Perlindungan investor atas transaksi efek hasil sekuritisasi aset kredit pemilikan rumah

Anggraini, Dessy (2016) Perlindungan investor atas transaksi efek hasil sekuritisasi aset kredit pemilikan rumah. Masters thesis, Universitas Pelita Harapan.

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Abstract

Adanya kasus Mortgage Crisis di Amerika Serikat yang meletus pada tahun 2008 telah menyebabkan ekonomi dunia terganggu untuk waktu yang cukup lama. Indeks saham yang diperdagangkan mengalami kemerosotan, terjadi kredit macet di sektor perumahan, dan instrument Efek Beragun Aset (EBA) dipasar uang juga ikut terperosok. Indonesia juga tidak lepas dari gangguan ekonomi dunia karena keterkaitan sistem keuangan international yang sudah semakin terintegrasi. Sekuritisasi aset KPR masih merupakan hal baru bagi pasar keuangan negara- negara berkembang termasuk Indonesia. Sekuritisasi Aset merupakan proses transformasi aset yang tidak likuid menjadi aset likuid dengan cara menjual kumpulan aset keuangan/piutang milik kreditur asal (originator) yang disertai dengan diterbitkannya surat berharga (Efek Beragun Aset) oleh penerbit (issuer) atas kumpulan aset keuangan/piutang tersebut. Menghadapi tantangan permasalahan yang mungkin terjadi dalam transaksi sekuritisasi di Indonesia, pemerintah dan regulator dalam hal ini Bank Indonesia dan Otoritas Jasa Keuangan telah membuat pengaturan-pengaturan yang cukup ketat. Adapun peraturan-peraturan tersebut dilakukan untuk terlaksananya proses sekuritisasi aset yang aman dan terjaga kualitasnya, serta menjamin kepastian hukum terhadap perlindungan investor, sehingga investor dapat dengan aman dan terlindungi dalam melakukan pembelian investasi atas transaksi efek hasil sekuritisasi aset Kredit Pemilikan Rumah (KPR) tersebut. Metode penelitian yang digunakan adalah penelitian yuridis normatif, yang bersumber pada bahan hukum data sekunder. Dari hasil penelitian, penulis mengambil kesimpulan bahwa pengaturan mengenai sekuritisasi aset KPR sudah sangat memadai dan telah cukup menjamin kepastian hukum investor, namun penulis berharap bahwa pemerintah segera membuat Undang-Undang tentang Sekuritisasi Aset Kredit Pemilikan Rumah yang mencakup juga perlindungan terhadap berbagai pihak terutama investor / Mortgage Crisis in the United States that exploded in 2008 had led to world economy disruption for quite a long time. Stock index plunged, credit defaulted in housing sector and Asset Backed Securities deteriorated as well. Indonesia was also not free from the world economy disruption due to increasing international financial system linkage which are more and more integrated. Asset Securitization is a process of transforming illiquid assets into liquid assets by selling a collection of financial assets / receivables from initial creditor (originator), followed by issuance of securities (Asset Backed Securities) by issuer backed by sold financial assets / receivables. Facing the challenges of probable problems from securitization transactions, government and regulators, in this case Central Bank and Financial Services Authority, have issued strict regulations. The regulations are implemented to secure asset securitization transactions and to maintain quality as well as to ensure legal certainty for investors that can give confidence and protection to investors in investing in securities resulted from mortgage backed securitization transaction. Research method that was applied in the research was Juridical Normative which sourced from secondary data law. Conclusion method that was implemented is general-specific. From research result, the author conclude that ruling on mortgage securitization has been properly in place and adequately ensure legal certainty for investors. However, the author hope that government will issue Asset Securitization Law which protects participating parties especially investors

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