Ali Budiardjo, Nugroho, Reksodiputro updates

New mineral export rules and their implications for mining companies
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 21 August 2017

A recently promulgated regulation has triggered a major shift in Indonesia's mineral and coal mining industries. Mineral mining companies that depend heavily on mineral exports will be particularly affected by the new policies. Primary changes require all companies operating under a contract of work to transfer to a single licensing regime and introduce stringent mineral export processing standards.

OJK's regulation on fintech-based lending services
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 19 May 2017

To support the development of a technology-based financial industry in Indonesia, the Financial Services Authority recently issued Regulation 77/POJK01/2016 regarding technology-based fund-lending services. The regulation is designed to protect consumer and national interests, while at the same time provide opportunities for local providers of financial technology to grow and contribute to the national economy.

Amendment to nuisance permit regulation
Ali Budiardjo, Nugroho, Reksodiputro
  • Company & Commercial
  • Indonesia
  • 07 November 2016

The minister of home affairs recently enacted Regulation 22/2016, amending Regulation 27/2009 on the Guidelines for the Granting of Regional Nuisance Permits. The amendment is part of the president's policy to reduce the number of business permits and licences required to start a business. It introduces important changes to the criteria considered in nuisance permit applications and the types of business that are exempted from the requirement to obtain a permit.

Exemption from mandatory tender offer requirement for tax amnesty participants
Ali Budiardjo, Nugroho, Reksodiputro
  • Corporate Finance/M&A
  • Indonesia
  • 12 October 2016

The Financial Services Authority recently showed its support for the government's tax amnesty programme by issuing a circular letter regarding mandatory tender offers as a result of public company acquisitions. The circular letter exempts any investor that has become the controller of a public company through an acquisition from the obligation to conduct a tender offer and is meant as an incentive for investors that control public companies through nominees to participate in the programme.

New regulation on export sales of processed and purified minerals
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 06 June 2016

The minister of energy and mineral resources recently issued the Regulation on the Procedure for the Issuance of Recommendation for Export Sales of Processed and Purified Minerals. The regulation – which has simplified the mineral export procedure – covers mineral export sales, the recommendation procedure, domestic refining facility construction plans and the issuance of performance bonds.

Government issues presidential regulation to accelerate electricity infrastructure development
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 23 May 2016

The government recently promulgated Presidential Regulation 4/2016 on Acceleration of Electricity Infrastructure Development as part of its commitment to ensuring the success of the 35,000 megawatt programme. The regulation shows the government's support for the prioritisation of new and renewable energy for the implementation of the development and provision of easy licence and permit processes.

Regulation on mandatory use of rupiah and prohibition on dual price denomination
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 09 October 2015

Bank Indonesia (the Indonesian central bank) has issued a regulation and accompanying circular letter governing the mandatory use of rupiah for all cash and non-cash transactions. In prescribing the mandatory use of rupiah – with certain exemptions and special considerations – the regulation and circular letter apply the territoriality principle that underlies many of Bank Indonesia's other regulations.

Direct election and appointment of independent electricity producers by PLN
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 03 August 2015

To accelerate power plant development by the state electricity company (PLN), the minister of energy and mineral resources has issued a regulation that allows PLN to purchase electricity from independent producers through direct election and direct appointment, provided that certain criteria are met. The regulation also provides benchmark prices for the purchase of electricity.

Mandatory use of the rupiah in Indonesia
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 03 July 2015

Bank Indonesia has issued a regulation concerning the mandatory use of the rupiah within Indonesian territory, which applies to cash transactions as of March 31 2015 and non-cash transactions as of July 1 2015. However, there are a number of issues on which the regulation is less clear than might have been hoped.

New regulation requires letter of credit for export of natural resources
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 11 May 2015

Regulation 4/2015, which applies to the export of numerous products from natural resources, recently entered into force. The regulation requires Indonesian exporters of these products to obtain a letter of credit from their product buyer for an amount equal to the value of the products sold before their export.

Draft banking law proposes big changes
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 13 February 2015

With the introduction of the new Banking Bill in Parliament, the Indonesian banking industry is set to enter a new phase. Unlike the existing law, the new bill is clearly underpinned by a spirit of nationalism, stressing reciprocal treatment of Indonesian banks operating in other countries and requiring the financial authorities to ensure this reciprocity at home.

New risk management regulations for financial services conglomerates
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 16 January 2015

The newly established Financial Services Authority recently issued a set of regulations governing the financial services industry. The regulations are intended to promote sustainability, stability and competitiveness in light of the increasing complexity of transactions and interactions between financial institutions, as well as between companies within a financial conglomerate.

The Geothermal Resources Act
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 17 November 2014

The House of Representatives has passed new legislation concerning geothermal energy. The new Geothermal Resources Act is a revised version of the 2003 Geothermal Energy Act, with major changes that are meant to ease development of the country's geothermal energy industry.

LPS issues regulation on procedures to sell shares of failing banks
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 08 August 2014

The Indonesia Deposit Insurance Corporation (LPS) recently issued the new Regulation on Procedures to Sell Shares of Failing Banks, which replaces the previous regulation. The new regulation provides clearer and more thorough information regarding procedures to sell shares of failing banks. Among other things, the new regulation requires the LPS to sell all shares of rescued banks.

Bank Indonesia issues regulation on hedging transactions
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 09 May 2014

As a reaction to the volatility of the rupiah over the past year, Bank Indonesia has issued a new regulation on hedging transactions. The regulation is expected to encourage the use of derivatives as a tool to hedge foreign currency exposure, and subsequently to reduce foreign currency spot transactions and ease pressure on the rupiah.

New bank regulations on minimum capital requirements and multiple licensing
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 31 January 2014

The Indonesian central bank, Bank Indonesia, has issued two regulations that will change the way in which banks in the country do business. The regulations govern the business activities of banks on the basis of their capital. As a result, commercial banks which in the past had more freedom in their operations are now limited to undertaking business transactions that are in line with their capital strength.

Energy minister issues new regulation on solar energy tendering
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 18 November 2013

The minister of energy and mineral resources recently issued a regulation intended to promote greater use of solar energy for electricity generation. The regulation stipulates that Perusahaan Listrik Negara – the state-owned electricity company – will purchase the electricity produced by the solar power plant of the business entity that wins a capacity quota tender.

Bank Indonesia updates regulation on single presence policy
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 23 August 2013

Bank Indonesia has issued the updated Regulation on Single Ownership in Indonesian Banks in an attempt to improve the competitiveness of Indonesia's banking industry in light of economic development at regional and global levels by reducing the number of Indonesian banks through consolidation. This policy is commonly known as the 'single presence policy' and was first introduced by Bank Indonesia in 2006.

Regulation issued on bank ownership
Ali Budiardjo, Nugroho, Reksodiputro
  • Banking
  • Indonesia
  • 25 January 2013

After heated debate among regulators and politicians on what was seen as unhealthy concentrated ownership of banks by groups of companies – particularly foreign groups of companies – Bank Indonesia, the country's central bank and industry regulator, has issued the Regulation on Ownership of Shares in Commercial Banks, which restricts ownership of banks by individual shareholders.

Regulation eases restrictions on export of minerals
Ali Budiardjo, Nugroho, Reksodiputro
  • Energy & Natural Resources
  • Indonesia
  • 24 September 2012

The minister of energy and mineral resources has issued Regulation 11/2012, which amends the obligation to refine minerals imposed under Regulation 7/2012 on Increasing Minerals' Added Value Through Mineral Processing and Refining Activities. This new regulation relaxes the previous ban on miners exporting raw materials, ore and rocks.

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