News andUpdates
News and Updates
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…
January 22, 2020
Government Introduces Regulatory Framework on Rooftop Solar Panel for Captive Use
On November 16, 2018, the Minister of Energy and Mineral Resources of the Republic of Indonesia (the “MEMR”) enacted MEMR Regulation No. 49 of 2018 on the Utilization of Rooftop Solar Power…
January 22, 2020
Acceleration of Electric Vehicle Industry in Indonesia (Updated)
On August 12, 2019, the Government of Indonesia enacted Presidential Regulation No. 55 of 2019 dated August 12, 2019 on the Acceleration of Battery Electric Vehicle Program for Road Transportation…
January 13, 2020
Regulations on FX from Export and Import Activities Renewed
Foreign exchange (“FX”) is one source of funding that is relatively stable and sustainable. It supports the stability of Indonesian lawful currency, Rupiah, which is imperative for national economic…
January 6, 2020
Minister of State-Owned Enterprises Prohibits Souvenir Gifting
The Minister of State-Owned Enterprises (the “Minister”) issued Minister Letter No. SE-8/MBU/12/2019 dated December 5, 2019 on Prohibition for Gifting of Souvenirs or the Likes (the “Circular…