Investor Protection Through Exchange Transaction Settlement Guarantee And Investor Protection Fund

Lastuti Abubakar, Tri Handayani

Sari


Certainty and investors legal protection is the key to the success of capital market as financing and investment alternatives. To fulfill the international standards, Indonesia capital market regulation regulates the status of Clearing and Underwriter Institutions  organized by  Indonesian Clearing and Guarantee Corporation (KPEI) and serves  to guarantee transactions settlement in Exchange as well as managing the Guarantee Fund. Other investor protection organized by the Indonesia Securities Investor Protection Fund (SIPF) formed to protect the assets of investors who lost and manage the Investor Protection Fund. This study aims to examine the position of KPEI as guaranteeing institution for the settlement of Exchange transactions to prevent settlement failures that can have systemic impacts, including how to optimize the management of Guarantee Funds. In addition, it was also examined how Indonesia SIPF could manage the Investor Protection Fund optimally in order to provide maximum protection. The method used is normative juridical with descriptive analytical research specifications. Data analysis used is qualitative juridical. Based on the results, KPEI is financial market infrastructure to prevent failure of potentially systemic transactions. Therefore, KPEI can be included as systemic financial institution. Either management of the Guarantee Fund by KPEI  or Investor Protection Fund management by SIPF can use the trust concept to be able to increase the Guarantee Fund and Investor Protection Fund so that the guarantee of Exchange transaction settlement and investor protection is more certain and optimal.

Teks Lengkap:

PDF

Referensi


Book

Bapepam-LK, Questionnaire Study of the Establishment of Investor Protection Fund, Ministry of Finance–RI, 2007.

Committee on Payment and Settlement Systems & Technical Committee of the International Organization of Securities Commission, Principles for Financial Market Infrastructure, BIS & IOSCO, 2012.

European Central Bank & Federal reserve Bank of Chicago, The role of Central Counterparties, July, 2007.

Froukelien Wendt, Central Counterparties: Addressing Their Too Important to Fail Nature, IMF Working Paper - Monetary and Capital Markets, International Monetary Fund, 2015.

International Organization of Securities Commissions, Objectives and Principles of Securities regulation, May, 2003.

KPEI, IDX, KSEI, Press Release http://www.ksei.co.id/ files/uploads/press_releases/ press_file/id-id/ 150_siklus_penyesai_bursa _t_2_20180720152935.pdf

KPEI & KSEI, http://www.ksei.co.id/ Announcement/files/ 77891_kpei_0701_dir_0717 dan_ksei_5510_ dir_0717_ 201707100802. pdf).

Kontan.co.id, https://investasi.kontan.co.id/ news/ojk-sedang-menangani-46-kasus-pasar-modal)

Financial Services Authority, 2018, Capital Market: Weekly Statistics - September 2018, https://www.ojk.go.id/ id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Documents/Statistik % 20September% 20Mgg% 20 to 2% 202018.pdf

Lastuti Abubakar, Derivative Transactions in Indonesia - Overview of Laws on Derivative Trade on the Stock Exchange, Books Terrace & Library, Bandung, 2009.

Lastuti Abubakar & Tri Handayani, Readiness of Legal Infrastructure in the Issuance of Sukuk (Sharia Securities) as an Instrument of Financing and Investment to Encourage the Growth of Indonesian Sharia Capital Markets, Jurisprudence Journal, Vol.7, No.1, Juni2017, http: //journals.ums.ac.id/ index.php / jurisprudence / article / view / 4348/2776

La stuti Abubakar & Tri Handayani, Development of Regulations on Scripless Stock Guarantees as Objects of Transactions in the Capital Market, Justitia Legal Journal, Vol. 2, No. 1, 2018, http://journal.um-surabaya.ac.id/ index.php/Justitia/article/view/1715/1377.

Lastuti Abubakar, Juridical Study of Development of Institutions and Objects of Guarantee (Ideas for renewal of National Guaranteed Law), Centralized Legal Bulletin, Vol. 12, No. 1, January-June 2015.

KPEI, Guarantee Fund Position of September 2018, http://www.kpei.co.id/ Media/Default/Statistic/ Dana%20Jaminan/2018/ Posisi%20Dana%20Jaminan%20September%202018.pdf

Tri Handayani & Lastuti Abubakar, Implications of Custodian Business Activities with Management (Trust) in Banking Activities towards Renewal of Indonesian Civil Law, Litigation Journal, Vol. 15, No. 2,2014.


Refbacks

  • Saat ini tidak ada refbacks.