Kamis, Agustus 30, 2018

Attorney General?s Office Issues Legal Opinion on the Legality of Non-OSS Investment Licenses

According to a recent legal opinion issued by the Attorney General’s Office (“Office”), all investment licenses which were issued by the Investment Coordinating Board (“BKPM”) and which were not processed through the Online Single Submission (“OSS”) system from 21 June 2018 onwards (“Non-OSS Investment Licenses”) shall be considered null and void due to non-compliance with laws and regulations and violation of good governance.
As a result, and due to the implementation of both the rechtmatig principle (meaning that an administrative decree may still be annulled/amended if a court hands down such a judgment) and the contrarius actus principle (meaning that an error decree can still be revoked/amended by the issuer), investors are best advised to reapply for their Non-OSS Investment Licenses through the procedure which is set out under Government Regulation No. 24 of 2018 on the Electronically Integrated Business Licensing Service (“Regulation 24/2018”).
The Office is also recommending that the BKPM should revoke all Non-OSS Investment Licenses which were issued between 21 and 28 June 2018 in an expeditious manner and should offer reapplication advice to all investors and/or applicants.

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According to a recent legal opinion issued by the Attorney General’s Office (“Office”), all investment licenses which were issued by the Investment Coordinating Board (“BKPM”) and which were not processed through the Online Single Submission (“OSS”) system from 21 June 2018 onwards (“Non-OSS Investment Licenses”) shall be considered null and void due to non-compliance with laws and regulations and violation of good governance.
As a result, and due to the implementation of both the rechtmatig principle (meaning that an administrative decree may still be annulled/amended if a court hands down such a judgment) and the contrarius actus principle (meaning that an error decree can still be revoked/amended by the issuer), investors are best advised to reapply for their Non-OSS Investment Licenses through the procedure which is set out under Government Regulation No. 24 of 2018 on the Electronically Integrated Business Licensing Service (“Regulation 24/2018”).
The Office is also recommending that the BKPM should revoke all Non-OSS Investment Licenses which were issued between 21 and 28 June 2018 in an expeditious manner and should offer reapplication advice to all investors and/or applicants.

......