Archive for June, 2013

Indonesia-central-bank

Indonesian Banks Get New Ownership Rules

By Lasmaroha Simbolon & Bezaliel B. Erlan Indonesia’s central bank, Bank Indonesia (“BI”), has issued a regulation designed to improve the competitiveness of the banking system by streamlining bank ownership through consolidation and enhancing supervision, particularly in the area of good corporate governance. BI Regulation No. 14/24/PBI/2012 regarding Single Ownership in Indonesian Banks was issued [...]

Trust

Bank Indonesia Regulates Trust Services

By Maria Yudhitama Eka Dewi Bank Indonesia has issued a regulation to improve the competitiveness of local banks in providing “trust” services, basically the management of assets. In particular, the new regulation is addressed to oil and gas companies operating in Indonesia, which keep much of their foreign exchange proceeds outside of the country, utilizing [...]

Legal Alert (small icon)

Legal Alert May 2013

Please find attached the latest Legal Alert for May2013. SSEK’s Legal Alert is a monthly survey designed to keep you up to date with the latest legal developments in Indonesia. Click here: Legal Alert May 2013

decree 40

The Effect of Decree 40: Foreigners Are Banned from the Human Resources Arena in Indonesia

By Douglas G. Smith Foreign and foreign-owned enterprises represent some of the largest employers in Indonesia. Accordingly, some foreign companies expressed consternation when, on February 29, 2012, the country’s Ministry of Manpower and Transmigration issued Decree No. 40 of 2012 on Certain Positions that Are Restricted for Foreign Workers (the “Decree”). The Decree, among other [...]