Government Regulation No. 71 of 2019 dated October 10, 2019 regarding the Implementation of Electronic System and Transactions. This Regulation revoked Government Regulation No. 82 of 2012 dated October 15, 2012 regarding the same topic. It introduces several changes and new provisions in connection with the implementation of an electronic system and transactions, the most significant of which include (i) the classification of electronic system operators ("PSEs"); (ii) the responsibilities of PSEs; (iii) data privacy provisions; (iv) the removal of electronic data and/or documents; (v) electronic certification administrators; (vi) access termination; and (vii) protected strategic electronic data. This Regulation came into effect on the date of its issuance, but PSEs have one year to comply with registration requirements and Public PSEs have two years to comply with all requirements under this Regulation.
Law No. 17 of 2019 dated October 16, 2019 regarding Water Resources amends Law No. 11 of 1974, as previously amended by Law No. 7 of 2004. It covers, among other topics, community water rights, the government's authority and responsibility in managing water resources, water resource management, water resource utilization permits, and funding, rights and obligations relating to water resources. It also includes sanctions for violations of this Law. This Law came into effect on the date of its issuance.
Law No. 19 of 2019 dated October 17, 2019 regarding the Second Amendment of Law No. 30 of 2002 regarding the Corruption Eradication Commission ("KPK"). The stated aim of this Law is to strengthen the KPK and secure its position as a state agency under the executive authority. This Law came into effect on the date of its issuance.
Law No. 24 of 2019 dated October 24, 2019 regarding the Creative Economy. This Law was issued with the stated aim of improving the management of the creative economy ecosystem. It covers topics including banking access, promotion, infrastructure, and developing the capacity of practitioners in the creative economy. This Law came into effect on the date of its issuance.
Capital Investment Coordinating Board Regulation No. 5 Year 2019 dated July 29, 2019 regarding the Amendment of Capital Investment Coordinating Board Regulation No. 6 Year 2018 regarding Guidelines and Procedures for Investment Licensing and Facilities. This Regulation stipulates the requirements and procedures for obtaining licenses and investment facilities, and outlines the process by which the fulfillment of business licensing commitments will be supervised. This Regulation came into force on the date of its issuance.
Circular Letter of the Capital Investment Coordinating Board No. 5743/A.8/B.1/2019 dated October 17, 2019 regarding Application of the Online Single Submission (OSS) System Version 1.1 as of November 4, 2019. This Circular Letter concerns the updated version of the OSS System, replacing OSS System Version 1.0, and the main changes following the implementation of OSS System Version 1.1. OSS System Version 1.1 will calculate total investment per 5-digit KBLI number, which is for the purpose of preparing investment realization reports. This Circular Letter came into force on the date of its issuance.
Bank Indonesia ("BI") Board of Governors Regulation No. 21/15/PADG/2019 dated July 19, 2019 regarding the Recovery of Foreign-Exchange Export Proceeds Deriving from the Utilization, Management and/or Processing of Natural Resources (Devisa Hasil Ekspor dari Barang Ekspor Sumber Daya Alam or "DHE-SDA"). This Regulation was issued to help implement BI Board of Governors Regulation No. 21/3/PBI/2019 on the same topic. This new Regulation covers (i) the recovery of DHE-SDA, (ii) the value of DHE-SDA, (iii) eligible transactions, and (iv) reporting requirements. It came into effect on the date of its enactment.
BI Board of Governors Regulation No. 21/18/PADG/2019 dated August 16, 2019 regarding the National Standard for Quick Response Codes for Payments. This Regulation introduces QR code national standards for all QR codes transactions in Indonesia. All merchants must be in compliance with the standards set out in this Regulation by December 31, 2019. This Regulation sets a maximum limit of IDR 2 million per QR code transaction. It came into effect on the date of its enactment.
BI Regulation No. 21/9/PBI/2019 dated August 30, 2019 regarding Integrated Reporting for General Banks. This Regulation creates a process for banks' submission of reports to the government through BI's integrated online system as of August 2020. This Regulation came into effect on the date of its enactment.
BI Regulation No. 21/10/PBI/2019 dated August 30, 2019 regarding the Management of Rupiah. This Regulation helps implement Law No. 7 of 2011 regarding Currency. It stipulates the duties and obligations of BI related to rupiah money management services. BI is the only body authorized to circulate rupiah by way of distribution and treasury services. This Regulation came into effect on the date of its enactment.
To view the full article click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.