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Banking and Finance Law in Surabaya, much like the rest of Indonesia, is complex, comprising elements of local, regional, and international regulations. With Surabaya being the nation's second-largest city, it is home to many companies and branches of financial institutions that have to comply with these laws. This legislation governs all financial activities involving banks, insurance companies, credit companies, leasing companies, and other financial institutions.
Legal advice in Banking & Finance is often required when you are starting a business and need assistance with commercial loans or setup of financial structures. Regular individuals may also need finance lawyers for handling mortgage issues, credit repair, bankruptcy, and managing investments. Those engaged in complex financial transaction such as mergers and acquisitions, securities trading, or bankruptcy liquidation, often require specialized legal advice.
The Indonesian regulation that directly governs banking activities is the Banking Law (Law No.7/1992 as amended by Law No. 10/1998). This law covers provisions for both conventional and Islamic banking. It stipulates the types of banks, rules for foreign banks, and protocols regarding bank ownership. Other important laws to consider are the Company Law (Law No. 40/2007), Bank Indonesia Law (Law No.23/1999, as amended by Law No. 6/2009), and the Financial Services Authority Law (Law No. 21/2011).
Yes, but they must comply with the Banking Law and establish as a venture with an Indonesian bank or as a branch of the foreign bank.
Consumer protection is managed under the Banking Law and Government Regulation No. 1/2013. These provide a framework for transaction transparency, complaint resolution, and risk management.
Indonesia has a Deposit Insurance Agency (Lembaga Penjamin Simpanan – LPS) that insures customer deposits in case a bank fails. The maximum amount guaranteed is IDR2 billion (approximately $140,000).
No, the banking law necessitates strict bank confidentiality, breached only under certain exceptional circumstances delineated by the law.
Bank Indonesia is the central bank of the country, and its primary function is to set and implement monetary policy.
Bank Indonesia (Central Bank): http://www.bi.go.id/en and Indonesian Financial Services Authority (OJK): http://www.ojk.go.id/id are two essential resources for banking & finance law in Indonesia. Publications and guidance from PwC Indonesia and Indonesian Lawyers Association also prove to be useful.
If you require legal assistance in Banking & Finance, it is recommended to find a local lawyer with significant experience in this field. Ensure that the lawyer is familiar with both local and national regulations to guide you appropriately. Before engaging a lawyer, always verify their credentials and seek testimonials or case results to assess their aptitude.
