INDONESIA Looking Back: 2020 and Gazing Into: 2021 Looking Back: 2020
The first half of 2020 saw unprecedented impact to countries around the world, including Indonesia, due to the COVID-19 pandemic. Various measures and relief were introduced not only to alleviate pressure, but also to ensure continuous operation. In the capital markets sector, the Financial Services Authority (OJK) embraced technology by allowing electronic submission of reports and disclosure and the holding of a virtual general meeting of shareholders.
2020 also saw extraordinary growth to Indonesia's e-commerce industry. In late 2019, the Government started to regulate this industry by enacting the E-Commerce Regulation (Government Regulation No. 80 of 2019), and in 2020, the Government introduced more regulatory measures, including mandatory registration and licensing.
On the natural resources front, the Government amended Indonesia's Mining Law. The amendment touched on a host of key issues, including centralisation of authorities and conversion and transfer of mining licenses.
Finally, the second half of 2020 was a milestone in Indonesia's legal landscape as the Government enacted Law No. 11 of 2020 on Job Creation, commonly known as the Omnibus Law. The Omnibus Law affects 78 laws, covering various matters from employment, land, and ease of doing business, to name a few.
Gazing Into: 2021
Following the enactment of the Omnibus Law, the Government is currently preparing implementing regulations in the form of presidential regulations and government regulations. As of November 2020, there are 44 drafts in circulation, consisting of 40 government regulations and four presidential regulations. These drafts are publicly available, and relevant stakeholders and the public are invited to give their input.
In addition, the Government will also be adjusting some existing regulations to ensure that they conform to the Omnibus Law.
On the capital markets front, certain major Indonesian unicorns have begun planning and gearing up for an IPO.
Full Report
Click on the link below for the full report which provides summaries of the key legal and case law developments related to the above areas:
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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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