Last year, the Investment Coordinating Board (Badan Koordinasi Penanaman Modal / "BKPM") issued a set of regulations as part of the Government's economic reform program. One of the regulations, BKPM Regulation No. 14 of 2015 (on Guidelines and Procedures for Preliminary Licenses / the "Regulation"), was recently amended by BKPM Regulation No. 6 of 2016 (the "Amending Regulation"), which came into force on 8 June 2016. Among other things, the Amending Regulation provides greater clarity on the application of the Negative Investment List (Daftar Negatif Investasi / "DNI") to listed companies. The DNI is a list of business sectors that are either completely closed, completely open or conditionally open to foreign investment.