SMEs Listing on IDX

Background On 22 July 2019, the Indonesia Stock Exchange (“IDX”) issued Rule No. I-V on Specific Provisions for the Listing of Shares and Equity Securities other than Shares on the IDX Acceleration Board – another attempt to encourage more IPOs by start-ups or small-sized companies, but those companies are generally not able to meet listing…

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Citizen Lawsuit in Indonesia

Background A number of government officials including the President of Indonesia and the Governor of Jakarta recently have been sued by a community group over air pollution in Jakarta. The group has demanded the government to impose better policies to solve Jakarta air pollution problems. The claim was filed to the Central Jakarta District Court under the…

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OJK Requires Move to T+2 Settlement Cycle

On 21 November 2018, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued OJK Rule No. 21/POJK.04/2018 on Settlement Period of Stock Exchange Transactions (“New Rule”) which became effective on its issuance date. The New Rule aims to shorten the settlement cycle of regular market in Indonesia Stock Exchange (“IDX”) to be on the…

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Second Amendment to the Salvage and Underwater Works Regulation

The Minister of Transportation of the Republic of Indonesia issued Minister Regulation number 38 of 2018 on Second Amendment to the Regulation of the Minister of Transportation number PM 71 of 2013 on Salvage and/or Underwater Works (“Minister Regulation No. 38/2018”) back in May 2018. The issuance of this new regulation marks the second amendment…

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New Takeover Rule

On 25 July 2018, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued OJK Rule No. 9/POJK.04/2018 on Takeover of Public Companies (“New Rule”). This New Rule revokes and replaces Bapepam-LK Rule No. IX.H.1 regarding Takeover of Public Companies. The New Rule became effective on 27 July 2018. Implication for new controllers A…

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Electronic Administration of Cases in Indonesian Courts

The Supreme Court of the Republic of Indonesia (“Supreme Court”) has introduced electronic administration of cases in Indonesian Courts through the Supreme Court Regulation number 3 of 2018 on Electronic Administration of Cases in Court (“SCR No. 3 of 2018”). The new system is set to be applied for civil, religious, military administrative and state…

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New Regulation on the Use of Foreign-Flag Ships in Indonesian Waters

The Minister of Transportation of the Republic of Indonesia (“Minister”) on December 12, 2017 has issued Minister Regulation number 115 of 2017 on Procedures and Requirements for the Granting of Permit for the Use of Foreign Ships for Domestic Sea-Transportation Activities Other Than the Transportation of Passenger and/or Goods (“Minister Regulation No. 115 of 2017”).…

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