NEW BKPM POLICY: ONLINE COMPANY FOLDER
01 Dec 2014
The Investment Coordinating Board (”BKPM”) announced under its Circular Number 252/A.8/2014, that as of 1 October 2014 it will not accept licensing and non-licensing applications from companies which have not made the so called “Company Folder” as their corporate data base for the BKPM online licensing system known as SPIPISE. The information and guidance for the creation of…
OJK REGULATION ON CONSUMER PROTECTION IN THE FINANCIAL SERVICES INDUSTRY
01 Dec 2014
On 6 August 2014, a new regulation on customer protection in the financial services industry became effective one year after its issue. Regulation No. 1/POJK.07/2013, which was issued on 26 July 2013 and enacted on 6 August 2013 (the “Regulation”), was issued by the newly established Financial Services Authority to implement Article 30 and Article 31 of Law No. 21/2011 regarding Financial…
M. Husseyn Umar and Theodoor Bakker admitted as Fellows to CIArb
28 Oct 2014
We are pleased to announce that our Of Counsel M. Husseyn Umar and our Foreign Counsel Theodoor Bakker have recently been admitted as Fellows of the Chartered Institute of Arbitrators ("CIArb"). The CIArb is the distinguished global membership body for dispute resolution professionals. Established in 1915, it is a not-for-profit organization that exists for the world-wide promotion, facilitation…
IMLA Tea Talk “Ship Arrests in Indonesia and Singapore”
27 Oct 2014
Our Partner, Sahat A.M. Siahaan will be speaking in a tea talk organized by Indonesian Maritime Law Association (IMLA). The event will be held on Wednesday, 29 October 2014 at Puri Denpasar Hotel from 2 &ndash
NEW GEOTHERMAL LAW
30 Sep 2014
On 26 August 2014, a new bill concerning Geothermal Energy was passed by the House of Representatives. The new act is a revised version of Law No. 27 of 2003 concerning Geothermal, with major changes that are meant to ease the development of the country’s geothermal energy industry. Key changes in the new Geothermal Act (New Act): The New Act clearly distinguishes between geothermal energy which…
NEW REGULATIONS BY OJK ON GUARANTEE INSTITUTIONS (LEMBAGA PENJAMIN)
11 Aug 2014
Three new regulations were issued in April 2014 by the Indonesian Financial Services Authority (Otoritas JasaKeuangan or "OJK"), being the implementing regulations for Presidential Regulation No. 2 year 2008 regarding Guarantee Institutions ("Regulation No. 2"). The three regulations are as follows: OJK Regulation No. 5/POJK.05/2014, regarding Business Licensing and Institutional…
REGULATION ON FINANCIAL CONDITION TRANSPARANCY OF PEOPLE’S CREDIT BANKS
11 Aug 2014
To promote the financial and accountability transparency of People’s Credit Banks (Bank Perkreditan Rakyat or “BPR”), Bank Indonesia Governor issued on the 21st May 2013, Bank Indonesia Regulation Number 15/3/PBI/2013. Under the regulation, BPRs are obliged to prepare the following: Annual Report, which is prepared in accordance with SAK ETAP Financial Accountancy Standards and Accountancy…
OJK REGULATION ON ALTERNATIVE DISPUTE RESOLUTION IN THE FINANCIAL SECTOR
11 Aug 2014
The Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued on 16 January 2014, its Regulation No. 1/POJK/2014 regarding Alternative Dispute Resolution Institutions (“Lembaga Alternatif Penyelesaian Sengketa or “LAPS”) in the Financial Sector (“Regulation 1/2014"). The following are the provisions of note: Establishment of the LAPS The LAPS is established…
MANPOWER REGULATION ON UTILIZATION OF FOREIGN EMPLOYEES
12 May 2014
The Minister of Manpower and Transmigration has issued a new regulation, Number 12 of 2013, on Procedure for Utilization of Foreign Employees (“PERMENAKER 12/2013”), which replaces the older Regulation Number PER.02/MEN/III/2008. The new regulation is set to provide clearer and more thorough information regarding employment of foreign nationals in Indonesia. Job training program…
FUTURES REGULATOR INTRODUCES NEW DERIVATIVES CONTRACTS
12 May 2014
The Indonesian Commodities Futures Trading Supervisory Agency (“Bappebti”) recently issued Regulation No. 109/BAPPEBTI/PER/01/2014 regarding Derivative Contracts Traded on the Alternative Trading System (the “Regulation”). With the issuance of the Regulation, Bappebti now allows futures exchanges in the country, though still subject to Bappebti’s further approval.…
THIRD AMENDMENT OF KPPU'S GUIDELINES ON MERGERS, CONSOLIDATIONS AND ACQUISITIONS OF SHARES
26 Mar 2014
KPPU has amended again the above mentioned guidelines by issuing KPPU Regulation No. 02 of 2013 (“Regulation 02”) regarding Guidelines for the Implementation of Mergers or Consolidations of Business Entities and Acquisitions of Company Shares Which May Result in Monopoly Practices and Unsound Business Competition. This Regulation 02 replaces the former KPPU Regulation No. 3 of 2012 (“Regulation…
BI'S CIRCULAR REGARDING CREDIT INFORMATION MANAGEMENT INSTITUTION ('LPIP')
26 Mar 2014
In furtherance of its Regulation No. 15/1/PBI/2013 (“PBI 15/2013”) regarding Credit Information Management Institution or Lembaga Pengelola Informasi Perkreditan (“LPIP”), Bank Indonesia issued, on 5 December 2013, its Circular Letter No. 15/49/DPKL of 2013 regarding Credit Information Management Institution (“Circular 15/2013”). This Circular 15/2013 contains provisions…
BI REGULATION ON HEDGING TRANSACTIONS
26 Mar 2014
As a reaction to the volatility of Rupiah over the past year, Bank Indonesia has issued a new regulation on hedging transactions. This Bank Indonesia Regulation No. 15/8/PBI/2013 regarding Bank Hedging Transactions, (“PBI No. 15/2013”), enacted in October 2013, is expected to encourage the use of derivatives as a tool to hedge foreign currency exposure and to subsequently reduce foreign…
BANTEN IPP - PFI POWER DEAL OF THE YEAR
07 Jan 2014
We are pleased to announce that “Banten IPP” deal has been awarded the “PFI Power Deal of the Year” for Asia Pacific. The PFI (Project Finance International) Awards honour achievement in the global project finance market and are celebrated at the annual PFI Awards Dinner, which will be held on February 5 2014 at The Hilton, Park Lane, LondonABNR represented lenders in…