Perbandingan hukum akuisisi startup digital antara Indonesia dan Uni Eropa dari perspektif hukum persaingan usaha = A comparison of Indonesian and European Union rules on digital startup acquisitions from the perspective of competition law

Yokohadinata, Reyner Evan (2022) Perbandingan hukum akuisisi startup digital antara Indonesia dan Uni Eropa dari perspektif hukum persaingan usaha = A comparison of Indonesian and European Union rules on digital startup acquisitions from the perspective of competition law. Masters thesis, Universitas Pelita Harapan.

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Abstract

Transaksi merger dan akuisisi (M&A) terus meningkat di sektor teknologi. Fenomena-fenomena seperti killer acquisitions, multisided markets, ekonomi platform, dan dataopoli menjadi topik yang banyak diperbincangkan di ranah hukum persaingan usaha, yang kini diperhadapkan kepada tantangan untuk mengatur market conduct dari pemain-pemain yang akan menjadi para raksasa abad ke-21, yakni startup-startup digital. Tujuan dari studi ini adalah melakukan evaluasi terhadap hukum persaingan usaha di Indonesia, khususnya pengaturan akuisisinya, dan apakah pengaturan tersebut memadai dan mampu untuk mengawasi akuisisi-akuisisi yang kian kompleks. Dilakukan kajian hukum komparatif dengan regulasi serupa yang berlaku di Uni Eropa guna mengidentifikasi celah-celah dalam pengaturan akuisisi yang masih dapat dibenahi oleh Indonesia agar dapat mengantisipasi fenomena-fenomena baru di pasar digital. Studi ini menemukan bahwa hukum persaingan usaha Indonesia baik secara umum maupun secara khusus terkait kompetisi di industri teknologi informasi tidak memadai untuk mengantisipasi fenomena-fenomena akibat akuisisi di kalangan startup. Uni Eropa sebaliknya telah memiliki pengaturan persaingan usaha khusus platform-platform digital yang dinamakan Digital Markets Act. Digital Markets Act ini merupakan langkah yang sangat progresif lantaran menggunakan parameter- parameter baru untuk menghitung konsentrasi pasar dan posisi dominan di pasar digital, mengingat perhitungan tradisional tidak dapat menangkap gambaran yang akurat yang dibutuhkan oleh regulator. Beberapa pelajaran lainnya yang dapat dipetik dari Uni Eropa adalah political will terhadap hukum persaingan usaha dan penggunaan sistem notifikasi pre-merger notification, yang memberikan kepastian hukum yang lebih besar. Penulis pun memberikan lima poin rekomendasi, antara lain pengubahan sistem notifikasi post-merger notification menjadi pre-merger notification; mendefinisikan terminologi-terminologi baru; mempelajari metode- metode alternatif untuk memperkaya penilaian terhadap akuisisi pada era digital; mengembangkan theories of harm baru untuk memahami bahaya terhadap persaingan usaha di pasar digital; dan penguatan peran KPPU dan meningkatkan political will terhadap persaingan usaha. / Startup-related merger and acquisition (M&A) deals are on the rise in the technology space. On the other hand, killer acquisitions, multisided markets, the platform economy, and data-opolies become nascent topics in competition law as it strives to regulate the conduct of emergent market players – digital startups – in the 21st century. This study aimed to evaluate Indonesia’s competition law, especially acquisition rules, and whether it is sufficient and prepared enough to oversee these increasingly complex acquisitions. The findings were then compared to prevailing regulations in the European Union, identifying where Indonesia can work to improve its acquisition rules to anticipate these novel phenomena. The study found that Indonesia’s competition law not only in general, but especially with regard to competition in the technology space, is insufficient to regulate such phenomena caused by acquisitions among and towards startups. On the other hand, the European Union has recently deployed its own set of competition rules specifically for digital platforms, called the Digital Markets Act. This set of rules projects a clearer way forward for the European Union as it attempts to incorporate novel parameters to calculate market concentration and firm dominance in digital markets, where traditional measures may fail to accurately provide the whole picture for regulators. Other areas for improvement include the European Union’s greater political will towards competition law and the pre-merger notification system, which provides for greater legal certainty. As a result of these findings, the author has suggested five points of recommendation: upend the existing post- merger notification system into a pre-merger notification system; define new terminologies; explore alternative methods to enrich assessment of digital startup acquisitions; develop new theories of harm to comprehend dangers toward competition in digital markets; and strengthening the Indonesian Competition Commission’s (KPPU) role and increasing political will towards competition law.

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