The Indonesian Minister of Energy and Mineral Resources has issued a regulation to improve the supervision of business entities in the energy and mineral resources sector in part by closing regulatory gaps.
Indonesia's new Negative Investment List stipulates the foreign shareholding limitations for various business fields. Among others, onshore drilling is closed to foreign investment while offshore drilling is restricted to a maximum of 75% foreign shareholding.
After months of drafting and deliberation, Indonesia's Ministry of Communication and Informatics (MOCI) in late 2016 issued a long-awaited regulation on the protection of personal data by electronic system providers in Indonesia.
Gas transportation by pipeline in Indonesia can only be carried out by a business entity established in Indonesia that has obtained a transportation license from the MEMR, unless such transportation is a continuation of the upstream activities of a Production Sharing Contract (PSC) Contractor.
The Indonesian Insurance Law introduced a significant change regarding the shareholding composition of insurance companies. Breaking from previous policy, the Insurance Law specifically mandates that the local shareholders in an insurance company must be ultimately owned by Indonesian individuals.
Bank Indonesia has refined its position regarding the exemption of a cross-border supply of services from the currency requirement, particularly in the case of a foreigner who is employed by a foreign company and seconded to an Indonesian company.