Regulatory Update.

Government Regulation No. 34 of 2021 concerning Foreign Workers Utilization

One of the many government regulations issued as the implementing regulation to Law Number 11 of 2020 concerning Job Creation Law. More specifically, with regard to the employment of foreign workers in Indonesia, is now being regulated under Government Regulation...

Regulation of the Minister of Communication and Informatics Number 3 of 2021

Regulation of the Minister of Communication and Information Technology of the Republic of Indonesia Number 3 of 2021 (“PERMEN KOMINFO 3/2021”) discusses the Determination of Standards for Business Activities and Products in the...

Government Regulation No. 37 of 2021 The Implementation of the Job Loss Security Program

One of the government regulations which was issued as the implementing regulations to Law Number 11 of 2020 concerning the Job Creation Law (Specifically on social security program in Indonesia which was regulated under Government Regulation No. 37 of..

Minister of Law and Human Rights Regulation Number 25 of 2021 concerning The Procedure for Registration, Amendment, and Elimination of Fiduciary

On 13 July 2021, the Government issued Minister of Law and Human Rights Regulation No. 25 of 2021 on Procedures for Registration, Amendment, and Elimination of Fiduciary (“MOLHR Reg No. 25/2021”) which was...

Key point of President Regulation No. 10 of 2021 concerning the Investment Business Sector

On February 2, 2021, the Government of Indonesia has issued President Regulation No. 10 of 2021 concerning the Investment Business Sector as amended by the President Regulation No. 49 of 2021 concerning...

Key point Government Regulation of the Republic of Indonesia No. 5/2021 concerning the Implementation of Risk-Based Business Licensing

On February 2, 2021, the Government enacted Government Regulation No. 5/2021 of the Republic of Indonesia concerning the Implementation of Risk-Based Business Licensing ("GR 5/2021") as one of the implementing regulation of Law...

Government Regulation No. 44 of 2021 concerning the Implementation of the Prohibition against Monopolistic Practices and Unfair Business Competition

Following the promulgation of Law No. 11 of 2020 concerning Job Creation (“Job Creation Law”) which has modified several number of laws, including that of relating to business competition as regulated in Law No. 5 of 1999 concerning the Prohibition against Monopolistic Practices and Unfair Business...

Key point of Indonesia Investment Coordinating Board Regulation No. 3 Of 2021 concerning the Electronic Integrated Risk-Based Business Licensing System

On April 1, 2021, the Investment Coordinating Board (“BKPM”) has promulgated BKPM Regulation No. 3 of 2021 concerning the Electronically Integrated Risk-Based Business Licensing System (“PerBKPM 3/2021”), which came into force on 2 June 2021 as one of the implementing regulations of Government Regulation no. 5 of 2021 concerning...

The Financial Services Authority ("OJK") Rule Number 22/POJK.04/2021 on Multiple Voting Shares

On 1st of December 2021, the Financial Service Authority (“OJK”) issued Rule Number 22/POJK.04/2021 concerning the Implementation of Shares Classification with Multiple Voting Rights by the Entity with Innovation and High Growth Rate that Exercises the Public Offering of Equity Security in a Form of Shares (“POJK 22/2021”)...

The implementation of the regulations Law No. 11 of 2020 concerning Job Creation Law for toll roads in Indonesia

One of the many government regulations issued as the implementing regulations to Law No. 11 of 2020 concerning Job Creation Law, specifically on toll roads in Indonesia which has regulated under Government Regulation No. 17 of 2021 concerning Fourth Amendment to...

The Job Creation Law (“Law 11/2020”) amends various laws in various sectors, one of which concerning the monopolistic practices and unfair business competition

Law No. 11 of 2020 concerning the Job Creation Law (“Law 11/2020”) amends various laws in various sectors, one of which concerning the monopolistic practices and unfair business competition. These changes have also been supplemented by...

The implementation of Permenaker 5/2021 for JKK (Jaminan Kecelakaan Kerja), JKM (Jaminan Kematian), JHT (Jaminan Hari Tua)

(Jaminan Kecelakaan Kerja or “JKK”), Death Benefit (Jaminan Kematian or “JKM”) and Old-Age Insurance (Jaminan Hari Tua or “JHT”) in Indonesia is mainly regulated by the Regulation of the Government of the Republic Indonesia No. 44 of 2015. Further provisions are regulated under...

The Financial Services Authority (OJK) Issued New Regulation No. 10/POJK.05/2022 for Information Technology – Based Co Financing Services

On July 4, 2022, the Financial Services Authority (OJK) has issued a much-anticipated new regulation on P2P lending in Indonesia under OJK Regulation No. 10/POJK.05/2022 of 2022 on Information Technology-Based Co-Financing Services...

The Financial Services Authority (OJK) Issued New Regulation No. 10/POJK.05/2022 for Information Technology – Based Co Financing Services

Tumbuan and Partners attended the event held by the Ministry of Tourism and Creative Economy (Kementerian Pariwisata dan Ekonomi Kreatif) on August 2, 2022 with the following topic: Socialization of Government Regulation No. 24 of 2022 concerning...

The Additional Reporting Parties In The Prevention and Eradication of Crimes Money Laundering

To boost the investment and ease of doing business in Indonesia within technology-based financial services, the Government of Indonesia has introduced additional reporting parties classified as Financial Service Providers pursuant to Government Regulation No. 61 of 2021 concerning the Amendments to Government Regulation...

Regulation of Minister of Public Works and Public Housing No. 8 of 2022 concerning Procedures for Implementing Construction Services Standard Certificates to Ease the Business Licensing for Construction Service Business Actors

The Minister of Public Works and Public Housing has introduced the updated procedures to obtain the Construction Services Standard Certificates as stipulated under Regulation of Minister of Public Works and Public Housing No. 8 of 2022 concerning...

Presidential Regulation No. 55 of 2022 concerning the Delegation of the Granting of Business Licenses in the Mineral and Coal Mining Sector

After 7 months since the issuance of Government Regulation No. 96 of 2021 concerning the Implementation of Mineral and Coal Mining Business Activities, that came into force on 9 September 2021, Indonesian President, Joko Widodo has signed Presidential Regulation No. 55 of 2022 regarding...

Sosialisasi Perubahan Peraturan Bursa Efek Indonesia No. I-E Tentang Kewajiban Penyampaian Informasi

Tumbuan & Partners hadir dalam Sosialisasi yang diselenggarakan oleh Bursa Efek Indonesia (BEI) tanggal 11 Oktober 2022 terkait Perubahan Peraturan BEI No. I-E Tentang Kewajiban Penyampaian Informasi (Peraturan BEI No. I-E) yang berlaku sejak 1 Oktober 2022. Sosialiasi ini bertujuan untuk mengetahui perubahan-perubahan ketentuan yang terdapat...

The Minister of Energy and Mineral Resources (MEMR) has recently issued the MEMR Decree No. 15.K/HK.02/MEM.B/2022 concerning Procedures for Processing the Issuance and Registration of Mining Business Permits (Kepmen ESDM 15/2022)

The Minister of Energy and Mineral Resources (MEMR) has recently issued the MEMR Decree No. 15.K/HK.02/MEM.B/2022 concerning Procedures for Processing the Issuance and Registration of Mining Business Permits (Kepmen ESDM 15/2022), which generally...

Bank Indonesia has issued new regulations in the realm of payment services provider in Indonesia, namely Board of Governors Regulation No. 24/7/PADG/2022 concerning Implementation of Payment Systems by Payment System Service Providers (PJP) and Payment System Infrastructure Organizers (PIP) (PADG 24/7/PADG/2022)

Bank Indonesia has issued new regulations in the realm of payment services provider in Indonesia, namely Board of Governors Regulation No. 24/7/PADG/2022 concerning Implementation of Payment Systems by Payment System Service Providers (PJP) and Payment System Infrastructure Organizers (PIP) (PADG 24/7/PADG/2022), which is the implementing regulation of Bank Indonesia Regulation No. 23/6/PBI/2021 concerning Payment System Service Providers (PBI 23/6/PBI/2021).

Regulation No. PER-5/MBU/09/2022 on the Implementation of Risk Management by State-Owned Enterprises

In order to implement the standard of risk management and to create value for State-Owned Enterprises (Badan Usaha Milik Negara/BUMN), the Minister of State-Owned Enterprises has issued Regulation No. PER-5/MBU/09/2022 on the Implementation of Risk Management by State-Owned Enterprises. The regulation requires BUMN...

The Indonesian Food and Drug Authority (Badan Pengawas Obat dan Makanan – “BPOM”) has issued Regulation No. 2 of 2022 on the Reporting of Pharmaceutical Industries' and Pharmaceutical Wholesalers' Activities (“BPOM 2/2022”)

The Indonesian Food and Drug Authority (Badan Pengawas Obat dan Makanan – “BPOM”) has issued Regulation No. 2 of 2022 on the Reporting of Pharmaceutical Industries' and Pharmaceutical Wholesalers' Activities (“BPOM 2/2022”) which sets out a number of new reporting obligations to pharmaceutical industries and pharmaceutical wholesalers (Pedagang Besar Farmasi – “PBF”)...

The Indonesian Government has recently issued the Regulation in Lieu of Law No. 2 of 2022 on Job Creation dated 30 December 2022 (“Perppu No. 2/2022”), which revokes and replaces Law No. 11 of 2020 on Job Creation (“UU No. 11/2020“)

The Indonesian Government has recently issued the Regulation in Lieu of Law No. 2 of 2022 on Job Creation dated 30 December 2022 (“Perppu No. 2/2022”), which revokes and replaces Law No. 11 of 2020 on Job Creation (“UU No. 11/2020“) following the Constitutional Court ruling ordering the government to amend parts of the UU No. 11/2020 within two years...

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