Category: Newsflash

  • NewsflashJanuary 14, 2015

    New Regional Government Law Consolidates Authority to Issue Mining Licenses in Central and Provincial Governments

    Law No. 23 of 2014 regarding Regional Governance (2014 Regional Law) was enacted on October 5, 2014, to redefine, yet again, relations between, and authorities among, the Central, Provincial and Local Governments, as previously stipulated under Law No. 32 of 2004 on Regional Governance, as lastly amended by Law No. 12 of 2008.  The 2014 Read more…

  • NewsflashDecember 10, 2014

    OJK RE-REGULATES MULTI – FINANCE SECTOR

    On November 19, 2014, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) issued 20 regulations governing banking, capital markets, and non-bank financial institutions. Four of the regulations relate to the multi-finance sector (considered a non-bank financial industry), which was previously regulated by the Ministry of Finance (“MOF”). The new regulations cover: Arrangement of Multi-Finance Company Business (Reg. Read more…

  • NewsflashDecember 1, 2014

    Minimum Wage for DKI Jakarta Province Increased to Rp2,700,000 for 2015

    The Governor of DKI Jakarta has determined a new Provincial Minimum Wage (“UMP”) that applies to every employer in DKI Jakarta, except those covered by special sectoral minimum wages. The UMP is stipulated under Governor of DKI Jakarta Regulation No. 176 of 2014 regarding Provincial Minimum Wage for 2015, dated November 17, 2014 (“Governor Regulation”). Based on the Read more…

  • NewsflashNovember 5, 2014

    New Law on Halal Product Assurance

    The House of Representatives has enacted Law No. 33 of 2014 on Halal Product Assurance (“Halal Law”), which regulates the materials, processing, and certification of halal products, as well as international cooperation with foreign halal certification agencies. Previously, halal certification was not set under any law and was implemented by the Indonesian Islamic Clergy Council Read more…

  • NewsflashNovember 4, 2014

    New Obligation for Borrowers of Offshore Loans

    On October 28, 2014, Bank Indonesia issued Regulation No. 16/20/PBI/2014 on Implementation of the Prudential Principle in the Management of Offshore Loans for Non-Bank Corporations (“Regulation”). This Regulation reflects the Government’s concern about offshore borrowing and its impact on the financial health of borrowers, particularly with respect to currency risk, liquidity risk and overleverage risk. The Regulation may Read more…

  • NewsflashOctober 27, 2014

    Impact of the New Insurance Law on Insurance Supporting Businesses

    As discussed in our recent newsflash, the new Law on Insurance (“New Insurance Law”) passed by the House of Representatives on September 23, 2014, will bring about major changes for the insurance sector. A number of regulations are expected to be issued to implement provisions of the New Insurance Law and to accommodate the shift of Read more…

  • NewsflashOctober 17, 2014

    New Comprehensive Umbrella Law for the Insurance Sector

    One of the most anticipated draft laws circulating in recent years was finally passed by the House of  Representatives (“House”) on September 23, 2014. The Bill on Insurance will replace the current o bsolete legislation governing the insurance sector – Law No. 2 of 1992 on Insurance Companies (“1992 Law”) – when it becomes a law Read more…

  • NewsflashOctober 15, 2014

    BI Regulates Foreign Exchange Export Proceeds and Loans

    Bank Indonesia (“BI”) has updated Bank Indonesia Regulation No. 14/25/PBI/2012 regarding Receipt of Foreign Exchange Export Proceeds and Withdrawal of Foreign Exchange External Loans with the issuance of PBI No. 16/10/PBI/2014 dated May 14, 2014 (the “PBI”). The PBI governs the supervision of export proceeds in the form of foreign exchange and the withdrawal of foreign exchange loans Read more…

  • NewsflashOctober 13, 2014

    Constitutional Court Decides Employee Wages Get Priority over Secured Creditors in Bankruptcy / Liquidation

    Continuing the ongoing series of judicial reviews against the Labor Law,¹ the Constitutional Court rendered Decision No. 67/PUU-XI/2013 on September 11, 2014, with the result that payment of wages now receives top priority during bankruptcy or liquidation of an employer—even over satisfaction of secured creditors. The Decision revises Labor Law provisions that initially stipulated that Read more…

  • NewsflashOctober 2, 2014

    New Plantation Law – No Foreign Shareholding Limit, Yet

    On the night of Monday, September 29, 2014, the House of Representatives and the Government approved a draft bill on plantations, which will revoke Law No. 18 of 2004 on Plantations when it is signed by the president and given a number (becoming the “New Plantation Law”). In addition to laying a new general legal framework Read more…


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