Perlindungan hukum terhadap pemegang saham dalam transaksi repurchase agreement Saham di pasar modal Indonesia = Legal protection for shareholders in repurchase agreement transactions in the Indonesian capital market

Sitorus, Albertus Daniel (2024) Perlindungan hukum terhadap pemegang saham dalam transaksi repurchase agreement Saham di pasar modal Indonesia = Legal protection for shareholders in repurchase agreement transactions in the Indonesian capital market. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini menganalisis perlindungan hukum terhadap pemegang saham dalam transaksi repurchase agreement (repo) di pasar modal Indonesia, sebuah instrumen keuangan yang memadukan elemen jual beli efek dengan kewajiban pembelian kembali. Transaksi Repo memiliki peran strategis dalam mendukung likuiditas pasar modal dan fleksibilitas pengelolaan aset, tetapi juga menghadirkan tantangan hukum yang kompleks, terutama dalam konteks perlindungan hak pemegang saham. Dalam sistem hukum Indonesia, Peraturan Otoritas Jasa Keuangan (POJK) No. 9/POJK.04/2015 menjadi landasan regulasi utama, dengan pedoman pelaksanaan berdasarkan Global Master Repurchase Agreement Indonesia (GMRA Indonesia). Namun, penelitian ini menemukan bahwa regulasi yang ada belum sepenuhnya melindungi pemegang saham dari risiko seperti kegagalan pengembalian efek, fluktuasi nilai saham, dan ketidakpastian mekanisme penyelesaian sengketa. Dengan pendekatan yuridis normatif, penelitian ini mengevaluasi kesesuaian regulasi pasar modal terhadap kebutuhan perlindungan hukum dalam transaksi repo. Hasil penelitian menunjukkan pentingnya harmonisasi regulasi lintas sektor hukum, termasuk hukum pasar modal, perdata, dan kontraktual, untuk memberikan jaminan hukum yang lebih solid bagi semua pihak yang terlibat. Selain itu, penguatan pengawasan oleh Otoritas Jasa Keuangan (OJK) menjadi kunci utama untuk memastikan transparansi dan akuntabilitas dalam pelaksanaan transaksi repo. Penelitian ini juga merekomendasikan edukasi intensif bagi investor dan pemegang saham tentang risiko dan hak-hak mereka, serta pentingnya penerapan sanksi yang tegas bagi pelanggaran kontrak repo. Dengan langkah-langkah ini, diharapkan tercipta ekosistem pasar modal yang lebih stabil, transparan, dan berkeadilan, sehingga mampu meningkatkan kepercayaan investor serta mendukung pertumbuhan ekonomi nasional. / This study examines the legal protection afforded to shareholders in repurchase agreement (repo) transactions within Indonesia's capital market. Repo transactions, which integrate elements of securities trading with a repurchase obligation, serve as critical instruments for enhancing market liquidity and enabling flexible asset management. However, they also pose significant legal challenges, particularly concerning the protection of shareholders' rights. In Indonesia, the primary regulatory framework for these transactions is outlined in the Financial Services Authority Regulation (POJK) No. 9/POJK.04/2015, with operational guidelines established through the Global Master Repurchase Agreement Indonesia (GMRA Indonesia). Despite this, the study identifies regulatory gaps, including insufficient safeguards against risks such as non-fulfillment of repurchase obligations, volatility in securities valuation, and ambiguities in dispute resolution mechanisms. Employing a normative juridical approach, this research evaluates the adequacy of existing capital market regulations in addressing the legal complexities of repo transactions. The findings underscore the necessity of regulatory harmonization across legal domains, encompassing capital market, civil, and contractual law, to deliver robust legal protections for all stakeholders. Strengthened oversight by the Financial Services Authority (OJK) is also critical to ensuring compliance with principles of transparency and accountability. The study further advocates for enhanced educational initiatives aimed at equipping investors and shareholders with a clear understanding of their rights and the inherent risks associated with repo transactions. Additionally, strict enforcement of sanctions against breaches of repo agreements is imperative. These measures are anticipated to foster a stable, transparent, and equitable capital market environment, bolstering investor confidence and contributing to sustained national economic growth.
Item Type: Thesis (Masters)
Creators:
Creators
NIM
Email
ORCID
Sitorus, Albertus Daniel
NIM01659230039
albertus.daniel@gmail.com
UNSPECIFIED
Contributors:
Contribution
Contributors
NIDN/NIDK
Email
Thesis advisor
Sugianto, Fajar
NIDN0717077607
fajar.sugianto@uph.edu
Uncontrolled Keywords: Transaksi REPO ; Pemegang Saham ; Pasar Modal ; Repo Transactions ; Shareholders ; Capital Market
Subjects: K Law > K Law (General)
Divisions: University Subject > Current > Faculty/School - UPH Karawaci > Faculty of Law > Master of Law
Current > Faculty/School - UPH Karawaci > Faculty of Law > Master of Law
Depositing User: ⁠Albertus Daniel Sitorus
Date Deposited: 30 Jan 2025 01:32
Last Modified: 30 Jan 2025 01:32
URI: http://repository.uph.edu/id/eprint/66793

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