The Indonesian Financial Services Authority recently issued a regulation which relaxes bank ownership rules under its single presence policy but simultaneously increases minimum capital requirements. The regulation was conceived prior to the COVID-19 crisis and the issuance of emergency economic legislation. Consequently, the big question is whether the regulation will continue to be relevant, given the perfect storm facing the national economy and the Indonesian financial services industry.
Given the economic dislocation caused by the spread of COVID-19, many parties facing difficulties in performing contracts will be considering their legal situation. Can they be held liable for damages for a breach of contract or losses suffered by third parties due to circumstances beyond their control or does the law provide a relief mechanism for dire circumstances such as these? Although Indonesian law provides a relief mechanism, it is a difficult one of which to avail.
With the world facing its biggest challenge of the century so far, and probably its greatest challenge since World War II, businesses are asking how they should best respond to the impact of the COVID-19 crisis. This article answers the FAQs that businesses are asking with regard to contracts, force majeure and shareholders' duties.
The Ministry of Manpower recently issued Regulation 18/2017, which introduces an online-only procedure for mandatory manpower reporting. The regulation specifies when companies must submit an online report and requires them to do so via the ministry website. It also regulates the usage and management of data from manpower reports.