Publishing House "Virtus Interpress"​’s Post

Indonesian Financial Services Authority (Otoritas Jasa Keuangan/OJK) issued OJK Regulation No. 18 of 2023 concerning The Issuance of and Requirements for Sustainability-Based Debt Securities and Sukuk (OJK Regulation No. 18/2023), which is expected to integrate sustainability values in the development of the capital market industry, such as preserving the environment. OJK Regulation No. 18 of 2023 replaces OJK Regulation No. 60/POJK.04/2017 concerning Issuance and Requirements of Green Bond, where OJK Regulation No. 18/2023 not only regulates green bonds but also includes green sukuk, Social Debt Securities and/or Sukuk (Efek Bersifat Utang dan/atau Sukuk – EBUS), Sustainability EBUS, Sukuk Waqf, and Sustainability-Linked EBUS (hereinafter refer to as "Sustainability-Based EBUS"). In general, OJK Regulation No. 18/2023 regulates, among other things: (i) documents for Public Offering and Issuance without a Public Offering for the issuance of Sustainability-Based EBUS; (ii) prospectus and information memorandum for the issuance of Sustainability-Based EBUS; (iii) reporting system for Sustainability-Based EBUS; and (iv) incentives for the issuance of Sustainability-Based EBUS. Further, this regulation also requires the issuer to obtain a result of review from an External Review Provider stating that the business activities underlying the issuance of securities are beneficial for the environment and the issuance policy framework is adequate and credible. #tumbuanpartners #lawfirm #indonesia #legal #law #lawyer #corporatelawyer #leadinglawyer #advocate #dealmaker #committedtoexcellence #workhard #worksmart #regulation #OJK #capitalmarket #pasarmodal #ebus #sukuk

The Blueprint. INDONESIA INVESTMENT REGULATORY: NAVIGATING THE LEGAL LANDSCAPE. Indonesia’s investment regulatory framework is both complex and evolving, reflecting the country’s growing appeal as a business destination. For investors, understanding these regulations is critical. The country’s legal environment is primarily governed by the Investment Coordinating Board (BKPM), which oversees foreign and domestic investments. Recent reforms under the Omnibus Law have streamlined processes, reducing bureaucratic red tape and making it easier for businesses to enter the market. read more: https://lnkd.in/gp6TUXMS #excelltrust

Indonesian Financial Services Authority (Otoritas Jasa Keuangan/OJK) issued OJK Regulation No. 18 of 2023 concerning The Issuance of and Requirements for Sustainability-Based Debt Securities and Sukuk (OJK Regulation No. 18/2023), which is expected to integrate sustainability values in the development of the capital market industry, such as preserving the environment. OJK Regulation No. 18 of 2023 replaces OJK Regulation No. 60/POJK.04/2017 concerning Issuance and Requirements of Green Bond, where OJK Regulation No. 18/2023 not only regulates green bonds but also includes green sukuk, Social Debt Securities and/or Sukuk (Efek Bersifat Utang dan/atau Sukuk – EBUS), Sustainability EBUS, Sukuk Waqf, and Sustainability-Linked EBUS (hereinafter refer to as "Sustainability-Based EBUS"). In general, OJK Regulation No. 18/2023 regulates, among other things: (i) documents for Public Offering and Issuance without a Public Offering for the issuance of Sustainability-Based EBUS; (ii) prospectus and information memorandum for the issuance of Sustainability-Based EBUS; (iii) reporting system for Sustainability-Based EBUS; and (iv) incentives for the issuance of Sustainability-Based EBUS. Further, this regulation also requires the issuer to obtain a result of review from an External Review Provider stating that the business activities underlying the issuance of securities are beneficial for the environment and the issuance policy framework is adequate and credible. #tumbuanpartners #lawfirm #indonesia #legal #law #lawyer #corporatelawyer #leadinglawyer #advocate #dealmaker #committedtoexcellence #workhard #worksmart #regulation #OJK #capitalmarket #pasarmodal #ebus #sukuk

“IFC must cooperate with its ombudsman to remedy the harms identified by the investigation and make systemic changes to how it invests in the future.” - - Our finance campaigner Daniel Willis quoted in Eco-Business, on the recent news that the International Finance Corporation's ombudsman, the CAO, will investigate IFC's indirect financing of the massive new Java 9&10 coal power plants in Indonesia. “By entrusting public funds to commercial banks that are more concerned with profits than people, the IFC has found itself supporting a monstrous coal project that is both unnecessary for energy supply and disastrous for the environment.” By launching an investigation, the CAO is acknowledging that there are indications that IFC has not complied with its environmental and social policies in relation to its most recent investment, and that its non-compliance could have contributed to project-related harms. In its report, the CAO raises serious questions about the IFC’s management of predictably high risks associated with investment in PT Bank KEB Hana Indonesia. Read the article here 👉 bit.ly/3xQoIgs #Coal #Remedy #WorldBankGroup IFC - International Finance Corporation Office of the Compliance Advisor Ombudsman (CAO) Trend Asia Inclusive Development International

SIMBARA: A Digital Effort for Indonesia's Natural Resource Management (Part 1) Digital governance, particularly the Mineral and Coal Information System (SIMBARA), was emphasized by Luhut Binsar Pandjaitan shortly after being appointed as the Head of the National Economic Council. SIMBARA itself has been promoted by the National Corruption Prevention Strategy (Stranas PK) for two action periods to strengthen the governance of non-tax state revenue. The government has launched the second edition of the Mineral and Coal Information System (SIMBARA) in July 2024. It's called the second edition because the first SIMBARA was launched on March 8, 2022, aiming to integrate coal export data from upstream to downstream. This means that only coal commodities had their data flowing in the first SIMBARA. Other minerals, such as tin and nickel, were only integrated on July 22, 2024. Before delving deeper into the newly launched second edition of SIMBARA, let's briefly recall what SIMBARA is and its importance for the nation in general and corruption prevention specifically. Coordinating Minister for Maritime Affairs and Investment, a position he held at the time, Luhut Binsar Pandjaitan, in his speech during the launch of SIMBARA's second edition, mentioned the tin case involving Sandra Dewi's husband, which slightly explains the importance of SIMBARA for Indonesia. This aligns with what Finance Minister Sri Mulyani said on the same day. The Finance Minister even repeated three times the content of Article 33 paragraph 3 of the 1945 Constitution, stating that the earth, water, and natural resources contained therein are controlled by the state and used for the greatest prosperity of the people. Meanwhile, the National Corruption Prevention Strategy (Stranas PK) continues to oversee the implementation and development of SIMBARA in the 2023-2024 corruption prevention action period under the action name: Strengthening the Governance of Non-Tax State Revenue (PNBP) for Mineral and Coal Commodities. Stranas has been promoting the implementation of SIMBARA since the 2021-2022 action period, which falls under Focus 2 (State Finance) in accordance with Presidential Regulation No. 54 of 2018 on Stranas PK. The basis for implementing this action is to fulfill the mandate of Article 33 paragraph 3, ensuring that Indonesia's natural resources are used for the greatest prosperity of the people. However, before the implementation of SIMBARA, the services for mineral and coal commodities were still separated among ministries and institutions. Each ministry had its own system and documents from upstream to downstream, which were non-transparent and non-integrated, creating opportunities for corruption that benefited only a few.

It was an absolute pleasure to present the key challenges and opportunities from a legal, regulatory and tax perspective in relation using blended finance for effecting climate change for the benefit of members from the APAC region who are looking to either begin or progress their journey on this path. It was great to be on a panel with experts KL Wong from the Credit Guarantee Corporation of Cambodia (CGCC), Fakhrul Aufa from SDG Indonesia One and Ritesh Thakkar from Convergence Blended Finance at the Workshop on Strengthening Regional Partnerships for Climate Transition held at Bangkok this week. Special thanks to Karanraj Chaudri from UNDP (and United Nations Environment Programme Finance Initiative (UNEP FI)) for the invitation and for excellent moderation. It was clear that there were common challenges from a legal or tax perspective in several jurisdictions which can only be solved through government intervention. Sharing of experiences through such regional forums is vital to ensuring that best practices and potential pitfalls are shared. It was also exciting to see that interest in the APAC region is increasing with respect to blended finance transactions, making it a vibrant market for this product. Himanshu Raghuwanshi #UNDP #UNEPFI #blendedfinance #legal #regulatory #tax #APAC #guarantee #impactbond #transactions #socialstockexchange #socialsuccessnote #impactfunds #impactfinance

🔎 NEW: The Office of the Compliance Advisor Ombudsman (CAO) confirms it will investigate IFC - International Finance Corporation's financing of the Java 9 & 10 coal power plants in Banten, Indonesia. The investigation comes in response to a complaint filed last year by communities in Indonesia’s Banten Province, with the support of local organisation Pena Masyarakat + Recourse, Trend Asia & Inclusive Development International, who say that Java 9 & 10 will have catastrophic impacts on health, livelihoods, and the environment. “The IFC’s financing of Java 9&10 is yet another example of the risky business of financial intermediary lending,” said Daniel Willis, finance campaign manager at Recourse. “By entrusting public funds to commercial banks that are more concerned with profits than people, the IFC has found itself supporting a monstrous coal project that is both unnecessary for energy supply and disastrous for the environment." We hope to see this investigation result in tangible remedy for affected communities and systemic reforms at IFC to close coal loopholes and improve the transparency of financial intermediary lending. More here 👉 https://bit.ly/3Y3ZNAz #AccountabilityMatters #MDBs #WorldBank

Part 2 : Procedure for Carbon Units Listing The registration procedure for carbon units on the IDX for PTBAE-PU and SPE-GRK carbon units has different stages. In principle, PTBAE-PU registration can only be conducted by the relevant ministry and emissions trader business actors, while SPE-GRK registration can only be conducted by the project owners. Please visit our website at www.aymp.law for more information about our firm. For more specific inquiry about this matter or other emerging legal issues in Indonesia, please contact the following lawyers: -Arie Armand, Partner (arie@aymp.law) -Tia Rosana Ratna Sari, Senior Assosiate (Tia@aymp.law) -Muhammad Arifin- Senior Assosiate (arifin@aymp.law) #carbontrading #carbonechange #capitalmarket #greenprojects #environment #corporatecounsel #banking #commodity #indonesia #aymp

Integrating Sustainability in Malaysia's Capital Markets Malaysia's Corporate Governance has seen reforms and changes for many years which had started from the infamous 1997 Financial Crisis that led to a huge reform especially in the finance and banking section. It was also to attempt to weed out the corruption issues that had festered the country to a certain extent. The reform after the crisis initiated the Malaysian High Level Finance Committee and focused on better transparency, fairer treatment, independence and accountability for the board of directors, and better enforcement, training and education. More initiatives include: 💂♂️ Minority Shareholder Watchdog Group 2001 🏢 Amendment of the 1965 Companies Act now being Companies Act 2016 💹 Malaysian Code for Institutional Investors 2014 and a Council formed in 2015

Indonesia's growth strategy in focus ahead of presidential vote Indonesia must abandon its dependency on commodity export, streamline further the investment license procedures, infrastructure development, modern trade and tax regimes, combat corruption, and enhance law enforcement, if it wants to grow by 6% - 7% annually.