Updating on laws affecting business
All importers and exporters operating in Indonesia that intend to apply for, amend or renew their Customs Registration Number ("NIK") now need to ensure that their foreign directors have work permits ("IMTA"); and provide a copy of the IMTA to DGCE with the NIK application.Gas transportation by pipeline in Indonesia is regulated under Government Regulation No.The Indonesian Minister of Energy and Mineral Resources (“MEMR”) has issued MEMR Regulation No.42 of 2017 which aims to improve the supervision of business entities in the energy and mineral resources sector in part by closing regulatory gaps. The share transfer/change in control and change of director provisions of Reg. 8/M-DAG/PER/2/2017, with the goal of simplifying the licensing process for companies.Bank Indonesia (“BI”) has issued BI Circular Letter No.
13 of 2017 on Guidelines and Procedures for the Implementation of Capital Investment Licensing and Facilities. 19/12/PBI/2017 regarding the Provision of Financial Technology, to regulate the implementation of fintech to foster innovation, ensure consumer protection, and manage risk.Under the Oil and Gas Law, entities in the form of a state-owned enterprise, regional-owned enterprise, a cooperative, small business or private business entity may enter into a PSC to undertake upstream oil and gas business activities.The issuance of this new rule has an impact on the engagement of external auditors by publicly-listed companies given that public companies are one of the subjects being regulated and supervised by OJK.11/POJK.04/2017 on Reporting of Share Ownership in Public Companies.Similar to the previous rule, the following parties need to file a share ownership report to OJK.