The adjustments are reflected in Head of BPOM Regulation No. 17 of 2016 on the Second Amendment of Head of BPOM Regulation No. three of 2011. Indonesia’s FinTech Office and New FinTech Regulation Bank Indonesia recently launched a FinTech Office on 14th November 2016. The workplace is anticipated to spice up the expansion of the Indonesian FinTech industry, optimise technology developments in the sector, improve the industry’s competitiveness and supply feedback from enterprise players. BKPM Supports Indonesian Tax Amnesty Programs by Issuing a Facilitating Regulation On 28th October 2016, the Head of the Capital Investment Coordinating Board issued Regulation No. eight of 2016 (“Regulation 8”), which instantly went into effect. Regulation eight was issued to help the tax amnesty programmes initiated by the Indonesian authorities.

• Data Protection Rules and Principles in Indonesia Several obligations should be fulfilled by electronic system providers in Indonesia beneath MOCI Regulation No. 20 of 2016 to guarantee that personal knowledge is processed correctly.
• Real Estate Disputes in Indonesia There is not any arbitration facility or process particularly designed to accommodate real estate matters under Indonesian regulation.
• As a half of efforts to examine the spread of the virus, the Indonesian government has carried out a policy of Large-Scale Social Restrictions (Pembatasan Sosial Berskala Besar or “PSBB”), requiring most companies to cease or at least pare down activities.
• This version covers, amongst other subjects, the Law of eleven October 2016 on the reform of the parental go away, the Law of 23 July 2016 on the new type of simplified S.à.r.l.
• Companies looking for to acquire Indonesian nationality for his or her vessels should comply with Indonesian laws and rules associated to the ownership and operation of the vessel.

Insurance Companies Must Follow Requirement on Ultimate Shareholders The Indonesian Insurance Law launched a big change concerning the shareholding composition of insurance coverage corporations. The Insurance Law mandates that the native shareholders in an insurance coverage firm must be in the end owned by Indonesian people. Indonesia Launches New Economic Policy Package On 31st August 2017, President Joko Widodo enacted the 16th economic policy bundle, which goals to improve the convenience of doing business in Indonesia by offering measures to accelerate issuance of enterprise licenses and permits on the central and regional ranges. Data Protection in Indonesia’s Financial Services Sector Minister of Communication and Informatics Regulation No.20 of 2016 strengthens the obligations to guard the non-public and financial data of shoppers by providers of electronic techniques.

Lender Legal Update Name

Data Categorization for Electronic System Operators Providing Public Services The MOCI has issued a draft modification to Government Regulation No. eighty two of 2012 which requires electronic system operators offering public providers to have onshore information centers and disaster restoration facilities. To obtain invites to our occasions, as well as data and articles on legal issues and sector developments which are of interest to you, please signal as much as Newsroom. Our six-monthly legal update report is designed to allow you to proactively address legal points by providing an update on related legal points from the earlier six months and highlighting issues which ought to be identified or addressed within the forthcoming six months.

Taking the Temperature of Indonesia’s Geothermal Regulatory Climate Indonesia’s geothermal sources are among the many largest in the world, with round 40 % of the worldwide geothermal sources, and the government has intensified its efforts to encourage geothermal energy improvement. In Indonesia, New Licensing Rules for Imports and Exports The Government of Indonesia has recently issued a package deal of financial policies designed to take away irrelevant requirements and to decontrol and spur the growth of the Indonesian economy. Real Estate Disputes in Indonesia There isn’t any arbitration facility or course of particularly designed to accommodate actual estate issues under Indonesian law. Disputes related to actual estate are handled in a similar manner as some other dispute in Indonesia. Enactment of the New Trademark and Geographical Indication Law Indonesia recently enacted the new Trademark and Geographical Indication Law which is in a position to substitute Law No. 15 of 2001.

Legal Alert Concern No 01

The information also covers issues related to knowledge subject rights, knowledge safety officers, impact assessments, knowledge breach notification requirements, and cross border data transfers. The use of non-public information in advertising is also thought-about, with particular information on electronic advertising guidelines, cookies, and advertising to businesses and consumers. Multilaw is a global network of fastidiously chosen, independent legislation companies consisting of over 10,000 industrial attorneys in additional than one hundred nations, capable of provide expert legal advice in advanced environments around the globe. Luxembourg’s Legal Update newsletters provide a compact summary and steering on the new legal issues that would impact your small business, significantly in relation to banking, finance, capital markets, company, litigation, employment, funds, investment management and tax legislation. Indonesia Omnibus Law – Changes to the Company Law Indonesia’s carefully watched omnibus jobs creation bill just lately became law.