Indonesia’s Financial Services Regulator Moves to Tighten up Rules on P2P Lending

27 Jul 2022 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.…

Ministry Confirms Legalisation of Foreign Public Documents for Use in Indonesia No Longer Required

07 Jul 2022 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…

NEWSFLASH: Deadline Looms for Registration of Private Electronic System Operators in Indonesia

06 Jul 2022 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…

New Regulation Reaffirms Liability of Key Officers for State Enterprise Losses

04 Jul 2022 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…