Disgorgement Fund to Create Corrective Justice as a Legal Protection Measure for Investors in The Capital Market  (Legal Protection of Investors Against Disgorgement Fund to Realize Corrective Justice)

Marsinta Simanjuntak

doi:10.30641/dejure.2023.V23.473-482

Disgorgement Fund to Create Corrective Justice as a Legal Protection Measure for Investors in The Capital Market (Legal Protection of Investors Against Disgorgement Fund to Realize Corrective Justice)

Marsinta Simanjuntak

Abstract

Disgorgement Fund is the repayment of funds obtained through illegal or unethical business transactions, imposed on violators by courts. Legal protection for capital market investors in Indonesia is not yet effective and optimal. There is no easy way to claim compensation for losses in the capital market because investors consider losses as an investment risk. This article aims to analyze the implementation of disgorgement funds and disgorgement fund practices to realize corrective justice as an effort to protect the law for capital market investors in Indonesia. The method used is normative legal research, using primary and secondary legal sources. Data analysis techniques use conceptual methods and statutory approach methods. The results of the analysis show that OJK issued disgorgement fund regulations as an effort to improve investor protection and law enforcement in the capital market through POJK No. 65/POJK.04/2020 and SEOJK No. 17/SEOJK.04/2021. The regulation of the disgorgement fund mechanism still needs improvement to prevent violators from enjoying illegal profits, recover investors’ losses, and take preventive measures against future violations. The Directorate of Sanctions Determination and Capital Market Grievances at OJK emphasizes that the order for disgorgement of funds is not a lawsuit from the investor through remedial action, aligning with the principle of corrective justice, where all parties have equal rights to seek redress. Tighter supervision should be implemented by OJK to prevent legal violations while ensuring equity in the restoration of rights and the effectiveness of the legal system in dealing with disputes in the capital market.

Keywords

corrective justice; capital market; disgorgement fund; investors; legal protection

Full Text:

PDF PDF (Bahasa Indonesia)

References

Ali, Mahrus, and Ari Wibowo. “Kompensasi Dan Restitusi Yang Berorientasi Pada Korban Tindak Pidana.”

Yuridika 33, no. 2 (2018): 260. https://doi.org/10.20473/ydk.v33i2.7414.

Pratiwi, Andi Dewi,”HUKUM ADAT DALAM PERSPEKTIF ANTROPOLOGI HUKUM”, Jurnal Hukum

Unsulbar, 4(2), 44-48. https://doi.org/10.31605/j-law.v4i2.2662, (diakses pada 08 November 2023).

Aryansyah, Rezza, and Arman Nefi. “Penerapan Disgorgement Fund Sebagai Upaya Memberikan Perlindungan Bagi Investor Di Pasar Modal Indonesia.” Jurnal Ilmu Sosial Dan Pendidikan (JISIP) 6, no. 3 (2022): 10404–11. https://doi.org/10.36312/jisip.v6i3.3428/http.

Athasya, Amanda, and Yudho Taruno Muryanto. “Tugas Dan Fungsi Otoritas Jasa Keuangan Dalam Sengketa Perdata Terkait Perlindungan Hukum Bagi Konsumen.” Jurnal Privat Law 7, no. 2 (2019): 164. https:// doi.org/10.20961/privat.v7i2.34403.

Hage, Markus Y., and Panggih Kusuma Ningrum. “Corrective Justice Andits Significance on The Private Law.” JILS (Journal of Indonesia Legal Studies TUDIES )) 5, no. 2 (2020): 277–94.

Setyowati, Dewi, “Memahami Konsep Restorative Justice sebagai Upaya Sistem Peradilan Pidana Menggapai Keadilan”, Pandecta research law journal, Vol 15, No 1 (2020), hlm.121-141, Tersedia pada : https://doi. org/10.15294/pandecta.v15i1.24689, (diakses pada 08 November 2023).

Jaya, I Komang Ngurah Wirya, I Nyoman Putu Budiartha, and Desak Gde Dwi Arini. “Disgorgement Sebagai Upaya Perlindungan Hukum Dalam Pengembalian Keuntungan Tidak Sah Dan Dana Kompensasi.” Jurnal Analogi Hukum 4, no. 1 (2022): 50–54. https://doi.org/10.22225/ah.4.1. 2022.50-54.

Kharisma, Dona Budi Hunaifa, Afilya. “Comparative Study of Disgorgement and Disgorgement Fund Regulations in Indonesia, the USA and the UK.” Journal of Financial Crime 30, no. 3 (2023): 635–49. https://doi.org/org/10.1108/JFC-01-2022-0022.

Matthew C. Solomon, Alex Janghorbani, and Michael Heckmann. “Kokesh and Its Impact on SEC Enforcement, a Year Later.” Enforcement, Sec Developments, Sec Guidance, United States, 2018. https://www. clearyenforcementwatch.com/2018/06/kokesh-impact-sec-enforcement-year-later/

Mayasonda, Raysa, Lastuti Abubakar, and Ema Rahmawati. “Kajian Terhadap Rencana Pengaturan Disgorgement Dalam Pasar Modal Indonesia.” JCH (Jurnal Cendekia Hukum) 6, no. 1 (2020): 1. https:// doi.org/10.33760/jch.v6i1.279.

Ramadani, Ridho (2022), “Analisis Atas Konsep Disgorgement Dan Disgorgement Fund Dalam Pasar Modal”, Locus: Jurnal Konsep Ilmu Hukum, 2(1), hlm. 1–5. Tersedia pada: https://jurnal.locusmedia.id/index. php/jkih/article/view/17 (Diakses: 8 November 2023).

Mentari, Nikmah. “Pengembalian Keuntungan Tidak Sah Terhadap Investor Ritel: Keadilan Korektif Melalui Konsep Disgorgement.” Jatiswara 38, no. 1 (2023): 1–13. https://doi.org/10.29303/jtsw.v38i1.462.

Pardede, Marulak. “Reformasi Peraturan Investasi di Indonesia (Suatu upaya peningkatan iklim daya saing investasi)”, Jurnal penelitian hukum De Jure volume 23, no 2, Juni 2022, https://ejournal.balitbangham. go.id/index.php/dejure/article/download/3493/pdf_1

Pakpahan, Elvira Fitriyani, Vivi Prisilla, Dicky Dicky, and Yuni Adriana Malau. “Peran Dan Kewenangan Profesi Penunjang Pasar Modal (Notaris) Dalam Menghadapi Era Globalisasi.” JCH (Jurnal Cendekia Hukum) 5, no. 2 (2020): 323. https://doi.org/10.33760/jch.v5i2.239.

Putri, Uni Tsulasi. “Disgorgement as Remedial Action in Indonesian Capital Market Regime.” Jurnal Hukum Novelty 11, no. 1 (2020): 1. https://doi.org/10.26555/novelty.v11i1.a15673.

Putri, Uni Tsulasi, and Vina Damayanti. “Disgorgement in Indonesian Competition Law: A Comparative Approach Following the Job Creation Law Enactment.” Proceedings of the 3rd Borobudur International Symposium on Humanities and Social Science 2021 (BIS-HSS 2021) 00, no. 2 (2023): 474–79. https:// doi.org/10.2991/978-2-494069-49-7_79.

Rahmawati, Ema, and Rai Mantili. “Penyelesaian Sengketa Melalui Lembaga Alternatif Penyelesaian Sengketa Di Sektor Jasa Keuangan.” Padjadjaran Jurnal Ilmu Hukum (Journal of Law) 3, no. 2 (2018): 240–60. https://doi.org/10.22304/pjih.v3n2.a2.

Rizki, Mochamad Januar. “Mengenal Disgorgement Fund Sebagai Perlindungan Investor Pasar Modal.” hukumonline.com, 2021. https://www.hukumonline.com/berita/a/mengenal-i-disgorgement-fund-i- sebagai-perlindungan-investor-pasar-modal-lt60ed44cadb534.

Santoso, Hari Agus. “Perspektif Keadilan Hukum Teori Gustav Radbruch Dalam Putusan Pkpu ‘PTB.’”

Jatiswara 36, no. 3 (2021): 325–34. https://jatiswara.unram.ac.id/index.php/js/article/view/341.

Wijaya, Vania Regina Artemisia. “Disgorgement: Pemulihan Kerugian Investor Pasar Modal (Studi Komparasi Amerika Serikat Dan Indonesia).” Al-Adl : Jurnal Hukum 14, no. 1 (2022): 133. https://doi.org/10.31602/ al-adl.v14i1.5991.

Article Metric

Abstract this article has been read : 97 times
PDF file viewed/downloaded : 57 times PDF (Bahasa Indonesia) file viewed/downloaded : 189 times

DOI: http://dx.doi.org/10.30641/dejure.2023.V23.473-482