Perlindungan hukum bagi investor dalam transaksi repurchase agreement (repo) di pasar modal Indonesia

Dewi, Ni Made Ayu Geana (2022) Perlindungan hukum bagi investor dalam transaksi repurchase agreement (repo) di pasar modal Indonesia. Doctoral thesis, Universitas Pelita Harapan.

Preview	Text (Title) Title.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (169kB) | Preview
Preview	Text (Abstract) Abstract.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (298kB) | Preview
Preview	Text (ToC) ToC.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (338kB) | Preview
Preview	Text (Chapter1) Chapter1.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (587kB) | Preview
	Text (Chapter2) Chapter2.pdf Restricted to Registered users only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (579kB)
	Text (Chapter3) Chapter3.pdf Restricted to Registered users only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (494kB)
	Text (Chapter4) Chapter4.pdf Restricted to Registered users only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (3MB)
	Text (Chapter5) Chapter5.pdf Restricted to Registered users only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (426kB)
Preview	Text (Bibliography) Bibliography.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (516kB) | Preview
	Text (Appendices) Binder2_watermark.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (2MB)

Abstract

Kegiatan pasar modal (capital market activation) dalam ekonomi suatu Negara merupakan kebutuhan sebagai sarana berinvestasi bagi pemodal. Fungsinya sebagai sarana penghimpun dana merupakan salah satu instrumen perekonomian yang sangat penting. Salah satu kegiatan di pasar modal yang tidak sepenuhnya diatur dalam ketentuan peraturan perundang-undangan, adalah transkasi Repuschase Agreement (transaksi Repo). Repo adalah transaksi penjualan efek antara dua belah pihak yang diikuti dengan perjanjian dimana pada tanggal yang telah ditentukan akan dilaksanakan pembelian kembali efek yang sama dengan harga yang telah disepakati. Jenis penelitian ini adalah Yuridis Nornatif, dengan menggunakan data sekunder, yaitu terdiri dari bahan hukum primer, bahan hukum sekunder dan bahan hukum tersier, yang kemudian didukung oleh interview dengan 2 (dua) narasumber. Teknik yang dipakai adalah non random purposive sampling. Hasil penelitian didapat, bahwa 7 (tujuh) dasar hukum berlakunya transaksi Repo saham di Indonesia, yaitu: UUD NRI 1945, khususnya Pasal 33 ayat (1) dan ayat (4); Buku III KUHPerdata, antara lain pasal-pasal yang relevan dengan transaksi Repo saham, adalah: Pasal 1313, 1338, 1457 dan Pasal 1519; UU No. 8 Tahun 1995 tentang Pasar Modal; Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas; Undang- Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan; Peraturan Otoritas Jasa Keuangan Nomor 9/POJK.04/2015 tentang Pedoman Repurchase Agreement bagi Lembaga Jasa Keuangan; dan Surat Edaran Otoritas Jasa Keuangan Nomor 33/SEOJK.04/2015 tentang Global Master Repurchase Agreement Indonesia. Dalam transaksi Repo saham di Indonesia, melahirkan 4 (empat) dimensi akibat hukum, antara lain: dimensi wanprestasi dalam bentuk gagal serah; dimensi wanprestasi dalam bentuk gagal bayar; dimensi Perbuatan Melawan Hukum; dan dimensi tindak pidana korupsi dalam transaksi Repo. Berkaitan dengan transaksi Repo di pasar modal yang berdimensi adanya tindak pidana korupsi, terdapat 16 (enam belas) tipologi. Saran penulis, perlu ditambahkan ketentuan di dalam Peraturan Otoritas Jasa Keuangan Nomor 9/POJK.04/2015 tentang Pedoman Repurchase Agreement bagi Lembaga Jasa Keuangan yang mengatur tentang perlindungan hukum bagi pihak yang beritikad baik dalam melaksanakan perjanjian melalui : Prinsip itikad baik, Prinsip Know Your Parties dan menunjuk PT. Kliring Penjaminan Efek Indonesia sebagai Tri-Party agent. / Capital market activation in a country's economy is a necessity as a means of investing for investors. Its function as a means of raising funds is one of the most important economic instruments. One of the activities in the capital market that is not fully regulated in the provisions of the legislation is the Repurchase Agreement transaction (Repo transaction). Repo is a securities sale transaction between two parties followed by an agreement where on a predetermined date the same securities will be repurchased at an agreed price. This research is normative juridical, using secondary data, which consists of primary legal materials, secondary legal materials and tertiary legal materials, which are then supported by interviews with 2 (two) sources. The technique used is non-random purposive sampling. The results of the study found that 7 (seven) legal bases for the enactment of stock repo transactions in Indonesia, namely: The 1945 Constitution of the Republic of Indonesia, especially Article 33 paragraph (1) and paragraph (4); Book III of the Civil Code, including articles relevant to stock Repo transactions, namely: Articles 1313, 1338, 1457 and Article 1519; Law No. 8 of 1995 on Capital Markets; Law No. 40 of 2007 on Limited Liability Companies; Law No. 21 of 2011 on the Financial Services Authority; Financial Services Authority Regulation No. 9/POJK.04/2015 on Guidelines for Repurchase Agreement for Financial Services Institutions; and Financial Services Authority Circular Letter No. 33/SEOJK.04/2015 on Global Master Repurchase Agreement Indonesia. In stock Repo transactions in Indonesia, there are 4 (four) dimensions of legal consequences, including: the dimension of default in the form of delivery failure; the dimension of default in the form of payment failure; the dimension of Unlawful Acts; and the dimension of criminal acts of corruption in Repo transactions. In relation to Repo transactions in the capital market with the dimension of corruption, there are 16 (sixteen) typologies. The author's suggestion, it is necessary to add provisions in the Financial Services Authority Regulation Number 9/POJK.04/2015 concerning Guidelines for Repurchase Agreements for Financial Services Institutions which regulate legal protection for parties who are in good faith in implementing the agreement through: the principle of good faith, the Know Your Parties principle, and appointing PT Kliring Penjaminan Efek Indonesia as Tri-Party agent.

Actions (login required)

View Item