Reinterpretation of Fiducia Security Enforcement in Indonesia

The Constitutional Court of Indonesia recently issued a judgment that reinterprets the enforcement of fiducia object. The judgment was issued upon a judicial review  filed by two individual debtors (also acting as fiducia grantors) who claimed that certain provisions of executorial power as set forth in Law number 42 of 1999 on Fiducia Security (“Fiducia…

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Register Your Warehouse or Risk Closure

Since enactment of the Law No. 7 of 2014 on Trade, the registration of warehouses has been mandatory. Several types of sanctions will be imposed for non-compliance, namely temporary closure and/or penalty up to Rp2,000,000,000.00. Recently the government issued Government Regulation No. 33 of 2019 on Imposition of Administrative Sanctions to Warehouse Owners Who Fail…

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New Law on the Indonesia Anti-Graft Body

The House of Representative together with the President of Indonesia have passed Law number 19 of 2019 on Second Amendment to the Law number 30 of 2002 on the Corruption Eradication Commission (“New KPK Law”). The New KPK Law has been promulgated on 17 October 2019.  Key Changes  Some of major amendments under the New…

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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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