Blog Category: Legal Updates

Going Online: Indonesia’s OJK Establishes Mechanism for Electronic Securities Offering

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Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or “OJK“) has issued OJK Regulation No. 41/POJK.04/2020 regarding the Implementation of Electronic Securities Offerings in the Form of Equity Securities, Debt Securities and/or Sharia Bonds (July 2, 2020) (“Regulation“). The Regulation stipulates that offerings of equity securities, debt securities and sharia bonds be done electronically, with the … Going Online: Indonesia’s OJK Establishes Mechanism for Electronic Securities Offering

No New Mining Licenses – A Reminder to Governors in Indonesia

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Indonesia’s acting Director General of Mining and Coal (“DGMC“) has issued a letter to the country’s provincial Governors to emphasize that the moratorium on the issuance of new mining licenses is still in place. DGMC letter No. 809/30.01/DJB/2020 (“DGMC Letter 809/2020“), issued July 9, 2020, emphasizes the transitional provision of Article 173C of Law No. … No New Mining Licenses – A Reminder to Governors in Indonesia

Indonesia Looks to Regulate Private Electronic System Organizers

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The Indonesian Minister of Communication and Informatics (“MOCI“) is working on a draft regulation on the governance of private scope electronic system organizers (the “Draft Regulation“). If enacted, the Draft Regulation would have a significant impact on how electronic system organizers (“ESOs“), specifically private scope ESOs (“Private ESOs“), implement their activities in Indonesia. It could … Indonesia Looks to Regulate Private Electronic System Organizers

COVID-19: KPPU and OJK Address Mergers Between Problematic Banks in Indonesia

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By Ira A. Eddymurthy and Indrawan D. Yuriutomo In response to the COVID-19 pandemic and its possible effect on the banking and financial sectors, Indonesia\'s Financial Services Authority (Otoritas Jasa Keuangan or \"OJK‚Äù) has issued a regulation to encourage mergers between problematic banks. OJK Regulation No. 18/POJK/03/2020 regarding Written Order to Handle Problematic Banks (“POJK 18/2020“) … COVID-19: KPPU and OJK Address Mergers Between Problematic Banks in Indonesia

New Local Content Regulation for Pharmaceutical Products in Indonesia

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In an effort to strengthen domestic pharmaceutical manufacturers and decrease the dependency on imported raw materials, the Indonesian government issued Presidential Directive No. 6 of 2016 on the Acceleration of the Development of the Pharmaceutical and Medical Equipment Industry. Then, on May 29, 2020, the Minister of Industry (“MOI“) enacted MOI Regulation No. 16 of … New Local Content Regulation for Pharmaceutical Products in Indonesia

Indonesia Introduces New Requirements for E-Commerce Companies

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The Indonesian Minister of Trade (“MOT“) has issued a regulation that seeks to clarify many of the issues associated with doing business in the country’s booming e-commerce sector, while at the same time imposing new requirements on both foreign and domestic e-commerce companies selling goods and services in Indonesia through online platforms. This new regulation … Indonesia Introduces New Requirements for E-Commerce Companies

Employment Law Update

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SSEK Legal Consultants has contributed the Indonesia section of the new Asia Employment Law: Quarterly Review of employment law developments across 15 jurisdictions in Asia. Asia Employment Law: Quarterly Review is designed to help legal and human resources advisers stay up to date on employment-related legal developments in Indonesia and around Asia. You can see the … Employment Law Update

OJK Takes Broader Approach to Material Transactions and Change of Business Activities by Public Companies in Indonesia

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The Financial Services Authority (Otoritas Jasa Keuangan or “OJK“) has introduced new rules concerning material transactions and changes of main business activities by public companies in Indonesia. This development should be welcomed by industry players who have been awaiting the issuance of this new regulation since a draft of it was circulated in early 2019. … OJK Takes Broader Approach to Material Transactions and Change of Business Activities by Public Companies in Indonesia

COVID-19 and the Protection of Highest-Risk Employees in Indonesia

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By Indrawan D. Yuriutomo After a significant number of employees in Indonesia were infected with COVID-19 in their workplaces, the Ministry of Manpower has taken steps to improve protections for workers. On May 28, 2020, the Indonesian Ministry of Manpower issued Circular Letter No. M/8/HK.04/V/2020 regarding the Protection of Employees Against Corona Virus Disease 2019 … COVID-19 and the Protection of Highest-Risk Employees in Indonesia

Indonesia’s OJK Introduces Electronic GMS Regulations

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When the Indonesian Company Law (“Law Number 40 of 2007“) was enacted more than a decade ago, it introduced, through Article 77, the possibility of convening a General Meeting of Shareholders (“GMS“) virtually, such as through an electronic platform with video or teleconference facilities (“E-GMS“). In practice, however, the use of E-GMS has been uncommon … Indonesia’s OJK Introduces Electronic GMS Regulations