INDONESIA Law and Practice Contributed by: Chandrawati Dewi, Gustaaf Reerink and Bilal Anwari, ABNR Counsellors at Law
ABNR Counsellors at Law Graha CIMB Niaga 24th Floor Jl Jenderal Sudirman Kav 58 Jakarta 12190 Indonesia Tel: +62 21 250 5125
Email: info@abnrlaw.com Web: www.abnrlaw.com
1. Legislation and Enforcing Authorities 1.1 Merger Control Legislation In Indonesia, the relevant merger control regime is pri - marily governed by: • Law No 6 of 2023 on the Ratification of Govern - ment Regulation No 2 of 2022 (in lieu of Law No 11 of 2020 on Job Creation) into Law as further amended by Law No 1 of 2026 on the Adjustment of Criminal Sanctions and partially revoked by Constitutional Court Decision No 39/PUU-XXI/2023 and Constitutional Court Decision No 181/PUU- XXII/2024 (the “Job Creation Law”); • Law No 5 of 1999 on the Prohibition of Monopo - listic Practices and Unfair Business Competition, as amended by the Job Creation Law and further amended by Law No 1 of 2026 on the Adjustment of Criminal Sanctions (the “Competition Law”); • Government Regulation No 57 of 2010 on Mergers, Consolidation and Acquisition of Shares that may result in Monopolistic or Unfair Business Competi - tion Practices (“Regulation 57/2010”); • Government Regulation No 44 of 2021 on the Implementation of Prohibition of Monopolistic Practices and Unfair Business Competition (“Regu - lation 44/2021”); • Government Regulation No 20 of 2023 on the Type and Rates of Non-Tax State Revenues at the Indonesia Competition Commission ( Komisi Pen- gawas Persaingan Usaha , or KPPU) (“Regulation 20/2023”); • KPPU Regulation No 3 of 2023 on the Assess - ment of Mergers or Consolidation of Undertakings or Acquisition of Shares in a Company that May
Result in Monopolistic Practices or Unfair Competi - tion (“Regulation 3/2023”); • KPPU Guidelines for the Assessment of Mergers, Consolidation or Acquisition issued on 6 October 2020, to the extent that they do not conflict with KPPU Regulation No 3 of 2023 (the “Merger Con - trol Guidelines”); and • Supreme Court Circular Letter No 1 of 2021 on the Transfer of Examination of Objections to KPPU Decisions to the Commercial Court. The following KPPU regulations are also relevant: • KPPU Chair Regulation No 4 of 2022 on the Defini - tion of Relevant Markets (the “Relevant Market Guidelines”); and • KPPU Regulation No 2 of 2023 on the Case-Han - dling Procedure. 1.2 Legislation Relating to Particular Sectors Indonesia has a general foreign investment regime as set out in Law No 25/2007 on Investment, as amended by the Job Creation Law (the “Investment Law”), and implementing legislation, including Presidential Regu - lation No 10/2021 on Investment Sectors, which was amended by Presidential Regulation No 49/2021 on the Amendment to the Presidential Regulation No 10 of 2021 on the Investment Sectors (the “2021 Invest - ment List”). Under the Investment Law, all business fields are open to foreign investment, unless declared otherwise. For - eign investment must be carried out through a foreign investment company in the form of a limited liability company under Indonesian Law ( Perseroan Terbatas
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