Legal Updates for January 2016

New Regulation Clarifies Rules on Property Ownership by Non-Indonesians but Changes Little

After widespread discussion in the media and property circles over the past few months, the Government has finally issued a much anticipated new regulation on property ownership rights for foreign citizens in Indonesia. The new regulation (Government Regulation No. 103 of 2015 on the Ownership of Residential Homes or Housing by Foreign Citizens Resident in Indonesia (the “New Regulation”), which came into force on 28 December 2015, revokes and supersedes the previous regulation governing the issue, Government Regulation No. 41 of 1996 (the “Old Regulation”).

Despite expectations in some quarters that real change was in the offing, the New Regulation fails to significantly expand the property rights already extended to foreign citizens under the Old Regulation, although it does provide greater clarity as regards such rights, as well as inheritance and property rights in transnational marriages where one of the parties is an Indonesian national.

OJK Issues Series of New Rules on Rights Issues, Disclosure of Information, Utilization of Public Offering Proceeds, and Other Matters

On 16 December 2015, the Financial Services Authority (Otoritas Jasa Keuangan / “OJK”) issued regulations on rights issues, disclosure of information, utilization of public offering proceeds, and other matters.