INDONESIA'S NEW REGULATION ON THE EMPLOYMENT OF FOREIGN MANPOWER: OFFERING SOME CLARITY WHILE RAISING QUESTIONS

Following the issuance of Bank Indonesia Regulation No. 22/23/PBI/2020 on Payment Systems (“Payment Systems Regulation”) on 30 December 2020 which came into force on 1 July 2021 that serves as an “umbrella” regulation that provides a regulatory framework for the Indonesian payment systems industry.

The Minister of Energy and Mineral Resources (“MEMR”) recently issued MEMR Regulation No. 48 of 2017 on the Supervision of the Implementation of Business Activities in the Field of Energy and Mineral Resources (“Reg. 48/2017”) revoking and replacing the previous MEMR Regulation No. 42 of 2017 (“Reg. 42/2017”).

Law No. 24/2009 is having an unsettling effect on business in Indonesia. Despite the fact that no implementing regulations have been issued and there is a general consensus the failure to conclude an Indonesian version of an agreement should not invalidate it, risk averse parties and parties who in a position to push translation costs onto a counter-party are requiring the production of Indonesian translations of a wide range of legal documents.

Issue 6, April 2024 | This advisory breaks down what you need to know about the revised rules on mandatory sandbox testing for new innovations.