The Supreme Court has issued the Supreme Court Regulation No. 3 of 2019 on Procedure for Appeal against Decisions of the Indonesian Competition Commission ("KPPU") dated 9 August 2019 ("Regulation"). This new Regulation provides several drastic changes that can limit business actors in presenting their appeal against KPPU decisions.
The Minister of Public Works and Housing issued a new regulation which regulates, among others, the marketing of property and execution of a preliminary sale and purchase agreement (Perjanjian Pendahuluan Jual Beli) between the potential buyer and the developer ("Regulation"). The Regulation repealed the two previous regulations on sale and purchase of apartments and houses, which are deemed by many to be ineffective in regulating sale and purchase of apartments and houses in Indonesia and balancing the interests of both the buyer and the developer.
This Update summarises some of the key legal developments in Indonesia, highlighting their features and intended impact to the legal ecosystem. These include the introduction of a new listing board in the Indonesia Stock Exchange, the enactment of a regulation on electronic regulation, and the tax incentives for electronic vehicle.
In June 2019, the Ministry of Agrarian and Spatial Planning/Head of the National Land Agency (BPN) introduces Regulation No. 9 of 2019 on electronically integrated land mortgage (hak tanggungan) service ("e-Mortgage"). It is hoped that the issuance of Regulation No. 9/2019 will expedite physical land service process and improve its transparency and efficiency.
This year marked another step in Indonesia's move towards a new era of corporate governance reform as the Indonesian government issued the Ministry of Law and Human Rights Regulation No. 15 of 2019 ("Ministry Regulation") on disclosure of ultimate beneficial ownership. The Ministry Regulation is the implementing regulation of Presidential Regulation No. 13 of 2018 on the same subject ("Presidential Regulation"). The Presidential Regulation and the Ministry Regulation require all companies to disclose their ultimate beneficial ownership.