Last July, as an effort to revitalize and encourage the growth of Indonesia’s creative industry, Government Regulations No.24 Year 2022 on Creative Economy was signed. Among the critical points of this regulation is the creation of a framework that supports the use of IPs as security objects to obtain financing from banks and other financial institutions. This potentially significant development could ignite an array of opportunities, especially for creators. Article 9 stipulates that in implementing the Intellectual Property-Based Financing Scheme, bank financial institutions and non-bank financial institutions can use IPs as collateral in the form of fiduciary guarantees on Intellectual Property, contracts in Creative Economy activities and /or royalty rights in Creative Economy activities. It is further explained in Article 10, that IPs that can be used as collateral are IPs that have been registered with the ministry, that carry out government affairs in the field of law and intellectual property, which have been managed either independently and/or the rights have been transferred to a third party. In other words, IPs need to be registered before being utilized as collateral objects. Read more
Wednesday, September 28 2022 \ Published by Am Badar.