Perlindungan hukum oleh otoritas jasa keuangan terhadap pemegang saham publik sebagai wujud pengembangan industri pasar modal Indonesia

Yenita, Yenita (2019) Perlindungan hukum oleh otoritas jasa keuangan terhadap pemegang saham publik sebagai wujud pengembangan industri pasar modal Indonesia. Doctoral thesis, Universitas Pelita Harapan.

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Abstract

This study is conducted to review and analyze the arrangement of legal protection for public shareholders, to analyze the implementation and effect of legal protection arrangement on public shareholders, and to analyze the efforts that can be conducted by Financial Services Authority as a form of legal protection for public shareholders in Indonesia capital market. This study is a juridical normative qualitative study using the specification of analytical descriptive study conducted through statute approach that reviews about legislation, which are Constitution Number 21 Year 2011 about Financial Services Authority (FSA), Constitution Number 8 Year 1995 about Capital Market, and Constitution Number 40 Year 2007 about Limited Liability Company. The legal contents were collected through library research and in-depth interview with relevant institution, which was FSA, and then continued with descriptive qualitative analysis. The result of this study shows that FSA functions as supervisor as well as regulator for financial services institutions in order to conduct legal protection. FSA has the independency and has to be free from any kind of intervention, although conflict of interests related to the authority and duty of FSA still occur. In monitoring aspect, FSA uses integrated two-tier system approach containing the elements of check and balance manifested through the separation between the function of arrangement and monitoring due to characteristic differences among each of financial services industry. The monitoring model which is suitable to be implemented is the Unified Supervisory Model, because the overall arrangement and monitoring activities toward financial services industry is done by one-single institution, which is FSA. In legal enforcement aspect, criminal sanction charged by FSA is still weak, whereas its investigation and implementation is considered less effective in providing deterrent effect, thus FSA only charges a number of administrative sanctions to the criminal offenders in financial services industry. This study is expected to provide contribution and added values to the development of legal studies, especially business law in the field of legal protection for public shareholders in Indonesia capital market. / Studi ini dilakukan untuk meninjau dan menganalisis pengaturan perlindungan hukum bagi pemegang saham publik, untuk menganalisis implementasi dan efek pengaturan perlindungan hukum terhadap pemegang saham publik, dan untuk menganalisis upaya yang dapat dilakukan oleh Otoritas Jasa Keuangan sebagai bentuk perlindungan hukum untuk pemegang saham publik di pasar modal Indonesia. Penelitian ini adalah penelitian kualitatif normatif yuridis dengan menggunakan spesifikasi penelitian deskriptif analitik yang dilakukan melalui pendekatan statuta yang mengulas tentang undang-undang, yaitu Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan (OJK), Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal, dan Undang-Undang Dasar Nomor 40 Tahun 2007 tentang Perseroan Terbatas. Isi hukum dikumpulkan melalui penelitian perpustakaan dan wawancara mendalam dengan lembaga terkait, yaitu OJK, dan kemudian dilanjutkan dengan analisis kualitatif deskriptif. Hasil penelitian ini menunjukkan bahwa OJK berfungsi sebagai pengawas sekaligus pengatur lembaga jasa keuangan dalam rangka melakukan perlindungan hukum. OJK memiliki independensi dan harus bebas dari segala bentuk intervensi, meskipun konflik kepentingan terkait dengan wewenang dan tugas OJK masih terjadi. Dalam aspek pemantauan, OJK menggunakan pendekatan sistem dua tingkat terintegrasi yang mengandung unsur-unsur check and balance yang dimanifestasikan melalui pemisahan antara fungsi pengaturan dan pemantauan karena perbedaan karakteristik di antara masing-masing industri jasa keuangan. Model pemantauan yang cocok untuk diterapkan adalah Model Pengawasan Terpadu, karena pengaturan keseluruhan dan kegiatan pemantauan terhadap industri jasa keuangan dilakukan oleh satu lembaga, yaitu FSA. Dalam aspek penegakan hukum, sanksi pidana yang dibebankan oleh OJK masih lemah, sedangkan penyelidikan dan implementasinya dianggap kurang efektif dalam memberikan efek jera, sehingga OJK hanya membebankan sejumlah sanksi administratif kepada pelanggar pidana di industri jasa keuangan. Studi ini diharapkan dapat memberikan kontribusi dan nilai tambah bagi pengembangan studi hukum, khususnya hukum bisnis di bidang perlindungan hukum bagi pemegang saham publik di pasar modal Indonesia.

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