Ali Budiardjo, Nugroho, Reksodiputro updates

New Bill on Palm Oil: incentive package for businesses
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • November 20 2017

The government and the House of Representatives recently agreed to prioritise the Bill on Palm Oil's enactment in 2017. This is despite the fact that the bill has been subject to criticism, particularly from environmental activists, who argue that there is no urgency for its enactment as most of the provisions are already contained in the Plantation Law. Regardless of the controversy surrounding its enactment, the bill contains a number of key provisions.

OJK tightens control over bankruptcy disclosure by issuers and public companies
Ali Budiardjo, Nugroho, Reksodiputro
  • Capital Markets
  • Indonesia
  • November 07 2017

A recent Financial Services Authority (OJK) regulation sets out new disclosure obligations that apply to issuers and public companies in Indonesia and creates a new penalty regime for non-compliance. The regulation is significant for investors with an interest in the Indonesian Stock Exchange and is consistent with other measures that the OJK has taken to improve transparency and align the reporting obligations of issuers and public companies with international standards.

Simplified application procedures for oil and gas licences
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • November 06 2017

To promote a more conducive investment climate, the Ministry of Energy and Natural Resources recently simplified and streamlined the procedures for the application of upstream and downstream oil and gas-related licences through the Regulation concerning Licences in the Field of Oil and Gas. The new regulation has introduced some welcome changes – namely, licence applications can now be made online and most licences can now be issued within 10 to 15 calendar days.

More relaxed supervision in energy and mineral resources sector
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • September 11 2017

The minister of energy and mineral resources recently enacted Regulation 48/2017 on the supervision of business activities in the energy and mineral resources sector, which revoked the short-lived Regulation 42/2017 on the same subject. In a press release, the minister explained that the regulation's aim is to accommodate the interests of investors and prevent any hindrance to investment.

New regulations to prevent financial crises and improve financial stability
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • September 08 2017

New regulations require the banking and finance industries to comply with heightened supervision by financial authorities and will be welcomed by foreign investors and customers concerned with Indonesia's financial stability. Key developments include intensifying reporting obligations for systemically important banks, introducing tiered supervision and raising safeguard measures.

New provisions support use of renewable energy in electricity generation
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • August 28 2017

Despite the primary role that coal and gas continue to play in meeting Indonesia's electricity needs, the government seems to be demonstrating a commitment to promoting renewable energies. New regulations have provided clarity for investors interested in solar, wind, hydro, geothermal and biogas projects by introducing incentives for undertaking such projects, detailing the procedures for renewable power purchase agreements and updating the tariff rates.

New mineral export rules and their implications for mining companies
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • August 21 2017

A recently promulgated regulation has triggered a major shift in Indonesia's mineral and coal mining industries. Mineral mining companies that depend heavily on mineral exports will be particularly affected by the new policies. Primary changes require all companies operating under a contract of work to transfer to a single licensing regime and introduce stringent mineral export processing standards.

OJK issues new regulation regarding public companies' shareholding reporting obligations
Ali Budiardjo, Nugroho, Reksodiputro
  • Capital Markets
  • Indonesia
  • May 30 2017

The Financial Services Authority (OJK) recently amended public companies' obligation to report on their shareholding by way of OJK Regulation 11/POJK.04/2017 regarding Reporting on Public Company Ownership or on Every Change in Share Ownership. The regulation aims to bring public companies' reporting obligations in line with international standards.

OJK's regulation on fintech-based lending services
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • May 19 2017

To support the development of a technology-based financial industry in Indonesia, the Financial Services Authority recently issued Regulation 77/POJK01/2016 regarding technology-based fund-lending services. The regulation is designed to protect consumer and national interests, while at the same time provide opportunities for local providers of financial technology to grow and contribute to the national economy.

Amendment to nuisance permit regulation
Ali Budiardjo, Nugroho, Reksodiputro
  • Company & Commercial
  • Indonesia
  • November 07 2016

The minister of home affairs recently enacted Regulation 22/2016, amending Regulation 27/2009 on the Guidelines for the Granting of Regional Nuisance Permits. The amendment is part of the president's policy to reduce the number of business permits and licences required to start a business. It introduces important changes to the criteria considered in nuisance permit applications and the types of business that are exempted from the requirement to obtain a permit.

New regulation on export sales of processed and purified minerals
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • June 06 2016

The minister of energy and mineral resources recently issued the Regulation on the Procedure for the Issuance of Recommendation for Export Sales of Processed and Purified Minerals. The regulation – which has simplified the mineral export procedure – covers mineral export sales, the recommendation procedure, domestic refining facility construction plans and the issuance of performance bonds.

Government issues presidential regulation to accelerate electricity infrastructure development
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • May 23 2016

The government recently promulgated Presidential Regulation 4/2016 on Acceleration of Electricity Infrastructure Development as part of its commitment to ensuring the success of the 35,000 megawatt programme. The regulation shows the government's support for the prioritisation of new and renewable energy for the implementation of the development and provision of easy licence and permit processes.

OJK issues regulation on exemption from reporting and announcement obligations
Ali Budiardjo, Nugroho, Reksodiputro
  • Capital Markets
  • Indonesia
  • March 22 2016

The Financial Services Authority (OJK) has issued a regulation setting out the criteria for exemption from the reporting and announcement obligations ordinarily imposed on issuers and public companies with securities and shares registered at the Indonesian Stock Exchange. The exemption must be confirmed by way of an OJK decision letter, but can be rescinded if the entity no longer meets the established exemption criteria.

New OJK regulation on rights issues
Ali Budiardjo, Nugroho, Reksodiputro
  • Capital Markets
  • Indonesia
  • March 01 2016

A new regulation on rights issues was passed by the Financial Services Authority in December 2015. The regulation introduces key changes relating to rights issue approval, effective statements, non-cash capital injections, announcements and company and shareholder requirements, and is intended to provide investors with more flexibility and ease when conducting rights issues.

Regulation on mandatory use of rupiah and prohibition on dual price denomination
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • October 09 2015

Bank Indonesia (the Indonesian central bank) has issued a regulation and accompanying circular letter governing the mandatory use of rupiah for all cash and non-cash transactions. In prescribing the mandatory use of rupiah – with certain exemptions and special considerations – the regulation and circular letter apply the territoriality principle that underlies many of Bank Indonesia's other regulations.

Direct election and appointment of independent electricity producers by PLN
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • August 03 2015

To accelerate power plant development by the state electricity company (PLN), the minister of energy and mineral resources has issued a regulation that allows PLN to purchase electricity from independent producers through direct election and direct appointment, provided that certain criteria are met. The regulation also provides benchmark prices for the purchase of electricity.

Mandatory use of the rupiah in Indonesia
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • July 03 2015

Bank Indonesia has issued a regulation concerning the mandatory use of the rupiah within Indonesian territory, which applies to cash transactions as of March 31 2015 and non-cash transactions as of July 1 2015. However, there are a number of issues on which the regulation is less clear than might have been hoped.

New regulation requires letter of credit for export of natural resources
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • May 11 2015

Regulation 4/2015, which applies to the export of numerous products from natural resources, recently entered into force. The regulation requires Indonesian exporters of these products to obtain a letter of credit from their product buyer for an amount equal to the value of the products sold before their export.

Draft banking law proposes big changes
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • February 13 2015

With the introduction of the new Banking Bill in Parliament, the Indonesian banking industry is set to enter a new phase. Unlike the existing law, the new bill is clearly underpinned by a spirit of nationalism, stressing reciprocal treatment of Indonesian banks operating in other countries and requiring the financial authorities to ensure this reciprocity at home.

New risk management regulations for financial services conglomerates
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • January 16 2015

The newly established Financial Services Authority recently issued a set of regulations governing the financial services industry. The regulations are intended to promote sustainability, stability and competitiveness in light of the increasing complexity of transactions and interactions between financial institutions, as well as between companies within a financial conglomerate.

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