Luxembourg Legal Updates

Lontong 31/12/2023 0

Insurance Companies Must Follow Requirement on Ultimate Shareholders The Indonesian Insurance Law introduced a significant change concerning the shareholding composition of insurance coverage firms. The Insurance Law mandates that the native shareholders in an insurance coverage company should be ultimately owned by Indonesian people. ESDM Regulation forty two and Oil and Gas Companies On 14th July 2017, the Minister of Energy and Mineral Resources published Regulation No. 42 of 2017 (Reg. 42). New Abandonment and Site Restoration Obligations Upstream Oil and Gas Activities Indonesia’s Minister of Energy and Mineral Resources has regulated abandonment and web site restoration actions, or post-operation actions, for the upstream oil and gas sector.

This regulation introduced several important modifications to the sector as regards to topics corresponding to local shareholding requirements. Indonesian Regulatory Framework for Real Estate Investment Funds In late 2015, the Indonesian Minister of Finance issued a regulation to encourage the growth of actual estate investment funding within the type of Collective Investment Contracts. The Development of Personal Data Protection in Indonesia After months of drafting and deliberation, Indonesia’s Ministry of Communication and Informatics (“MOCI”) in late 2016 issued a long-awaited regulation on the protection of personal data. Approvals Required for Changes in Shareholding and Board Members of Power and Geothermal Companies These contractual necessities imposed on IPPs by PLN associated to retention of possession of shares in IPP firms. Aside from contractual restrictions related to modifications in shareholding, neither the PPAs nor the ability sector regulations imposed some other restrictions on corporate actions of IPP firms. Indonesia’s New Data Protection Rules Move Toward Passage After a quantity of information breaches underlined the urgency of complete knowledge protection rules, Indonesia expects to cross an information protection law in 2020, regardless of the continued COVID-19 pandemic and related lockdowns.

Legal Update

Indonesian Language Law from the Perspective of the Courts In 2013, the West Jakarta District Court issued a groundbreaking determination that captured the attention of the enterprise group in stipulating that the Indonesian language should be utilized in industrial agreements with Indonesian businesses and agencies. An Eye on PPP in Indonesia With the intention to enhance the development of PPP projects in Indonesia and to make PPP arrangements more interesting to buyers, the Government lately issued Presidential Regulation No. 38 of 2015 relating to Cooperation between the Government and Enterprises in Infrastructure Procurement. Regulation Curbs Power of Local Authorities in Indonesian Mining Sector The Indonesian authorities seems to be getting severe about stripping regents of the authority to concern mining licenses. The government took the first steps on this direction with Minister of Energy and Mineral Resources Regulation No. 27 of 2013. Indonesia, ASEAN and Investment – A Q&A With elevated curiosity in Indonesia and the approaching completion of the ASEAN Economic Community, foreign investors are on the lookout for a way to do enterprise in Indonesia.

Mainland China Briefing: Newly Launched Beijing Stock Exchange Issues Implementation Guidelines For Qfis

New Negative Investment List Introduces Changes to Health Investment in Indonesia The Indonesian Government has released the long-awaited New Negative Investment List, issued beneath Presidential Regulation No. 39 of 2014. Among the main changes from earlier rules is an increase in most international ownership levels in several key industries, including the well being sector. Discrimination Law and Equality in Indonesia Indonesia doesn’t have an overarching anti-discrimination law; quite, a patchwork of laws and sector-specific rules prohibit discrimination and encourage equality.

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  • Real Estate Disputes in Indonesia There is not any arbitration facility or course of specifically designed to accommodate real estate matters beneath Indonesian law.
  • The MTC can also be charged with drafting the rules of the pilot program and setting the circumstances on which the taking part firms can mine, sell, and purchase cryptocurrency in Laos.

The newly-issued Third Amendment introduces a provision that enables Regional-Owned Enterprises the same remedy as State-Owned Enterprises. New Law Introduces Trademark Filing Procedure and Renewal Grace Period The new Trademark and Geographical Indication Law has just lately been launched as Law No. 20 of 2016. BKPM Supports Indonesian Tax Amnesty Programs by Issuing a Facilitating Regulation On twenty eighth October 2016, the Head of the Capital Investment Coordinating Board issued Regulation No. eight of 2016 (“Regulation 8”), which instantly went into impact. Regulation eight was issued to assist the tax amnesty programmes initiated by the Indonesian authorities. New Online Registration System Transforms Franchise Application Process The Ministry of Trade (“MOT”) has introduced a new platform for the registration of a variety of licenses together with the franchise registration certificate. Indonesia Extends Cabotage Exemption The Indonesian Shipping Law and its implementing rules include Indonesia’s cabotage rules, requiring that home sea transportation be carried out by an Indonesian shipping firm using an Indonesian-flagged vessel and an Indonesian crew.

Office Of Information Commissioner Issues Guidance On Privateness Obligations Throughout Covid

Proposal to Revoke Five Business Permits in Indonesia On 16th March 2016, Indonesian President Joko Widodo announced a plan to simplify enterprise licensing in Indonesia by revoking five existing enterprise permits issued at the regional degree. Regulatory Developments in the Indonesian Banking Industry The Financial Services Authority has had regulatory authority over Indonesian banks, except Bank Indonesia (“BI”), since 31st December 2013, as stipulated beneath Law No. 21 of 2011 relating to the Financial Services Authority. Indonesia’s worldwide funding coverage has been within the highlight for the reason that Government of Indonesia conveyed in 2014 its intention to terminate all of its existing bilateral funding treaties. BPOM Simplifies Drug Registration Process On 4th August 2016, the Food and Drug Supervisory Agency enacted a new regulation which adjustments the registration process of medication. The changes are reflected in Head of BPOM Regulation No. 17 of 2016 on the Second Amendment of Head of BPOM Regulation No. 3 of 2011. New Regulation Allows Appointment of ROEs for Construction Projects The Indonesian government just lately issued Government Regulation No. 54 of 2016 relating to the Third Amendment to Government Regulation No. 29 of 2000.

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Foreign Investment Restrictions Restrictions on foreign shareholders in Indonesia are set out within the Negative Investment List contained in Presidential Regulation No. 39 of 2014 outlining the record of business fields which would possibly be closed and enterprise fields that are open with necessities for investment. Taking the Temperature of Indonesia’s Geothermal Regulatory Climate Indonesia’s geothermal sources are among the largest in the world, with round 40 % of the global geothermal sources, and the government has intensified its efforts to encourage geothermal power development. Franchise Law in Indonesia When the federal government introduced a number of latest economic coverage packages in an effort to stimulate the economy, none of the policy packages focused on the franchising sector. Indonesia’s FinTech Office and New FinTech Regulation Bank Indonesia just lately launched a FinTech Office on 14th November 2016.

Nation Update: Commercial Arbitration In Indonesia

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