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In Asia-Pacific

Indonesia: In light of COVID-19, OJK extends the deadline for listed companies to submit sustainability report to 2022

by , and 2 Mins Read

In a previous Client Alert (see here), we discussed a rule issued by the Financial Services Authority (Otoritas Jasa Keuangan – OJK) back in 2017 that requires all financial institutions and public and listed companies to prepare a sustainability report and submit it to OJK within a stipulated period. This obligation is set out under Rule No. 51/POJK.03/2017 on Implementation of Financial Sustainability for Financial Services Providers, Issuers and Public Companies (“OJK Rule 51”).

However, towards the end of 2020, OJK (i.e., the capital market division) issued a letter to all listed companies (“OJK Letter”), which effectively extends the deadline for certain types of listed companies to submit their sustainability report. This move is in response to a plea from the Indonesian Issuers Association for an extension and also in response to the ongoing COVID-19 pandemic crisis in Indonesia.

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In Asia-Pacific

Indonesia: PLN re-opens prequalification process for solar PV and bioenergy developers

by , , , , , and 4 Mins Read

Indonesia’s state-owned power utility, PT PLN (Persero) (PLN), recently issued two invitations for renewable developers who want to be included in the list of selected developers (DPT) for solar PV and bioenergy (biomass and biogas) projects. Developers that pass the prequalification process will be eligible to be invited to participate in future PLN bids for those types of IPP projects.

In Asia-Pacific

Indonesia: Digital “stargazing” through 2021: Bank Indonesia overhauls payment system regulations

by , , and 7 Mins Read

Happy New Year 2021! We hope that this year things will get better.

Bank Indonesia has issued Regulation No.22/23/PBI/2020 on Payment Systems (“Payment System Regulation”), which is an “umbrella” regulation for the payment system industry. The issuance of this regulation is an implementation of the 2025 Indonesia Payment System Blueprint, which we outlined in our previous client alert. This “umbrella” regulation restructures the regulatory framework of payment systems, including the reclassification of activities of payment system operators. Bank Indonesia’s approach in outlining the rules introduced in this regulation appears to be principle-based and strategic. The technical and operational details of how the rules are supposed to be observed will be outlined in future Bank Indonesia implementing regulations. We anticipate that those will be issued in the coming months, so keep an eye on this space.

In Antitrust / Competition

Indonesia: Cross-border Deals – Navigating Merger Control Under the New Guidelines

by , , and 6 Mins Read

Over the past year or so, the regulatory regime for merger control in Indonesia has seen significant changes. In October 2019, the Indonesian Business Competition Supervisory Commission (“KPPU”) issued a new rule on assessments of M&A transactions (“2019 Rule”), which was further clarified by the guidelines issued in October 2020 (“2020 Merger Guide”).

We discussed these issues in the webinar on “Navigating Merger Control Rules in Cross-Border M&A Transactions” broadcasted on 17 December 2020.

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In Asia-Pacific

Indonesia: Indonesia sets out its COVID-19 vaccine procurement scheme

by , and 9 Mins Read

On 22 October 2020, the Minister of Health (MOH) issued MOH Regulation No. 28 of 2020 on the Procurement of Vaccines for Corona Virus Disease 2019 (“COVID-19”) (“MOH Regulation 28”). MOH Regulation 28 is an implementing regulation of the Presidential Regulation No. 99 on the Procurement of COVID-19 Vaccine and Vaccination of COVID-19 (“PR 99”). We have addressed some of the key takeaways under PR 99 in our previous client alert. You can find the link to the client alert here.

MOH Regulation 28 regulates on four main themes of COVID-19 vaccine procurement:  (i) types and amount of vaccine for procurement, (ii) procedure for procurement of vaccines, (iii) procedure for payment for vaccines and (iv) guidance and supervision on the procurement of vaccines.

As stipulated under PR 99, MOH has appointed PT Bio Farma (Persero) (“Bio Farma”) as the state-owned enterprise that will lead the procurement and distribution of COVID-19 vaccine in Indonesia. MOH Regulation 28 applies for all COVID-19 vaccines yet to come, not limited to the one that is being developed under the partnership between Government of Indonesia (GOI) (i.e., through Bio Farma) and Sinovac.

In Asia-Pacific

Indonesia: Indonesia Regulates Foreign Private Electronic System Operators

by , , and 8 Mins Read

Up to now, there was not a clear position on the obligations (including registration obligation) for offshore or foreign private electronic system operators (“ESOs”).

This has changed with the recent issuance of Minister of Communication and Informatics (“MOCI”) Regulation No. 5 of 2020 on Private Electronic System Operators (“MOCI Regulation 5”), which clarifies registration requirements and other obligations for foreign private ESOs.

MOCI Regulation 5 is an implementing regulation of Government Regulation No. 71 of 2019 on the Implementation of Electronic Transactions and Systems (“GR 71”). The regulation became effective on 24 November (but it was only published on the MOCI’s website on 2 December).

There is a six-month transitional period under the regulation, but this is only applicable for the requirement for private ESOs to register with the MOCI.

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In Asia-Pacific

Indonesia: Indonesia Regulates Foreign Private Electronic System Operators

by , , and 8 Mins Read

Up to now, there was not a clear position on the obligations (including registration obligation) for offshore or foreign private electronic system operators (“ESOs”).

This has changed with the recent issuance of Minister of Communication and Informatics (“MOCI”) Regulation No. 5 of 2020 on Private Electronic System Operators (“MOCI Regulation 5”), which clarifies registration requirements and other obligations for foreign private ESOs.

MOCI Regulation 5 is an implementing regulation of Government Regulation No. 71 of 2019 on the Implementation of Electronic Transactions and Systems (“GR 71”). The regulation became effective on 24 November (but it was only published on the MOCI’s website on 2 December).

There is a six-month transitional period under the regulation, but this is only applicable for the requirement for private ESOs to register with the MOCI.

In Asia-Pacific

International: Fintech Legal Accelerator: Cracking the Legal Code

by , , , , , , , and 1 Min Read

In this recording of our introductory workshop, Baker McKenzie FinTech Legal Accelerator: Cracking the Legal Code, held as part of the Hong Kong FinTech Week 2020, our lawyers across Asia Pacific give an overview of key fintech issues that start-ups or scale-ups need to know as they grow and expand…

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