OJK Regulation Research Articles

Analisis Hukum Terhadap Praktik Insider Trading di Pasar Modal Indonesia: Tantangan dan Solusi

Indonesia's capital market has experienced significant growth, becoming a crucial pillar in supporting the national economy. However, maintaining market integrity and public trust is essential, as unfair trading practices like insider trading undermine transparency and fairness. Insider trading, involving the use of non-public material information for personal gain, continues to challenge Indonesia’s regulatory environment despite legal frameworks such as the Capital Market Law (Law No. 8 of 1995) and OJK regulations. This study aims to provide a comprehensive legal analysis of insider trading practices in Indonesia's capital market by identifying enforcement challenges, examining regulatory weaknesses, and proposing strategic solutions. Using a normative juridical approach with case studies, this research investigates real insider trading cases and evaluates regulatory and enforcement gaps. Findings indicate that limited resources, technological constraints, and unsynchronized regulations hinder effective enforcement. Furthermore, cultural factors such as low ethical awareness and prevalent nepotism in business exacerbate the issue. The study recommends strengthening regulations, investing in advanced monitoring technologies, and fostering ethical awareness among market participants. These measures are essential for building a fairer and more transparent capital market. Enhanced law enforcement, combined with cultural shifts towards ethical business practices, can protect market integrity, foster investor trust, and contribute to Indonesia’s economic stability and growth. This research contributes valuable insights to policymakers, regulators, and capital market stakeholders in developing a stronger legal and operational framework against insider trading in Indonesia.

Analisis Sanksi Administratif OJK Terhadap PT Maseri Aset Manajemen dan Implikasinya Bagi Pasar Modal Indonesia

This research analyzes the administrative sanctions given by the Financial Services Authority (OJK) to PT Maseri Aset Manajemen for governance violations, such as the absence of a physical office, business inactivity, not having professional employees, and not complying with OJK regulations. This research uses normative legal methods and a descriptive approach. The findings in this study show the importance of implementing Good Corporate Governance (GCG) and compliance with regulations. The research recommends increased stringent regulations and increased company compliance with OJK regulations

The Urgency of Banks in Implementing the Precautionary Principle as Consumer Protection in the Standard Clauses of Credit Agreements

The importance of the bank in applying the precautionary principle contributes to ensuring a sound banking system and protecting the country’s economy. In lending, the precautionary principle was manifested in a standard agreement between the bank as the creditor and the customer as the debtor. Credit agreements can lead to disputes, where the debtor sues the bank for violating the principle of consumer protection because it applies standard clauses in the credit agreement. The research method used is legal research with a statute approach and a conceptual approach). The results state that the application of the precautionary principle in making standard agreements manifests itself in the prohibition of financial service business actors including exoneration clauses to the detriment of financial service consumers as stipulated in Article 18 paragraph (1) of the Consumer Protection Act and OJK Regulation No. 6/POJK.07/Tahun 2022 concerning Consumer and Community Protection in the Financial Services Sector.

TANGGUNG JAWAB HUKUM DIREKSI PERSEROAN TERBATAS TERBUKA PADA MEKANISME PELAKSANAAN RUPS SECARA ELEKTRONIK BERDASARKAN POJK 15 TAHUN 2020

research discusses the legal responsibilities of directors in conducting electronic General Meetings of Shareholders (GMS) in Public Limited Companies (PT Terbuka), based on Financial Services Authority (OJK) Regulations Number 15 and 16 of 2020. These regulations were issued to facilitate the digital transformation of corporate governance, particularly during the COVID-19 pandemic. The directors are responsible for ensuring that the GMS is conducted in compliance with applicable legal provisions, including the electronic submission of meeting agendas, announcements, and shareholder invitations. This study aims to analyze how these OJK regulations affect the obligations and responsibilities of directors in conducting electronic GMS, as well as the legal implications if the directors fail to fulfill their obligations. The research employs a juridical-empirical method by collecting primary data through interviews and direct observations, along with secondary data from literature reviews. The results show that OJK Regulations 15 and 16 of 2020 have significantly altered the GMS procedures, imposing legal consequences on directors in Indonesia's capital markets

Pengaruh Carbon Emission Disclosure dan Good Corporate Governance terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode 2017-2022

Purpose: This study aims to identify the impact of carbon emission disclosure, independent commissioners, and institutional ownership on firm value. Research methodology: The population used in this study consists of transportation and logistics sector business entities registered on the Indonesia Stock Exchange during the period of 2017-2022, quatitative methods, and SPSS applications. Result: This study concludes that carbon emission disclosure has an effect on firm value. Meanwhile, independent commissioners have no effect on firm value and institutional ownership has an effect on firm value. Limitations: This study identified limitations, specifically in the examination where several business entities were not included in the research sample, resulting in an incomplete sample. Contribution: This study provides empirical evidence that contributes to the literature on the impact of carbon emission disclosures, independent commissioners, and institutional ownership on firm value. Additionally, this study is expected to inform policies related to environmental responsibility in compliance with the Republic of Indonesia Presidential Regulation Number 98 of 2021 on greenhouse gas emission control in national development and OJK Regulation No. 30/SEOJK.04/2016 on corporate obligations to include environmental disclosures in annual reports.

Urgency of the Board of Directors Responsibility in Organizing a Limited Liability Company’s General Meeting of Shareholders

This research aims to understand the obligations of the board of directors of a limited liability company in organizing the General Meeting of Shareholders (GMS). The method used by the author is a type of normative juridical research conducted with a conceptual approach. The research results indicate that the board of directors, as the authorized organ of the company, is fully responsible for the management of the company in the interest of the company in accordance with the company’s purposes and objectives, and represents the company both in and out of court in accordance with the Articles of Association. The board of directors’ role as a manager is more explicit and separate from its dual position as an organ and representative in Article 92 paragraph (1) of the Limited Liability Company Law. Non-compliance with reporting regulations and the failure to hold a GMS can lead to further legal issues and create distrust among various stakeholders in the company. The legal consequences of a company not holding a GMS according to the applicable regulations may result in administrative sanctions imposed by the Financial Services Authority (OJK), as referred to in OJK Regulation No. 15/PJOK.04/2020 concerning the Planning and Organization of General Meetings of Shareholders of Public Companies. These sanctions may include warnings, fines, the obligation to pay a certain amount of money, license revocation, or cessation of activities.

Implementation of Gold Bullion Funding as Alternative Instruments to Overcome the Problem of Currency Fluctuation

Infrastructure development has an important contribution in improving the national economy and realizing people's welfare. However, there are still problems in the implementation, namely the government's limited ability to fund infrastructure development projects. For this reason, the government has actually attempted to create a mechanism in the form of Public Private Partnership (PPP) by emphasizing risk sharing between the government and the private sector. However, this effort did not run smoothly because there were other risks, one of which was related to project financing which was at risk of currency value fluctuations. This situation shows that there is a need for a solution to optimize project financing in Indonesia through the Gold Bullion Funding (GBF) mechanism. The research method used is normative legal research by utilizing a qualitative method in analyzing data or secondary data through searching regulations and literature related to the object of the problem. Based on the research results, the author initiated the GBF mechanism to answer problems related to the implementation of project finance in PPPs. Regarding its implementation, the GBF mechanism will refer to the OJK regulation regarding the implementation of bullion business activities in order to optimize the government's role in forming the bullion ecosystem in Indonesia. With this mechanism, problems related to currency fluctuations in project finance in Indonesia can be resolved so that development can be realized that is effective, efficient and provides benefits to society.

The Pursuit of Legal Harmony in the Integration of Sharia Economic Law Compilation, OJK Regulations, and DSN-MUI Fatwas

The Pursuit of Legal Harmony in the Integration of Sharia Economic Law Compilation, OJK Regulations, and DSN-MUI Fatwas

Analisis Perlindungan Konsumen Terhadap Pelanggaran Hak Informasi Pribadi Pada Pinjaman Berbasis Online

Many users of online loan services have complained about the problem of distributing personal data by online loan providers without the applicant's notification or permission. This research aims to analyze how consumer protection in illegal online loan services can misuse borrowers' personal data, because it is important to conduct this research. Even though rules have been made to safeguard personal data, loan service creditors still misuse and disseminate borrowers' personal information, which has an impact negative towards debtors. This research uses normative juridical research with literature. This study is based on applicable laws, previous studies, and legal materials. OJK, ITE, Human Rights, Civil Code and Consumer Protection regulations are some of the laws used.

Kepastian Hukum Penyelesaian Sengketa Gagal Bayar Debitur Pada Layanan Peer To Peer Lending Di Indonesia

Peer to Peer lending is a form of online-based money lending service. P2P Lending has potential risks that can give rise to legal problems, namely the risk of default by the loan recipient. when the debtor default, the party who suffers the main loss is the lender. This type of thesis research uses the Normative Juridical method by taking a statutory approach and a conceptual approach. The results of the thesis research, legal certainty is achieved by using laws or regulations that are currently in effect, such as the Civil Code, Law no. 30 of 1999 concerning Arbitration and Alternative Dispute Resolution, OJK Regulation No. 10/POJK.05/2022. legal implications received by debtors who fail to pay on P2P Lending, the debtor receives a warning from the P2P Lending organizer, the debtor is subject to sanctions in the form of fines and interest charges that continue to increase, the debtor experiences collection by collectors, recorded on a blacklist by OJK. the dispute resolution option that can be taken by creditors together with P2P Lending providers who suffer losses due to debtors' failure to pay can be pursued through non-litigation and litigation dispute resolution.

DO INDONESIAN INVESTORS VALUE SUSTAINABILITY: THE RELATIONSHIP BETWEEN SUSTAINABILITY PERFORMANCE AND FIRM VALUE RELATED TO NATURAL ENVIRONMENT ISSUES

The Indonesian government regulates the activities of local companies related to sustainability as regulated in OJK Regulation (POJK) Number 51/POJK.03/2017 concerning the Implementation of Sustainable Finance for Financial Services Institutions, Issuers and Public Companies. Sustainable finance is the government’s goal to preserve the environment. The sustainability report prepared by the company shows concern for environmental sustainability and does not carry out excessive exploration of nature. This research examines the effects of sustainability performance on company value after the implications of POJK51. The sustainability performance variable is a variable that describes the company’s commitment to encouraging business sustainability through healthy practices, accountability, information transparency, contribution to economic development, and improving the quality of social life. The three main pillars of corporate sustainability are economic, social and environmental. The research was conducted on companies listed on the LQ45 Index of the Indonesian Stock Exchange. The research results show that sustainability performance does not affect company value. Investors don’t value sustainability. Improving sustainability performance does not benefit company values. Therefore, companies need to understand which sustainability performance best suits the interests of their stakeholders and make extra efforts to inform them so that investors can understand and appreciate sustainability.

Evaluasi Peran Otoritas Jasa Keuangan dalam Pengawasan Implementasi Standar Audit 701 (2021)

The objectives of this study are to provide an overview of the benefits of communicating key audit matters (KAM) for OJK's oversight function, to identify findings related to KAM in United Kingdom and Malaysia, and how those regulators have responded to those findings, and to evaluate OJK's response related to KAM. This research is carried out by in-depth interviews with supervisors and analysts from the Directorate of Regulation and Development of the OJK Capital Market Sector. KAM communication provided benefits in OJK's supervisory function, among others, in determining the items to be reviewed in the Issuer's financial statements and in reviewing the audit responses stated in the auditor's report have been supported by the auditor's working papers. In carrying out their oversight function, the United Kingdom and Malaysia found, among others, that the average number of KAM and words in communicating KAM in the auditor's report continued to decline, the content of KAM of companies audited by Big 4 audit firms had more words for the same number of KAM, and the benefits of communicating KAM decreased because KAM disclosures were boilerplate. OJK's response in relation to the implementation of SA 701 (2021) is to draft OJK regulations related to KAM and to prepare a study related to the first-year implementation of SA 701 (2021). Based on these responses, it is reflected that OJK has an important role in the implementation support stage to ensure that the policy implementation runs well in the long term.

Optimalisasi Penerapan Prinsip Transparansi Dalam Pengelolaan Perum Perhutani

Juridically, the implementation of transparency principles as part of Good Corporate Governance in Perum Perhutani has been initiated, though not yet fully optimized. Perum Perhutani has provided easy access to information and strives to maintain good relationships with stakeholders through various activities and media, in compliance with OJK Regulation No. 31/POJK.04/2015 on Disclosure of Material Information by Issuers or Public Companies. Transparency in material information builds public trust in a company's performance, necessitating specific regulations governing Annual Reports, as outlined in Chairman of the Capital Market Supervisory Board and Financial Institution Decision No. KEP-431/BL/2012 regarding Submission of Annual Reports by Issuers or Public Companies. Public access to information enables understanding and monitoring of management activities, fostering professional and ethical implementation of corporate vision and mission, considering all stakeholders. Ultimately, optimal application of Good Corporate Governance serves as a collective commitment to professional and ethical company conduct, minimizing conflicts of interest and legal issues, thereby enhancing product quality, company management, corporate value development, and reputation improvement in the long run.

HARMONIZATION OF FINANCIAL SECTOR REGULATIONS WITH THE FDIC LAW AND THE P2SK LAW REGARDING THE USE OF PRIVACY RELIABILITY CERTIFICATES BY FINANCIAL SECTOR BUSINESSES

<p>Information and communication technology has changed the behavior of society and human civilization worldwide. Its development has made the world borderless, and significant social changes are taking place rapidly. In addition to contributing to the improvement of welfare, progress, and human civilization, it has also become an effective means for illegal acts. Illegal acts occur in the development of the financial technology industry. In order to prevent unlawful acts, it is necessary to use privacy reliability certificates by financial sector companies based on Bank Indonesia Regulation No. 3 of 2023 and OJK Regulation No. 6 of 2022. The research method used is normative juridical. The research is conducted using primary data in the form of field studies as well as the use of library materials or secondary data that includes primary, secondary, and tertiary legal materials. This research aims to find out how the implementation of the obligation to use the Privacy Reliability Certificate by financial sector companies is based on the Indonesian Cyber Law, in order to better ensure consumer protection.</p><p>Keywords: Keywords: Privacy Reliability Certificate, Financial Technology Industry, Consumer Protection.</p>

Analisis Hukum Pelaksanaan Perdagangan Derivatif Di Pasar Modal Indonesia

The capital market is a main pillar of the modern economy and plays a crucial role in a country's economy. However, trading in the capital market is not free from the risk of crime and violations. One instrument that is increasingly attracting attention in the Indonesian capital market is derivative securities. This study aims to analyze the legal basis governing derivative trading in the Indonesian capital market and identify the benefits and risks associated with trading this instrument. This research uses normative legal research methods with a legislative and comparative approach. Data were collected through literature studies and analyzed descriptively and qualitatively. The results of this study are as follows: The legal basis governing derivative trading in the Indonesian capital market includes Law Number 8 of 1995 concerning the Capital Market, Government Regulation Number 45 of 1995, Government Regulation Number 17 of 2009, and OJK Regulation Number 32/POJK.04/2020. These regulations aim to ensure transparency, security, and market integrity through strict supervision, risk management, and tax compliance. The main benefits of derivative securities include minimizing risk, increasing profits, and securing investments through hedging strategies. However, this instrument also carries high risks and complexities that require deep understanding and good risk management. Derivative trading regulations in the Indonesian capital market provide a comprehensive framework to create a conducive market and attract investment. Derivative securities offer significant profit potential but also bring high risks that require caution and mature strategies in their use.

Revitalization Supervision Islamic Banking in Enhancement Compliance in Indonesia and Malaysia

This study is indicated with social reality that, following three decades of dual banking system implementation in Indonesia, Islamic banks' operational activities are essentially identical with the operations of conventional banks. The thing that distinguishes is only the Shariah "brand". In the vast zone of national banking industry, Islamic banks are still being the "followers" of conventional banks with approximately 6.65% market share. The focus of study is on the Islamic bank supervision system by DPS, the Shariah Bank Compliance Directorate, and OJK in carrying out supervisory functions related to fields of duty. The study methodology applied is a normative legal study which includes a study of norms, principles of sharia banking law, and the opinions of sharia economic law experts, while those used are a statutory approach and a sociological approach. The next stage of data analysis is data display, which illustrated through tables, figures, and graphs. Data categorization was carried out relied to the theme to identify the implementation of Islamic bank supervision duties in conforming to Shariah principles and the implementation of laws and regulations. The results showed that there are several problems in Islamic bank supervision institutions that make supervisory performance not optimal and pose potential legal risks for the bank. The roles of DPS, the Directorate of Shariah Bank Compliance, and OJK, which run independently and inefficiently, create overlapping aspects of Islamic bank supervision. This study recommends amending UURI No. 21 of 2008 about Shariah Banking by giving attributive responsibility to DPS to sanction Islamic banks that proved to violate Shariah principal compliance and establishing the OJK regulations on Islamic banking audit instruments.

The Role of the Financial Services Authority as a Strategic Partner for the Progress of the Indonesian Capital Market

The Indonesian capital market still faces several obstacles, including relatively low growth rates, limited access to finance, and significant financial risks. Financial services authorities can become strategic partners that encourage capital market growth and stability by innovating products and services, increasing financial access, and collaborating with other parties. This research uses a descriptive type of research with a literature review and reading sources related to the research collected using the literature review research method. This research aims to explore the role of financial services authorities as strategic partners in supporting the progress of the capital market in Indonesia. Based on various sources and theories, it can be concluded that as a supervisory authority, the OJK regulates and supervises institutional, prudential and sound aspects and carries out inspections of financial institutions to ensure that each financial institution is healthy and able to serve the public interest. OJK regulations apply to the issuance of operating permits for stock exchanges, clearing and guarantee institutions, investment fund custodians and settlement agents, securities companies, investment advisors, securities bureaus and other legal entities. OJK also collaborates with various related parties, including educational institutions, the financial industry and the government, to encourage innovation in the Indonesian capital market. The impact of this OJK partnership can help mitigate community losses due to errors by capital market players.

PERLINDUNGAN HUKUM BAGI NASABAH PADA PINJAMAN ONLINE MENURUT HUKUM EKONOMI SYARIAH

This article aims to examine the legal protection for customers in the implementation of online-based money loans or known as online loans (pinjol). The research method used is a doctrinal approach where the author will examine legal norms related to customer protection according to the Banking Law, and a number of Financial Services Authority (OJK) regulations related to pinjol. The results of this study conclude that there are several phenomena that occur in the implementation of pinjol that do not get legal protection for customers, namely: First, the determination of interest that does not refer to the interest rate provisions of Bank Indonesia, second, the maximum interest setting on online loans in fintech companies is 0.4 percent per day but the amount of real interest is not regulated in the agreement. Third, Financial Services Authority Regulation No.77/POJK.01/2016 on Information Technology-Based Money Lending and Borrowing Services OJK Regulation No.77 of 2016 is the basis for the implementation of Peer to Peer Lending business activities or online lending and borrowing which is one of the types of fintech, including the protection of customer personal data. Customer personal data collected by fintech providers must be kept confidential in accordance with applicable privacy provisions.

Optimization of Consumer Protection and Increase of Virtual Currency Trading in Indonesia: A Study on Financial Services Authority Regulation

This study aims to normatively analyze OJK Regulation Number 3 of 2024, focusing on consumer protection in the context of the increasing trade in virtual currency in Indonesia. This study uses a normative legal research method. The collected legal material is then qualitatively analyzed to describe the problem and answer the study objectives. The results show that OJK Regulation Number 3 of 2024 is crucial in optimizing consumer protection and increasing virtual currency trading in Indonesia. Through the general provisions in OJK Regulation Number 3 of 2024, which cover consumer protection and the sandbox mechanism, the regulation supports responsible testing and development of FinTech innovations. The practical implementation of OJK Regulation Number 3 of 2024, emphasizing personal data protection and transparency, adds a layer of consumer protection. Overall, OJK Regulation Number 3 of 2024 creates an environment conducive to safe and regulated virtual currency trading, enhancing investor and consumer confidence in the Indonesian FinTech ecosystem. Therefore, it is recommended that the government and OJK, FinTech innovators and virtual currency traders, as well as consumers and investors, take strategic steps to enhance consumer protection and optimize virtual currency trading in Indonesia. The Government and OJK need to ensure the effective implementation of OJK Regulation Number 3 of 2024 through widespread socialization, strict supervision, and firm law enforcement against violations. FinTech innovators and virtual currency traders should develop robust risk management systems, enhance operational transparency, and ensure compliance with personal data protection provisions. Consumers and investors are advised to improve their digital financial literacy, critically assess investment risks, and interact only with platforms and service providers that have been verified and comply with OJK regulations. The collaboration between regulators, the industry, and the community will create a safer, more transparent, and sustainable virtual currency trading ecosystem, supporting the growth of the FinTech sector in Indonesia while minimizing potential risks for consumers and investors.

Legal impact and urgency of protection for users of illegal online loan services

This study aims to identify legal sanction against illegal lending providers in Indonesia and examine legal protection for users of illegal online loan services. The research method used is a normative legal approach with a focus on analysis of applicable laws and regulations. Indonesia has a number of legal sanctions that have been imposed on illegal loan organisers, including suspensions of operations, administrative sanctions, and even criminal penalties under the Law and OJK Regulations. These measures aim to protect the public from illegal practices that can harm them financially and socially. On the user side, legal protection is regulated by POJK 77/2016 and the Consumer Protection Law, which provides consumer protection facilities such as complaint services and legal defence. Even though there are regulations that have been implemented, illegal loan services remain a problem because they offer loans without official permission, take advantages of people’s lack of financial literacy, and create the risk of uncontrolled lending. The importance of understanding and complying with the rules and laws that apply in lending services is the key to avoiding legal risks and financial problems