OJK’s New Requirements for Doing Business with Affiliated Parties

  On 1 July 2020, through Rule No. 42 /POJK.04/2020 (“New Rule”), the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued new provisions governing affiliated party and conflict of interest transactions. The New Rule sets for public companies and most of its provisions will come into force on 21 October 2020 replacing Bapepam-LK Rule…

Read details

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…

Read details

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…

Read details

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…

Read details

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…

Read details

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…

Read details