in the mining,…
09 Aug 2023
Students gain exciting insight into the legal world at ABNR Open Day
We are thrilled to share the success of our ABNR Open Day, held on Saturday, August 5, 2023. The event welcomed a diverse group of 100 aspiring law students from various universities across Indonesia, offering them a firsthand glimpse into the world of a modern commercial law firm. Our team was delighted to extend a warm welcome to the students, fostering a unique opportunity for them to interact…
04 Aug 2023
ABNR Advises MoneyGram on Indonesian Regulatory Aspects of Their Acquisition by Madison Dearborn
ABNR advised PT MoneyGram Payment System Indonesia, the Indonesian subsidiary of MoneyGram International Inc. (“MoneyGram”), on the Indonesian regulatory aspects of the recently closed acquisition of MoneyGram by funds associated with Madison Dearborn Partners (“MDP”). MoneyGram is a leading financial technology company that connects the world's communities, while MDP is…
28 Jul 2023
ABNR Acts for Geo Energy on Acquisition of Indonesian Coal Interests from Rajawali Group
We would like to congratulate our client, Singapore-Indonesian coal producer Geo Energy Group, on the signing of the conditional share sale and purchase agreements (CSPA) for their acquisition (through subsidiary PT Geo Energy Investama) of (i) a controlling interest in Rajawali Group subsidiary PT Golden Eagle Energy Tbk (GEE), an Indonesia Stock Exchange (IDX)-listed coal mining group; and (ii)…
21 Jul 2023
KPPU Responds to Technological Change Through New Rules on Determination of Relevant Markets
In response to rapid technological change, the chair of the Indonesian Competition Commission (KPPU) has issued a new set of rules on the determination of relevant markets (KPPU Chairman’s Regulation No. 4 of 2022 / Reg. 4/2022[1]). The previous regulation on the issue, KPPU Regulation No. 3 of 2009, was revoked by KPPU Regulation No. 9 of 2022 (effective 28 December 2022). Whilst broadly retaining…
12 Jul 2023
Indonesia Issues New Rules for Identifying and Designating Prospective Mining Areas
A. Introduction On 5 May 2023, the Indonesian Government issued Regulation No. 25 of 2023 on Mining Areas (“GR 25/2023”)[1], which introduces a new regulatory framework for the identification and designation of mining areas. A “Mining Area” is defined in GR 25/2023 as “an area that is designated in the national spatial plan as having mineral and/or coal resources, irrespective…
16 Jun 2023
Gov’t Moves to Boost Interest in Indonesia’s New Capital through Improved Investment Facilities and Licensing Procedures
A. Introduction To follow up on the enactment of Law No. 3 of 2022 on the National Capital City,[1] the government has issued Government Regulation No. 12 of 2023 on Business Licenses, Ease of Doing Business, and Investment Facilities at the National Capital City (Ibu Kota Nusantara /“IKN”) (“GR 12/2023”). [2] The new regulation, effective 6 March 2023, details the crucial…
12 May 2023
New Regulation Consolidates and Expands Shareholder Rights in Indonesian SOEs
A. Introduction On 3 March 2023, the Ministry of State-Owned Enterprises (“MSOE”) issued Regulation No. PER-2/MBU/03/2023 (“Reg. 2/2023”)[1], which revokes 20 other regulations and came into force on 24 March 2023. The new regulation is part of a broader effort to streamline oversight and governance at Indonesia’s state-owned enterprises (“SOE”). To date,…
04 May 2023
Indonesian Gov’t Gives Employers Leeway to Cut Wage Costs Amid Global Economic Challenges
Background On 8 March 2023, the Minister of Manpower issued a new regulation that allows certain export-oriented, labor-intensive enterprises to reduce employees’ working hours and/or wages in order to help them survive amid the ongoing global economic turbulence and waning worldwide demand. The new rules are set out in Minister of Manpower Regulation No. 5 of 2023 (“MoM 5/2023”),[1]…
18 Apr 2023
Mining Ministry Expands Online Licensing to Boost Transparency
Digitalization of the pre-existing manual system for licensing and approval at the Directorate General of Minerals and Coal (“DGMC”) had yet to be completed when the Investment Coordinating Board (“BKPM”) launched its Risk-Based Online Single Submission System (“OSS”) for business licensing and applications in 2021, followed by the issuance of Government Regulation…
12 Apr 2023
Indonesian Competition Commission Rolls Out Major Overhaul of Merger Control Regime
The Indonesian Competition Commission (“KPPU”) has issued a streamlined merger control regulation, which makes fewer mergers, consolidations and acquisitions subject to a notification requirement (particularly foreign-to-foreign ones), sets new rules on the notification process, and reduces review periods.[1] Separately, the Indonesian Government has issued a regulation that makes merger…
13 Mar 2023
Indonesia’s FSA Raises Registration Threshold to Encourage Private Securities Offerings
In 2021, the Indonesian Financial Services Authority (“OJK”) increased the threshold that triggers the requirement to register and seek OJK approval for a private offering of securities. Previously, the registration threshold was IDR 1 billion (approx. USD 65,000), but this was increased to IDR 5 billion (approx. USD 327,000) under OJK Regulation No. 29/POJK.04/2021.[1] This regulation…
08 Mar 2023
State Infrastructure Guarantee Agency Gets Revamp to Boost Sector’s Attractiveness to Financiers
A. Background The Government has moved to expand the remit of its infrastructure guarantee agency in recognition of the ongoing urgent need for private-sector finance to overcome the continuing infrastructure gap in Indonesia, notwithstanding the major progress made to date under the Jokowi administration. As always, the basic problem boils down to money. The need for new infrastructure is enormous,…
07 Feb 2023
Indonesian Gov’t Opts for Quick Fix for “Conditionally Unconstitutional” Job Creation Law
Background On 30 December 2022, the Indonesian Government promulgated an emergency regulation, Government Regulation in Lieu of Law No. 2 of 2022 on Job Creation (“Perppu 2/2022”).[1] The new regulation repeals and replaces Law No. 11 of 2020 on Job Creation (“Job Creation Law” or “JCL”),[2] which was declared “conditionally unconstitutional” by the…
25 Jan 2023
ABNR Awarded Nine Tier-1 Rankings by Legal 500, Eight More Lawyers Recognized
ABNR’s position as a top-tier Indonesia commercial law firm has been reaffirmed by the 2023 rankings published by leading international legal directory The Legal 500 Asia Pacific on Jan 11. ABNR is now ranked as a Tier-1 firm in a total of nine practice areas: Antitrust & Competition; Aviation; Banking & Finance; Labour & Employment; Projects & Energy; Real Estate; Restructuring…
09 Jan 2023
IDX Launches New Economy Board to Accommodate Volatile Tech Stocks
Introduction The Indonesian government and Indonesia Stock Exchange (“IDX”) have long been eager for more players in the country’s booming tech scene to go public. However, investor confidence has been undermined by a perceived lack of financial transparency among tech companies, while the overall performance of the IDX has been dragged down in recent months by the volatility of…