Perlindungan Otoritas Jasa Keuangan terhadap Perusahaan Emiten Yang Akan Di Force Delisting oleh Bursa Efek Menurut Peraturan OJK No. 23/Pojk.04/2021

Abstract

The Financial Services Authority (OJK) has important role to avoid being an subject to force delisting by the stock exchange. This happens because issuers and stock exchanges are subject to OJK. Therefore, it is necessary to know the delisting regulations by the stock exchange in Indonesia, to know the protection of the Financial Services Authority for issuer companies that will be force delisting by the stock exchange according to OJK Regulation No. 23/POJK.04/2021. This research is a normative legal or normative juridical research and uses analytical descriptive. This research will examine the Protection Of The Financial Services Authority For Issuer Companies That Will Be Forced Delisting By The Stock Exchange According To OJK Regulation No. 23/POJK.04/2021. The regulation of delisting by the stock exchange in Indonesia refers to the Decree of the Board of Directors of the Indonesia Stock Exchange No. Kep- 00054/BE1/05-2024 concerning Regulation Number I-N. In its implementation, this regulation cannot be separated from OJK Regulation No. 3/POJK.04/2021 concerning the Implementation Of Activities in the Capital Market. Both regulations were born as special regulations so that they are subject to the principle of lex specialis derogat legi generalis. The Financial Services Authority's protection of issuer companies that will be forced delisting by the stock exchange according to OJK Regulation No. 23/POJK.04/2021, refers to the principles of Good Corporate Governance contained in Law No. 40 of 2007 concerning Limited Liability Companies SO that shareholders, directors and commissioners can have their rights protected when the issuer is subject to force delisting. The operation of issuers on the stock exchange aims to ensure that the principles of Good Corporate Governance can run well. Therefore, OJK plays a role in providing guidance in the form of of-site supervision, technical inspections of compliance inspections and other supervisory actions as stated in Article 3 of OJK Regulation No. 23/POJK.04/2021. The issuer's civil liability to investors in the event of a force delisting by the stock exchange depends on the losses incurred as a result of the actions of the directors or commissioners in managing the issuer or the issuer company. It is expected that the government and legislature will draft new rules related to delisting in the form of laws or government regulations or amend the capital market law by including delisting regulations in it. It is expected that the government will make changes tothe existing regulations so that there is no legal vacuum that contains legal protection for issuer companies that will be forced delisted, not only limited to containing procedures and reasons for force delisting. It is expected that the government will also make changes to the regulations by including regulations related tocivil liability that arises due to force delisting on issuers.