9 ASIAN LEGAL BUSINESS – APRIL 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS Minister Zulkifli Hasan has said he would monitor the partnership between TikTok Shop and Tokopedia to see if any violations still occur. “The MOT is still of the view that this workaround remains non-compliant towards MOT Reg 31/2023, as the transaction is not redirected to Tokopedia and is still conducted through TikTok Shop. MOT’s insistence on noncompliance arising out of TikTok Shop still facilitating the transactions may be due to the facilitation of the transactions in the app from a front-end perspective, regardless of the statement that transactions are managed by PT Tokopedia in the back end,” Fileindi says. HOW CAN THE GOVERNMENT FINETUNE ITS REGULATORY APPROACH? Lawyers believe the case has demonstrated the necessity for the Indonesian government to establish and implement provisions that clearly define what may or may not be done by business actors, as the new provisions does not provide clear definitions on what “facilitating payment transactions.” “Without the implementation of clearly defined restrictions DEALS $3.3 BLN Formation of Stonepeak Asia Infrastructure Fund Deal Type: Funds Firms: Simpson Thacher & Bartlett Jurisdictions: Singapore, U.S. $2.1 BLN Sale of BAT stake in ITC Deal Type: M&A Firms: Herbert Smith Freehills; Shardul Amarchand Mangaldas & Co Jurisdictions: India, UK $1.03 BLN TDCX’s take-private Deal Type: M&A Firms: Skadden, Arps, Slate, Meagher & Flom Jurisdiction: Singapore $1 BLN Belle Fashion Group’s planned IPO Deal Type: IPO Firms: Cleary Gottlieb Steen & Hamilton; Freshfields Bruckhaus Deringer; Haiwen & Partners; JunHe Jurisdictions: China, Hong Kong $1 BLN Sterlite Power-GIC India power transmission JV Deal Type: Projects Firms: AZB & Partners; Khaitan & Co; Shardul Amarchand Mangaldas & Co Jurisdictions: India, Singapore $870 MLN Sale of Home Credit Group’s Vietnam business to Siam Commercial Bank Deal Type: M&A Firms: Allens; Clifford Chance; Linklaters; Vilaf Jurisdictions: Netherlands, , Thailand $360 MLN Mitsui’s invests in Industrial Pesquera Santa Priscila Deal Type: M&A Firms: Allen & Gledhill; Apolo Abogados; Bustamante Fabara; Cleary Gottlieb Steen & Hamilton Jurisdictions: Ecuador, Japan, Singapore $258 MLN Trial Holdings’ Tokyo IPO Deal Type: IPO Firms: Anderson Mori & Tomotsune; Davis Polk & Wardwell; Mori Hamada & Matsumoto; Skadden, Arps, Slate, Meagher & Flom Jurisdiction: Japan and limitations, other companies may see this as an opportunity to explore plausible workarounds and establish new business activities, which may ultimately lead to a one-stop all-in-one application that is somewhat compliant with the established regulations,” says Fileindi. “The government’s commitment in upholding and enforcing the regulation will need to be scrutinized by relevant parties, especially business players, to ensure that the enactment of MOT Reg 31/2023 is not some sort of knee-jerk reaction to other agendas,” he adds.