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Abstract
The implementation of equity crowdfunding (ECF) is part of capital market activities. Capital market activities prioritize the principle of transparency in order to safeguard the trust of the investors. However, Financial Services Authority (OJK) regulations regarding ECF do not provide clear and adequate arrangements for the obligations of the principle of transparency. The problems studied in this research include: First, what is the urgency of regulating the principle of transparency in ECF? Second, what are the implications of the void in the regulation of the ECF principle of transparency to investor protection? The type of research used is normative legal research. This study uses statutory and conceptual approaches with a qualitative descriptive analysis method. The results of the study conclude: First, considering the crucial role of the principle of transparency as the main principle of the capital market, the existence of regulations regarding the principle of transparency is also needed in the implementation of ECF as part of capital market activities. Second, the absence of regulation regarding transparency in the administration of ECF results in non-optimal legal protection for investors. This is understandable because the substance of the ECF can actually be compared to a public offering in the capital market. In addition, the current OJK regulations related to investor protection have not specifically accommodated the interests of ECF investors. This is due to the nature of the regulation which is still scattered in several regulations and the nature of the regulation which is still repressive.
Key Words: Urgency; the principle of transparency; equity crowdfunding; investor protection
Abstrak
Penyelenggaraan equity crowdfunding (ECF) merupakan bagian dari kegiatan pasar modal. Kegiatan pasar modal sangat mengedepankan prinsip keterbukaan guna menjaga kepercayaan investor. Namun demikian, peraturan OJK mengenai ECF tidak memberikan pengaturan yang jelas dan memadai terhadap kewajiban prinsip keterbukaan. Permasalahan yang dikaji dalam penelitian ini meliputi: Pertama, apa urgensi pengaturan prinsip keterbukaan pada Equity Crowdfunding? Kedua, bagaimana implikasi atas kekosongan pengaturan prinsip keterbukaan Equity Crowdfunding terhadap perlindungan investor? Jenis penelitian yang digunakan ialah penelitian hukum normatif. Penelitian ini menggunakan pendekatan perundang-undangan dan pendekatan konseptual dengan metode analisis deskripif kualitatif. Hasil penelitian menyimpulkan: Pertama, mengingat peran krusial prinsip keterbukaan sebagai prinsip utama pasar modal, maka keberadaan pengaturan mengenai prinsip keterbukaan juga dibutuhkan dalam penyelenggaraan ECF sebagai bagian dari kegiatan pasar modal. Kedua, ketiadaan pengaturan mengenai keterbukaan dalam penyelenggaraan ECF berakibat pada tidak optimalnya perlindungan hukum bagi investor. Hal ini dapat dipahami karena substansi ECF sejatinya dapat dipersamakan dengan penawaran umum dalam pasar modal. Selain itu, peraturan OJK terkait dengan perlindungan investor saat ini juga belum mengakomodir kepentingan investor ECF secara khusus. Hal ini disebabkan karena sifat pengaturan yang masih tersebar pada beberapa peraturan dan sifat pengaturan yang masih represif.
Kata Kunci: Urgensi; prinsip keterbukaan; equity crowdfunding; perlindungan investor
Keywords
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References
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- Siti Yuniarti dan Abdul Rasyid, “Consumer Protection in Lending Fintech Transaction in Indonesia: Opportunities and Challenges”, Journal of Physics: Conference Science, IOP Publishing, 2020.
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- George Walker, “Financial Technology Law: A New Beginning and A New Future”, International Lawyer, 50th Anniversary Issue 137, 2017.
- Hyun-Sun Ryu, “Understanding Benefit and Risk Framework of Fintech Adoption: Comparison of Early Adopters and Late Adopters”, Proceedings of the 51st Hawaii International Conference on System Sciences 2018, diakses melalui https://core.ac.uk/download/pdf/143481321.pdf
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- Lars Silver, Bjorn Berggren & Andreas Fill, “The Role of Crowdfunding in Enterpreuneurial Ventures: An Analysis of Recent Trends in Sweden”, Invesment Management and Financial Innovations, 2016.
- OECD, Financial Consumer Proetction Approaches in the Digital Age, G20/ OECD Policy Guidance, https://www.oecd.org/finance/G20-OECD-Policy-Guidance-Financial-Consumer-Protection-Digital-Age-2018.pdf
- ______, “G20/OECD Principles of Corporate Governance”, 2015, diakses dari https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf pada tanggal 13 Februari 2020.
- Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal
- Undang-Undang Republik Indonesia Nomor 8 Tahun 1999 tentang Perlindungan Konsumen
- Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan
- Peraturan OJK Nomor 18/POJK.07/2018 tentang Layanan Pengaduan Konsumen di Sektor Jasa Keuangan
- Peraturan OJK Nomor 31/POJK.07/2020 tentang Penyelenggaraan Layanan Konsumen dan Masyarakat di Sektor Jasa Keuangan Oleh OJK
- Peraturan POJK Nomor 57/POJK.04/2020 tentang Layanan Urun Dana Melalui Penawaran Efek Berbasis Teknologi Informasi
References
Balfaz, Hamud M., Hukum Pasar Modal Indonesia, Edisi Revisi,PT Tata Nusa, Jakarta, 2012.
IOSCO, Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities, A Statement of the Technical Committe of IOSCO, 2002
Kretarto, Agus, Investor Relations- Pemasaran dan Komunikasi Keuangan Perusahaan Berbasis Kepatuhan, GrafitiPress, Jakarta, 2011.
Nasution, Bismar, Keterbukaan dalam Pasar Modal, Cetakan Pertama, Fakultas Hukum Universitas Indonesia, Program Pascasarjana, Jakarta, 2001.
Rahadiyan, Inda, Hukum Pasar Modal: Pengawasan Pasar Modal Pasca Terbentuknya Otoritas Jasa Keuangan, UII Press, Yogyakarta, 2014
Rahmah, Mas, Hukum Pasar Modal, Cetakan Pertama, Kencana, 2019.
Sjahputra, Iman, Seluk Beluk Hukum Pasar Modal dan Hukum Perseroan Terbatas, Harvarindo, Jakarta, 2011
Annisa Justisia Tirtakoesoemah dan Muhammad Rusli Arafat, “Teori Perlindungan Hukum Terhadap Hak Cipta atas Penyiaran,” Pena Justisia : Media Komunikasi dan Kajian Hukum, Vol. 18, No. 1, 2019.
Cindy Indudewi Hutomo, “Layanan Urun Dana Melalui Penawaran Saham Berbasis Teknologi Informasi (Equity Crowdfunding)”, Jurnal Perspektif, Vol. 24, No. 2, 2019.
Dian Purnama Anugerah dan Masitoh Indriani, “Data Protection in Financial Technology Services: A Study in Indonesia Legal Prespective”, IOP Conf. Series: Earth and Environmental Science, 2018.
Giuliana Borello, Veronica De Crescenzo & Flavio Pichler, “The Funding Gap and The Role of Financial Return Crowdfunding: Some Evidence From European Platforms”, Journal of Internet Banking and Commerce, Vol. 20, No. 1, 2015.
Ika Atikah, “Consumer Protection and Fintech Companies in Indonesia: Innovations and Challenges of the Financial Services Authority”, Jurnal Hukum dan Peradilan, Vol.9, No.1, 2020.
Iswi Hariyani, dan Cita Yustisia, “Kajian Hukum Bisnis Jasa Crowdfunding Property”, Jurnal Legislasi Indonesia, Vol. 16. No. 1, 2019.
Lastuti Abubakar dan Tri Handayani, “Financial Technology: Legal Challenges for Indonesia Financial Sector”, IOP Conf. Series: Earth and Environmental Science, 2018.
Mark D Fenwick, et.al, “Regulation Tomorrow: What Happens When Technology is Faster than the Law?”, American University Business Law Review, Volume 6, Issue 3, 2017.
Na’im Fajarul Husna, dan Kukuh Tejomurti, “Urgensi Penerapan Sandbox oleh Otoritas Jasa Keuangan Sebagai Upaya Perlindungan Hukum Bagi Pemodal Equity Crowd Funding”, Jurnal de Jure, Vol. 12. No. 1, 2020.
Ratna Hartanto, “Hubungan Hukum Para Pihak Dalam Layanan Urun Dana Melalui Penawaran Saham Berbasis Teknologi Informasi”, Jurnal Hukum Ius Quia Iustum, Vol. 27, Issue 1, 2020.
Riski Pebru Ariyanti, dkk, “Tinjauan Yurisidis Terhadap perlindungan Pemodal Platform Crowdfunding Kitabisa.com”, Perspektif Hukum, Vol. 20. No. 1. 2020.
Sari Murti Widiyastuti dan Johanes Widijantoro, “The Role of Financial Services Authority in The Consumer Protection Amid the Growth of Fintech Industry in Indonesia”, Jurnal Mimbar Hukum, Volume 31, Nomor 2, Juni 2019.
Siti Yuniarti dan Abdul Rasyid, “Consumer Protection in Lending Fintech Transaction in Indonesia: Opportunities and Challenges”, Journal of Physics: Conference Science, IOP Publishing, 2020.
Yohanes Triyana, dan N. Budi Arianto W, “Effectiveness of The Regulation on Financial Service Consumer Protection in Indonesia”, Jurnal Hukum Justitia Et Pax, Volume 35, Nomor 1, Juni 2019.
Ahlers Gerrit C., K.et.al. (2015). Signaling in Equity Crowdfunding. Baylor University. 1-26. DOI: 10.1111/etap.12157, Diakses melalui http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2013-Reading/papers/EFMA2013_0077_fullpaper.pdf Diakses pada 6 Januari 2021.
Chaikal Nuryakin, et.all., “Financial Technology in Indonesia: A Fragmented Instrument for Financial Inclusion”, LPEM-FEB UI Working Paper 036, May 2019, diakses melalui https://www.lpem.org/wp-content/uploads/2019/06/WP-LPEM_036_May-2019_C-Nuryakin.pdf
Eva Micheler dan Anna Whaley, “Regulatory Technology: Replacing Law with Computer Code”, LSE Law, Society and Economy Working Papers 14/2018, London School of Economic and Political Science Law Department
Financial Stability Board, Decentralised Financial Technologies, Report on Financial Stability, Regulatory, and Governance Implications, Juni 2019.
George Walker, “Financial Technology Law: A New Beginning and A New Future”, International Lawyer, 50th Anniversary Issue 137, 2017.
Hyun-Sun Ryu, “Understanding Benefit and Risk Framework of Fintech Adoption: Comparison of Early Adopters and Late Adopters”, Proceedings of the 51st Hawaii International Conference on System Sciences 2018, diakses melalui https://core.ac.uk/download/pdf/143481321.pdf
Inda Rahadiyan, “Aspek Hukum dan Realitas Bisnis Penyelenggaraan Equity Crowdfunding di Indonesia: Perspektif Hukum Pasar Modal”, Materi Seminar Refleksi Akhir Tahun 2019 Bidang Hukum: Peluang dan Tantangan ke Depan, Fakultas Hukum Universitas Islam Indonesia, 2019.
Lars Silver, Bjorn Berggren & Andreas Fill, “The Role of Crowdfunding in Enterpreuneurial Ventures: An Analysis of Recent Trends in Sweden”, Invesment Management and Financial Innovations, 2016.
OECD, Financial Consumer Proetction Approaches in the Digital Age, G20/ OECD Policy Guidance, https://www.oecd.org/finance/G20-OECD-Policy-Guidance-Financial-Consumer-Protection-Digital-Age-2018.pdf
______, “G20/OECD Principles of Corporate Governance”, 2015, diakses dari https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf pada tanggal 13 Februari 2020.
Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal
Undang-Undang Republik Indonesia Nomor 8 Tahun 1999 tentang Perlindungan Konsumen
Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan
Peraturan OJK Nomor 18/POJK.07/2018 tentang Layanan Pengaduan Konsumen di Sektor Jasa Keuangan
Peraturan OJK Nomor 31/POJK.07/2020 tentang Penyelenggaraan Layanan Konsumen dan Masyarakat di Sektor Jasa Keuangan Oleh OJK
Peraturan POJK Nomor 57/POJK.04/2020 tentang Layanan Urun Dana Melalui Penawaran Efek Berbasis Teknologi Informasi