Blog Category: Legal Updates

Indonesia Legal Update: New OJK Regulation on Insurance Products and Marketing

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A new Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) regulation set to come into effect shortly will affect the products and marketing of insurance companies in Indonesia. OJK Regulation No. 8 of 2024 regarding Insurance Products and Marketing Channels for Insurance Products (“OJK Reg. 8/2024”) was stipulated on April 25, 2024, and will … Indonesia Legal Update: New OJK Regulation on Insurance Products and Marketing

Regulating the Promotion or Use of Cryptoassets in Indonesia

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The crypto industry in Indonesia falls under the auspices of the Commodity Futures Trading Regulatory Agency (Bappebti), under the Ministry of Trade (MOT) and in coordination with other institutions such as the Financial Services Authority (OJK), Bank Indonesia (BI) and the Ministry of Communication and Informatics (MOCI). The MOT has acknowledged cryptoassets, including but not … Regulating the Promotion or Use of Cryptoassets in Indonesia

Corporate Governance in Indonesia: Management of a Company

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Indonesia’s Company Law (Law No 40 of 2007 regarding Limited Liability Companies, as last amended by the provisions of the Job Creations Law) recognizes three primary bodies within the corporate structure of Indonesian companies: the board of directors (BOD), the board of commissioners (BOC), and the general meeting of shareholders (GMS). Each of these principal … Corporate Governance in Indonesia: Management of a Company

Indonesia Data Protection: What Categories and Types of Personal Information Are Covered by the Law?

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Pursuant to Law No. 27 of 2022 regarding Personal Data Protection (PDP Law), personal data is understood as all data concerning a person, whether identified or who may be identified independently or when combined with other information, either directly or indirectly, through an electronic or non-electronic system. The PDP Law recognizes two types of personal … Indonesia Data Protection: What Categories and Types of Personal Information Are Covered by the Law?

Indonesia Mining Sector: Regulatory Changes Pave the Way for Local Empowerment

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From nickel to gold, Indonesia is recognized as having one of the world’s largest mineral reserves. Given the importance of the mining sector to the nation’s economic growth and the global market, there is a need for more favorable regulation of Indonesia’s mining sector to ensure standards of compliance that protect employees, communities, and the … Indonesia Mining Sector: Regulatory Changes Pave the Way for Local Empowerment

Quick Look at ADR in Indonesia

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The main alternative dispute resolution (ADR) methods in Indonesia are mediation, adjudication and conciliation, with mediation being the most popular. Most Indonesian parties attempt to settle disputes amicably through discussion and negotiation without a particular ADR framework. ADR is commonly used in sectors such as construction and mining. Construction disputes are often settled through adjudication, … Quick Look at ADR in Indonesia

Quick Guide to Employment Contracts in Indonesia

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Generally, an employment contract in Indonesia can either be a fixed-term (definite) or an indefinite-term (permanent) contract. Fixed-term employment agreements are subject to stricter requirements compared to indefinite-term employment agreements. A fixed-term employment agreement must be in writing in the Indonesian language or in a bilingual format. Additionally, a fixed-term employment agreement cannot include a … Quick Guide to Employment Contracts in Indonesia

Looking to Acquire a Stake in a Digital Health Venture in Indonesia? Understand the Due Diligence Process

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Investors looking to acquire a stake in digital health ventures must undertake a comprehensive due diligence process that covers that covers the various key matters and issues, including corporate, licensing, IP and data protection. In terms of corporate matters, assessing the company’s corporate status and regulatory compliance is paramount. To establish a new joint venture … Looking to Acquire a Stake in a Digital Health Venture in Indonesia? Understand the Due Diligence Process

Deadline Looming as New BI Regulation Requires Payment System Providers in Indonesia to Allocate Human Resources Development Funds

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On July 9, 2024, Indonesia’s central bank, Bank Indonesia (“BI”), issued a regulation setting out a framework to harmonize the development and implementation of competency standards in the field of payment systems. BI Regulation No. 5 of 2024 regarding the Standardization of Competencies in the Payment Systems Field (Standardisasi Kompetensi di Bidang Sistem Pembayaran or … Deadline Looming as New BI Regulation Requires Payment System Providers in Indonesia to Allocate Human Resources Development Funds

Indonesia Corporate Immigration – What to Know About VITAS and ITAS

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Some of the notable changes to the limited stay visa (visa tinggal terbatas or VITAS) and limited stay permit (izin tinggal terbatas or ITAS) under Government Regulation No. 40 of 2023 regarding Implementing Regulation of the Immigration Law (GR 40/2023) and Minister of Law and Human Rights (MOLHR) Regulation No. 22 of 2023 regarding Visa … Indonesia Corporate Immigration – What to Know About VITAS and ITAS