News and Publications

As we approach the end of 2025, we at Makes and Partners Law Firm wish to close out the year by sending our heartfelt thanks to all our valued clients, friends, and strategic partners for your collaboration, continued trust, and unwavering support. This year marks the first year of the new government; it has been […]

As the 2024 calendar year comes to an end, Makes and Partners Law Firm (“Makes”) would like to take this opportunity to thank all its valued clients, friends and strategic partners for their collaboration, continuous trust and unwavering support. This year has been an eventful one as Indonesia held its democratic national elections on February 14th and

Makes & Partners Captures Close to 100% of the Market Share in Go- Private Transactions and Bags Top Recognitions in 2024 “Credibility of the Country, Good Management of State Budget, Political and Economic Stability, and Sustainability”– these are the pillars of Indonesia’s political and economic policy. Despite growing challenges in the geopolitical climate and rising

KPPU Regulation No. 3/2023: The New Merger Control Regulation A. Introduction Effective on 31 March 2023, the Indonesian Supervisory Business Competition Committee (Komisi Pengawasan Persaingan Usaha or “KPPU”) replaced KPPU Regulation No. 3 of 2019 on Assessment of Merger, Consolidation, and/or Shares Acquisition That Could Result in Monopolistic and/or Unfair Business Competition Practices (“Previous Merger

The Law Reviews is a platform that provides in-depth analysis of global legal issues and their commercial implications, written by thought leaders of the world’s top law firms. It acts as an essential information tool helping in-house counsel, governments and corporate officers to look beyond their own borders and explore strategic solutions in foreign jurisdictions.

As the “best independent Indonesian law firm in the capital markets space”, our top-ranked Capital Markets team at Makes and Partners (“Makes”) has successfully represented many clients, including giant multi-national company PT Bentoel Internasional Investama, Tbk. (“Client”), in their Go Private transactions in Indonesia. Previous OJK rulings on Go Private transactions were issued on a

A. INTRODUCTION The enactment of Law No. 4 of 2023 on Financial Sector Development and Reinforcement (also known as “P2SK Law”) by the Indonesian House of Representatives (Dewan Perwakilan Rakyat or “DPR”) on 12 January 2023 marks a significant milestone for Indonesia’s financial sector. The P2SK Law is aimed at developing and reinforcing Indonesia’s financial

We are pleased to announce that on 25 February 2022, our Client, Nanovest, has successfully conducted an ICO (initial coin offering) of Nanobyte (NBT) through a decentralized crypto-exhange named PancakeSwap. Nanovest is an Indonesian investment platform that allows its users to trade US stocks and crypto assets within its application. Our Startup, Venture Capital and

On 1 December 2021, the Financial Services Authority (Otoritas Jasa Keuangan/”OJK”) enacted OJK Regulation No. 22/POJK.04/2021 allowing for the issuance of shares with Multiple Voting Rights (“POJK MVS”). Recognizing the massive potential for “financial market deepening”, especially in the capital markets sector, POJK MVS is envisaged to accommodate “companies that create new economy and innovations”,

Dear valued clients, partners and friends, We are pleased to provide our update on the recent and controversial Constitutional Court Decision No. 91/PUU-XVIII/2020 (“CC Decision 91/2020”). Background On 25 November 2021, the Constitutional Court of the Republic of Indonesia issued CC Decision 91/2020 with salient rulings affecting the constitutionality and validity of Law No. 11

On 25 November 2021, the Constitutional Court of the Republic of Indonesia (the “Constitutional Court”) issued Decision No. 91/PUU-XVIII/2020 (“CC Decision 91/2020”) with salient rulings affecting the constitutionality and validity of Law No. 11 of 2020 on Job Creation (the “Job Creation Law”). While the seminal decision is based on a judicial review of the

We are very proud to announce that our Partner, and leader of our Fintech, Venture Capital and Startup Practice Group, Bernardus Billy, has been appointed as a member of the ethical board of the Asosiasi Fintech Indonesia (AFTECH) for 2021-2025. AFTECH has been officially appointed by the Financial Services Authority (Otoritas Jasa Keuangan) as an

This article elaborates upon the new investment list that has been issued by Indonesia. For details, pls click the link below to read further upon this topic. Download document here

We are pleased to share with you the Makes and Partners, Plataran Indonesia, and Knight Frank 2021 Property Investment Guide 2021 which covers, among others, the latest legal and tax overview of property, real estate, and construction business activities in Indonesia, including relevant updates from the new Job Creation Law. Download document here

On 27 January 2021, our Founding and Managing Partner, Dr. Yozua Makes was directly appointed by none other than President Joko Widodo, as one of the highly distinguished members of the supervisory board of the Indonesian Investment Authority (Lembaga Pengelola Investasi or “LPI”), the first ever Indonesian sovereign wealth fund tasked to manage the investments

The Law Reviews has published the Fourteenth Edition of the Mergers & Acquisitions Review, of which our Managing Partner, Yozua Makes is the author. The attached review explains the condition of M&A Activity amid the pandemic in Indonesia. Download document here.

Download PDF A. INTRODUCTION OF JOB CREATION LAW  On 5 October 2020, the House of Representatives passed Law No. 11 of 2020 on Job Creation (“Job Creation Law”), which was signed by the President on 2 November 2020 and came into force on the day of its publication on the same date. With that, we have

The rise in political intervention in cross-border deals has been one of the main disruptors to mergers & acquisition activities in 2019. In particular, concerns over national security have led to the tightening of foreign investment regimes and antitrust regulations, coupled with more active enforcement by regulators. This growth in protectionism is likely to remain

We are pleased to inform that Makes & Partners and WongPartnership LLP (as partners in the WPG regional law network), in collaboration with the International Law Moot Society of the Faculty of Law of the Universitas Indonesia (“ILMS FHUI”), will host the International Commercial Arbitration Workshop, at the Moot Academy on October 8, 2019.  The

Indonesia has been embarking on a serious journey to become a leading digital powerhouse in Southeast Asia, specifically in the financial sector. Leveraging its massive penetration of mobile network, the country seeks to cater to the needs of both digital savvy consumers and the unbanked population in the innovative delivery of financial services. Various regulations

In early March 2018, President Joko Widodo issued Presidential Regulation No.13 of 2018 on the Implementation of the Know Your Beneficial Owner Principle for the Prevention and Eradication of Criminal Acts of Money Laundering and Terrorism Financing (“Regulation 13/2018”). Regulation 13/2018 sets out the rule that requires Indonesian corporations to state and disclose their beneficial