Written by Michael S. Carl and Dewi Savitri Reni
Download the Presidential Regulation and its translation.
In an unexpected development with profound implications, the Constitutional Court of the Republic of Indonesia on November 13, 2012, announced a decision disbanding BP MIGAS, the upstream regulator of the petroleum industry in Indonesia. In response, President Susilo Bambang Yudhoyono that same day issued Presidential Regulation No. 95 Year 2012, which transferred the responsibilities of BP MIGAS to the Minister of Energy and Mineral Resources (MEMR).
Written by: Florence G. Santoso and Mohammad Irham
The Constitutional Court (the Court) issued decisions in two cases on June 4, 2012, that could help change the playing field in the mining industry, giving smaller companies the chance to compete with big miners.
In separate rulings in cases brought by tin miners from Bangka-Belitung Province, the Court found that several provisions of Law No. 4 of 2009 regarding Mineral and Coal Mining (the 2009 Mining Law) were unconstitutional and not binding.
Written by: Ira A. Eddymurthy and Stephen I. Warokka
The Minister of Trade (MOT) issued a new regulation on September 21, 2012, amending some of the provisions on the Importer Identification Number (API). The new regulation, MOT Regulation No. 59/M-DAG/PER/9/2012 (MOT Reg 59), amends MOT Regulation No. 27/M-DAG/PER/5/2012 Regarding Provisions on Importer Identification Number (MOT Reg 27). For our previous discussion of MOT Reg 27, go here.
Click here for the English Translation of Minister of Trade Regulation No. 59 of 2012
Below is a look at the biggest changes set forth in MOT Reg 59:
Written by: Lasmaroha Simbolon and Almira Prajna Ramaniya
Long awaited by the banking industry and having gone through a lengthy process within Bank Indonesia (âBIâ) itself, where several share purchase transactions were put on hold by BI, BI finally issued a new regulation on the ownership of commercial banks, as contained in BI Regulation No. 14/8/PBI/2012 regarding the Share Ownership of Commercial Banks on July 13, 2012 (âBI Reg 14/2012â). BIâs main purpose behind the issuance of this regulation is to make certain that bank owners continue to maintain and implement policies of good corporate governance. In addition to that, the proposed ASEAN financial integration plan of 2020 will allow banks with certain qualifications to operate freely within ASEAN and may force Indonesian banks to step up their game. Therefore, BI considered it necessary to integrate share ownership percentages with bank soundness levels to incentivize investors to not just invest but to also have an interest in maintaining the performance of the banks they own.