Criteria for Corporate Actions Subject to Mandatory Notifications Expanded

As a part of the introduction of an electronic-based notification system for certain corporate actions that meet certain determined asset thresholds or sales values (“System”), the Business Competition Supervisory Commission (Komisi Pengawas Persaingan Usaha – “KPPU”) has issued Regulation No. 3 of 2023 (“Regulation 3/2023”) on Assessments of Mergers, Consolidations and Acquisitions of Shares and/or Assets Which May Result in Monopolistic and/or Unfair Business Competition Practices (collectively referred to as “Corporate Actions”), which has been in force since 31 March 2023.[1] Previously, matters relating to mandatory notifications of Corporate Actions (“Notifications”) were specifically addressed under the framework of Regulation of the KPPU No. 3 of 2019 on Assessments of Mergers and Consolidations of Business Entities and Acquisitions of Company Shares Which May Result in Monopolistic and/or Unfair Business Competition Practices (“Regulation 3/2019”), which has now been repealed and replaced.[2]