KSP Legal Updates
September 23, 2024
The Investigation Authority on Criminal Acts in the Financial Services Sector (Kewenangan Penyidikan Tindak Pidana di Sektor Jasa Keuangan)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
The emergence of Law Number 4 Year 2023 on Pengembangan dan Penguatan Sektor Keuangan (P2SK Law) has become a new milestone in regulation reformation in Indonesian financial services sector. Prepared with the omnibus law method, this regulation amended dozens of financial sector related regulations. The law maker hopes that P2SK Law will be able to execute its mandate in strengthening the authority in financial sector, strengthening the supervision on the industry (especially consumer’s protection), accommodate the use of technology in financial sector regulation, etc.
Law Number 21 Year 2011 on Financial Services Authority (OJK Law) is also among the regulations that are amended in P2SK Law. This is due to the strengthening of the authority in the financial services sector. As a follow-up to the issuance of the P2SK Law, OJK enacted OJK Regulation Number 16 of 2003 concerning Criminal Investigators in the Financial Services Sector (Investigation POJK) to replace POJK Number 22/POJK.01/2015.
One of the important changes that needs to be underlined is the changes regarding the investigation authority on criminal acts in the financial services sector. Before the amendment, OJK Law previously regulated the authority holder of investigation on criminal acts in the financial services sector in Article 49 paragraph (1) that reads:
“In addition to the Investigating Officer of the Indonesian National Police, certain Civil Servants whose scope of duties and responsibilities include supervision of the financial services sector within OJK, are given special authority as investigators as referred to in the Criminal Procedure Code.”
Then, P2SK Law has fully changed such Article 49 that the authority holder is now stipulated in Article 49 paragraph (5) that reads:
“The investigation on criminal acts in the financial services sector shall only be conducted by investigators of the financial Services Authority (OJK).”
However, the provisions of Article 49 paragraph (5) have been subject to a judicial review by the Constitutional Court, which decided through Constitutional Court Decision Number 59/PUU-XX/2023 that "Declares that Article 49 paragraph 5 of the Law on the Development and Strengthening of the Financial Sector (PPSK) is contrary to the 1945 Constitution and does not have legally binding force conditionally, as long as it is not interpreted as 'Investigations of criminal acts in the financial services sector can be carried out by investigators from the Financial Services Authority'.
With the granting of the judicial review, police investigators also have the authority to conduct investigations into criminal acts in the financial services sector as mandated in Article 30 paragraph (4) of the 1945 Constitution.
Referring to the provisions of Article 49 paragraph (7) of the P2SK Law, OJK Investigators are given the authority to conduct investigations into Money Laundering Crimes (TPPU) as long as they are in the form of criminal acts in the financial services sector. Furthermore, the Investigation POJK stipulates that OJK Investigators may request information and/or analysis results regarding financial transactions that are indicative of TPPU in the financial services sector from the Financial Transaction Reports and Analysis Center.
Prior to an investigation, OJK will conduct a pre investigation (penyelidikan) into alleged criminal acts in the financial services sector. At the investigation stage, the party suspected of committing a crime in the financial services sector can submit an application to OJK, which contains:
a. the value of the losses incurred and the basis for its calculation;
b. the number of victims who suffered losses and other information related to the victims;
c. the form of settlement of losses and the settlement period;
d. a clause that if the losses are not resolved, OJK has the authority to proceed to the Investigation stage; and
e. efforts to improve business processes and governance.
In assessing the application for settlement of violations and calculating the value of losses due to violations, OJK considers at least:
a. whether or not there is a settlement for losses arising from criminal acts;
b. transaction value and/or value of losses due to violations; and
c. impact on the financial services sector, Financial Services Institutions (LJK), and/or the interests of customers, financiers or investors, and/or the public.
OJK forms an Analysis Team to assist OJK Investigators or can also invite other parties outside OJK to assess requests for settlement of violations and calculate the value of losses due to violations.
OJK investigators may request information from LJK regarding the financial condition of parties suspected of committing or being involved in criminal acts in the financial services sector. LJK is required to fulfill the request of OJK Investigators. LJK that do not fulfill the request of OJK Investigators will be subject to sanctions in accordance with the provisions of laws and regulations, including the Law on Banking, the Law on Islamic Banking, and the Law on Capital Markets.
In addition, OJK Investigators are authorized to block accounts at banks or other financial institutions of any person suspected of committing or being involved in a crime in the financial services sector before and during the investigation stage. Banks or other financial institutions are required to carry out the blocking requested by OJK Investigators. Banks or other financial institutions that do not fulfill the request of OJK Investigators are subject to sanctions in accordance with the provisions of laws and regulations.
Click DOWNLOAD PDF to read the Indonesian version of this Updates
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
The emergence of Law Number 4 Year 2023 on Pengembangan dan Penguatan Sektor Keuangan (P2SK Law) has become a new milestone in regulation reformation in Indonesian financial services sector. Prepared with the omnibus law method, this regulation amended dozens of financial sector related regulations. The law maker hopes that P2SK Law will be able to execute its mandate in strengthening the authority in financial sector, strengthening the supervision on the industry (especially consumer’s protection), accommodate the use of technology in financial sector regulation, etc.
Law Number 21 Year 2011 on Financial Services Authority (OJK Law) is also among the regulations that are amended in P2SK Law. This is due to the strengthening of the authority in the financial services sector. As a follow-up to the issuance of the P2SK Law, OJK enacted OJK Regulation Number 16 of 2003 concerning Criminal Investigators in the Financial Services Sector (Investigation POJK) to replace POJK Number 22/POJK.01/2015.
One of the important changes that needs to be underlined is the changes regarding the investigation authority on criminal acts in the financial services sector. Before the amendment, OJK Law previously regulated the authority holder of investigation on criminal acts in the financial services sector in Article 49 paragraph (1) that reads:
“In addition to the Investigating Officer of the Indonesian National Police, certain Civil Servants whose scope of duties and responsibilities include supervision of the financial services sector within OJK, are given special authority as investigators as referred to in the Criminal Procedure Code.”
Then, P2SK Law has fully changed such Article 49 that the authority holder is now stipulated in Article 49 paragraph (5) that reads:
“The investigation on criminal acts in the financial services sector shall only be conducted by investigators of the financial Services Authority (OJK).”
However, the provisions of Article 49 paragraph (5) have been subject to a judicial review by the Constitutional Court, which decided through Constitutional Court Decision Number 59/PUU-XX/2023 that "Declares that Article 49 paragraph 5 of the Law on the Development and Strengthening of the Financial Sector (PPSK) is contrary to the 1945 Constitution and does not have legally binding force conditionally, as long as it is not interpreted as 'Investigations of criminal acts in the financial services sector can be carried out by investigators from the Financial Services Authority'.
With the granting of the judicial review, police investigators also have the authority to conduct investigations into criminal acts in the financial services sector as mandated in Article 30 paragraph (4) of the 1945 Constitution.
Referring to the provisions of Article 49 paragraph (7) of the P2SK Law, OJK Investigators are given the authority to conduct investigations into Money Laundering Crimes (TPPU) as long as they are in the form of criminal acts in the financial services sector. Furthermore, the Investigation POJK stipulates that OJK Investigators may request information and/or analysis results regarding financial transactions that are indicative of TPPU in the financial services sector from the Financial Transaction Reports and Analysis Center.
Prior to an investigation, OJK will conduct a pre investigation (penyelidikan) into alleged criminal acts in the financial services sector. At the investigation stage, the party suspected of committing a crime in the financial services sector can submit an application to OJK, which contains:
a. the value of the losses incurred and the basis for its calculation;
b. the number of victims who suffered losses and other information related to the victims;
c. the form of settlement of losses and the settlement period;
d. a clause that if the losses are not resolved, OJK has the authority to proceed to the Investigation stage; and
e. efforts to improve business processes and governance.
In assessing the application for settlement of violations and calculating the value of losses due to violations, OJK considers at least:
a. whether or not there is a settlement for losses arising from criminal acts;
b. transaction value and/or value of losses due to violations; and
c. impact on the financial services sector, Financial Services Institutions (LJK), and/or the interests of customers, financiers or investors, and/or the public.
OJK forms an Analysis Team to assist OJK Investigators or can also invite other parties outside OJK to assess requests for settlement of violations and calculate the value of losses due to violations.
OJK investigators may request information from LJK regarding the financial condition of parties suspected of committing or being involved in criminal acts in the financial services sector. LJK is required to fulfill the request of OJK Investigators. LJK that do not fulfill the request of OJK Investigators will be subject to sanctions in accordance with the provisions of laws and regulations, including the Law on Banking, the Law on Islamic Banking, and the Law on Capital Markets.
In addition, OJK Investigators are authorized to block accounts at banks or other financial institutions of any person suspected of committing or being involved in a crime in the financial services sector before and during the investigation stage. Banks or other financial institutions are required to carry out the blocking requested by OJK Investigators. Banks or other financial institutions that do not fulfill the request of OJK Investigators are subject to sanctions in accordance with the provisions of laws and regulations.
Click DOWNLOAD PDF to read the Indonesian version of this Updates
July 09, 2024
Bursa Karbon Indonesia untuk Perdagangan Unit Karbon
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Otoritas Jasa Keuangan (OJK) menetapkan peraturan baru mengenai bursa karbon pada Peraturan OJK No. 14 Tahun 2023 tentang Perdagangan Karbon Melalui Bursa Karbon (POJK Bursa Karbon). Dengan adanya POJK Bursa Karbon, Indonesia menjadi salah satu negara yang telah memiliki bursa karbonnya sendiri. Peluncuran bursa karbon pertama di Indonesia sendiri dilaksanakan pada tanggal 26 September 2023, yaitu Bursa Karbon Indonesia (IDXCarbon) di bawah naungan Bursa Efek Indonesia (BEI). Pada tanggal yang sama dilakukan pula perdagangan perdana yang mencatat transaksi sebesar Rp. 29,2 miliar.
Definisi dan Tujuan Bursa Karbon
Pada dasarnya, bursa karbon merupakan suatu pasar yang dikhususkan untuk transaksi perdagangan karbon dalam bentuk kredit karbon, izin emisi, atau pengurangan emisi. Praktek yang sering terjadi adalah pihak penjual merupakan pelaku usaha yang mendapatkan izin emisi untuk batas emisi tertentu, namun berhasil mengurangi emisinya di bawah batas tersebut. Pelaku usaha tersebut dapat menjual emisi berlebih yang mereka miliki kepada pelaku usaha lainnya yang emisinya melebihi batas yang ditetapkan. Dengan demikian, masing-masing pelaku usaha diuntungkan dengan adanya bursa karbon ini.
Tujuan diadakannya bursa karbon adalah untuk mengurangi emisi gas rumah kaca, mengurangi dampak perubahan iklim, serta mendorong perkembangan teknologi yang lebih ramah lingkungan dan berkelanjutan. Hal ini dikarenakan adanya bentuk ‘insentif ekonomi’ yang diberikan kepada pelaku usaha yang menjual karbon. Sehingga, keberadaan bursa karbon diharapkan dapat mendorong mereka untuk terus mengurangi emisi karbonnya dengan menggunakan teknologi dan cara-cara produksi yang lebih efisien dan ramah lingkungan. Tujuan ini juga sejalan dengan salah satu visi yang hendak dicapai oleh Indonesia, yaitu Net Zero Emission.
Pengaturan Bursa Karbon di Indonesia
Bursa karbon dalam peraturan perundang-undangan awalnya ditemui dalam Bagian Ketiga dari Undang-Undang No. 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK). Ketentuan yang hanya disusun dalam 4 pasal (Pasal 23-26) ini menjadi dasar bagi OJK untuk membuat suatu peraturan mengenai bursa karbon. Perwujudan dari amanat UU P2SK tersebut tampaklah dalam POJK Bursa Karbon.
Di POJK Bursa Karbon sendiri, diatur bahwa perdagangan karbon di bursa karbon dilakukan dalam bentuk Unit Karbon. Unit Karbon yang berupa Efek ini terdiri atas Sertifikat Pengurangan Emisi Gas Rumah Kaca ("SPE-GRK") dan Persetujuan Teknis Batas Atas Emisi bagi Pelaku Usaha ("PTBAE PU"). Unit Karbon yang hendak diperdagangkan pada bursa karbon harus terlebih dahulu dicatatkan pada Sistem Registri Nasional Pengendalian Perubahan Iklim (SRN PPI) dan Penyelenggara Bursa Karbon.
Jika dibandingkan dengan praktek negara lain, SPE-GRK pada prinsipnya serupa dengan carbon offset. Carbon offset sendiri merupakan kondisi di mana pelaku usaha berhasil mengurangi emisi, misalnya dengan menanam pohon, dan ia mendapatkan sertifikat carbon offset yang dapat ia perjualbelikan. Cara kerja dari perdagangan carbon offset adalah pembeli dapat menurunkan ‘jejak karbon’-nya dengan membeli carbon offset dari penjual. Nantinya, hasil penjualan carbon offset akan digunakan sebagai bentuk pembiayaan untuk mendukung praktik pengurangan emisi yang dilakukan oleh penjual.
Di lain sisi, PTBAE-PU memiliki kemiripan dengan emission cap trading yang pada prinsipnya memperjualbelikan batas emisi dari suatu perusahaan yang tidak mencapai batas emisi ke perusahaan yang emisinya melebihi batas. Emission cap trading merupakan bentuk perdagangan karbon yang lebih dikenal secara umum. Namun, karena berpatokan pada batas atas atau cap, maka skema PTBAE-PU akan sulit untuk diterapkan jika belum ada peraturan yang jelas mengenai batas atas emisi dari setiap sektor. Tanpa adanya batas atas, maka tidak akan ada paksaan bagi pelaku usaha untuk mengikuti skema PTBAE-PU.
Sebagai solusi untuk mendorong skema PTBAE-PU, harus ada pengaturan yang menyeluruh mengenai batas atas emisi dari sektor-sektor yang ada di Indonesia. Untuk saat ini, batas atas emisi baru ada pada sektor listrik yang diatur dalam Peraturan Menteri ESDM Nomor 16 Tahun 2022. Solusi alternatif lainnya, Indonesia kini tengah mempersiapkan skema Pajak Karbon di tahun 2026 untuk menjerat pelaku-pelaku usaha yang emisi karbonnya melebihi batas. Dengan dibenahinya kedua bentuk solusi ini, maka praktik bursa karbon di Indonesia akan menjadi lebih terdorong dan cita-cita Net Zero Emission akan semakin dekat pencapaiannya, sebagaimana ditargetkan pada tahun 2060.
Persyaratan Penyelenggara Bursa Karbon dan Pengguna Jasa Bursa Karbon
POJK Bursa Karbon juga banyak mengatur mengenai persyaratan Penyelenggara Bursa Karbon. Lebih lanjut, persyaratan dan tata cara penyelenggaraan bursa karbon diatur dalam Surat Edaran OJK No. 12/SEOJK.04/2023 tentang Tata Cara Penyelenggaraan Perdagangan Karbon melalui Bursa Karbon. Persyaratan yang perlu diperhatikan oleh Penyelenggara Bursa Karbon yaitu:
1. Menggunakan sistem elektronik;
2. Wajib menyediakan sistem perdagangan yang mencakup pertemuan penawaran jual-beli Unit Karbon dan penyelesaian transaksi Unit Karbon;
3. Dilarang menjadi Pihak yang bertransaksi;
4. Berbentuk PT dengan modal disetor minimal Rp100 miliar;
5. Pemegang saham asing maksimal 20% kepemilikan;
6. Wajib memiliki minimal 2 anggota Direksi dan 2 anggota Dewan Komisaris yang memenuhi standar kemampuan dan kepatutan;
7. Memenuhi ketentuan operasional, salah satunya adalah membuat peraturan Penyelenggara Bursa Karbon mengenai pengguna jasa, Unit Karbon, perdagangan, dan pengawasan;
8. Pengawasan Bursa Karbon dilakukan oleh OJK;
9. Persyaratan dan tata cara perizinan yang harus dipenuhi oleh Penyelenggara Bursa Karbon; dan
10. Kewajiban menyampaikan rencana kerja dan anggaran tahunan untuk disetujui OJK.
Sebagai satu-satunya Penyelenggara Bursa Karbon saat ini, BEI telah memenuhi salah satu kewajibannya untuk membuat peraturan Penyelenggara Bursa Karbon yang tampak dalam SK Direksi PT BEI No.Kep-00297/BEI/09-2023. Dalam peraturan ini, BEI mengatur mengenai beberapa hal, di antaranya jenis pasar dan juga tata syarat Pengguna Jasa Bursa Karbon.
Pasar dalam Bursa Karbon Indonesia terdiri atas Pasar Reguler, Pasar Negosiasi, Pasar Lelang dan Pasar Non-Reguler. Pengguna Jasa Bursa Karbon harus berupa badan hukum Indonesia atau badan hukum asing. Adapun Pengguna Jasa Bursa Karbon terdiri atas:
1. Pelaku Usaha Pedagang Emisi (dapat melakukan penjualan dan pembelian PTBAE-PU dan SPE-GRK).
2. Pelaku Usaha Non-Pedagang Emisi (dapat melakukan penjualan dan pembelian SPE-GRK).
3. Pemilik Proyek (dapat melakukan penjualan SPE-GRK hanya pada Pasar Lelang dan Pasar Non-Reguler).
Adapun dokumen yang perlu dipersiapkan pelaku usaha yang hendak bertransaksi di Bursa Karbon Indonesia sebagai Pengguna Jasa adalah:
1. Sertifikat pelatihan terkait Bursa Karbon yang diadakan oleh Penyelenggara Bursa Karbon;
2. Bukti pembayaran biaya pendaftaran (Rp. 5.000.000) sebagai Pengguna Jasa;
3. Laporan keuangan minimal 1 tahun terakhir;
4. AD PT, NPWP, dan NIB (untuk badan hukum Indonesia) atau legal entity identifier dan bukti daftar di Regulatory Oversight Committee (untuk badan hukum asing).
Kesimpulan:
Perdagangan Unit Karbon tentunya sangat mendukung pemangku kepentingan untuk mengurangi emisi udara melalui Sertifikat Pengurangan Emisi Gas Rumah Kaca (SPE-GRK) dan Persetujuan Teknis Batas Atas Emisi bagi Pelaku Usaha (PTBAE PU) yang didaftarkan, diselenggarakan dan diawasi oleh IDXCarbon dan OJK.
Click DOWNLOAD PDF to read the English version of this Article
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Otoritas Jasa Keuangan (OJK) menetapkan peraturan baru mengenai bursa karbon pada Peraturan OJK No. 14 Tahun 2023 tentang Perdagangan Karbon Melalui Bursa Karbon (POJK Bursa Karbon). Dengan adanya POJK Bursa Karbon, Indonesia menjadi salah satu negara yang telah memiliki bursa karbonnya sendiri. Peluncuran bursa karbon pertama di Indonesia sendiri dilaksanakan pada tanggal 26 September 2023, yaitu Bursa Karbon Indonesia (IDXCarbon) di bawah naungan Bursa Efek Indonesia (BEI). Pada tanggal yang sama dilakukan pula perdagangan perdana yang mencatat transaksi sebesar Rp. 29,2 miliar.
Definisi dan Tujuan Bursa Karbon
Pada dasarnya, bursa karbon merupakan suatu pasar yang dikhususkan untuk transaksi perdagangan karbon dalam bentuk kredit karbon, izin emisi, atau pengurangan emisi. Praktek yang sering terjadi adalah pihak penjual merupakan pelaku usaha yang mendapatkan izin emisi untuk batas emisi tertentu, namun berhasil mengurangi emisinya di bawah batas tersebut. Pelaku usaha tersebut dapat menjual emisi berlebih yang mereka miliki kepada pelaku usaha lainnya yang emisinya melebihi batas yang ditetapkan. Dengan demikian, masing-masing pelaku usaha diuntungkan dengan adanya bursa karbon ini.
Tujuan diadakannya bursa karbon adalah untuk mengurangi emisi gas rumah kaca, mengurangi dampak perubahan iklim, serta mendorong perkembangan teknologi yang lebih ramah lingkungan dan berkelanjutan. Hal ini dikarenakan adanya bentuk ‘insentif ekonomi’ yang diberikan kepada pelaku usaha yang menjual karbon. Sehingga, keberadaan bursa karbon diharapkan dapat mendorong mereka untuk terus mengurangi emisi karbonnya dengan menggunakan teknologi dan cara-cara produksi yang lebih efisien dan ramah lingkungan. Tujuan ini juga sejalan dengan salah satu visi yang hendak dicapai oleh Indonesia, yaitu Net Zero Emission.
Pengaturan Bursa Karbon di Indonesia
Bursa karbon dalam peraturan perundang-undangan awalnya ditemui dalam Bagian Ketiga dari Undang-Undang No. 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK). Ketentuan yang hanya disusun dalam 4 pasal (Pasal 23-26) ini menjadi dasar bagi OJK untuk membuat suatu peraturan mengenai bursa karbon. Perwujudan dari amanat UU P2SK tersebut tampaklah dalam POJK Bursa Karbon.
Di POJK Bursa Karbon sendiri, diatur bahwa perdagangan karbon di bursa karbon dilakukan dalam bentuk Unit Karbon. Unit Karbon yang berupa Efek ini terdiri atas Sertifikat Pengurangan Emisi Gas Rumah Kaca ("SPE-GRK") dan Persetujuan Teknis Batas Atas Emisi bagi Pelaku Usaha ("PTBAE PU"). Unit Karbon yang hendak diperdagangkan pada bursa karbon harus terlebih dahulu dicatatkan pada Sistem Registri Nasional Pengendalian Perubahan Iklim (SRN PPI) dan Penyelenggara Bursa Karbon.
Jika dibandingkan dengan praktek negara lain, SPE-GRK pada prinsipnya serupa dengan carbon offset. Carbon offset sendiri merupakan kondisi di mana pelaku usaha berhasil mengurangi emisi, misalnya dengan menanam pohon, dan ia mendapatkan sertifikat carbon offset yang dapat ia perjualbelikan. Cara kerja dari perdagangan carbon offset adalah pembeli dapat menurunkan ‘jejak karbon’-nya dengan membeli carbon offset dari penjual. Nantinya, hasil penjualan carbon offset akan digunakan sebagai bentuk pembiayaan untuk mendukung praktik pengurangan emisi yang dilakukan oleh penjual.
Di lain sisi, PTBAE-PU memiliki kemiripan dengan emission cap trading yang pada prinsipnya memperjualbelikan batas emisi dari suatu perusahaan yang tidak mencapai batas emisi ke perusahaan yang emisinya melebihi batas. Emission cap trading merupakan bentuk perdagangan karbon yang lebih dikenal secara umum. Namun, karena berpatokan pada batas atas atau cap, maka skema PTBAE-PU akan sulit untuk diterapkan jika belum ada peraturan yang jelas mengenai batas atas emisi dari setiap sektor. Tanpa adanya batas atas, maka tidak akan ada paksaan bagi pelaku usaha untuk mengikuti skema PTBAE-PU.
Sebagai solusi untuk mendorong skema PTBAE-PU, harus ada pengaturan yang menyeluruh mengenai batas atas emisi dari sektor-sektor yang ada di Indonesia. Untuk saat ini, batas atas emisi baru ada pada sektor listrik yang diatur dalam Peraturan Menteri ESDM Nomor 16 Tahun 2022. Solusi alternatif lainnya, Indonesia kini tengah mempersiapkan skema Pajak Karbon di tahun 2026 untuk menjerat pelaku-pelaku usaha yang emisi karbonnya melebihi batas. Dengan dibenahinya kedua bentuk solusi ini, maka praktik bursa karbon di Indonesia akan menjadi lebih terdorong dan cita-cita Net Zero Emission akan semakin dekat pencapaiannya, sebagaimana ditargetkan pada tahun 2060.
Persyaratan Penyelenggara Bursa Karbon dan Pengguna Jasa Bursa Karbon
POJK Bursa Karbon juga banyak mengatur mengenai persyaratan Penyelenggara Bursa Karbon. Lebih lanjut, persyaratan dan tata cara penyelenggaraan bursa karbon diatur dalam Surat Edaran OJK No. 12/SEOJK.04/2023 tentang Tata Cara Penyelenggaraan Perdagangan Karbon melalui Bursa Karbon. Persyaratan yang perlu diperhatikan oleh Penyelenggara Bursa Karbon yaitu:
1. Menggunakan sistem elektronik;
2. Wajib menyediakan sistem perdagangan yang mencakup pertemuan penawaran jual-beli Unit Karbon dan penyelesaian transaksi Unit Karbon;
3. Dilarang menjadi Pihak yang bertransaksi;
4. Berbentuk PT dengan modal disetor minimal Rp100 miliar;
5. Pemegang saham asing maksimal 20% kepemilikan;
6. Wajib memiliki minimal 2 anggota Direksi dan 2 anggota Dewan Komisaris yang memenuhi standar kemampuan dan kepatutan;
7. Memenuhi ketentuan operasional, salah satunya adalah membuat peraturan Penyelenggara Bursa Karbon mengenai pengguna jasa, Unit Karbon, perdagangan, dan pengawasan;
8. Pengawasan Bursa Karbon dilakukan oleh OJK;
9. Persyaratan dan tata cara perizinan yang harus dipenuhi oleh Penyelenggara Bursa Karbon; dan
10. Kewajiban menyampaikan rencana kerja dan anggaran tahunan untuk disetujui OJK.
Sebagai satu-satunya Penyelenggara Bursa Karbon saat ini, BEI telah memenuhi salah satu kewajibannya untuk membuat peraturan Penyelenggara Bursa Karbon yang tampak dalam SK Direksi PT BEI No.Kep-00297/BEI/09-2023. Dalam peraturan ini, BEI mengatur mengenai beberapa hal, di antaranya jenis pasar dan juga tata syarat Pengguna Jasa Bursa Karbon.
Pasar dalam Bursa Karbon Indonesia terdiri atas Pasar Reguler, Pasar Negosiasi, Pasar Lelang dan Pasar Non-Reguler. Pengguna Jasa Bursa Karbon harus berupa badan hukum Indonesia atau badan hukum asing. Adapun Pengguna Jasa Bursa Karbon terdiri atas:
1. Pelaku Usaha Pedagang Emisi (dapat melakukan penjualan dan pembelian PTBAE-PU dan SPE-GRK).
2. Pelaku Usaha Non-Pedagang Emisi (dapat melakukan penjualan dan pembelian SPE-GRK).
3. Pemilik Proyek (dapat melakukan penjualan SPE-GRK hanya pada Pasar Lelang dan Pasar Non-Reguler).
Adapun dokumen yang perlu dipersiapkan pelaku usaha yang hendak bertransaksi di Bursa Karbon Indonesia sebagai Pengguna Jasa adalah:
1. Sertifikat pelatihan terkait Bursa Karbon yang diadakan oleh Penyelenggara Bursa Karbon;
2. Bukti pembayaran biaya pendaftaran (Rp. 5.000.000) sebagai Pengguna Jasa;
3. Laporan keuangan minimal 1 tahun terakhir;
4. AD PT, NPWP, dan NIB (untuk badan hukum Indonesia) atau legal entity identifier dan bukti daftar di Regulatory Oversight Committee (untuk badan hukum asing).
Kesimpulan:
Perdagangan Unit Karbon tentunya sangat mendukung pemangku kepentingan untuk mengurangi emisi udara melalui Sertifikat Pengurangan Emisi Gas Rumah Kaca (SPE-GRK) dan Persetujuan Teknis Batas Atas Emisi bagi Pelaku Usaha (PTBAE PU) yang didaftarkan, diselenggarakan dan diawasi oleh IDXCarbon dan OJK.
Click DOWNLOAD PDF to read the English version of this Article
December 13, 2023
Indonesia Financial Services Authority (OJK) Expands Scope of Significantly Fluctuating Market Condition for Share Buyback
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
In facing significantly fluctuating market conditions due to the pandemic and crisis, OJK issued new regulations that are expected to further mitigate and reduce the impact of such significant market fluctuations. The regulation is OJK Regulation No. 13 of 2023 on Policy of Maintaining Capital Market Performance and Stability amid Significantly Fluctuating Market Conditions ("POJK 13/2023") which replaces OJK Regulation No. 02/POJK.04/2013 on Repurchase of Shares Issued by Issuers or Public Companies in A Market Condition Fluctuates Significantly ("POJK 02/2013").
The Scope of Significantly Fluctuating Market Conditions
In essence, these two regulations both stipulate share buybacks under certain conditions. However, POJK 13/2023 amends the provisions of POJK 2/2013, one of which is the scope of the "significantly fluctuating market," where POJK 2/2013 only covers them under the following circumstances:
a. combined stock prices index (IHSG/IDX Composite) in Stock Exchange cumulatively decreased by 15% (fifteen percent) or more for 3 consecutive exchange days; or
b. other conditions as may be determined by the OJK.
In POJK 13/2023, its scope has become more relevant circumstances with the current global condition, which are as follows:
a. the decline in most or all of the price of the listed Stocks in the Stocks Exchange or other Market Operator outside of Stock Exchange that is with such material nature occurs in sudden (crash), i.e. in 2020 the IHSG declined 5% in a day and -5.63% in 6 consecutive days;
b. Capital Market condition undergoing significant pressure, namely under the conditions:
1. stocks trading in Stock Exchange undergoes significant pressure due to deterioration in the domestic or global financial services sector;
2. assets under management have decreased and/or there has been a significant amount of redemptions; and/or
3. stock market trading bid-ask spreads have widened significantly;
c. regional and global economic condition that is undergoing pressure and slowdown that significantly results in, or potentially results in the stability of the Capital Market;
d. the occurrence of natural disaster or manmade disaster that impacts the stability pressure in the Capital Market, namely an event that threatens and disrupts people's lives and livelihoods caused by both natural factors and/or non-natural factors and human factors resulting in human casualties, environmental damage, property losses, psychological impact, disruption of the performance of industry players in the financial services sector, and/or affecting the economic conditions of the community;
e. redemption of shares or investment product participation units of such large and material nature that occurs in sudden (crash), the closure of Stocks trading for most of the investment product Stocks portfolio in the Stock Exchange, or the closure of the Stock Exchange where most of the investment product Stock portfolios are traded;
f. failure of trading system or transaction settlement that causes significantly fluctuating market (i.e technical issues in the trading system); and/or;
g. other conditions as may be determined by the OJK.
The expansion of this scope indicates that the shares buyback without GSM approval will be able to be conducted more flexibly in the upcoming events. This may have positive impacts to the public companies in facing conditions where the shares prices are unfavorable due to fluctuations. Aside from increasing the strength of the shares prices, the shares buyback that are facilitated easier without the approval of GSM may also be a risk mitigation measure that is more cost and time efficient.
Requirements for Shares Buyback Without GSM Approval
As for the requirements for shares buyback without the approval from GSM only face slight changes. The procedures and requirements are as follows:
a. OJK determines the significantly fluctuating market conditions.
b. Public Company conducts information disclosure to the OJK and Stock Exchange. The latest provision (POJK 13/2023) also requires that the public company conducts public announcements.
c. The shares buyback must be conducted no later than 3 months after the information disclosure is carried out.
d. The latest provision requires that the public company must report the result of shares buyback to the OJK.
e. The transfer of the shares obtained from shares buyback must be carried out no later than 30 days since the execution of the shares buyback, or since the end of the shares buyback period (3 months after information disclosure).
Transfer of Shares Resulting from Buyback
The requirement in letter (e) above is a general arrangement whereby shares resulting from a buyback cannot be owned continuously by the Company. This requirement has been accommodated in Law No. 40 Year 2007 on Limited Liability Companies, more precisely in Article 37 paragraph (4). It states that after 3 years, the buyback shares must be sold or withdrawn by way of capital reduction. Meanwhile, the share transfer provisions in POJK 13/2023 refer to POJK regarding the buyback of shares issued by public companies, namely POJK No. 30/POJK.04/2017 ("POJK 30/2017"). POJK 30/2017 also requires the transfer of buyback shares for a maximum of 2 years since the public company has controlled the shares for 3 years. According to Article 17 of POJK 30/2017, the transfer of these shares can be done by: 1) sale on the stock exchange or outside the stock exchange; 2) withdrawal by way of capital reduction; 3) implementation of share ownership by employees and/or directors and board of commissioners programs; 4) implementation of conversion of equity securities; and/or 5) other ways with OJK approval. In fluctuating conditions as stipulated in this POJK 13/2023, the period of control over the shares resulting from the buyback is only 30 days instead of years.
There are two reasons underlining the obligation to the transfer of shares resulting from buyback, namely as follows:
1) The buyback shares have lost its function because these shares do not have voting rights [Article 40 paragraph (1) LLC Law] nor the right to receive dividends [Article 40 paragraph (2) LLC Law].
2) This provision is aimed to accommodate the provision in Article 36 paragraph (1) of LLC Law that prohibits companies to issue shares with the intention of owning it itself.
Therefore, basically, the shares must be transferred so that they regain their function and so that they are not settled in the company’s control. In practice, share buybacks are often done to maintain the share price when it drops, so that it can then be sold again when the share price rises and increase profits for the company.
OJK’s Authority in Significantly Fluctuating Market Conditions
This latest provision has also given OJK the authority to make policies and/or regulations on the managing of significantly fluctuating market conditions, which are as follows:
a. giving orders to the Stock Exchange, Market Operator outside the Stock Exchange, Clearing and Guarantee Institution, and/or Depository and Settlement Institution in the form of regulatory adjustments to support the stability of the Capital Market without going through the procedures for drafting regulations as stipulated by the OJK;
b. the stipulation of relaxation policy on the fulfillment of provisions for the fulfillment of report submission obligations for financial service institutions in the Capital Market sector as well as relaxation policy on the implementation of corporate actions, Public Offerings, and report submission for Issuers or Public Companies in maintaining their business continuity and/or supporting Capital Market stability;
c. stipulation of relaxation policy on investment management and/or Investment Management Products in maintaining the stability of the Capital Market; and/or
d. stipulation of policies for other Capital Market industry actors required to support the stability of the Capital Market.
One of the implications of POJK 13/2023 is not only revoking the POJK 2/2013, but also revoking its derivative regulations. As such, SEOJK No. 3/SEOJK.04/2020 ("SEOJK 3/2020") which has been used by Public Companies to conduct share buybacks without GMS approval has been revoked and declared no longer valid. OJK itself has not yet determined significantly fluctuating market conditions since the issuance of POJK 13/2023, therefore for now public companies cannot return to implementing share buybacks without GMS approval which was previously made possible by SEOJK 3/2020.
Click DOWNLOAD PDF to read this KSP Legal Updates in Indonesian version
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
In facing significantly fluctuating market conditions due to the pandemic and crisis, OJK issued new regulations that are expected to further mitigate and reduce the impact of such significant market fluctuations. The regulation is OJK Regulation No. 13 of 2023 on Policy of Maintaining Capital Market Performance and Stability amid Significantly Fluctuating Market Conditions ("POJK 13/2023") which replaces OJK Regulation No. 02/POJK.04/2013 on Repurchase of Shares Issued by Issuers or Public Companies in A Market Condition Fluctuates Significantly ("POJK 02/2013").
The Scope of Significantly Fluctuating Market Conditions
In essence, these two regulations both stipulate share buybacks under certain conditions. However, POJK 13/2023 amends the provisions of POJK 2/2013, one of which is the scope of the "significantly fluctuating market," where POJK 2/2013 only covers them under the following circumstances:
a. combined stock prices index (IHSG/IDX Composite) in Stock Exchange cumulatively decreased by 15% (fifteen percent) or more for 3 consecutive exchange days; or
b. other conditions as may be determined by the OJK.
In POJK 13/2023, its scope has become more relevant circumstances with the current global condition, which are as follows:
a. the decline in most or all of the price of the listed Stocks in the Stocks Exchange or other Market Operator outside of Stock Exchange that is with such material nature occurs in sudden (crash), i.e. in 2020 the IHSG declined 5% in a day and -5.63% in 6 consecutive days;
b. Capital Market condition undergoing significant pressure, namely under the conditions:
1. stocks trading in Stock Exchange undergoes significant pressure due to deterioration in the domestic or global financial services sector;
2. assets under management have decreased and/or there has been a significant amount of redemptions; and/or
3. stock market trading bid-ask spreads have widened significantly;
c. regional and global economic condition that is undergoing pressure and slowdown that significantly results in, or potentially results in the stability of the Capital Market;
d. the occurrence of natural disaster or manmade disaster that impacts the stability pressure in the Capital Market, namely an event that threatens and disrupts people's lives and livelihoods caused by both natural factors and/or non-natural factors and human factors resulting in human casualties, environmental damage, property losses, psychological impact, disruption of the performance of industry players in the financial services sector, and/or affecting the economic conditions of the community;
e. redemption of shares or investment product participation units of such large and material nature that occurs in sudden (crash), the closure of Stocks trading for most of the investment product Stocks portfolio in the Stock Exchange, or the closure of the Stock Exchange where most of the investment product Stock portfolios are traded;
f. failure of trading system or transaction settlement that causes significantly fluctuating market (i.e technical issues in the trading system); and/or;
g. other conditions as may be determined by the OJK.
The expansion of this scope indicates that the shares buyback without GSM approval will be able to be conducted more flexibly in the upcoming events. This may have positive impacts to the public companies in facing conditions where the shares prices are unfavorable due to fluctuations. Aside from increasing the strength of the shares prices, the shares buyback that are facilitated easier without the approval of GSM may also be a risk mitigation measure that is more cost and time efficient.
Requirements for Shares Buyback Without GSM Approval
As for the requirements for shares buyback without the approval from GSM only face slight changes. The procedures and requirements are as follows:
a. OJK determines the significantly fluctuating market conditions.
b. Public Company conducts information disclosure to the OJK and Stock Exchange. The latest provision (POJK 13/2023) also requires that the public company conducts public announcements.
c. The shares buyback must be conducted no later than 3 months after the information disclosure is carried out.
d. The latest provision requires that the public company must report the result of shares buyback to the OJK.
e. The transfer of the shares obtained from shares buyback must be carried out no later than 30 days since the execution of the shares buyback, or since the end of the shares buyback period (3 months after information disclosure).
Transfer of Shares Resulting from Buyback
The requirement in letter (e) above is a general arrangement whereby shares resulting from a buyback cannot be owned continuously by the Company. This requirement has been accommodated in Law No. 40 Year 2007 on Limited Liability Companies, more precisely in Article 37 paragraph (4). It states that after 3 years, the buyback shares must be sold or withdrawn by way of capital reduction. Meanwhile, the share transfer provisions in POJK 13/2023 refer to POJK regarding the buyback of shares issued by public companies, namely POJK No. 30/POJK.04/2017 ("POJK 30/2017"). POJK 30/2017 also requires the transfer of buyback shares for a maximum of 2 years since the public company has controlled the shares for 3 years. According to Article 17 of POJK 30/2017, the transfer of these shares can be done by: 1) sale on the stock exchange or outside the stock exchange; 2) withdrawal by way of capital reduction; 3) implementation of share ownership by employees and/or directors and board of commissioners programs; 4) implementation of conversion of equity securities; and/or 5) other ways with OJK approval. In fluctuating conditions as stipulated in this POJK 13/2023, the period of control over the shares resulting from the buyback is only 30 days instead of years.
There are two reasons underlining the obligation to the transfer of shares resulting from buyback, namely as follows:
1) The buyback shares have lost its function because these shares do not have voting rights [Article 40 paragraph (1) LLC Law] nor the right to receive dividends [Article 40 paragraph (2) LLC Law].
2) This provision is aimed to accommodate the provision in Article 36 paragraph (1) of LLC Law that prohibits companies to issue shares with the intention of owning it itself.
Therefore, basically, the shares must be transferred so that they regain their function and so that they are not settled in the company’s control. In practice, share buybacks are often done to maintain the share price when it drops, so that it can then be sold again when the share price rises and increase profits for the company.
OJK’s Authority in Significantly Fluctuating Market Conditions
This latest provision has also given OJK the authority to make policies and/or regulations on the managing of significantly fluctuating market conditions, which are as follows:
a. giving orders to the Stock Exchange, Market Operator outside the Stock Exchange, Clearing and Guarantee Institution, and/or Depository and Settlement Institution in the form of regulatory adjustments to support the stability of the Capital Market without going through the procedures for drafting regulations as stipulated by the OJK;
b. the stipulation of relaxation policy on the fulfillment of provisions for the fulfillment of report submission obligations for financial service institutions in the Capital Market sector as well as relaxation policy on the implementation of corporate actions, Public Offerings, and report submission for Issuers or Public Companies in maintaining their business continuity and/or supporting Capital Market stability;
c. stipulation of relaxation policy on investment management and/or Investment Management Products in maintaining the stability of the Capital Market; and/or
d. stipulation of policies for other Capital Market industry actors required to support the stability of the Capital Market.
One of the implications of POJK 13/2023 is not only revoking the POJK 2/2013, but also revoking its derivative regulations. As such, SEOJK No. 3/SEOJK.04/2020 ("SEOJK 3/2020") which has been used by Public Companies to conduct share buybacks without GMS approval has been revoked and declared no longer valid. OJK itself has not yet determined significantly fluctuating market conditions since the issuance of POJK 13/2023, therefore for now public companies cannot return to implementing share buybacks without GMS approval which was previously made possible by SEOJK 3/2020.
Click DOWNLOAD PDF to read this KSP Legal Updates in Indonesian version
October 05, 2023
Larangan Melakukan Transaksi Komersial Melalui Kanal Media Sosial
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Menanggapi polemik persaingan usaha yang terjadi disektor perdagangan retail, khususnya bagi Usaha Mikro, Kecil dan Menengah (UMKM), Pemerintah Indonesia melalui Kementerian Perdagangan menerbitkan Peraturan Menteri Perdagangan Nomor 31 Tahun 2023 tentang Perizinan Berusaha, Periklanan, Pembinaan, dan Pengawasan Pelaku Usaha Dalam Perdagangan Melalui Sistem Elektronik ("Permendag 31/2023”).
Akibat diterbitkannya Permendag 31/2023, salah satu pelaku usaha Media Sosial yang sebelumnya melakukan bisnis e-commerce, yakni TikTok Indonesia, telah mengumumkan akan menutup TikTok Shop mulai Rabu, 4 Oktober 2023 pukul 17.00 WIB.
Dalam Pasal 21 ayat (3) Permendag 31/2023, Pemerintah memberikan larangan terhadap pelaku usaha media sosial untuk melakukan transaksi pembayaran atas kegiatan usaha e commerce. Selain itu, pelaku usaha Marketplace atau Social-Commerce dilarang untuk bertindak sebagai produsen, dimana ketentuan mengenai produksi diatur dengan izin yang berbeda dan karenanya tidak dapat menggunakan izin Marketplace atau Social-Commerce.
Lebih lanjut Pasal 1 ayat (17) Permendag 31/2023 telah memberikan definisi Social Commerce, yang pada intinya mengatur kanal media sosial hanya dapat digunakan untuk mempromosikan barang dan/atau jasa di kanal media sosial.
Fokus tujuan dari adanya larangan tersebut adalah demi mencegah terjadinya praktik monopoli dan persaingan usaha tidak sehat. Sebelumnya Menteri Koperasi dan UKM menyatakan bahwa adanya Monopoli di dalam kegiatan usaha TikTok Shop dengan melalui Praktik Jual Rugi (Predatory Pricing). Predatory Pricing dalam Undang-Undang Larangan Praktik Monopoli dan Persaingan Usaha Tidak Sehat merupakan kegiatan pemasokan barang dan/atau jasa dengan cara menetapkan harga yang sangat rendah dengan tujuan menyingkirkan atau mematikan usaha pesaingnya di pasar bersangkutan.
Bagi Penyelenggara Perdagangan Melalui Sistem Elektronik (PPMSE) yang melakukan kegiatan perdagangan elektronik bersifat lintas negara terdapat harga barang minimum yang langsung dijual oleh pedagang luar negeri ke Indonesia melalui kanalnya. Pasal 19 Permendag 31/2023 menetapkan harga barang minimum adalah sebesar USD 100 per unit, kecuali barang-barang yang ditetapkan oleh Kementerian.
Terdapat juga syarat khusus bagi pedagang luar negeri di marketplace dalam negeri. Pedagang luar negeri wajib untuk menyampaikan kepada PPMSE dalam negeri yang menyediakan sarana perdagangan, antara lain (1) identitas pedagang luar negeri; (2) izin usaha yang dikeluarkan oleh Lembaga yang berwenang di negeri asal; (3) bukti pemenuhan standar atau persyaratan teknis Barang dan/atau Jasa yang diwajibkan dan (4) nomor rekening bank yang digunakan untuk transaksi.
Pemerintah juga menerapkan sanksi adminsitratif baru terhadap pelanggaran ketentuan Permendag 31/2023 berupa:
a. Peringatan tertulis;
b. Dimasukkan dalam daftar prioritas pengawasan;
c. Dimasukkan dalam daftar hitam;
d. Pemblokiran sementara layanan PPMSE dalam negeri dan/atau PPMSE luar negeri oleh instansi terkait yang berwenang; dan/atau
e. Pencabutan izin usaha.
Oleh karena itu, keberlakuan Permendag 31/2023 telah membawa Indonesia ke babak baru atas pengaturan e-commerce, terutama bagi social commerce. Pengaturan atas tindakan yang dapat dilakukan oleh social commerce, diyakini akan membantu UMKM, terutama pedagang offline untuk dapat bersaing dengan perkembangan zaman yang serba elektronik. Batasan yang diberikan akan dapat menghasilkan pasar yang lebih rasional dalam melaksanakan persaingan usaha dengan adanya posisi yang setara dalam bersaing.
Click DOWNLOAD PDF to read this KSP Legal Updates in English version
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Menanggapi polemik persaingan usaha yang terjadi disektor perdagangan retail, khususnya bagi Usaha Mikro, Kecil dan Menengah (UMKM), Pemerintah Indonesia melalui Kementerian Perdagangan menerbitkan Peraturan Menteri Perdagangan Nomor 31 Tahun 2023 tentang Perizinan Berusaha, Periklanan, Pembinaan, dan Pengawasan Pelaku Usaha Dalam Perdagangan Melalui Sistem Elektronik ("Permendag 31/2023”).
Akibat diterbitkannya Permendag 31/2023, salah satu pelaku usaha Media Sosial yang sebelumnya melakukan bisnis e-commerce, yakni TikTok Indonesia, telah mengumumkan akan menutup TikTok Shop mulai Rabu, 4 Oktober 2023 pukul 17.00 WIB.
Dalam Pasal 21 ayat (3) Permendag 31/2023, Pemerintah memberikan larangan terhadap pelaku usaha media sosial untuk melakukan transaksi pembayaran atas kegiatan usaha e commerce. Selain itu, pelaku usaha Marketplace atau Social-Commerce dilarang untuk bertindak sebagai produsen, dimana ketentuan mengenai produksi diatur dengan izin yang berbeda dan karenanya tidak dapat menggunakan izin Marketplace atau Social-Commerce.
Lebih lanjut Pasal 1 ayat (17) Permendag 31/2023 telah memberikan definisi Social Commerce, yang pada intinya mengatur kanal media sosial hanya dapat digunakan untuk mempromosikan barang dan/atau jasa di kanal media sosial.
Fokus tujuan dari adanya larangan tersebut adalah demi mencegah terjadinya praktik monopoli dan persaingan usaha tidak sehat. Sebelumnya Menteri Koperasi dan UKM menyatakan bahwa adanya Monopoli di dalam kegiatan usaha TikTok Shop dengan melalui Praktik Jual Rugi (Predatory Pricing). Predatory Pricing dalam Undang-Undang Larangan Praktik Monopoli dan Persaingan Usaha Tidak Sehat merupakan kegiatan pemasokan barang dan/atau jasa dengan cara menetapkan harga yang sangat rendah dengan tujuan menyingkirkan atau mematikan usaha pesaingnya di pasar bersangkutan.
Bagi Penyelenggara Perdagangan Melalui Sistem Elektronik (PPMSE) yang melakukan kegiatan perdagangan elektronik bersifat lintas negara terdapat harga barang minimum yang langsung dijual oleh pedagang luar negeri ke Indonesia melalui kanalnya. Pasal 19 Permendag 31/2023 menetapkan harga barang minimum adalah sebesar USD 100 per unit, kecuali barang-barang yang ditetapkan oleh Kementerian.
Terdapat juga syarat khusus bagi pedagang luar negeri di marketplace dalam negeri. Pedagang luar negeri wajib untuk menyampaikan kepada PPMSE dalam negeri yang menyediakan sarana perdagangan, antara lain (1) identitas pedagang luar negeri; (2) izin usaha yang dikeluarkan oleh Lembaga yang berwenang di negeri asal; (3) bukti pemenuhan standar atau persyaratan teknis Barang dan/atau Jasa yang diwajibkan dan (4) nomor rekening bank yang digunakan untuk transaksi.
Pemerintah juga menerapkan sanksi adminsitratif baru terhadap pelanggaran ketentuan Permendag 31/2023 berupa:
a. Peringatan tertulis;
b. Dimasukkan dalam daftar prioritas pengawasan;
c. Dimasukkan dalam daftar hitam;
d. Pemblokiran sementara layanan PPMSE dalam negeri dan/atau PPMSE luar negeri oleh instansi terkait yang berwenang; dan/atau
e. Pencabutan izin usaha.
Oleh karena itu, keberlakuan Permendag 31/2023 telah membawa Indonesia ke babak baru atas pengaturan e-commerce, terutama bagi social commerce. Pengaturan atas tindakan yang dapat dilakukan oleh social commerce, diyakini akan membantu UMKM, terutama pedagang offline untuk dapat bersaing dengan perkembangan zaman yang serba elektronik. Batasan yang diberikan akan dapat menghasilkan pasar yang lebih rasional dalam melaksanakan persaingan usaha dengan adanya posisi yang setara dalam bersaing.
Click DOWNLOAD PDF to read this KSP Legal Updates in English version
July 12, 2023
New Regulation on QRIS Tariff Increase to 0.3%
On June 22nd 2023, Central Bank of the Republic of Indonesia (Bank Indonesia – “BI”) Board of Governors held a Press Conference which stated that since July 1st, 2023, BI has adjusted the Merchant Discount Rate (“MDR”) to the QR Code Indonesian Standard (“QRIS”) for micro businesses to 0.3%. Previously, BI implemented special discount regarding the MDR requirements for QRIS for micro business actors to 0% from June 2021 until June 2023.
MDR is one of the merchant’s obligations that must be paid to the bank based on BI requirements and regulations. This rate is charged automatically on the merchant for every transaction using QRIS. Merchants will receive payments that have been deducted by this 0.3% rate in the registered bank account.
The background of this tariff increase is the massive expansion on digital payment technology. The expansion resulted in and increase use of QRIS to 35.80 million users and 26.1 million merchants. The purpose of this QRIS tariff increase is to improve and disseminate digital payment system transaction services and digital financial economy ecosystem. This policy is considered a step to cover the costs arising from the provision and operation of QRIS services so as to improve the quality and sustainability or QRIS services in the future.
In the implementation of this policy, merchants may not charge the MDR fees to consumers or QRIS users. It is regulated in Article 52 Paragraph 1 of Bank Indonesia Regulation Number 23/6/PBI/2021 concerning Payment Service Providers stating that providers of goods and/or services are prohibited from imposing surcharges on service users for fees charged by providers to the providers of goods and/or services. Referring to that regulation, merchants are required to bear the full cost of the QRIS MDR according to the applicable tariff.
Looking at this policy further, there are two categories of merchant that are not subject to an increase in the MDR, namely government-to-people merchants and people-to-government merchants. Government-to-people merchants are merchants that accommodate payment services to the government for the public, such as social charity. On the other hand, people-to-government merchants are merchants that accommodate payment services from the public to the government, such as paying taxes and passport.
Some parties voiced their objections to this policy and assess that the increasing MDR for QRIS has the potential to cause users and merchants to leave QRIS services. Another opinion that agrees states that this policy is a step backwards in achieving BI’s target which is digital payment system in the future. From merchant’s point of view, merchant would also consider to stop using QRIS services. Furthermore, merchants respond towards this is to increase the price of the goods and/or services that they sell. To conclude, this policy considered to burden QRIS’ merchants and users.
In addition to the increase in QRIS services tariff, BI had enacted a policy to increase the nominal value of QRIS transactions to a maximum of IDR 10,000,000.00 (ten million Rupiah) per transaction, which previously only a maximum of Rp. 5,000,000.00 (five million Rupiah), pursuant to the Regulation of Members of the Board of Governors No. 24/1/PADG/2022.
Furthermore, transactions using QRIS can also be used in 4 (four) other countries such as Thailand, Malaysia, Philippines and Singapore. The implementation of this cross-border payment has clearly created a payment method that is faster, cheaper, transparent and inclusive. Thus, transactions between countries do not need to convert or exchange foreign currency when shopping in the countries visited. To use QRIS, you only need to scan the QRIS barcode in the destination country, the transaction value will be paid according to the destination country's currency and automatically converted to Rupiah.
Read MoreMDR is one of the merchant’s obligations that must be paid to the bank based on BI requirements and regulations. This rate is charged automatically on the merchant for every transaction using QRIS. Merchants will receive payments that have been deducted by this 0.3% rate in the registered bank account.
The background of this tariff increase is the massive expansion on digital payment technology. The expansion resulted in and increase use of QRIS to 35.80 million users and 26.1 million merchants. The purpose of this QRIS tariff increase is to improve and disseminate digital payment system transaction services and digital financial economy ecosystem. This policy is considered a step to cover the costs arising from the provision and operation of QRIS services so as to improve the quality and sustainability or QRIS services in the future.
In the implementation of this policy, merchants may not charge the MDR fees to consumers or QRIS users. It is regulated in Article 52 Paragraph 1 of Bank Indonesia Regulation Number 23/6/PBI/2021 concerning Payment Service Providers stating that providers of goods and/or services are prohibited from imposing surcharges on service users for fees charged by providers to the providers of goods and/or services. Referring to that regulation, merchants are required to bear the full cost of the QRIS MDR according to the applicable tariff.
Looking at this policy further, there are two categories of merchant that are not subject to an increase in the MDR, namely government-to-people merchants and people-to-government merchants. Government-to-people merchants are merchants that accommodate payment services to the government for the public, such as social charity. On the other hand, people-to-government merchants are merchants that accommodate payment services from the public to the government, such as paying taxes and passport.
Some parties voiced their objections to this policy and assess that the increasing MDR for QRIS has the potential to cause users and merchants to leave QRIS services. Another opinion that agrees states that this policy is a step backwards in achieving BI’s target which is digital payment system in the future. From merchant’s point of view, merchant would also consider to stop using QRIS services. Furthermore, merchants respond towards this is to increase the price of the goods and/or services that they sell. To conclude, this policy considered to burden QRIS’ merchants and users.
In addition to the increase in QRIS services tariff, BI had enacted a policy to increase the nominal value of QRIS transactions to a maximum of IDR 10,000,000.00 (ten million Rupiah) per transaction, which previously only a maximum of Rp. 5,000,000.00 (five million Rupiah), pursuant to the Regulation of Members of the Board of Governors No. 24/1/PADG/2022.
Furthermore, transactions using QRIS can also be used in 4 (four) other countries such as Thailand, Malaysia, Philippines and Singapore. The implementation of this cross-border payment has clearly created a payment method that is faster, cheaper, transparent and inclusive. Thus, transactions between countries do not need to convert or exchange foreign currency when shopping in the countries visited. To use QRIS, you only need to scan the QRIS barcode in the destination country, the transaction value will be paid according to the destination country's currency and automatically converted to Rupiah.
April 04, 2023
Policy Guarantee Program To Improve Customer Trust In Insurance Industry
The Indonesian Government has recently enacted Law Number 4 of 2023 concerning the Law on the Development and Strengthening of the Financial Sector ("P2SK Law"). This P2SK Law amends some previous laws and regulations covering many sectors such as Bank, Capital Market, Insurance, Financing, Financial Technology and other sectors. One of new programs that will be launched is Policy Guarantee Program (Program Penjaminan Polis) organized by Indonesia Insurance Deposit Corporation (Lembaga Penjamin Simpanan – LPS), which is regulated in Article 79 to Article 103 of the P2SK Law.
The purpose of this Policy Guarantee Program is to protect policyholders, insureds, or participants of Insurance Companies and Sharia Insurance Companies who have had their business licenses revoked due to financial difficulties. Any insurance company has an obligation to be a participant in this Policy Guarantee Program, and companies that want to register for this program for the first time must meet certain requirements.
In addition to submitting some documents for the registration purpose, insurance companies are also required to:
a. Pay the initial membership dues;
b. Pay periodic dues for guarantees;
c. Submit reports periodically;
d. Submit data, information, and documents needed;
e. Placing proof of participation in the company's business office so that it can be easily known by the public; and
f. Comply with the provisions of regarding the implementing laws and regulations.
If an insurance company does not meet the requirements to become the Policy Guarantee Program participant, then it is obliged to form a Guarantee Fund (Dana Jaminan). Stipulation on the Guarantee Fund is regulated under Article 36 of Financial Services Authority (OJK) Regulation Number 71/POJK.05/2016 which require minimum 20% of company’s equity.
This Program only guarantees the protection element of insurance products in certain business lines which together with obligations, payment and claim procedures will be further regulated either through Government Regulations, LPS Regulations or OJK Regulations.
LPS shall also handle insurance companies which facing financial difficulties based on notification from OJK to LPS on the status of the supervised insurance company. Further, LPS is authorized to conduct an examination towards such company. In case of such company cannot be improved after the examination, the OJK will revoke the company's business license, notify the company in writing, and submit the settlement to LPS, so that LPS can wind up the company.
Similar with winding up process of a private company, LPS shall act as the liquidator of insurance company by forming a liquidation team to take over all rights and authorities of shareholders and to remove the legal entity status of the liquidated insurance company.
Besides the foregoing, LPS shall also be responsible for the management and administration of assets and liabilities for the implementation of this Program and separates the recording of assets and liabilities for the implementation of this Program from the recording of assets and obligations for the implementation of deposit guarantees.
All the cost spent by LPS in the context of implementing this Program shall be the cost of policy guarantee for LPS. In the event that there is a difference between the cost of completing the policy guarantee and the funds received by LPS, the difference is not a loss to the state's finances.
Administrative sanction would be imposed to insurance company which does not make periodic payments of guarantee contributions and submit reports. Meanwhile, criminal sanctions will also be imposed against the board or shareholders members of the insurance company who does not submit the required Program documents, submit the documents which are untrue, false and/or misleading or refuses to provide documents, data, information, and/or reports related to policy guarantee as set forth in Article 294.
People who previously were skeptical of insurance products, fear of the fraud of insurance companies that would harm the public as consumers, are expected to gradually recover and immediately feel the benefits of insurance products with this Program. To implement this Program, LPS needs to establish an organizational structure, integrated system, implementing regulations and it shall be effective in the next 5 years as of the promulgated date of the P2SK Law.
Read MoreThe purpose of this Policy Guarantee Program is to protect policyholders, insureds, or participants of Insurance Companies and Sharia Insurance Companies who have had their business licenses revoked due to financial difficulties. Any insurance company has an obligation to be a participant in this Policy Guarantee Program, and companies that want to register for this program for the first time must meet certain requirements.
In addition to submitting some documents for the registration purpose, insurance companies are also required to:
a. Pay the initial membership dues;
b. Pay periodic dues for guarantees;
c. Submit reports periodically;
d. Submit data, information, and documents needed;
e. Placing proof of participation in the company's business office so that it can be easily known by the public; and
f. Comply with the provisions of regarding the implementing laws and regulations.
If an insurance company does not meet the requirements to become the Policy Guarantee Program participant, then it is obliged to form a Guarantee Fund (Dana Jaminan). Stipulation on the Guarantee Fund is regulated under Article 36 of Financial Services Authority (OJK) Regulation Number 71/POJK.05/2016 which require minimum 20% of company’s equity.
This Program only guarantees the protection element of insurance products in certain business lines which together with obligations, payment and claim procedures will be further regulated either through Government Regulations, LPS Regulations or OJK Regulations.
LPS shall also handle insurance companies which facing financial difficulties based on notification from OJK to LPS on the status of the supervised insurance company. Further, LPS is authorized to conduct an examination towards such company. In case of such company cannot be improved after the examination, the OJK will revoke the company's business license, notify the company in writing, and submit the settlement to LPS, so that LPS can wind up the company.
Similar with winding up process of a private company, LPS shall act as the liquidator of insurance company by forming a liquidation team to take over all rights and authorities of shareholders and to remove the legal entity status of the liquidated insurance company.
Besides the foregoing, LPS shall also be responsible for the management and administration of assets and liabilities for the implementation of this Program and separates the recording of assets and liabilities for the implementation of this Program from the recording of assets and obligations for the implementation of deposit guarantees.
All the cost spent by LPS in the context of implementing this Program shall be the cost of policy guarantee for LPS. In the event that there is a difference between the cost of completing the policy guarantee and the funds received by LPS, the difference is not a loss to the state's finances.
Administrative sanction would be imposed to insurance company which does not make periodic payments of guarantee contributions and submit reports. Meanwhile, criminal sanctions will also be imposed against the board or shareholders members of the insurance company who does not submit the required Program documents, submit the documents which are untrue, false and/or misleading or refuses to provide documents, data, information, and/or reports related to policy guarantee as set forth in Article 294.
People who previously were skeptical of insurance products, fear of the fraud of insurance companies that would harm the public as consumers, are expected to gradually recover and immediately feel the benefits of insurance products with this Program. To implement this Program, LPS needs to establish an organizational structure, integrated system, implementing regulations and it shall be effective in the next 5 years as of the promulgated date of the P2SK Law.
March 29, 2021
The Job Loss Guarantee Program in Indonesia
Termination of Employment (Pemutusan Hubungan Kerja - PHK) have increased due to the impact of Covid 19 Pandemic on the economy in Indonesia. This is of particular concern to the Indonesian Government, hence President Joko Widodo ratified and issued the Government Regulation Number 37 of 2021 concerning Implementation of Job Loss Guarantee Program on February 21, 2021 ("PP 37/2021").
The Job Loss Security Program (Jaminan Kehilangan Pekerjaan - JKP) is a social security provided to workers/laborers who experience termination of employment. The owner of the company/entrepreneur is obliged to register its workers/laborers in the JKP program organized by Social Security Administrator for Employment (BPJS Ketenagakerjaan) in order to maintain a decent standard of life when the workers/laborers loss their jobs.
The requirements to become a JKP program participant are Indonesian citizens, still under 54 years of age when registering and have a working relationship with the Company. Furthermore, workers/laborers must also have been registered in the Health Insurance Program (Jaminan Kesehatan - JKN) as a recipient of wages at a business entity, Work Accident Security (Jaminan Kecelakaan Kerja - JKK), Old Day Security (Jaminan Hari Tua - JHT), Pension Security (Jaminan Pensiun - JP) and Death Security (Jaminan Kematian - JKM), specifically JP is not required for micro and small businesses.
The JKP contribution is 0.46% of the monthly Wages which must be paid every month. The Central Government will bear 0.22% of the monthly wages, while the rest is a recomposition of the Work Accident Security (JKK) and the Death Security (JKM) program contributions. The maximum nominal JKP contribution does not exceed the upper limit of the Wage, which is IDR 5.000.000,00 (five million Indonesian Rupiah). This contribution is then paid through BPJS Ketenagakerjaan which also has data integration with Social Security Administrator for Health (BPJS Kesehatan) membership data.
Based on Article 19 PP 37/2021, JKP benefits can be received by participants who experience Termination of Employment (PHK), both for work relationships based on an Indefinite Work Agreement (Perjanjian Kerja Waktu Tidak Tertentu - PKWTT) or Definite Time Work Agreement (Perjanjian Kerja Waktu Tertentu - PKWT) and later JKP beneficiaries must be willing to work again. However, JKP benefits cannot be given to participants who experience Termination of Employment (PHK) due to resignation, permanent total disability, retirement and death.
Some of the benefits that will be received by JKP program participants are in the form of:
a. cash given every month for a maximum of 6 (six) months, whereby 45% of the monthly Wages for the first 3 (three) months and 25% of the monthly Wages for the following 3 (three) months. The upper limit of the Wage is IDR 5.000.000,00 (five million Indonesian Rupiah).
b. access to job market information, in the form of providing job vacancy data in accordance with statutory provisions and/or providing job guidance in the form of self-assessments and/or career counseling services.
c. job training, which can be held in the form of in-person or online training which is organized by training institutes either owned by the government or private sector.
KSP Law Office provides legal consultancy to clients related to the Job Loss Guarantee Program or other manpower related matters, please call us at +62 21 3972 2042 or drop us an email at mail@ksplaw.co.id.
Read MoreThe Job Loss Security Program (Jaminan Kehilangan Pekerjaan - JKP) is a social security provided to workers/laborers who experience termination of employment. The owner of the company/entrepreneur is obliged to register its workers/laborers in the JKP program organized by Social Security Administrator for Employment (BPJS Ketenagakerjaan) in order to maintain a decent standard of life when the workers/laborers loss their jobs.
The requirements to become a JKP program participant are Indonesian citizens, still under 54 years of age when registering and have a working relationship with the Company. Furthermore, workers/laborers must also have been registered in the Health Insurance Program (Jaminan Kesehatan - JKN) as a recipient of wages at a business entity, Work Accident Security (Jaminan Kecelakaan Kerja - JKK), Old Day Security (Jaminan Hari Tua - JHT), Pension Security (Jaminan Pensiun - JP) and Death Security (Jaminan Kematian - JKM), specifically JP is not required for micro and small businesses.
The JKP contribution is 0.46% of the monthly Wages which must be paid every month. The Central Government will bear 0.22% of the monthly wages, while the rest is a recomposition of the Work Accident Security (JKK) and the Death Security (JKM) program contributions. The maximum nominal JKP contribution does not exceed the upper limit of the Wage, which is IDR 5.000.000,00 (five million Indonesian Rupiah). This contribution is then paid through BPJS Ketenagakerjaan which also has data integration with Social Security Administrator for Health (BPJS Kesehatan) membership data.
Based on Article 19 PP 37/2021, JKP benefits can be received by participants who experience Termination of Employment (PHK), both for work relationships based on an Indefinite Work Agreement (Perjanjian Kerja Waktu Tidak Tertentu - PKWTT) or Definite Time Work Agreement (Perjanjian Kerja Waktu Tertentu - PKWT) and later JKP beneficiaries must be willing to work again. However, JKP benefits cannot be given to participants who experience Termination of Employment (PHK) due to resignation, permanent total disability, retirement and death.
Some of the benefits that will be received by JKP program participants are in the form of:
a. cash given every month for a maximum of 6 (six) months, whereby 45% of the monthly Wages for the first 3 (three) months and 25% of the monthly Wages for the following 3 (three) months. The upper limit of the Wage is IDR 5.000.000,00 (five million Indonesian Rupiah).
b. access to job market information, in the form of providing job vacancy data in accordance with statutory provisions and/or providing job guidance in the form of self-assessments and/or career counseling services.
c. job training, which can be held in the form of in-person or online training which is organized by training institutes either owned by the government or private sector.
KSP Law Office provides legal consultancy to clients related to the Job Loss Guarantee Program or other manpower related matters, please call us at +62 21 3972 2042 or drop us an email at mail@ksplaw.co.id.
June 08, 2020
Workers Protection and Business Continuity During The Covid-19 Pandemic
The spread of the Covid-19 virus not only has a serious impact on workers' health, but also on the sustainability of businesses experienced by many businesses.
Many businesses face financial difficulties that affect the obligations of businesses to fulfill their obligations to the employees, particularly the payment of salaries during the Covid-19 Pandemic.
Although the obligation to pay salaries to employees is clearly regulated in Article 17 of Government Regulation No. 78 of 2015 on Wages, uncertainty of the economic environment has great potential to cause violations of such provision.
Therefore, the Indonesian Government through the Ministry of Manpower enacted Circular Letter No. M/3/HK.04/III/2020 on Worker/Labor Protection and Business Continuity in order to Prevent and Counter the Covid-19 ("Circular Letter 3/2020").
Circular Letter 3/2020 stipulates two main points i.e. prevention of the spread and handling of Covid-19 cases in work environment and Wage Protection for Workers/Laborers during the Covid-19 Pandemic.
Some important stipulations that need to be highlighted are:
1. Instruct any Company’s management to take preventive actions against the spread of Covid-19 such as healthy and clean living, empowerment of the Safety and Health Advisory Committee (Panitia Pembina Keselamatan dan Kesehatan Kerja - P2K3), Optimization of health care services and take treatment steps against workers/employers who are at risk, get suspected or have tested positive for Covid-19 in accordance with health standards issued by the Ministry of Health.
2. Any worker/labor who is categorized as a Covid-19 Monitoring Person (Orang Dalam Pemantauan - ODP) according to doctor's statement, so that the person cannot come to work for maximum of (14) working days or according to Ministry of Health standards, the wages must be paid in full.
3. Any worker/ labor who is categorized as a Covid-19 suspect and quarantined/isolated according to the doctor's statement, the wages must be paid in full.
4. While any worker/labor who cannot work due to have tested positive for Covid-19 and proven by a doctor's certificate, the wages are paid in accordance with laws and regulations.
5. Companies that restrict business activities due to government policies related to Covid-19, causes some or all workers/ labor do not come to work, taking into account business continuity, changes in the amount and method of payment of workers' wages are carried out in accordance with the agreement between employers and workers/labor.
KSP Law Office provides legal consultancy to clients related to consequences of this newly enacted regulation to employment relations between the company and the employees during the Covid-19 pandemic, please call us at +6221 3972 2042 or drop us an email at mail@ksplaw.co.id.
Read MoreMany businesses face financial difficulties that affect the obligations of businesses to fulfill their obligations to the employees, particularly the payment of salaries during the Covid-19 Pandemic.
Although the obligation to pay salaries to employees is clearly regulated in Article 17 of Government Regulation No. 78 of 2015 on Wages, uncertainty of the economic environment has great potential to cause violations of such provision.
Therefore, the Indonesian Government through the Ministry of Manpower enacted Circular Letter No. M/3/HK.04/III/2020 on Worker/Labor Protection and Business Continuity in order to Prevent and Counter the Covid-19 ("Circular Letter 3/2020").
Circular Letter 3/2020 stipulates two main points i.e. prevention of the spread and handling of Covid-19 cases in work environment and Wage Protection for Workers/Laborers during the Covid-19 Pandemic.
Some important stipulations that need to be highlighted are:
1. Instruct any Company’s management to take preventive actions against the spread of Covid-19 such as healthy and clean living, empowerment of the Safety and Health Advisory Committee (Panitia Pembina Keselamatan dan Kesehatan Kerja - P2K3), Optimization of health care services and take treatment steps against workers/employers who are at risk, get suspected or have tested positive for Covid-19 in accordance with health standards issued by the Ministry of Health.
2. Any worker/labor who is categorized as a Covid-19 Monitoring Person (Orang Dalam Pemantauan - ODP) according to doctor's statement, so that the person cannot come to work for maximum of (14) working days or according to Ministry of Health standards, the wages must be paid in full.
3. Any worker/ labor who is categorized as a Covid-19 suspect and quarantined/isolated according to the doctor's statement, the wages must be paid in full.
4. While any worker/labor who cannot work due to have tested positive for Covid-19 and proven by a doctor's certificate, the wages are paid in accordance with laws and regulations.
5. Companies that restrict business activities due to government policies related to Covid-19, causes some or all workers/ labor do not come to work, taking into account business continuity, changes in the amount and method of payment of workers' wages are carried out in accordance with the agreement between employers and workers/labor.
KSP Law Office provides legal consultancy to clients related to consequences of this newly enacted regulation to employment relations between the company and the employees during the Covid-19 pandemic, please call us at +6221 3972 2042 or drop us an email at mail@ksplaw.co.id.
October 18, 2018
New BKPM Regulation On The OSS System
As a follow up of our previous article on Online Single Submission (OSS) System – New Regime of Business Licensing Process in Indonesia, this article shall discuss the New BKPM Regulation Number 6 of 2018 on Guideline and Procedure on Investment Licenses and Facilities (“BKPM Reg 6/2018”) which revokes the previous BKPM Regulation Number 13 of 2017.
Due to some uncertainty procedures on application of investment licenses and facilities through the OSS System which has been transferred from the Indonesia Investment Coordinating Board (BKPM) to the Coordinating Ministry for Economic Affairs (Kemenkoperekonomian), the BKPM issued the BKPM Reg 6/2018.
Application of investment licenses and facilities for some major businesses should be done through the OSS System, unless for some specific business as provided in Article 4 of the BKPM Reg 6/2018 i.e.:
1. Energy and Mineral Resources for Electricity, Oil and Gas, Mineral and Coal subsectors.
2. Public Works and Public Housing.
3. Custom and Taxation.
4. Others:
a) Regional Representative Office License;
b) Branch Office Opening Licenses in Energy and Mineral Resources Sector, Electricity Subsector; Energy and Mineral Resources Sector, Oil and Gas Subsector; Energy and Mineral Resources Sector, Mineral and Coal Subsector; and Public Works and Public Housing Sector, the business licenses of which are Issued by PTSP at BKPM;
c) Limited Stay Visa (Vitas) Granting Recommendation as Shareholders;
d) Recommendation for Change of Status from Visit Stay Permit to Limited Stay Permit;
e) Recommendation for Change of Status from Limited Stay Permit to Permanent Stay Permit.
The BKPM Reg 6/2018 still requires the same requirements for setting up a Foreign Investment Companies (PMA) in Indonesia. For instance, the minimum investment must be more than IDR 10 billion (excluding investments for land and building) and the PMA companies should be regarded as large scale businesses with net profit of more than IDR 10 billion (excluding investments for land and building) and annual sales of more than IDR 50 billion, unless for business in property development sector.
Under the BKPM Reg 6/2018, the newly established PMA companies must obtain 3 licenses via the OSS System i.e. Business Identity Number (Nomor Induk Berusaha - NIB), Business License (Izin usaha) and Commercial License (Izin Komersial), unless for the specific businesses above. Meanwhile, requirement for investment reporting (LKPM) still be done through SPIPISE or NSWI portal managed by the BKPM.
Stipulation on Divestment Obligation requirements and Change of Status Subsidiaries were removed in the BKPM Reg 6/2018. In the previous BKPM Regulation, if the parent company changes its status becoming a PT PMA, its subsidiaries should also change its status. Therefore, it still remains a question whether these requirements are still applied to the PMA companies and how the OSS System will alert the PMA companies to comply.
KSP Law Office can assist clients to apply NIB, Business License and Commercial License through the OSS System, please call us at +6221 3972 2042 or drop us an email at mail@ksplaw.co.id.
Read MoreDue to some uncertainty procedures on application of investment licenses and facilities through the OSS System which has been transferred from the Indonesia Investment Coordinating Board (BKPM) to the Coordinating Ministry for Economic Affairs (Kemenkoperekonomian), the BKPM issued the BKPM Reg 6/2018.
Application of investment licenses and facilities for some major businesses should be done through the OSS System, unless for some specific business as provided in Article 4 of the BKPM Reg 6/2018 i.e.:
1. Energy and Mineral Resources for Electricity, Oil and Gas, Mineral and Coal subsectors.
2. Public Works and Public Housing.
3. Custom and Taxation.
4. Others:
a) Regional Representative Office License;
b) Branch Office Opening Licenses in Energy and Mineral Resources Sector, Electricity Subsector; Energy and Mineral Resources Sector, Oil and Gas Subsector; Energy and Mineral Resources Sector, Mineral and Coal Subsector; and Public Works and Public Housing Sector, the business licenses of which are Issued by PTSP at BKPM;
c) Limited Stay Visa (Vitas) Granting Recommendation as Shareholders;
d) Recommendation for Change of Status from Visit Stay Permit to Limited Stay Permit;
e) Recommendation for Change of Status from Limited Stay Permit to Permanent Stay Permit.
The BKPM Reg 6/2018 still requires the same requirements for setting up a Foreign Investment Companies (PMA) in Indonesia. For instance, the minimum investment must be more than IDR 10 billion (excluding investments for land and building) and the PMA companies should be regarded as large scale businesses with net profit of more than IDR 10 billion (excluding investments for land and building) and annual sales of more than IDR 50 billion, unless for business in property development sector.
Under the BKPM Reg 6/2018, the newly established PMA companies must obtain 3 licenses via the OSS System i.e. Business Identity Number (Nomor Induk Berusaha - NIB), Business License (Izin usaha) and Commercial License (Izin Komersial), unless for the specific businesses above. Meanwhile, requirement for investment reporting (LKPM) still be done through SPIPISE or NSWI portal managed by the BKPM.
Stipulation on Divestment Obligation requirements and Change of Status Subsidiaries were removed in the BKPM Reg 6/2018. In the previous BKPM Regulation, if the parent company changes its status becoming a PT PMA, its subsidiaries should also change its status. Therefore, it still remains a question whether these requirements are still applied to the PMA companies and how the OSS System will alert the PMA companies to comply.
KSP Law Office can assist clients to apply NIB, Business License and Commercial License through the OSS System, please call us at +6221 3972 2042 or drop us an email at mail@ksplaw.co.id.
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