A’an Ilham Ardiyansah
Universitas Negeri Semarang

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INTEGRASI DOKTRIN KETERTIBAN UMUM PADA KONTRAK INVESTASI NEGARA INVESTOR GUNA MITIGASI GANTI RUGI LUCRUM CESSANS A’an Ilham Ardiyansah; Sang Ayu Putu Rahayu; Duhita Driyah Suprapti
Jurnal Padamu Negeri Vol. 3 No. 3 (2026): Juli : Jurnal Padamu Negeri (JPN)
Publisher : CV. Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/95jnb456

Abstract

  This study analyzes the structural legal dilemma in international investment law caused by the normative rigidity of conventional stability clauses, which triggers a regulatory chill. The central issue examined is the high potential for compensation claims regarding the loss of expected future profits (Lucrum Cessans) filed by investors when host states adjust public policies. The primary objective of this research is to formulate a comprehensive integration model of the public policy doctrine into state-investor investment contracts as an effective limiting instrument against financial claims. Utilizing normative legal research methods through a conceptual approach, this article dissects conflicts between private investor legitimate expectations and a state's sovereign right to regulate. The results indicate that an explicitly integrated public policy clause provides a solid legal basis for state regulatory action. In conclusion, this integration effectively mitigates extensive financial risks from Lucrum Cessans compensation claims while restoring a balanced contractual relationship between host states and foreign investors.
MITIGASI REGULATORY CAPTURE DEMUTUALISASI BEI MELALUI INDEPENDENT LISTING AUTHORITY BERBASIS KOMPARASI AUSTRALIAN SECURITIES EXCHANGE A’an Ilham Ardiyansah; Sang Ayu Putu Rahayu
Jurnal Ilmiah Multidisiplin Ilmu Vol. 3 No. 3 (2026): Juni : Jurnal Ilmiah Multidisiplin Ilmu (JIMI)
Publisher : CV. Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/vm0yes23

Abstract

The demutualization of the Indonesia Stock Exchange (IDX) has triggered a paradigm shift, transforming the exchange from a non-profit organization into a profit-oriented corporate entity. However, this transformation carries a latent risk of regulatory capture, where the exchange's supervisory functions are vulnerable to being co-opted by commercial interests in pursuit of listing fees. This article analyzes the failure of the current Self-Regulatory Organization (SRO) structure in mitigating institutional conflicts of interest, as evidenced by the declining trend in issuers' fundamental quality amidst aggressive IPO growth. Utilizing normative legal research and a comparative approach with the Australian Securities Exchange (ASX), this study finds that separating supervisory functions through an independent authority is an absolute prerequisite for market integrity. This article reconstructs the urgency of establishing an Independent Listing Authority (ILA) in Indonesia as a juridical firewall. This solution aims to sever the regulator's financial dependence on issuers, ensuring that listing decisions are based entirely on legal compliance and investor protection rather than the exchange's financial performance targets.