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News & Analysis

Indonesia’s Competition Authority Takes SME Partnership Supervision to a New Level

11 November 2022 by Makarim & Taira S - Indonesia

The year 2022 marks a historic era for Indonesia’s Business Competition Authority (“KPPU”) as it is the year KPPU ruling on Partnerships involving Small Medium Enterprises (“SME”)’s passed. While stakeholders find it undisputed that SME Partnerships are distinct from competition matters, the prevailing laws and regulations provide that the supervision of SME Partnerships is borne by KPPU. Now that KPPU is actively enforcing that authority, business actors need be aware of and observe this issue moving forward.

News & Analysis

Integration of decentralised blockchain (off-chain) arbitration

14 October 2022 by Dominic Ng Ken Ming

In an era of accelerating developments in the domain of Web3, smart contracts and blockchain are concepts that are increasingly familiar. Likewise, heralds for the digitalisation of traditional and classic dispute resolution mechanisms have never been louder. To properly decipher and ensure smooth digital adoption, it is of paramount importance for practitioners, to appreciate and understand the local legislative mechanisms in order to ensure the enforceability of awards arising from such digitalised dispute resolution mechanisms. This article highlights, solely, from a Malaysian legal perspective, how decentralised arbitration platforms can potentially be integrated with existing domestic legal frameworks.

News & Analysis

Skyrocketing Material Prices’ Impact on Construction Contracts and Impending Amendment to Korean Fair Transactions in Subcontracting Act

04 October 2022 by Jipyong - South Korea

While the global economy is suffering from COVID-19 related recession and political unrest, the construction industry has been hit especially hard by surging prices of materials and wages. Subcontractors in particular are suffering huge losses. To cushion the harsh blow to contractors and subcontractors, the Korean government has introduced a mechanism called “Supply Cost Linkage System” effective September 2022. Through this system, increases in raw material prices can be automatically reflected and incorporated into construction costs. This system, however, is not mandatory under the current law, and several bills to amend the Fair Transactions in Subcontracting Act (the “Subcontracting Act”) are being introduced one after another.

News & Analysis

Indonesia’s Personal Data Protection Law Finally Enacted

26 September 2022 by Makarim & Taira S - Indonesia

After extensive discussions and multiple changes to the draft bill since 2016, the Indonesian House of Representatives passed the draft bill on Personal Data Protection on 20 September 2022 (“Personal Data Protection Law”). The Personal Data Protection Law will be the basis of the regulations on personal data protection and this advisory highlights the key provisions.

News & Analysis

New Financial Service Authority Regulation on Peer-to-Peer Lending

06 September 2022 by Makarim & Taira S - Indonesia

The ever-growing industry of Peer-to-Peer Lending (“P2P Lending”) has driven the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) to issue OJK Regulation No. 10/POJK.05/2022 on Technology-Based Collective Financing Services, which came into force on 4 July 2022. The regulation provides more detailed and extensive provisions to cater with the rapid development of the industry. This advisory serves as a brief introduction to the regulation, in order to gauge the new regulatory framework for P2P Lending and how it differs from its predecessor, including the transition period for existing P2P Lending Providers to comply with the new requirements under this regulation.

News & Analysis

Recent Changes to the Scope of Available Discovery in International Arbitration

05 September 2022 by Jipyong - South Korea

Corporations often turn to arbitration to manage risks of being hauled into unfamiliar national courts and unpredictable laws. An often overlooked consequence of choosing arbitration is that available discovery may be limited, as a trade-off to efficiency and cost-saving. But in many civil law jurisdictions such as South Korea, discovery practice may be more limited than arbitral proceedings seated in common law jurisdictions or governed by their laws. In this regard, discovery in U.S. litigation stands out unparalleled.

News & Analysis

SSEK Assists Blackstone-backed Moonbug on Acquisition of Singapore Animation Studio Behind ‘Oddbods’

31 August 2022 by SSEK Legal Consultants

SSEK Legal Consultants, acting as Indonesian counsel, has assisted London-based media company Moonbug Entertainment on the acquisition of Singapore-based media company and production studio One Animation.

News & Analysis

LG Energy Solution’s IPO and Listing on the Korea Exchange’s KOSPI Market

26 August 2022 by Kim & Chang - South Korea

Kim & Chang acted as counsel for LG Energy Solution in its IPO to list its shares on the Korea Exchange's KOSPI Market. LG Energy Solution is one of the global leaders in the rechargeable battery industry with production and R&D networks around the world.

News & Analysis

Financial Regulation Innovation: Policy Direction of FSC

16 August 2022 by Lee & Ko - South Korea

Lee & Ko’s Digital Finance Team takes a close look at the establishment of the Financial Regulation Innovation Council, the direction of the financial regulation innovation announced by the Financial Services Commission, and the points to consider in relation to future improvements to financial regulations.

News & Analysis

Registered Foreign Electronic System Organizers in Indonesia. What to do next?

08 August 2022 by Makarim & Taira S - Indonesia

As many existing foreign private Electronic System Organizers (foreign ESOs) have registered with the Minister of Communication and Informatics (MOCI) to comply with MOCI Regulation No. 5 of 2020 on ESOs in the Private Sector (as amended), this Advisory covers ‘what to do next?’ so that foreign ESOs that have been registered are aware of their key obligations once they are registered with the MOCI.