Capital Market Law Research Articles

The Intention to Use Innovative Compliance Application for Thai-Listed Companies

This study explores the intention to use innovative compliance applications among Thai-listed companies, focusing on a novel technology introduced to companies listed on the Stock Exchange of Thailand (SET). The research employs the Technology Acceptance Model (TAM) as its theoretical foundation, utilizing a quantitative approach. Data from 360 capital market law compliance officers in Thai public companies listed on the SET was analyzed using structural equation modeling. The study identifies four key factors impacting user satisfaction and intention to use the application: perceived ease of use, perceived usefulness, trust, and innovation quality. Results reveal significant relationships between innovation quality, user satisfaction, trust, and the intention to use the application. Findings demonstrate the connection between TAM variables and technology adoption in the legal sector, particularly for capital market law compliance officers. Innovation quality, user satisfaction, and trust emerge as the most influential factors, in that order, affecting the intention to use the application. This research contributes to understanding user perceptions and intentions regarding compliance software, potentially guiding future developments in regulatory technology for Thai-listed companies.

Strategi Berinvestasi terhadap Keberhasilan Investasi Saham Syariah di Pasar Modal Syariah

Stocks and the Indonesian capital market coexisted in Indonesia in 1912, when the Indonesian capital market was first established. An Islamic regulation master named Abdurrahman Isa contends that stock trading exchanges are permitted in religion, including shares gave by banking organizations, where a portion of the exercises are revenue based credit. This is based on the circumstances of Muslims, who, in his opinion, are in a dhorurat state. This study made use of literature research, which uses information from books and other sources to investigate the method for putting into practice investment in sharia stocks as a tool for economic improvement. The English word investment, which means to plant, was adopted from the British language. According to the Dictionary of Capital Market and Financial Terms, "investment" refers to putting money or capital into a business with the intention of earning a profit. The Capital Market Law regulates the sharia capital market, which is a capital market that does not violate sharia law. In this instance, the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) continues to oversee the sharia capital market. The fundamental difference between the sharia capital market and the conventional capital market is that the sharia capital market must adhere to sharia law in all transaction mechanisms and issuers traded in it. In other words, there is no significant difference between the two markets.

Tinjauan Yuridis dalam Pasar Modal: Analisis Tahapan Initial Public Offering (Ipo)

In today's competitive business era, entrepreneurs are faced with the challenge of growing their businesses in an increasingly competitive environment. One of the main strategies for growth is business expansion, which often requires additional funding. Internal funding is often insufficient, so many companies turn to external sources of funds, such as through an Initial Public Offering (IPO). IPOs are defined in Law No. 8/1995 on Capital Markets and offer various benefits, including increased share ownership by individual investors, expansion of product distribution, and long-term investor support. However, some listed companies choose not to list their shares on the Indonesia Stock Exchange, a decision that complies with the Capital Market Law. A company can be classified as a public company if it meets certain criteria, including the number of shareholders and minimum paid-up capital. While not listing on the stock exchange may have its own benefits and drawbacks, this decision has significant implications for the company's operations. This study explains the dynamics and implications of various funding strategies in the current business context, providing insights into the IPO decision and the choice not to list on the stock exchange.

Legal Protection for Notaries in the Backdoor Listing Process Based on Capital Market Law in Indonesia (Study of PT Pantai Indah Kapuk Dua Tbk)

Legal Protection for Notaries in the Backdoor Listing Process Based on Capital Market Law in Indonesia (Study of PT Pantai Indah Kapuk Dua Tbk)

Law and Regulation as Safeguards for Investors Against Crime in Capital Market Sector

As a country with potency in economic growth, Indonesia is supported by several essential sectors, and one of them is through the Capital Market. The capital market enables the growth acceleration for a company or country by providing the needed fund. At least, through this medium, there are reciprocal benefits obtained by both parties involved in the Capital Market: issuers with capital injections, and investors with dividends and price increases. Unfortunately, there are big risks that investors have to deal with in capital markets, and some of them are related to fraud, market manipulation and insider trading. The results of this research found that government has enacted regulations that protect investors' rights through the Capital Market Law and the Financial Services Authority Law. However, there are still weaknesses in this regulation, especially for types of crimes that are still not regulated in this regulation. Moreover, it is necessary to have sufficient prowess from the authorized institution, especially the Financial Services Authority (OJK), to resolve cases in accordance with the applicable law aiming to protect investors' rights.

Protection and Enforcement of Law Against Insider Trading Crimes in The Indonesian Capital Market

Criminal practices in the capital market are commonly known by the terminology insider trading, a long-standing crime that is not well-known to the public. Insider trading constitutes a legal violation as well as an ethical breach that can pose serious risks to market integrity and harm investors who do not have specific information access. This journal will explore the legal protection and enforcement framework that explains the Indonesian legal framework governing transactions in the capital market in an effort to protect the public from insider trading. Legal protection includes the enforcement of provisions found in laws, regulations, and supervisory mechanisms applied by financial authorities, which is essential to create a fair and efficient market. Therefore, understanding the effectiveness of existing laws and enforcement of rules is crucial to protecting the public from insider trading crimes. This journal is expected to provide knowledge to enhance and develop legal science, particularly related to the analysis of insider trading law enforcement in the capital market in Indonesia. This journal is hoped to provide input and recommendations for authorities and stakeholders involved in providing legal protection to the public for the enforcement of laws in accordance with the provisions of the Indonesian Capital Market Law.

Juridical Implications of Regional Regulations on the Management of Land Management Rights that have been Incorporated in Public Companies

<em>Inbreng is a deposit of capital in forms other than money. BUMD Tbk. is a company whose capital is invested by the Regional Government Y in the form of Land Management Rights. This capital investment has been approved based on the Governor's Decree regarding Development Guidelines in the BUMD Tbk. Area, as well as giving BUMD Tbk. the right to provide recommendations on Land Management Rights. However, currently the Governor's Decree regarding Development Guidelines in the BUMD The Province of the Special Capital Region of Jakarta has the right to provide recommendations given by the Regional Government. As a result, BUMD Tbk. lost one of its income from providing recommendations. Apart from that, questions arise regarding the status of Land Management Rights which have become capital investments. Bearing in mind that BUMD Tbk. is a Public Company, BUMD This research will focus on Company Law and Capital Market Law. Especially according to the provisions of Financial Services Authority Regulation Number 42/POJK.04/2020 concerning Affiliate Transactions and Conflict of Interest Transactions and Financial Services Authority Regulation Number 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities</em>

NOVICE INVESTORS AND PROTECTION FROM SHORT SELLING CARRIED OUT BY SECURITIES BROKERS

Domestic investors in the capital market until the end of July 2023 reached 11.4 million, and the increase in investors is seen as a positive development. However, on the other hand, Verdi Ikhwan, Head of the Research Division at the Indonesia Stock Exchange (IDX), stated that the level of capital market literacy has decreased from 4.92% to 4.11%. Meanwhile, inclusion has increased from 1.55% to 5.19%. It was also found that the Indonesia Stock Exchange (IDX) imposed sanctions on two securities for conducting short selling transactions without the exchange's approval. These two securities are PT Reliance Sekuritas Indonesia Tbk. (RELI) and PT Valbury Sekuritas Indonesia. The literacy level significantly influences the choices of novice investors in their activities in the capital market, particularly those who use brokers in stock trading. In this research, two problem formulations are posed: "What are the Capital Market Crimes in Indonesia?" and "How is the Protection for Novice Investors Against Short Selling Conducted by Securities Brokers?" The research utilizes normative and descriptive-analytical research methods. The study concludes that prohibited capital market crimes according to the Capital Market Law (UUPM) include market manipulation, insider trading, front running, and short selling. The UUPM regulates prohibitions in the practice of capital market trading. It is essential to remember that these regulations align with the law's purpose of safeguarding public order established by official bodies

Juridical Review of Investor Protection in Insider Trading Regulations in the Indonesian Capital Market

This article will discuss the protection of investors in the event of insider trading committed by persons who do not have a fiduciary duty relationship with the issuer. The crime of insider trading is difficult to prove and the perpetrator of the crime can be released from the law, which is a person outside of fiduciary duty. Therefore, the author examines the juridical review of investor protection in the event of insider trading whose perpetrators are people outside of fiduciary duty in the capital market using a legislative and conceptual approach. The findings of this research are that in order for the perpetrators outside the fiduciary duty to be sanctioned, capital market regulation in Indonesia must embrace misappropriation theory. As well as the responsibility in order to protect investors is an individual responsibility, where the responsibility is explained in Article 104 of the capital market law.

The Role of the Financial Services Authority (OJK) in Overcoming Illegal Investment Cases According to the Capital Market Law

Illegal investment is an investment that does not have legal permission from the state for the investment you want to make. Illegal investment often occurs in developing countries, one of which is Indonesia. This illegal investment tends to occur more frequently in developing countries compared to developed countries. In Indonesia, the institution responsible for illegal investments is the Financial Services Authority (OJK). As a result of the rise in illegal investment, it can lead to fraudulent or fictitious investment. If this happens, it is certain that the victim will not get their money back because the investment service provider has been aiming to deceive people from the start. The OJK's authority to deal with illegal investments in Indonesia is contained in Law number 21 of 2011 concerning the Financial Services Authority, where the OJK has the authority and duties of the OJK in supervising financial services institutions in the capital markets sector.

토큰증권발행(STO)을 통해 본 미술시장 내 정보 비대칭성 해소방안

This study focuses on the information asymmetry in the art market, examining the problems caused by the asymmetry and exploring the utility of Security Token Offerings(STO) as a means to address and resolve these issues. To do so, the study initially applied the concept of information asymmetry commonly used in economics to the art market to understand the challenges within the market. Subsequently, an investigation was conducted into how information asymmetry operates in the context of art objects and the unique characteristics of the art market. Based on this foundation, the study, going beyond the traditional solutions, examined how STO with blockchain technology and security tokens could address and mitigate information asymmetry. Finally, the study analyzed how information asymmetry could be regulated from a perspective known as screening. In other words, it anticipated that the screening and regulatory nature of capital market law could proactively prevent information asymmetry in the art market, contributing to transparency. In summary, this research acknowledges the issue of information asymmetry in the art market and proposes the use of blockchain technology and security tokens for fractional investments as a solution, exploring new possibilities to enhance transparency and efficiency in the market.

Dilema Fiduciary Duty Theory dan Misappropriation Theory Dalam Kejahatan Pasar Modal di Indonesia

Crime in the capital market is a matter of great urgency for every investor in ensuring legal certainty involving in Indonesia many cases that have occurred in the capital market that have not reached court, this has many causal factors starting from company organs related to information in public offerings and OJK in this case as the supervisor of the capital market because of the problem of Implications of Fiduciary Duty Theory and Misappropriation Theory in capital market crimes in Indonesia. writing using normative juridical legal methods, namely library law research and the results of research on the Capital Market Law need to be revised to suit the times. By comparing the two theories above, and analyzing articles 95 and 97 UUPM which regulate legal subjects, it can be seen that Fiduciary duty has weaknesses and results in legal loopholes exacerbated by the rapid advancement of technology so that an outsider who accidentally obtains material information/facts is very likely to be free from insider trading in Indonesia.

ANALISIS YURIDIS SECURITIES CROWD FUNDING DALAM PERSPEKTIF UNDANG-UNDANG PENANAMAN MODAL DAN UNDANG-UNDANG PASAR MODAL

Technology-based fundraising or crowdfunding has become a popular trend in corporate funding thanks to the development of the internet. This research uses a normative juridical method by examining library materials to analyze legal protection in crowdfunding services based on the Investment Law and the Capital Market Law. The results showed that legal protection of crowdfunding activities has not been maximized. There is legal uncertainty regarding OJK regulations that are responsible for losses due to third party errors. There needs to be more detailed rules regarding liability in this case. In addition, the current legal structure in the crowdfunding activity platform is considered not clear enough in risk reduction and loss prevention for users. The lack of information due to the low level of knowledge of the Indonesian people about crowdfunding is also a challenge in efforts to protect actors and users from the risks of this activity. Nevertheless, crowdfunding activities have great potential in improving the Indonesian economy after the recession due to the Covid-19 pandemic

Tanggung Jawab Wali Amanat Kepada Pemegang Obligasi Dalam Hal Wali Amanat Melakukan Kelalaian Terhadap Kontrak Perwaliamanatan

The trustee is the party responsible for assisting the implementation of bond issuance and transactions in the capital market. In the implementation of bond issuance, the role of the trustee is crucial in creating legal protection for bondholders. The purpose of this study is to clearly understand the duties and responsibilities of the trustee towards bondholders as well as the legal protection rights possessed by bondholders if the trustee commits acts of negligence under capital market law. The results showed that the trustee must make compensation as a form of legal protection to bondholders in accordance with the regulations contained in the laws and regulations in the field of capital market and bondholders who feel aggrieved can ask the trustee for compensation by means of consensus deliberation or dispute resolution at an alternative dispute resolution institution established by the Service Authority Finance (OJK). Bondholders can also prove to court because the losses suffered are the result of the negligence of the trustee who represents them in a bond issuance process.

Polish Takeover Regulation: The Recent Chapter in the Long Story of Flawed Rules, Legislative Hesitation and Policy Mistakes

This paper presents a critical examination of recent Polish takeover regulation from a perspective of evolution of capital market law in Poland. The study is based on both legal analysis and an empirical and statistical approach. Firstly, as a starting point, it briefly describes the mandatory bid rule and Takeover Bids Directive as well as the development of early Polish provisions. Secondly, the paper elaborates on the normative model of takeovers, which was in force until 2022. Using a case study and a comprehensive statistical examination of all mandatory bids carried out between 2008 and 2017, it shows how the unusual and incorrect legislative structure of two thresholds of control (33% and 66% of votes) allowed the actual circumvention of mandatory bids, to the detriment of minority shareholders. The paper also describes political considerations and political influences on the legislative process, which led to the failure of the 2014–2015 takeover law proposal. The core of the paper is devoted to the current takeover rules. Statistical research of ownership structures in Poland shows that the threshold of control set at 50% of votes is undoubtedly too high, which entails risks to investor protection that may arise from the adopted model. Based on research on significant holdings in Polish listed companies, the paper further elaborates on the notion of control over a public company and proposes a regulatory utility function to determine the desired threshold of control. This leads to the conclusion that the optimal regulatory threshold of control, given the characteristics of the Polish capital market, is 30% of votes.

APPLICATION OF PRINCIPLE FULL DISCLOSURE AND LEGAL PROTECTION FOR INVESTOR DUE TO MARKET MANIPULATION OF SHAREPRICES BY ISSUERS IN CAPITAL MARKET

Capital market plays an essential role in economic activity, particularly in the allocation of public money which is can’t be separated from the role of investor and issuer as well as the implementation of capital market, stipulated in the Capital Market Law No. 8 Year 1995. The transaction mechanism between the investor and the issuer themselves known as the Initial Public Offering (IPO) which furtherly understood as the process of selling securities from the issuers to investors. Hence, in the running of capital market itself there were found such a violation in the principle of full disclosure, also, the market manipulation that obviously undertook in the IPO that would obviously causes several losses for the investor rights. The research method was carried out using a judicial normative legal approach, in which, solely through the examination of library materials or secondary data. All the legal materials obtained would be analyzed using a logical/systematical interpretation referring to the relatable laws and regulations, also supported from the judge decision that strengthened the legal issue which further explaining the research’s result and discussion. It is clear that the Issuer responsibility would be served under the supervision of the Financial Services Authority (OJK) that would undertook either the preventive or the repressive action toward every crimes formed by the issuer. So does in the market manipulation cases, there would be imposing sanctions contained in the Capital Market Law in the form of criminal and administrative sanctions which were given intentionally of having a deterrent effect and providing legal certainty upon the Capital Market Law.

An Anlysis Of The Element Of Benefit (As A Consequence) In The Crime of Information-Based Manipulation Regulated In Capital Market Law a.107/2

6362 sayılı Sermaye Piyasası Kanunu’nun 107/2 maddesi bilgiye dayalı manipülasyon suçuna dair olup, bu Kanun’un ihdas edilerek Resmî Gazete yayımlandığı tarih olan 30.12.2012 tarihinde suç ani hareketli bir suç olarak düzenlenmişti. Ancak 27.03.2015 tarihli 6637 sayılı Kanun’un 11’inci maddesi çerçevesinde yapılan değişiklikle, bu suç netice aranan suçlar arasında sayılmıştır. Ani hareketli bu suçun neticeli bir suç haline dönüştürülmesi de beraberinde bazı çelişkilerin oluşmasına yol açmıştır. İspatı çok zor olan bu suç tipinde cezalandırılabilme alanının daha da daraltılmış olması, ceza normunun uygulanabilir olmasını iyice zorlaştırmıştır. Çalışmada, mevcut sistemin analizi ve bu sistemin benimsenmesinin sebepleri tartışılmış ve ceza normunun amacına uygun iyileştirici önerilerde bulunulmuştur.

Testing the Public Officials’ Integrity in the Moonlighting of State-Owned Company Commissioner

Conflict of interest is related to fraud and corruption, whose sources include the following, (a) concurrent positions or moonlighting, (b) public sector non-cooling off work/business activities post-employment, (c) work and personal business interests of family, friends, and associates, (d) affiliate relationship of community groups, organizations, and political aspirations. Therefore, this study aimed (1) to develop a catalogue of laws and regulations implicitly and explicitly prohibiting state officials or government employees from implementing moonlighting. It indicated the explicit prohibition of moonlighting against interfering with the conditions causing conflicts of interest. It also aimed (2) to examine the moonlighting of SOE commissioners through state officials. In this analysis, SOE was selected as the sample due to being simultaneously regulated by various policies prohibiting conflicts of interest and moonlighting. The sample was also exchange-listed because of the obligation to disclose information in the Capital Market Law as an Annual Report, where the profiles of the Commissioner members were often showcased. The results showed that moonlighting was unacceptable by public officials as commissioner members, regarding the compiled catalogue.

Harmonization of Carbon Exchange Regulations Towards a New Era of Capital Markets in Indonesia

<em>This article aims to analyze the legislation in relation to carbon exchanges in Indonesia. furthermore, this article seeks to explain the regulation of carbon exchanges in welcoming the new era of capital markets. The type of research used in this legal writing is normative legal research. This research is prescriptive research. Analysis of legal materials using the deductive method where general formulations are drawn to things that are specific. The result of this research is that the regulation on carbon exchange in Indonesia is regulated through the Financial Services Authority Regulation Number 14 of 2023 concerning Carbon Trading through Carbon Exchange (POJK 14/2023). This POJK is certainly very loaded with welcoming a new era of capital market law in Indonesia, although it is unfortunate that carbon exchange organizers need to obtain OJK permission and not automatically obtain permission from the stock exchange. The conclusion of this research is the need to separate the organizers between the stock exchange and the carbon exchange.</em>

A Shareholder Activity: Types of Control, Gaining and Using it

The article analyzes control as a methodical mean of practical implementation of shareholder activism, the ways of obtaining it and forms of use in the corporate-legal dimension. 
 In corporate law, control is understood in several directions. Its corporate sense leads to the mutual separation of ownership and control, management and holding a controlling stake by a shareholder under the authority of the JSC.
 The three-level classification of control is based on positive corporate law, which is developed by the best international practices of corporate management and the requirements of capital market law. The research thesis is centered on the legal, and in certain cases, economic categories of a shareholder controlling stake.
 In the article, the term "control" is analyzed with regard to its accession and use by a person (a shareholder) inclined to take control over the main material and procedural transactions and the control premium. The method of comparative legal research, systematic and teleological definition of the norm makes it possible to cover the basic scientific range of control in the JSC.