Urgensi Pengaturan Prinsip Keterbukaan Dalam Equity Crowdfunding Dan Implikasinya Terhadap Perlindungan Investor

Abstract

The implementation of equity crowdfunding (ECF) is part of capital market activities. Capital market activities prioritize the principle of transparency in order to safeguard the trust of the investors. However, Financial Services Authority (OJK) regulations regarding ECF do not provide clear and adequate arrangements for the obligations of the principle of transparency. The problems studied in this research include: First, what is the urgency of regulating the principle of transparency in ECF? Second, what are the implications of the void in the regulation of the ECF principle of transparency to investor protection? The type of research used is normative legal research. This study uses statutory and conceptual approaches with a qualitative descriptive analysis method. The results of the study conclude: First, considering the crucial role of the principle of transparency as the main principle of the capital market, the existence of regulations regarding the principle of transparency is also needed in the implementation of ECF as part of capital market activities. Second, the absence of regulation regarding transparency in the administration of ECF results in non-optimal legal protection for investors. This is understandable because the substance of the ECF can actually be compared to a public offering in the capital market. In addition, the current OJK regulations related to investor protection have not specifically accommodated the interests of ECF investors. This is due to the nature of the regulation which is still scattered in several regulations and the nature of the regulation which is still repressive.