RECONSTRUCTION OF BONDS ARRANGEMENTS IN INDONESIAN CAPITAL MARKET JUSTICE-BASED VALUE

International Journal of Law Recontruction. Vol.1, Issue. 1, September 2017

Kamis, 29 Maret 2018 12:01 | Sudah dibaca 292 kali

Trustee contracts referring to the special provisions on guarantees stipulated by Bapepam(Capital Market Supervisory Agency)/OJK (Financial Service Authority) as referred in item 4 letter E Kep. Bapepam-LK No.412 / BL / 2010 are considered too general. The provision of guarantee on number 4 letter E Kep.Bapepam No.412 is limited to informational provisions, not a requirement. The purpose of this paper is to know and analyze the implementation of bond arrangements and weaknesses in the capital market of Indonesia based on the value of justice. This research used sociological juridical method. The primary data based on field research, secondary data from reference and law .Based on the results of research implementation of bond arrangement in Indonesia capital market does not give justice value to the parties such as issuer, trustee and investor in particular. Unclear arrangements in Bapepam-LK's Decree on General Provisions and Trustee Contracts under the Warranty (if any) do not provide legal certainty and fairness to bond investors in the event of default. The weaknesses in the implementation of bonds arrangement in the Indonesian capital market due to the functions and duties of the Trustee listed in UUPM have no regulatory arrangements, as well as the absence of guidelines/standards in the preparation of the trustee contract. The reconstruction of the law shall be conducted by changing the special provisions of Bapepam Decree Number 412 on item 4 letter E concerning the guarantee (if any) by removing / removing the existing word in parentheses (if any), as it does not reflect the value of legal certainty and dignified justice.

Kata Kunci: investment, sukuk, banking law, Legal Guarantee, bonds