Proposal to Revoke Five Business Permits in Indonesia On 16th March 2016, Indonesian President Joko Widodo announced a plan to simplify enterprise licensing in Indonesia by revoking five existing enterprise permits issued on the regional level. Regulatory Developments within the Indonesian Banking Industry The Financial Services Authority has had regulatory authority over Indonesian banks, besides Bank Indonesia (“BI”), since 31st December 2013, as stipulated underneath Law No. 21 of 2011 concerning the Financial Services Authority. BI is Indonesia’s central bank and maintains jurisdiction over the monetary provide. A Look at Indonesian Bankruptcy Law Law No. 37 of 2004 regarding Bankruptcy and Suspension of Debt Payment Obligations sets forth the requirements for filing a chapter petition. The important requirement is that there should be two or extra collectors and no less than one mature but unpaid debt for a bankruptcy action to be initiated in opposition to a debtor. Indonesia Introduces …
Indonesia’s PLN Invites Hydropower Developers to Prequalify Indonesia’s state-owned energy utility PLN, has issued an invitation to hydropower builders to submit functions to be included on the List of Selected Providers for Indonesian hydropower initiatives with a capability of above 10MW. New Regulation in Managing Oil and Gas Working Areas with Expiring PSCs The authorities has issued MEMR Regulation No. 23 of 2018, which states that a PSC Contractor does not routinely have the right to a PSC extension. Indonesian Shipping Law – Marine Casualty In the event of a ship collision, grounding or other main casualty, there are a variety of key provisions in Indonesia that will impression upon the liability and response of involved parties. Royalties have been considered prices to be added to customs value – so lengthy as the royalties meet all the situations set out in Law No. 10 of 1995 as amended by Law …
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- This legal update supplies a complete overview of the completely different classifications for export items, as nicely as relevant licensing procedures and rules.
- Browne Jacobson’s banking & finance team continues to go from strength to energy.
- This version of our Luxembourg Legal Update covers, amongst different subjects, the Law of 28 October 2011 on the implementation of the credit standing company regulation, the Law of two September 2011 on business licenses and the Law of 28 October 2011 on remuneration insurance policies in the
Indonesian legal students typically refer to Article 28 of the 1945 Constitution as the idea for extra specific information privateness legislation. New OJK Rule on Public Accountants and Public Accountant Offices The issuance of this new rule has an impression on the engagement of external auditors by publicly-listed firms on condition that public firms are one of many topics being regulated and supervised by OJK. The Development of Personal Data Protection in Indonesia After months of drafting and deliberation, Indonesia’s Ministry of Communication and Informatics (“MOCI”) in late 2016 issued a long-awaited regulation on the safety of private data. Data Categorization for Electronic System Operators Providing Public Services The MOCI has issued a draft amendment to Government Regulation No. eighty two of 2012 which requires digital system operators offering public companies to have onshore data centers and disaster restoration centers. Coal Prices for Domestic Power Producers in Indonesia With international …
Restrictions on Contractors within the Indonesian Oil and Gas Sector There are a number of rules for Production Sharing Contract (“PSC”) Contractors in Indonesia’s oil and fuel sector, including those on the export of production, forex exchange and the switch or disposal of growth rights. Foreign Employees and Termination Benefits in Indonesia Supreme Court Circular Letter No. 1 of 2017 provides legal certainty that foreigners can only be employed in Indonesia beneath a fixed-term employment settlement for the period of their work allow. SEMA No. 1 eliminates any attainable future claims that foreign staff are permanent workers and thus enjoy statutory termination advantages under the Manpower Law.
This transfer has resulted within the elimination of several examination and licensing procedures. Franchise Law in Indonesia When the federal government launched a variety of recent economic policy packages in an effort to stimulate the economic system, none of the policy packages focused …