Anthology: Inside Intellectual Property Rights
Anthology: Inside Intellectual Property Rights is an electronic book of students' and lecturers' in-depth study in the field of intellectual property.
Indonesia and Corruption: A Parasitical Dynasty
This paper critically analyzes the deep-rooted and systematic corruption plaguing Indonesia, likening its spread to an unstoppable disease originating from the top. Through an empirical and historical lens, the research demonstrates how this pervasive issue has continuously grown in scale, frequency, and intricacy, severely damaging the nation's reputation and deterring investment. Specific cases are examined, including the Century Bank bailout, Jiwasraya fraud, BLBI misuse, PT Timah's illegal mining, the ongoing Pertamina scandal, and the eFishery startup forgery. These incidents underscore how corruption, embedded within state-owned enterprises and beyond, leads to colossal state losses and erodes public confidence. Furthermore, the paper highlights significant impediments to investment, particularly the rampant "premanisme ormas" (thuggery by community organizations). Driven by unemployment and political ties, these groups engage in intimidation and extortion, causing investment cancellations and escalating operational costs. The scarcity of law enforcement exacerbates this issue, fostering impunity. Coupled with Indonesia's protracted and ambiguous legal processes, these factors paint a picture of a business environment where corruption is not merely isolated but a systematic challenge. This environment, characterized by a lack of predictability and reliability, profoundly undermines Indonesia's appeal as a secure investment hub, effectively stifling its immense economic potential.
Copyright (c) 2025 Keeya Avarielle Tejasukmana, Matthew Toby, Patrick James Tjahjadi http://creativecommons.org/licenses/by/4.0
The Impact of Recent OJK Regulations on Transparency, Efficiency, and Investor Protection in Indonesia’s Capital Market
This study explores how recent regulations introduced by Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, or OJK) have influenced transparency, efficiency, and investor protection in the country’s capital market. Using a mixed-methods approach and combining quantitative analysis of market performance with qualitative insights from policy reviews, the research evaluates the impact of these regulatory changes. The findings suggest that OJK’s initiatives, including enhanced disclosure requirements, digital reporting systems, and simplified compliance procedures, have significantly improved market transparency and helped build investor confidence. Efficiency has also improved, with lower transaction costs and faster regulatory approvals thanks to greater automation and better policy alignment.[1] Moreover, stronger oversight and expanded investor education programs have contributed to better protection, especially for retail investors. Despite these gains, challenges remain, such as inconsistent implementation, limited resources, and compliance issues among smaller market participants. Overall, while OJK’s reforms mark important progress in modernizing Indonesia’s capital market, further efforts are needed to tackle structural issues. The study recommends ongoing policy refinement, stronger institutional collaboration, and targeted support for underserved groups. It highlights the importance of adaptive regulation in promoting sustainable market growth while managing risks, offering valuable lessons for policymakers in other emerging markets.
Copyright (c) 2025 Katrina Martin http://creativecommons.org/licenses/by/4.0
The History of Indonesian Capital Market
This paper will primarily talk about the historical development of the Indonesian capital market from colonial, which is the era of the Dutch East Indies (for Indonesia specifically, from the 17th century to 1,949) to modern times. It begins by looking at the first stock market in Batavia, which became operational during the Dutch East Indies government, showing its early problems/issues and its collapse. The conversation then follows another historic event for the Indonesian capital market during President Soeharto's New Order era, pointing out important events like major positive impacts of development, such as the reactivation of the Jakarta Stock Exchange and the release of important laws and systems. The research also looks at the changes in institutions that affect transformation in the law/and legislative improvement that took place in the 1990s, as well as what came after the merger of Indonesian stock exchanges. The study uses a historical perspective or the lens of history to show/explain how economic and political developments have a huge impact on regulation changes and the development of Indonesia's capital markets. The paper continues by pointing out the important part of strong legal systems and control for keeping an effective and open capital market.
Copyright (c) 2025 Ahmad Ghani Sumawijaya http://creativecommons.org/licenses/by/4.0
A Comparative Study of Donald Trump’s Tariff Announcements under U.S. and Indonesian Capital Market Law
The capital market in Indonesia rests on the law No. 8 of 1995 on Capital Market, which is enforced by the Financial Services Authority (OJK). The said law contains provisions concerning market conduct and material information disclosure and imposes sanctions for any manipulation or misleading practice in the financial sector. The fact is, however, that the need and practice of the regulatory regime in Indonesia, as compared with that of the U.S., are increased in intensity with respect to such factors as political pronouncements which do not follow the traditional spectrum of sources for market disruption. This comparison of legal systems will give a timely and interesting historic perspective on how capital market laws react to high-profile political communication events. To assess how Trump's proclamations on tariffs would be accommodated under the respective underpinnings of Indonesian and American securities law is thus not only academically enriching but very important for cross-border investors, regulators, and policymakers navigating the increasingly complex politics-financial world intersection. The result is, Indonesian legal and institutional structures have yet to develop to the extent of being capable of controlling these types of incidents well. Capital Market Act No. 8 of 1995 establishes broad definitions of manipulation but regulatory agencies and courts have not yet established clearly defined guidelines regarding how political and public communications affect market behaviors. The Otoritas Jasa Keuangan (OJK) needs to issue clear guidelines on digital communication surveillance and real-time monitoring capabilities since these capabilities are now essential in detecting new types of manipulation. Indonesia needs to implement several steps that will enhance its ability to respond to political distortions in the market. The Indonesian courts and OJK need to build their approach to interpretation through the process of learning comparative legal systems. The U.S. SEC issued landmark decisions via SEC v. The Texas Gulf Sulphur Co. and Basic Inc. v. Levinson decisions are solid precedents to determine whether public releases contain material misstatements or manipulative data. These decisions highlight the significance of materiality as well as scienter (intent) and the trading obligations of individuals possessing non-public information.
Copyright (c) 2025 Stefanie Hans, Marianne Charleen Sabini http://creativecommons.org/licenses/by/4.0
Legal Protection for Investors Against Insider Trading in The Indonesian Capital Market
Copyright (c) 2025 Andrew Aryaputra Anggoro, Khay Mali Heyder, Matthew Yim, Rachel Nakeisha Darmadji http://creativecommons.org/licenses/by/4.0
Assessing Types of Capital Market in the Indonesian Legal System
This paper examines the types of capital markets within the Indonesian legal system, starting with their role throughout historical development from the Dutch colonial era to the present day. It highlights the capital market’s pivotal role in building the economic strength of Indonesia, serving as a mechanism for raising long-term funds and facilitating investment opportunities for both individuals and institutions. The study applies a normative legal research method, utilizing secondary data and a literature review to analyze the legal framework and operational structures of Indonesia’s capital markets. Emphasis is given to the distinction between the primary and secondary markets, their respective functions, and the regulatory oversight provided by the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX). The paper discusses how legal regulations, particularly Law Number 8 of 1995, support market integrity, investor protection, and transparency. It also explores the types of capital markets viewed from the transaction process, including spot market, futures or forward market, and options market along with the trading mechanism on the stock exchange. Recent trends are also being discussed, such as the rise of retail investors and the impact of digital platforms on market inclusivity. The findings underscore the legal distinctions of each market type and the need for regulatory development to enhance market depth.
Copyright (c) 2025 Anjali Katifa, Muhammad Daffa Radhia, Zefanya Queenta Mangundihardjo http://creativecommons.org/licenses/by/4.0
Juridical Study of Trading Halt at IDX During Significant Decline of the Composite Stock Price Index (IHSG)
The Composite Stock Price Index (IHSG) declining sharply in early 2025 shows the importance of having a lower point in Indonesia’s capital market which affects a lot of factors including investors, issuers, regulators, and even the national economy. This journal has analyzed calamity for the capital market alongside the reason why the capital markets face a downturn. The capital markets which are under the jurisdiction of Law No.8/1995 and No.40/2007 are tasked with fostering deep financial intermediation for business and government activities, and public investment. The head of the OJK with the stock exchange industry setting the rules in the governance of IDX, places strong edges around, within, and in the capital market giving a protection to the investment climate. The safeguard guarantees that events in March and April 2025 show how far compliance with regulation goes but stretches beyond that to issues of market confidence and trust. Response from both the government and relevant authorities included extreme steps, such as instating trading suspensions, to stem panic selling and create some level of time out. These measures, while on some level unavoidable, highlighted the need for communication and harmonization among the regulators, market agents, and the public.
Copyright (c) 2025 Brigitta Kezia Eijileen, Carla Xelena Antunez, Katya Aiko Kusuma, Kesya Chantall Alisya Deru http://creativecommons.org/licenses/by/4.0
Beyond Conventional Insider Trading: Indonesia’s Shadow Trading Dilemma
Shadow trading represents an emerging challenge in financial regulation, involving the use of material nonpublic information (MNPI) by corporate insiders to trade in the securities of companies other than their own. Traditionally falling outside the scope of the classical insider trading theory—which is centered on fiduciary duty—shadow trading remained largely unregulated and unprosecuted. This changed in 2024 with the landmark U.S. case SEC v. Panuwat, where the Securities and Exchange Commission (SEC) successfully prosecuted the first shadow trading case. The SEC extended the Misappropriation Theory by introducing the novel “Market Connection” element, thereby establishing a legal foundation for prosecuting shadow trading as a form of insider trading. This paper critically examines the implications of this legal development for Indonesia, where the existing Capital Market Law, enacted in 1995, has not kept pace with evolving financial crimes. The law’s continued reliance on outdated fiduciary-based frameworks creates significant regulatory gaps, particularly in dealing with indirect or unconventional trading schemes. Employing a normative juridical method and comparative analysis, this study evaluates the capacity of Indonesia’s current legal framework to address shadow trading and explores how regulatory strategies and enforcement mechanisms adopted by the U.S. SEC may inform much-needed reforms to strengthen Indonesia’s capital market oversight and investor protection.
Copyright (c) 2025 Bryan Gadrian Tjahjadi, Nathania Wiandra Teeja http://creativecommons.org/licenses/by/4.0
The Impact of Global Economic Wars on Emerging Markets: Legal Certainty and Capital Market Resilience in Indonesia
This research critically examines the structural and legal challenges that undermine the resilience of Indonesia’s capital market during a period of heightened global economic instability. While the escalation of the United States–China trade war has introduced widespread volatility in financial systems worldwide, Indonesia remains particularly vulnerable due to its dependency on foreign capital and its domestic regulatory weaknesses. The analysis identifies key internal fragilities, including inconsistent enforcement of investor protection laws, regulatory uncertainty, and the growing influence of non-market actors such as mass organizations that disrupt commercial operations through extrajudicial means. A comparative legal framework is employed to evaluate the investor protection systems of China and the United States, revealing how centralized enforcement in China and institutional independence in the U.S. offer greater legal certainty and investor confidence. In contrast, Indonesia exhibits a hybrid model where capital market autonomy exists in theory but is frequently undermined by fragmented supervision, bureaucratic inertia, and politicized regulatory instruments. The discussion concludes that strengthening legal certainty, modernizing regulatory enforcement, and shielding capital markets from external and non-market pressures are critical to enhancing investor trust and financial stability. Reforms must focus not only on drafting comprehensive laws but also on ensuring their consistent application across jurisdictions. Without such measures, Indonesia risks capital flight, reduced competitiveness, and further marginalization in the global investment landscape.
Copyright (c) 2025 Jeralyn Valencia, Shawn Oliviere http://creativecommons.org/licenses/by/4.0
Navigating Volatile Markets: The Crucial Role of Regulatory Framework in Shaping Market Dynamics
Indonesia’s Composite Stock Price Index experienced a significant decline, dropping by 9.12% (nine point twelve percent)—a stark indicator of market volatility. This volatility not only reflects statistical fluctuations in market returns but also has wider economic implications, including increased risk premiums, firm value instability, and diminished effectiveness of equity-based incentives. To address such challenges, a strong regulatory framework is essential. This study explores the legal and regulatory responses to market volatility, focusing on the implications of share buybacks in light of Indonesia’s free float requirements, and the recent enactment of Financial Services Authority Regulation No. 13 of 2023 on Policies for Maintaining Performance and Stability of Capital Market Under Conditions of Fluctuations. By analyzing whether such regulation aligns with existing capital market regulations, particularly with regard to shareholding requirements and regulatory authority, aims to assess potential contradictions and provide recommendations to enhance regulatory coherence and maintain market stability during periods of market volatility.
Copyright (c) 2025 Imelda Jo Anastasya, Tiffany Angelica http://creativecommons.org/licenses/by/4.0
Tinjauan Yuridis terhadap Kesiapan Regulasi Pasar Modal Indonesia dalam Menghadapi Risiko Sistemik Akibat Krisis Ekonomi Global
The capital market plays a crucial role in the national financial system as an intermediary and a source of long-term financing. In the era of globalization, Indonesia's capital market is increasingly exposed to systemic risks triggered by global economic crises, such as the US-China trade war and the 2008 financial crisis. This research aims to review the readiness of Indonesia’s capital market regulations in facing systemic risks from a juridical perspective. The method used is a normative juridical approach, analyzing Law No. 8 of 1995 on Capital Market, OJK regulations, and other relevant policies. The findings reveal that although the current regulations provide a legal foundation for supervision and investor protection, they are not fully adaptive to global systemic risks. Macroprudential provisions are still limited, and regulatory responses tend to be reactive. Therefore, strengthening regulations through the integration of macroprudential principles, improved institutional coordination, and risk-based policy reforms is necessary. This will enable Indonesia’s capital market to be more resilient in facing global pressures and maintaining stability as part of the national financial system.
Copyright (c) 2025 Clara Nervia, Kresentia Aiko Wardhana, Talitha Livia Talim http://creativecommons.org/licenses/by/4.0
Urgensi Edukasi Hukum Pasar Modal bagi Generasi Muda dalam Mengurangi Fenomena FOMO pada Investasi Saham
This Study looks at how capital market legal education is urgently needed for the younger generation to help them overcome the Fear of Missing Out (FOMO) in equity investing. The FOMO phenomenon leads the younger generation to rush investment choices without sufficient research, which might financially hurt them. Conceptually and legally, the normative legal approach is used to investigate the legal and regulatory elements connected to capital market legal education and the protection of young investors. Furthermore, a literature study was done to grasp the significance of early capital market knowledge and the influence of FOMO. The findings of the research show that developing clever and legally protected young investors depends much on capital market legal education included into the educational curriculum from elementary school to college. By raising knowledge of capital market risks and procedures, this education is meant to offset FOMO and help to build a healthy and sustainable investing culture among the younger generation. This paper advocates for financial institutions, regulators, and educational organizations working together to provide inclusive and efficient capital market legal education courses.
Copyright (c) 2025 Gishella Odilia Lumowa, Indy Thesalonica Michelle Lantang http://creativecommons.org/licenses/by/4.0
Analisis Pengaruh Good Corporate Governance (GCG) terhadap Kinerja Keuangan Perusahaan Sebelum dan Sesudah Initial Public Offering (IPO) di Bursa Efek Indonesia
This study aims to analyze the effect of Good Corporate Governance (GCG) on the company's financial performance before and after the Initial Public Offering (IPO) on the Indonesia Stock Exchange. GCG is measured through indicators of managerial ownership, institutional ownership, proportion of independent commissioners, and audit committee. Financial performance is proxied by Return on Asset (ROA), Return on Equity (ROE), and Price Book Value (PBV). This study uses secondary data from the financial statements of companies conducting IPOs within a certain period, and regression analysis and t-test are conducted. The results show that the implementation of GCG generally has a positive influence on financial performance, especially after IPO, although not all GCG indicators have a significant effect partially. This finding confirms the importance of GCG implementation in improving firm performance and value, especially in the face of changes in ownership structure and transparency after IPO.
Copyright (c) 2025 Bienvenido G.B. Hayer, Rania Aisya Saudira http://creativecommons.org/licenses/by/4.0
Peran Strategis Bursa Efek Indonesia dalam Pemberdayaan UMKM melalui Mekanisme Pasar Modal
Usaha Mikro, Kecil, dan Menengah (UMKM) play a strategic role in Indonesia's economy, contributing significantly to the national GDP and employment. However, UMKM still face classic constraints in the form of limited access to capital. The capital market as a means of mobilizing funds can be an alternative source of financing for UMKM. This research aims to analyze the role of the Indonesia Stock Exchange (IDX) in providing capital access for UMKM and the legal regulations for UMKM share listings that protect the interests of UMKM actors. The research method used is normative legal research with a statutory approach and conceptual approach. The results show that IDX acts as a facilitator and regulator connecting UMKM with investors through initiatives such as the Acceleration Board with simplified listing requirements. Various investment products such as stocks, corporate bonds, sukuk, and securities crowdfunding are available for UMKM. Protection of UMKM interests is reflected in various regulations, from Article 33 paragraph (4) of the 1945 Constitution, Capital Market Law, POJK Number 53/POJK.04/2017, to IDX Regulation Number I-V which prohibits large companies from controlling UMKM issuers on the Acceleration Board. Another important breakthrough is the introduction of Individual Corporations through the Job Creation Law which allows UMKM to obtain legal entity status, thereby expanding access to formal financing including the capital market. Coordination between institutions and regulatory harmonization is needed to create a conducive ecosystem for UMKM development through the capital market.
Copyright (c) 2025 Lorin Imogen, Ni Kadek Manik Lely Kamani, Salsah Puri Dewi http://creativecommons.org/licenses/by/4.0
Menangkal Efek Kebijakan Dagang Trump: Strategi Pemerintah Indonesia dalam Melindungi UMKM Ekspor
The protectionist trade policies implemented by former United States President Donald Trump have posed serious challenges for Indonesian Micro, Small, and Medium Enterprises (MSMEs) that rely heavily on exports. Increased tariffs, technical barriers, and market uncertainty have become external factors disrupting the stability of Indonesia’s national exports. This study aims to analyze the strategies and measures that the Indonesian government can adopt to protect export-oriented MSMEs, as well as the potential impacts of these policies on the capital market. Using a descriptive qualitative approach, data were collected through literature review, policy analysis, and secondary data related to international trade and MSME development. The findings indicate that the government should promote export market diversification, provide fiscal incentives, and enhance the production capacity and competitiveness of MSME products through training, technology, and improved access to financing. In addition, economic diplomacy and the strengthened role of overseas trade representatives are crucial to maintaining market access amid global policy turbulence. The study recommends strong synergy between central and local governments and the private sector to formulate sustainable and responsive protection policies in light of global dynamics. With the right strategies, Indonesian MSMEs can remain competitive and continue to contribute to national economic growth despite the pressure of trade policies imposed by major trading partners such as the United States.
Copyright (c) 2025 Brenda Putri Tanoto, Gabriela Katarina Yuanda, Valerine Anastasya http://creativecommons.org/licenses/by/4.0
Tanggung Jawab dan Ganti Rugi bagi Investor yang Dirugikan Insider Trading dalam Perspektif Hukum Perdata
This study aims to explain and analyze the responsibility and compensation for investors who are harmed by insider trading from a civil law perspective. The purpose of this study is to increase insight and develop knowledge, especially in capital market law related to insider actions in the capital market. The method in this study uses normative research that uses qualitative analysis, namely by explaining existing data through a process to find a legal rule, legal principles, and legal doctrines to answer the legal issues faced. The conclusion of this study is in determining the form of an issuer's responsibility for insider trading crimes in the capital market which must also first be able to prove the amount of losses from investors because most investors who feel they have made a profit are investors who are promised profits but have previously experienced losses. Compensation for losses, then the sanctions that will provide benefits to investors are more appropriate to use civil sanctions, namely investors can compensate for the losses they experience in material and immaterial forms.
Copyright (c) 2025 Putu Davis Justin Thenata, Ryan Jovan Susanto, Ryandy Febriano http://creativecommons.org/licenses/by/4.0
IHSG Anjlok: Faktor Pemicu dan Strategi Investor Menghadapinya
The phenomenon of the collapse of the Jakarta Composite Index (JCI) is a clear reflection of the instability of the Indonesian capital market which is influenced by various factors, one of which is legal uncertainty. Legal certainty plays a key role in shaping the perception and behavior of investors, both domestic and foreign. This article discusses how legal uncertainty, including regulatory inconsistencies, external factors, and lack of government transparency, has a significant impact on investor confidence which leads to fluctuations in the JCI. Through a normative approach and literature review, this article finds that the correlation between legal certainty and investor confidence is strong and affects the JCI itself. The higher the investor's trust in the government, the more stable investor confidence becomes, which in turn contributes to the strengthening of the JCI. Conversely, low levels of investor confidence cause investors to withdraw their funds, exacerbating market volatility. Thus, legal reform, increased transparency, and government commitment in strengthening legal protection for market participants are needed as strategic solutions to maintain the stability of the JCI and improve the competitiveness of the Indonesian capital market at the global level.
Copyright (c) 2025 Waynehard Brayne Hizkia Putra, Christopher Kristian Darmawan , Jeshua Resa Loprang http://creativecommons.org/licenses/by/4.0
Analisis Pengaturan Hukum Pasar Modal terhadap Pelanggaran Investasi oleh Dana Pensiun Pertamina: Studi Kasus Saham PT Sugih Energy TBK
The case of the purchase of shares of PT Sugih Energy Tbk. (SUGI) by the Pertamina Pension Fund shows the weak investment governance of Indonesian state financial institutions. There were transactions amounting to hundreds of billions of rupiah carried out without internal approval and outside the official system, resulting in large losses and administrative fines. This article aims to analyze the legal perspective, with an emphasis on the legal review of procedural violations and the resulting criminal and administrative responsibilities. The method used is a normative approach with case studies and regulations of the Capital Market Law and the Corruption Law. The results of the study show that there was abuse of authority that clearly violated the principle of prudence in investment. Law enforcement in this case is a reminder that managing public funds is not only about profit, but also legal and ethical responsibility.
Copyright (c) 2025 Almando Davin Nepa Bait, Bintang Natanael, Owen Gavriel Suherman http://creativecommons.org/licenses/by/4.0
Efektivitas Pengawasan OJK dalam Mencegah Korupsi pada Emiten dan Perusahaan Publik
This study analyzes the effectiveness of the Financial Services Authority (OJK) in preventing corruption practices within issuers and public companies in Indonesia’s capital market. As a regulatory body, OJK holds the authority to oversee and ensure the integrity of the financial system. However, its supervisory efforts still face significant obstacles, such as limited enforcement, weak internal controls, and the superficial application of good corporate governance (GCG). This research applies a normative juridical approach using secondary data derived from legislation, academic literature, and official reports. The findings indicate that although OJK has broad legal authority, its effectiveness remains limited in detecting and preventing corruption. This is due to challenges in internal supervision mechanisms, the lack of substantial GCG implementation, and insufficient inter-agency coordination. To improve oversight and reduce the risk of corruption, it is necessary to enhance OJK’s monitoring capacity, promote transparency in company practices, and encourage a culture of accountability and governance compliance.
Copyright (c) 2025 Deon Warbung, Marcphillo Ceyzar Darmawan, Yosafat Marisi Otniel http://creativecommons.org/licenses/by/4.0
Tindak Pidana Insider Trading dalam Perspektif Hukum Pasar Modal Indonesia: Studi Kasus PT Jouska Finansial Indonesia
Insider trading is a prohibited practice in capital market activities in Indonesia. In the case of PT Jouska Finansial Indonesia, the client suffered losses due to the management of investment funds carried out by the company. As a result, allegations of insider trading were raised by PT Jouska Finansial Indonesia. The research was conducted using normative legal research methods with a case approach and a statutory approach. The legal materials used were primary and secondary. Thus, data collection was carried out through literature studies and case studies. The results of this study indicate that the case of PT Jouska Finansial Indonesia meets the elements of insider trading as regulated in Law Number 8 of 1995 on Capital Market. This case shows that there is inadequate legal protection such as supervision by Indonesian Financial Services Authority which failed to detect this practice and the recovery of investor losses is also not guaranteed due to the company's illegal status. Therefore, it is necessary to revise the Capital Market Law and its derivative regulations to be more responsive to the state of the capital market in Indonesia, as well as encourage legal and financial literacy and stricter supervision from the government. With that, the integrity of the capital market and investor confidence in the capital market will be maintained.
Copyright (c) 2025 Eunike Taresha Br. Ginting, Nadya Christallita Kurniawan, Zahrah Ramadhanti Hidayat http://creativecommons.org/licenses/by/4.0
Menelusuri Integritas Pasar Modal Indonesia Melalui Studi Kasus Manipulasi Saham PT Sekawan Intipratama Tbk
This study addresses the issue of weak legal protection for investors in the Indonesian capital market, particularly concerning stock price manipulation. The case of PT Sekawan Intipratama Tbk (SIAP) is examined as a concrete example. SIAP's shares experienced an unusual price surge, unsupported by corporate actions or financial fundamentals. The sudden increase followed by a sharp decline caused significant investor losses and a default by one securities firm, raising concerns about the effectiveness of market supervision and law enforcement. This research employs a normative juridical method with statutory, case-based, and conceptual approaches. Data are collected through literature review and consist of primary, secondary, and tertiary legal materials. The analysis focuses on Law No. 8 of 1995 on Capital Market, especially Articles 91, 92, and 104, which regulate prohibitions against manipulation and the associated sanctions. The study also examines the roles of the Financial Services Authority (OJK) and Self-Regulatory Organizations (SROs), including the Indonesia Stock Exchange (IDX), Indonesian Central Securities Depository (KSEI), and the Indonesian Clearing and Guarantee Corporation (KPEI). Findings indicate that although Indonesia’s legal framework on capital markets is normatively comprehensive, enforcement remains weak. Law enforcement is reactive, early detection mechanisms are underdeveloped, and inter-agency coordination is lacking. Legal responsibility for manipulation extends beyond individuals to issuers, directors, commissioners, and securities companies. The study concludes that reform is necessary through the adoption of advanced surveillance technologies, enhanced supervisory capacity of OJK and SROs, and widespread investor education. These efforts aim to foster a fair, transparent, and trustworthy capital market ecosystem in Indonesia.
Copyright (c) 2025 Pricilia Angel Sie, Dienda Cecilia C, Stefano Salim http://creativecommons.org/licenses/by/4.0
Tinjauan Yuridis terhadap Kebijakan Trading Halt sebagai Upaya Stabilitas Pasar Modal di Indonesia
The capital market plays a strategic role as a means of raising long-term funds, making it vulnerable to global economic fluctuations and investor perceptions. To maintain stability, the Indonesia Stock Exchange implements a temporary trading halt policy, which is a suspension of all trading activities when the Composite Stock Price Index experiences a sharp decline in a short period of time. This article examines the legal basis, procedures, and juridical implications of the temporary trading halt policy, particularly in the case of April 8, 2025, when the Composite Stock Price Index dropped by eight percent and trading was halted for thirty minutes. The research uses a normative juridical method with statutory, conceptual, and case approaches. The findings indicate that the authority of the Indonesia Stock Exchange is based on Law Number 8 of 1995 concerning Capital Markets and internal regulations established in its capacity as a Self-Regulatory Organization, further reinforced by directives from the Financial Services Authority. This policy is implemented through the Jakarta Automated Trading System, with clearly defined technical procedures for each level of decline in the Composite Stock Price Index. Although the temporary trading halt policy aims to calm the market and prevent panic selling, it also raises questions regarding accountability, transparency, and legal protection for investors. This article highlights the importance of a strong legal framework to ensure that the policy can be legally justified and effectively maintain trust and stability in the national capital market.
Copyright (c) 2025 Jennifer Junardi Chua, Jessica Carol Lee, Jeanette Olivia Kurniawati http://creativecommons.org/licenses/by/4.0
Perdagangan Karbon: Langkah Konkret Indonesia Menuju Nol Emisi
Indonesia is one of the countries that ratified the Paris Agreement on the United Nations Framework Convention on Climate Change (Paris Agreement). The ratification of the Paris Agreement shows that Indonesia takes part in realizing periodic carbon emission reductions through the Nationally Determined Contribution (NDC) program. One of the steps in implementing the carbon emission reduction program is through carbon trading. Carbon trading is a market-based mechanism that aims to reduce greenhouse gas (GHG) emissions through the buying and selling of carbon units on carbon exchanges. To support the implementation of carbon trading in Indonesia, the government has passed and enacted various laws and regulations governing carbon trading in Indonesia. These laws and regulations outline the basis, requirements, and implementation mechanism of carbon trading in Indonesia. In order to see the effectiveness of the implementation of carbon trading in Indonesia, it is also necessary to review its implementation in the field. The implementation of carbon trading in Indonesia is still faced with various challenges, such as imbalance between supply and demand, greenwashing practices, unavailability of incentive policies or fiscal sanctions, and lack of literacy of business actors. Thus, to understand the carbon trading regulations in more detail, this study will explain in more depth the various regulations and laws governing carbon trading and also provide suggestions that could be solutions or steps in optimizing the implementation of carbon trading in Indonesia.
Copyright (c) 2025 Ezra Sebastian, Frederick Leroy Notokusumo, Mulya Anugrah Parlindungan Lingga http://creativecommons.org/licenses/by/4.0
Analisis Dinamika Perkembangan Hukum Pasar Modal di Indonesia
The development of the capital market in Indonesia has shown a significant impact on the nation's economic growth. This development has gone through a long history since the Dutch colonial era. This study aims to examine and analyze the development of capital market law in Indonesia which is dynamic in the context of history, legal basis, and dispute resolution. This study uses a normative legal method with a qualitative approach. The results of the study show that the capital market in Indonesia has gone through approximately 9 dynamic phases that play an important role in the Indonesian economy, in addition, disputes in the capital market realm can be resolved through non-litigation with the assistance of BAPMI and litigation based on civil and criminal law with the help of law enforcement officers.
Copyright (c) 2025 Naily Aridah, Rewidan Muhammad Haikal http://creativecommons.org/licenses/by/4.0
Analisis Peran Pasar Modal dalam Perekonomian Nasional
The capital market plays a strategic role in the modern economy as an efficient and sustainable mechanism for long-term financial allocation. In Indonesia, the capital market’s role has become increasingly significant in financing development, empowering the real sector, and supporting the growth of Micro, Small, and Medium Enterprises (MSMEs). However, despite positive developments, the capital market’s contribution to national economic growth remains suboptimal. This study aims to examine the extent of the capital market’s contribution to Indonesia’s economic growth and to identify the key challenges limiting its strategic role. Utilizing a normative-empirical legal research method, the study analyzes capital market regulations, legal literature, official data from the Financial Services Authority (OJK) and Indonesia Stock Exchange (IDX), and interviews with industry practitioners. The findings reveal that the Indonesian capital market faces several major challenges, including low financial literacy, regulatory frameworks that lag behind digital transformation, limited market liquidity, inadequate risk diversification among investors, and regulatory barriers to developing modern funding instruments such as municipal bonds and Asset-Backed Securities (ABS). Transactional imbalance and bureaucratic complexity further weaken the market’s effectiveness in driving economic growth. Therefore, strengthening technology-based financial education, implementing responsive regulatory reforms, product innovation, and liquidity incentives are key strategies to enhance the Indonesian capital market. With comprehensive structural improvements, the capital market can transform into a central pillar of inclusive and sustainable national development.
Copyright (c) 2025 Clarissa Felicia Hidriani, Khairiyah Hanan Rafidah, Maria Angelita Silalahi http://creativecommons.org/licenses/by/4.0
Analisis Peran Pasar Modal dalam Mendorong Pertumbuhan Ekonomi Nasional: Studi Kualitatif pada Bursa Efek Indonesia
This study aims to analyze the strategic role of the capital market in supporting national economic growth, with a focus on the Indonesia Stock Exchange (IDX). As a platform for securities trading, the capital market plays a vital role in providing long-term financing alternatives for companies and investment opportunities for the public. This research uses a descriptive qualitative method through literature review and secondary data analysis from IDX annual reports, OJK publications, and academic literature. The results indicate that the capital market contributes significantly to the economy through capital mobilization, efficient allocation, and financial instrument liquidity. These findings highlight the importance of strengthening regulations, financial literacy, and digital transformation of capital market services to enhance public participation and market stability.
Copyright (c) 2025 Risca Veranda Setyawan, Yeremia Fernando Putra Purnomo http://creativecommons.org/licenses/by/4.0
Analisis Yuridis Penyalahgunaan Initial Public Offering Sebagai Mekanisme Exit Strategy Startup Dalam Hukum Pasar Modal Indonesia
This research analyzes the juridical aspects of Initial Public Offering (IPO) misuse as an exit strategy by startups in Indonesian capital market law. With the rapid growth of startups in Indonesia reaching 2,647 by 2024, investors often seek to exit through IPOs when companies reach peak valuation. While IPOs offer benefits for original investors, companies, and public investors, they can potentially be misused as escape routes that harm the market and public investors. This research examines how Indonesian Capital Market Law (Law No. 8 of 1995) prevents IPO misuse as exit strategies and protects public investors, as well as the challenges in implementing these legal protections. Using normative juridical research methods, this study finds that while disclosure principles are mandated, there are significant regulatory gaps in pre-IPO assessment and prevention mechanisms. The paper recommends strengthening pre-IPO investigation, enhancing both pre and post-IPO monitoring, improving investor education, and enforcing stricter reporting requirements for companies.
Copyright (c) 2025 Alicia Arletta, Gabriela Christine, Arief Alfred Pranoto http://creativecommons.org/licenses/by/4.0
Perlindungan Investor Sektor Pasar Modal dalam Kajian Hukum terhadap Regulasi Pengawasan OJK (Studi POJK Nomor 33 Tahun 2024)
Investor protection in the capital market is a fundamental aspect of maintaining economic stability and fostering public trust in the financial system. The phenomenon underlying this study is the implementation of the Financial Services Authority Regulation (POJK) Number 33 of 2024, which aims to encourage the development and strengthening of investment management in the capital market, in line with efforts to promote inclusive and sustainable economic growth. This study aims to analyze the effectiveness of this regulation in providing legal protection to investors and examine the role of OJK's supervision in creating a secure and trustworthy investment environment. Using a normative juridical method with a descriptive-analytical approach, this research involves a literature study that comprehensively analyzes capital market regulations, including their implications for the interests of investors and issuers. The study's findings indicate that POJK Number 33 of 2024 has significant potential to enhance the efficiency of investment management while providing better legal protection for investors, even though challenges remain in terms of technical implementation and consistent supervision. This regulation reflects the government's commitment to establishing a robust and competitive capital market system.
Copyright (c) 2025 Evan Hamonangan, Gilbert Hanly Tan, Lewis Colin http://creativecommons.org/licenses/by/4.0
Efektivitas UU Persaingan Usaha terhadap Pembatasan Dominasi di Era Digital
Antitrust Law in Indonesia aims to create a fair market and prevent monopolistic practices that harm consumers and other business actors. However, with the development of technology and the dominance of digital-based multinational companies, antitrust law challenges are growing. In the digital era, companies such as Google and Amazon capitalize on the power of data and algorithms to dominate the market, often to the disadvantage of small and medium enterprises and creating unfairness in the market. Regulations such as Law No. 5/1999 that regulate the prohibition of monopolistic practices and unfair business competition, are not fully capable of addressing the dominance of global digital companies. Therefore, updates and adjustments to antitrust regulations are needed, in order to accommodate the development of the digital industry and protect local markets. Other countries, like the EU with the Digital Markets Act (DMA) and the US with the Sherman Act, have developed more relevant regulations, which can guide Indonesia in updating its Antitrust Law. The DMA regulation, for example, focuses on limiting monopolistic practices in the digital market and requires large companies to provide access to their business users' data. On the other hand, the Sherman Act, although older, remains relevant in the effort to create a healthy market. Therefore, there is a need to update Indonesia's Antitrust Law, along with enhancing the capacity of the Competition Supervisory Commission (KPPU) to address these challenges and create a more competitive and fair market environment in the digital era.
Copyright (c) 2025 Danishel Subiran, Marvino Nathanael Singgih http://creativecommons.org/licenses/by/4.0
Analisis Penerapan Hukum Persaingan Usaha Dalam Menangani Praktik Monopoli di Indonesia
Competition law serves as a crucial pillar in maintaining a fair, efficient, and sustainable market. In Indonesia, this is regulated by Law No. 5 of 1999 concerning the Prohibition of Monopolistic Practices and Unfair Business Competition.[1] This study aims to evaluate the effectiveness of the law’s implementation in addressing monopolistic practices by major enterprises. Using a normative juridical approach and case study analysis, the paper explores the national legal framework, institutional performance of the Indonesia Competition Commission (KPPU), and compares it with international practices, particularly those of the European Union. The findings indicate that while the legal foundation exists, structural limitations, regulatory inconsistencies, and low legal awareness among business actors hinder its enforcement. The study recommends legal reform, increased institutional capacity, and stronger inter-agency coordination to promote a competitive and just business environment. [1] Undang-Undang Republik Indonesia Nomor 5 Tahun 1999 tentang Larangan Praktik Monopoli dan Persaingan Usaha Tidak Sehat.
Copyright (c) 2025 Frederich Gunawan http://creativecommons.org/licenses/by/4.0
Analisis Yuridis Merger antara Gojek dan Tokopedia (GoTo) dalam Perspektif Hukum Persaingan Usaha di Indonesia
The development of the digital economy in Indonesia has encouraged various technology companies to carry out business strategies, one of which is a merger. The merger between Gojek and Tokopedia in May 2021 formed a new entity called GoTo. The purpose of this study is to analyze the GoTo merger from the perspective of business competition law in Indonesia, to find out whether the merger of the two largest startup companies in Indonesia has the potential to cause monopolistic practices and unfair business competition. This research uses a normative juridical method with a statutory approach, as well as an analysis of the results of the assessment of the Commission for the Supervision of Business Competition (KPPU). The results showed that the GoTo merger did not violate the provisions of business competition law. This is based on the fact that Gojek and Tokopedia operate in different markets, do not have the potential to change the market structure, and do not create entry barriers for other business actors. In addition, KPPU stated that there is no potential for monopolistic practices or unfair business competition in the GoTo merger. This merger is considered to strengthen regional competitiveness in the midst of competition with global companies. Therefore, the GoTo merger can be viewed as a strategic step that is legally valid and supports the growth of a healthy and competitive digital economy in Indonesia.
Copyright (c) 2025 Catrina Yuka, Mirelle Elicia Perera, Shabrina Aurellia Nafisah Desuardi http://creativecommons.org/licenses/by/4.0
Analisa Kasus Monopoli yang Dilakukan oleh Google LLC dalam Putusan Perkara Nomor 03/KPPU-I/2024
Fair business competition is a fundamental pillar of a market economy, driving efficiency, innovation, and consumer protection. However, in practice, the market power held by certain business actors can lead to monopolistic practices that harm both the business ecosystem and consumers. This paper examines the monopolistic practices conducted by Google LLC in Indonesia through the mandatory use of the Google Play Billing (GPB) payment system imposed on Android app developers. The Indonesia Competition Commission (KPPU) found that such practices violated the principles of fair competition by limiting consumer choices and burdening developers with high service fees. The KPPU’s decision to impose an administrative fine of IDR 202.5 billion on Google serves as an important precedent in the enforcement of competition law in the digital era. This research applies a normative legal method with a statutory approach, combining an analysis of Law No. 5 of 1999 with secondary data from literature, court decisions, and expert opinions. The study aims to elaborate on the forms of violation committed by Google and to analyze the legal and economic implications of the decision, particularly for business actors and consumers in Indonesia. The findings are expected to contribute to strengthening regulation and law enforcement in facing the dominance of global digital platforms.
Copyright (c) 2025 Elena Philomena Lee, Nicole Baretta, Sheren Christabella N. http://creativecommons.org/licenses/by/4.0
Merger Gojek-Tokopedia: Tantangan bagi Persaingan Usaha di Era Ekonomi Digital
Digital transformation has driven significant changes in Indonesia's economic structure, marked by the growing role of technology companies such as Gojek and Tokopedia. The merger between these two entities in 2021 resulted in the formation of PT GoTo Gojek Tokopedia, one of the largest technology companies in Southeast Asia. This merger was a strategic move to face regional competition and create synergy across transportation, digital finance, and e-commerce services. However, the consolidation of two major players has also raised concerns about maintaining fair business competition in Indonesia. This study employs a normative-empirical legal method with a statutory approach to analyze the role of the Indonesia Competition Commission (KPPU) in assessing large-scale digital mergers and to evaluate the effectiveness of the national legal framework in addressing the challenges of the digital economy. The findings indicate that although the merger did not result in monopolistic practices, internal challenges such as inefficiencies in resource management must be addressed to ensure the long-term sustainability of GoTo’s business operations.
Copyright (c) 2025 Jason Indrakusuma, Rae Bennett Celeste Saragih, Glen Brilliant http://creativecommons.org/licenses/by/4.0
Analisis Hukum terhadap Kasus Kartel dalam Industri Minyak Goreng: Penerapan Hukum Persaingan Usaha di Indonesia
This article analyzes the legal aspects of cartel practices in Indonesia’s cooking oil industry, focusing on the effectiveness of indirect evidence in proving cartel violations and the legal considerations of the Business Competition Supervisory Commission (KPPU), District Court, and Supreme Court. Using a normative juridical approach, the study examines statutory and case law, particularly KPPU Decision No. 24/KPPU-I/2009, which found 20 major companies guilty of cartel practices through price-fixing and market control. KPPU relied on indirect evidence, such as price parallelism and communication patterns, due to the covert nature of cartels. However, the District Court and Supreme Court rejected KPPU’s decision, citing insufficient direct evidence and the failure to meet the "beyond reasonable doubt" standard. The findings highlight the challenges of enforcing competition law in Indonesia, especially regarding the acceptance of indirect evidence in court, and underscore the need for stronger legal frameworks to effectively combat anti-competitive practices.
Copyright (c) 2025 Felicia Angeline, Marsha Carolina Wijaya, Sherryl Aurellia http://creativecommons.org/licenses/by/4.0
Monopoli Digital dalam Persaingan Usaha: Evaluasi Penegakan Hukum oleh KPPU dalam Menanggulangi Dominasi Pasar di Era Platform Ekonomi
The development of the digital economy has created a new market structure characterized by dominance over data, algorithms, and digital ecosystems, which are not fully addressed by conventional legal frameworks. This study aims to evaluate the effectiveness of Law No. 5 of 1999 in dealing with monopolistic practices in the digital era and to examine the challenges faced by the Business Competition Supervisory Commission (KPPU) in enforcing the law without stifling innovation. Using a normative legal research method with statutory and conceptual approaches, the study reveals a regulatory gap between the digital market structure and the existing legal norms. Market dominance in digital platforms stems not only from price or distribution control but also from network effects, data lock-in, and algorithmic influence. Therefore, regulatory reform and institutional capacity-building are necessary to ensure that competition law remains relevant and effective in addressing the challenges of the digital economy.
Copyright (c) 2025 Adeline Lo, Natasya Edgina Chen http://creativecommons.org/licenses/by/4.0
Analisis Kasus Kartel Minyak Goreng di Indonesia: Dampaknya terhadap Harga, Konsumen, dan Penegakan Hukum Persaingan Usaha
This study was conducted to determine the appropriate legal considerations in the cooking oil cartel case between the Business Competition Supervisory Commission (KPPU), the District Court, and the Supreme Court. This is a normative legal research that uses statutory approach and case study. This case involves alleged cartel practices in the cooking oil industry in Indonesia. The research results show that indirect evidence plays an important role in building cases of cartel practices and contributes significantly to the enforcement of business competition law. The KPPU's decision in this case was supported by strong evidence, and the use of circumstantial evidence has helped uncover violations of business competition law.
Copyright (c) 2025 Theodore Francisco Emmanuel Sutanto http://creativecommons.org/licenses/by/4.0
Kewenangan Komisi Pengawas Persaingan Usaha dan Pemanfaatan Indirect Evidence dalam Penanganan Praktik Kartel di Indonesia
The Law on the Prohibition of Monopolistic Practices and Unfair Business Competition has regulated various types of agreements and business activities. This regulation is made to maintain healthy business competition, because of its significant impact toward society. One of the activities which is prohibited and difficult to prove is cartel practices. Cartels are generally carried out in secret, hence the use of indirect evidence. The Business Competition Supervisory Commission (KPPU) as the sole authority for business competition is the institution responsible for handling cartel practices and utilizing indirect evidence. However, to this day KPPU’s authority seems to be limited, resulting in a less optimal handling of cartel practices. KPPU has had various permits ranging from investigations to imposing sanctions, but the handling of cartel practices is often hampered by the lack of authority to search and confiscate. In addition, the unclear legality of indirect evidence in Indonesia also restricts the resolution of cartel cases, and causes inconsistency in court decisions. This article presents the results of the analysis related to KPPU’s authority and the use of indirect evidence in handling cartel practices. With in-depth discussions and a relevant case example, it can be seen whether KPPU’s current authority is sufficient to handle cartel practices while maintaining healthy business competition.
Copyright (c) 2025 Cassie Andrea Jonathan, Christy Abigail Tjahyadi, Marshella Angelita Butar Butar http://creativecommons.org/licenses/by/4.0
Analisis Dugaan Praktik Kartel Bunga oleh Pelaku Usaha Pinjaman Online di Indonesia
The phenomenon of the high use of technology-based loans is one of the things that needs attention. The high level of usage must be accompanied by adequate supervision. One form of supervision can be carried out through aspects of business competition in the online lending industry. Recently, the Competition Supervisory Commission as the supervisory body for business competition has found that 97 companies in the online lending industry have set loan interest rates that exceed the regulated interest rates, which if this is proven, then the business actors have violated Article 5 of Law Number 5 of 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. The research method used in writing this article is a normative research method, with data collected from laws and regulations to reports from media coverage. The results show that the allegations against online lending platforms are less relevant, but investigations by KPPU in following up on the potential for unfair business competition practices still need to be carried out to uphold justice in providing certainty for the public.
Copyright (c) 2025 Lauren Angel Gunawan, Celine Alexia Yap http://creativecommons.org/licenses/by/4.0
Indomaret dan Alfamart: Dugaan Praktik Eksklusifitas Dalam Penyewaan Lokasi yang Menyebabkan Kesusahan Bersaing Pada Usaha Kecil di Wilayah Tertentu
This article examines the alleged exclusivity practices exercised by two of Indonesia’s largest modern retail chains, Indomaret and Alfamart, particularly in their lease agreements with property owners. These agreements are suspected to contain exclusivity clauses that prohibit the leasing of nearby spaces to competing businesses. Such practices raise concerns regarding fair competition and have reportedly disadvantaged small businesses operating in the vicinity. The research applies a normative juridical approach, supported by a qualitative analysis of laws and regulations, previous cases, and the perspective of the Indonesian Competition Commission (KPPU). Findings show that exclusivity clauses in lease agreements may contravene Article 15 paragraph (2) of Law Number 5 of 1999 concerning the Prohibition of Monopolistic Practices and Unfair Business Competition. These provisions explicitly prohibit vertical agreements that restrict or obstruct other businesses from entering the market. The article concludes that these exclusivity arrangements potentially undermine market access for small enterprises and disrupt the competitive balance in certain regions. It recommends enhanced legal oversight and regulatory enforcement to ensure a level playing field and to protect the sustainability of micro, small, and medium enterprises (MSMEs) in Indonesia's retail landscape.
Copyright (c) 2025 Anneke Catlynne Gunawan, Chaterine Grace Gunadi, Elena Prisilia http://creativecommons.org/licenses/by/4.0
Dinamika Hukum Persaingan Usaha: Dari Prinsip Klasik hingga Era Ekonomi Digital
The rapid development of the digital economy has fundamentally transformed the landscape of business competition in Indonesia, which was originally regulated under classical principles embodied in Law No. 5 of 1999 concerning the Prohibition of Monopolistic Practices and Unfair Business Competition. This study aims to examine the relevance and effectiveness of traditional competition law principles in addressing emerging challenges posed by digital business models, the use of algorithms, and digital platform ecosystems. In this context, the Indonesia Competition Commission (KPPU) faces significant challenges in defining digital markets, identifying anti-competitive behavior, and addressing cross-border business actors. The study also highlights the need for regulatory reform, including legal amendments and policy harmonization with international standards, as well as the enhancement of institutional capacity through information technology and global cooperation. This research seeks to provide responsive and adaptive policy recommendations to support fair business competition in the digital era.
Copyright (c) 2025 Gisella Helga Xaviera, Jessy Yohanes, Paulina Shelly Kwu http://creativecommons.org/licenses/by/4.0