News andUpdates
News and Updates
March 19, 2020
OJK Takes Action to Stimulate Uncertain Market Conditions
The Indonesian Financial Services Authority (“OJK”) recently issued two letters, namely: OJK Circular Letter No. 3/SEOJK.04/2020 dated March 9, 2020 on Additional Conditions Constituting…
March 16, 2020
Information from AKSET
Dear All AKSET Clients and Friends, We trust this finds you well. As you may know, the COVID-19 reached Indonesia a few days ago. Since then, the number of infected persons has exceeded 110. In…
February 17, 2020
OJK Re-Introduces Rules to Accommodate Rising M&A Trends in Banking Sector
On December 26, 2019, the Indonesian Financial Services Authority (“OJK”) issued and enacted OJK Regulation No. 41/POJK.03/2019 of 2019 on Mergers, Consolidations, Acquisitions, Integrations and…
February 17, 2020
Updated List of Restricted Positions for Expatriates
On December 31, 2019, the Minister of Manpower (“MOM”) enacted Decree No. 349 of 2019 on Certain Positions Restricted for Expatriates (“Decree 349”). Decree 349 revokes and replaces Decree No. 40 of…
February 12, 2020
OJK Improved Regulation on Quality Assessment of Asset for Commercial Banks
To maintain the soundness level of banks through the protection of banks’ quality of asset and loan-loss provisions, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan - “OJK”)…
February 11, 2020
Supervisory Board of KPK – Implementing Regulations
Last year, the Parliament and the Government amended Law No. 30 of 2002 dated December 27, 2002 on Corruption Eradication Commission (“KPK”) with Law No. 19 of 2019 dated October 17, 2019…
February 11, 2020
Minister of State-Owned Enterprises Bolsters Use of Local Products in Procurement of Goods and Services
On December 12, 2019, the Minister of State-Owned Enterprises (Badan Usaha Milik Negara or “BUMN”) issued Regulation No. PER-08/MBU/12/2019 on General Guideline for the Implementation of the…
February 5, 2020
New Insurance Regulations on Foreign Ownership and Compliance Director Requirement
There are 2 (two) regulations issued concerning insurance business sector–which are: Government Regulation Number 3 of 2020 (“GR 3/2020”) to amend the previously issued Government Regulation Number…
February 5, 2020
OJK Launched New Regulation on the Implementation of Anti-Fraud Strategy for Commercial Banks
The Indonesian Financial Services Authority (“OJK”) issued OJK Regulation No. 39/POJK.03/2019 of 2019 on the Implementation of Anti-Fraud Strategies for Commercial Banks that comes into effect on…
January 24, 2020
Indonesian Constitutional Court Reviewed Fiduciary Security Law
On January 6, 2020, the Indonesian Constitutional Court (Mahkamah Konstitusi) rendered its decision number 18/PUU-XVII/2019 (“Decision No. 18/2019”) in relation to the judicial review of Article 15…