Disgorgement as Remedial Action in Indonesian Capital Market Regime

Uni Tsulasi Putri

Abstract


Introduction to The Problem: In 2019, Financial Services Authority introduced the disgorgement within the field of Indonesian Capital Market by the establishment of OJK Regulation Draft concerning Disgorgement and Disgorgement Fund in the Capital Market. Disgorgement itself is a very new concept in Indonesia. It is meant to be a remedial action, furthermore, it is expected to prevent Party for enjoyment of illegal profit, compensate the victim’s loss, containing corrective element, as well as to give deterrence effect.

Purpose/Objective Study: This study aims to study on how the disgorgement as remedial action would apply and create deterrence effect in Indonesian Capital Market Regime.

Design/Methodology/Approach: This is a normative legal research which uses qualitative research method. This study will conduct literature review and comparative study with disgorgement regulation within the field of securities law in common law and civil law jurisdiction.

Findings: In upcoming disgorgement technical manner, OJK will give a written order for the Party who violate capital market regulation and pursuing illegally obtained profit or illegally avoided loss to return sum amount of money sum up with the interest (if any). To uphold this scheme, Indonesia needs to develop the theoretical framework such as actio de in rem verso or unjust enrichment. Furthermore, in order to create deterrence effect, Indonesia shall provide effective, proportionate and dissuasive sanction.

Keywords


Disgorgement; Remedy; Capital Market; Investor

Full Text:

PDF

References


Akbar, M. F. (2016). Kondisi masyarakat berisiko di Desa Sungai Buluh Kabupaten Lingga (Universitas Maritim Raja Ali Haji). Retrieved from http://jurnal.umrah.ac.id/wp-content/uploads/gravity_forms/1-ec61c9cb232a03a96d0947c6478e525e/2016/08/E-JURNAL6.pdf

Almășan, A., & Zamșa, C. (2015). Legal mechanisms enabling disgorgement of profits in Romania. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits (8th ed., pp. 187–198). https://doi.org/10.1007/978-3-319-18759-4

Boyd, W., Beck, U., & Shrader-Frechette, K. S. (1993). Risk society: Towards a new modernity. Economic Geography, 69(4), 432. https://doi.org/10.2307/143601

Danneman, G. (2009). The German law of unjustified enrichment and restitution: A comparative introduction. New York: Oxford University Press.

Gao, X., & Liu, C. (2015). The disgorgement damage system in Chinese law. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits (8th ed., pp. 407–428). https://doi.org/10.1007/978-3-319-18759-4_22

Garner, B. A. (2009). Black’s law dictionary (9th Edition). West Publishing Co. Thomson Reuters.

Giglio, F. (2001). Restitution for wrongs: a Comparative analysis. Retrieved December 30, 2019, from http://ouclf.law.ox.ac.uk/restitution-for-wrongs-a-comparative-analysis/

Putranto, H. (2017). Menyoal risiko dan kontingensi pengetahuan

dalam masyarakat pengetahuan kontemporer.

An1mage Jurnal Studi Kultural, 2(1), 55–69. Retrieved from https://journals.an1mage.net/index.php/ajsk/article/view/79

Hondius, E., & Janssen, A. (2015a). Disgorgement of profits: Gain-based remedies throughout the world. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits (8th ed., pp. 115–134). https://doi.org/10.1007/978-94-024-1066-2_6

Hondius, E., & Janssen, A. (2015b). Original questionnaire: Disgorgement of profits. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits (8th ed.). https://doi.org/10.1007/978-3-319-18759-4

IOSCO. (2015). Credible deterrence in the enforcement of securities regulation. Retrieved January 24, 2020, from https://www.rimes.com/insights/iosco-credible-deterrence-in-the-enforcement-of-securities-regulation/

Karmel, R. (2018). Will fifty years of the SEC’s disgorgement remedy be abolished? SMU Law Review, 71(3), 799-810. Retrieved from https://scholar.smu.edu/cgi/viewcontent.cgi?article=4748&context=smulr

Kirk, J. T. (2015). Deranged disgorgement. The Journal of Business, Enterpreneurship & the Law, 8(1), 133-187. Retrieved from https://bit.ly/2Uvpp8s

Kruithof, M. (2015). Disgorgement of profits in Belgian private law. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits (8th ed., pp. 89–120). https://doi.org/10.1007/978-3-319-18759-4_5

Latham, & Watkins. (2017). US supreme court : Disgorgement is a penalty, limiting SEC’s reach the supreme court’s decision (pp. 1–4). pp. 1–4.

Linssen, J. G. A. (2001). Voordeelsafgifte en ongerechtvaardigde verrijking: (Een rechtsvergelijkende beschouwing). Den Haag: Boom Juridische Uitgevers.

Mentari, N. (2019). Pemberian ganti rugi investor di pasar modal melalui disgorgement fund. Universitas Airlangga.

Muklis, F. (2016). Perkembangan dan tantangan pasar modal Indonesia. Al Masraf (Jurnal Lembaga Keuangan Dan Perbankan), 1(1), 1–12.

OJK. (2017). Pengumuman: Sanksi administratif kepada pihak-pihak yang terlibat dalam kasus pelanggaran peraturan perundang-undangan di bidang pasar modal oleh Sdri. Esther Pauli Larasati, PT Reliance Securities Tbk, PT Magnus Capital dan pihak terkait. Retrieved December 30, 2019, from https://www.ojk.go.id/id/berita-dan-kegiatan/pengumuman/Documents/Pengumuman.pdf

OJK. (2019a). Permintaan tanggapan masyarakat atas RPOJK tentang disgorgement dan disgorgement fund di bidang pasar modal. Retrieved December 30, 2019, from https://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/rancangan-regulasi/Pages/Permintaan-Tanggapan-Masyarakat-atas-RPOJK-tentang--Disgorgement-dan-Disgorgement-Fund-di-Bidang-Pasar-Modal.aspx

OJK. Rancangan peraturan otoritas jasa keuangan tentang disgorgement dan disgorgement fund di bidang pasar modal. , March § (2019).

OJK. (2019b). Statistik mingguan, Desember minggu ke-4, 2019. Retrieved from https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Documents/4. Statistik Desember Mgg ke-4 2019.pdf#search=Statistik mingguan%2C Desember minggu ke-4%2C 2019

Ryan, R. G. (2013). The equity façade of SEC disgorgement. Harvard Business Law Review Online, 4, 1–14. Retrieved from https://heinonline.org/HOL/LandingPage?handle=hein.journals/hblro4&div=2&id=&page=

Schauer, M., & Verschraegen, B. (2017). General Reports of the XIXth Congress of the International Academy of Comparative Law Rapports Généraux du XIXème Congrès de l’Académie Internationale de Droit Comparé (M. Schauer & B. Verschraegen, Eds.). https://doi.org/10.1007/978-94-024-1066-2

Séjean, M. (2015). The disgorgement of illicit profits in French law. In E. Hondius & A. Janssen (Eds.), Disgorgement of Profits: Gain-Based Remedies Throughout the World (8th ed., pp. 121–137). https://doi.org/10.1007/978-3-319-18759-4_6

Shah, V. (2019). Determining disgorgement in securities law. The Law Review, Government Law College, 10, 138–173. Retrieved from http://www.glcmumbai.com/lawreview/volume10/Vidhi%20Shah.pdf

Shipman, B. J. (1923). Handbook of Common-Law Pleading (3rd ed.; H. W. Ballantin, Ed.). St. Paul: West Publishing Company.

Sianipar, B. D. (2019). Peran pemerintah dalam mitigasi kejahatan pasar modal. Journal of Education, Humaniora and Social Sciences (JEHSS), 2(1), 104–118. https://doi.org/10.34007/jehss.v2i1.68

Tari, D. N. (2019). OJK mulai racik revisi UU pasar modal. Retrieved December 30, 2019, from https://market.bisnis.com/read/20191101/7/1165719/ojk-mulai-racik-revisi-uu-pasar-modal

Tri, R. (2020). Skandal jiwasraya dan dugaan praktik Manipulasi

di pasar modal. Retrieved January 24, 2020, from https://bisnis.tempo.co/read/1299186/skandal-jiwasraya-dan-dugaan-praktik-manipulasi-di-pasar-modal




DOI: http://dx.doi.org/10.26555/novelty.v11i1.a15673

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Jurnal Hukum Novelty

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Jurnal Hukum Novelty

ISSN 1412-6834 (Print)

ISSN 2550-0090 (Online)

This journal is licensed under a Creative Commons Attribution 4.0 International License.

Jurnal Hukum Novelty Stats

 

 

Jurnal Hukum Novelty has been covered by the following indexing sites:

 

     

 

Jurnal Hukum Novelty is member of: