Socialization of Government Regulation No. 24 of 2022 concerning The Implementing Regulation of Law No. 24 of 2019 concerning Creative Economy by Ministry of Tourism and Creative Economy

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 Implementing Regulation of Law No. 24 of 2019 concerning Creative Economy. The event was held to promote Government Regulation No. 24 of 2022 concerning Economy Creative (PP 24/2022) as a legal innovation for creative economy sector to utilize Intellectual Property (IP) asset as security object in order to support national economic growth.

Under this government regulation, the Government provides incentives for creative economy actors to develop the creative economy sector by facilitating IP-based financing schemes and developing an information system that allows the disclosure of pledged IP.

PP 24/2022 stipulates 3 (three) forms of IP asset as a security object, including: (i) fiduciary guarantee upon IP assets; (ii) creative economy activity-based agreements; and (iii) receivables from any creative economy activity. An IP asset can be used as collateral if it is registered to Director General of Intellectual Property (Direktorat Jenderal Kekayaan Intelektual/DJKI) and has economic value.

In order to use IP asset as a collateral, financial institutions are required to conduct verification over the business and valuation over the IP. The valuation over the intellectual property shall be undertaken by an Independent Public Appraiser (Kantor Jasa Penilaian Publik). However, risk management is still necessary for financial institutions in relation to IP-based financing, thus, Indonesian Financial Services Authority (Otoritas Jasa Keuangan) is expected to provide a thorough guidelines on the know-how of the risk management of IP-based financing schemes.

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