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Market activity picked up considerably following the 2014 presidential election, most notably within the transactional and finance spaces. The areas of corporate and M&A, projects and shipping have seen a lot of joint venture work, and there is increased interest in the insurance and telecoms markets.
Indonesia continues to be an attractive hub for foreign investment, though the newly introduced regulatory changes have resulted in a more cautious approach from investors. Most notably, the rapid growth of the transactional market has been affected by the mandatory use of the Rupiah in all Indonesian transactions and the ban on the export of unprocessed minerals.
The energy sector has continued to flourish, and despite the notable drop in commodity prices over the past year, the extractive industry still generates a significant proportion of the national revenue. The new government has heavily increased its focus on infrastructure, and the education and healthcare sectors have also been subject to investment.
Major local and foreign firm alliances include Hadiputranto, Hadinoto & Partners, a member firm of Baker & McKenzie, Ginting & Reksodiputro in association with Allen & Overy, and Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills, and a number of newly formed ties have been established in the past 12 months. Key local independent firms include Assegaf Hamzah & Partners, Ali Budiardjo, Nugroho, Reksodiputro and SSEK Legal Consultants.
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The President’s Office has issued Presidential Regulation No. 38 of 2015 on the Cooperation Between the Government and Business Entities in the Provision of Infrastructure (“PR No. 38/2015”). PR No. 38/2015 replaces the previous Presidential Regulation on the same issue, Presidential Regulation No. 67 of 2005 as last amended by Presidential Regulation No. 66 of 2013.
Indonesia’s monetary authority, Bank Indonesia, has issued regulation No. 17/3/PBI/2015 on the Requirement to Use Rupiah Within the Territory of the Republic of Indonesia (the “BI Regulation”). The BI Regulation serves as an implementing regulation to Law No. 7 of 2011 on Currency (the “Currency Law”). Bank Indonesia issued the regulation with a view of easing the pressure on the declining rupiah.
by Saudaranta Tarigan , Senior Associate, and Narada Kumara , Junior Associate
by Tony Budidjaja , Managing Principal
By Diana Kusumasari , Senior Associate
Indonesia's House of Representatives is currently considering a new draft banking bill (the Banking Bill ) which, if passed into law in its current form, will:
he House of Representatives ("DPR") recently passed the bill on Insurance. The provisions of the bill will come into force after the president assents to it or at any rate within 30 days of its passage at the DPR. The 2014 Insurance Law will replace Law No. 2 of 1992 on Insurance. Within Indonesia's legislative structure the Insurance Law regulates insurance businesses, core insurance concepts however are largely left to the Civil and Commercial Codes.
On 16 September 2014 the House of Representative revoked Law No. 19 of 2002 (" Old Copyright Law ") with the Bill on Copyright, which will become law and receive a number upon the earliest of being signed by the President or 30 days (" New Copyright Law "). The New Copyright Law is an effort from the lawmakers to protect the economic and moral rights of creators and owners as the essential element in the development of national creativity.
Negative Investment List
The Government has issued Presidential Regulation No. 39 of 2014 (PR 39/2014), which sets out the new negative investment list containing the business sectors that are closed or are partially open to foreign and domestic investment. The new negative investment list will replace the previous list under PR 36/2010, with a view of integrating Indonesia's economy to ASEAN, as well as accelerating development in the regions.
Advertising for pharmaceuticals is impermissible if the content of a promotional statement is not based on sound scientific evidence. That was the verdict of the Oberlandesgericht Koblenz (OLG) [Higher Regional Court of Koblenz].
The European Commission has expanded its proceedings against an internet company on account of possible infringements of antitrust law. The latter is said to have potentially abused its dominant market position.
Family disputes can become deeply entrenched and are then no longer capable of being resolved. This can give rise to the desire to disinherit one’s relatives. For this to happen, a will needs to be prepared.
According to a ruling of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, discontinuing life-sustaining measures can render the personal responsible unworthy of inheriting in the absence of a living will (Az.: IV ZR 400/14).
Declarations of discontinuance are a possible consequence of violations of competition law. They can be tied to a condition, but for this to happen strict requirements need to be met.
AKD advises INKEF Capital on the investment in NightBalance- AKD
Enjoying one’s twilight years abroad is a dream that an increasing number of Germans are pursuing. However, it is important to bear in mind that this may affect the distribution of one’s estate.
Everything has its limits, including negotiations concerning a wage increase. As demonstrated by a ruling of the Landesarbeitsgericht Schleswig-Holstein (LAG) [Regional Labour Court of Schleswig-Holstein], these can even end with the dismissal of the employee.
It is particularly easy for disputes to arise in cases involving communities of heirs. Anyone who refuses to accept an official or notarial letter in the context of inheritance disputes may end up drawing the short straw.
Commercial court in Zajecar adopted the PPRP of RTB BOR Group - VALUE OF RESTRUCTURED debt exceeding 1.2 billion EUR