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By 2021, Indonesian Financial Services Authority (“OJK”) has finally issued the long-awaited Financial Services Authority Regulation Number 12/POJK.03/2021 on Commercial Bank (“POJK 12/2021”) which serves as the main regulation for commercial banks in Indonesia. POJK 12/2021 was issued for the purpose of strengthening regulatory framework of banks starting from its incorporation, operations, up to its…

POSITIVE INVESTMENT LIST ISSUED AT LAST  Indonesian government finally enacted positive investment list under Presidential Decree Number 10 of 2021 on Investment Business Fields (“Positive Investment List”) on 2 February 2021. The issuance of Positive Investment List has been urged by government and Indonesian Investment Coordinating Board alike for the past few years with the…

Before 2020 ends, Indonesia Financial Authority (“OJK”) issued an OJK Regulation Number 57/POJK.04/2020 on Securities Offering Through Technology-Based Equity Crowdfunding Services (“OJK Reg 57/2020”) which came into effect immediately upon its enactment on 11 December 2020. OJK Reg 57/2020 revokes OJK Regulation Number 37/POJK.04/2018 (“OJK Reg 37/2018”) which previously serves as the primary OJK regulation…

  NEWLY ISSUED MINISTER OF TRADE REGULATION  PROVIDING FURTHER CLARITY ON E-COMMERCE Background In an attempt to provide clarity with regard to the implementation of Government Regulation Number 80 of 2019 on E-Commerce (“GR 80/2019”) which was enacted last November, Minister of Trade has issued Minister of Trade Regulation Number 50 of 2020 on Provisions regarding…

Background Amidst months of nationwide protests and strong opposition from various stakeholders, President Joko “Jokowi” Widodo at last signed Law Number 11 of 2020 on Job Creation on 2 November 2020 (“Job Creation Law”). Job Creation Law, also coined as omnibus law, came into effect immediately upon its enactment. It amends and/or revokes number of…

GOVERNMENT AMENDS REGULATION ON FOREIGN CAPITALS IN INSURANCE-RELATED COMPANIES Background On 20 January 2020, Indonesian government enacted Government Regulation Number 3 of 2020 which regulates the foreign ownership in insurance companies (“GR 3/2020”). GR 3/2020 serves as the amendment of Government Regulation Number 14 of 2018 (“GR 14/2018”. GR 3/2020 and GR 14/2018 collectively shall…

Two years following the enactment of Law Number 4 of 2016 on Public Housing Savings (“Law 4/2016”) in 2016, on 20 May 2020 Indonesian government at last enacted Government Regulation Number 25 of 2020 (“GR 25/2020”) as the implementing regulation for public housing savings (Tabungan Perumahan Rakyat/ “Tapera”). Tapera is implemented for the purpose of…

Introduction Over the past few weeks, global economic growth has been significantly affected due to Covid-19 pandemic, so does Indonesia. As of 13 April 2020, the Indonesian government has effectively declare Covid-19 as national disaster pursuant to Presidential Decree Number 12 of 2020. Throughout these past few months, in response of such global emergency, Indonesian…

GOVERNMENT LAUNCHES NEW REGULATION ON  E-COMMERCE For the purpose of the implementation of Article 66 of Law Number 7 of 2014 on Trade, the President of the Republic of Indonesia, Joko “Jokowi” Widodo has signed Government Regulation Number 80 of 2019 on E-Commerce (“GR 80/2019”) on 20 November 2019 which immediately came into effect on…

In an effort to streamline the licensing process in the financial services sector and also to keep up with technology advancement and globalization rapidly happening in the financial sector, Indonesian Financial Services Authority (“OJK”) introduces a one-stop electronic, integrated licensing system through the launching of an electronic licensing system (“E-Licensing System”) pursuant to OJK Regulation…