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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Public Private Partnerships Under the 2015 Presidential Regulation

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.

Bank Indonesia's Regulation on the Mandatory Use of Rupiah

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.

New Regulations on Business Activities of Multi Finance Companies

March 2015 - Finance. Legal Developments by Budidjaja & Associates .

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by Saudaranta Tarigan, Senior Associate, and Narada Kumara, Junior Associate

 

On 19 November 2014, the Indonesia Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued 3 regulations on multi finance companies (non-banking financial industry):

Guidance on the Enforcement of Foreign Arbitral Awards in the Republic of Indonesia

by Tony Budidjaja, Managing Principal

 

A.       Applicable Laws

 

1.       The Republic of Indonesia ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”) pursuant to Presidential Decree No. 34 of 1981, dated 5 August 1981. Under the Convention, Indonesia agreed to recognize and enforce a foreign arbitral award rendered in a country which is a contracting state/party to the Convention.

 

2.       On 12 August 1999, Indonesia enacted Law No. 30 of 1999 regarding Arbitration and Alternative Dispute Resolution (the “Arbitration Law”). The Arbitration Law provides for the rules of procedure for recognizing and enforcing foreign arbitral awards in the Indonesia,

An Important Caveat: Are Expatriate Employees Entitled To Severance Payment in Indonesia?

March 2015 - Employment. Legal Developments by Budidjaja & Associates .

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By Diana Kusumasari, Senior Associate

The Jakarta Industrial Relations Court recently issued a decision stating that a foreigner (non-Indonesian) who was dismissed as the Managing Director of an Indonesian incorporated company was entitled to severance pay, long service pay, and compensation of rights. This decision moves away from the prevailing understanding of Law No. 13 of 2003 on Manpower (“Manpower Law”) which is that expatriate employees are required to be “fixed term” employees and that fixed term employees are not entitled to severance pay, long service pay, and compensation of rights.

Indonesia banking bill: proposed restrictions on foreign investment - July 2014

January 2015 - Finance. Legal Developments by Norton Rose Fulbright.

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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:

  1. prohibit foreign banks from operating in Indonesia through branch offices; and
  2. cap foreign ownership of an Indonesian bank at 40 per cent of the total issued share capital of that bank.

Indonesia's New 2014 Insurance Law

November 2014 - Finance. Legal Developments by Lubis Ganie Surowidjojo .

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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.

New Indonesian Copyright Law

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.

Indonesia Under Review - July 2014

Negative Investment List  

The Government has issued a new Presidential Regulation revising the negative investment list that sets out the limit on the share percentage that can be owned by foreign shareholders. Consistent with the previous regulation, all current investment structures that have been approved will be similarly grandfathered in against increased restrictions.

The 2014 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.

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