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All Journal Law Research Review Quarterly Sapientia Diversalis: Journal of Human Interaction and Social Studies
Arlansyah Harahap
Universitas Negeri Semarang
Education Law, Crime, Criminology & Criminal Justice

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Regulatory Uncertainty as A Challenge to The Protection of Foreign Investors’ Legitimate Expectations from The Perspective of Indonesian Investment Law Arlansyah Harahap; Zulfikri Akramul Akbar; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/2z49an03

Abstract

This study examines the relationship between regulatory uncertainty and the protection of foreign investors’ legitimate expectations within the framework of Indonesian investment law. Employing a non empirical normative legal research design, the study integrates statutory, conceptual, and comparative approaches to evaluate the extent to which Indonesian investment regulations provide legal certainty consistent with internationally recognized investment protection standards. The analysis focuses on Law Number 25 of 2007 concerning Investment, Law Number 6 of 2023 concerning Job Creation, and Government Regulation Number 5 of 2021 concerning Risk Based Business Licensing, complemented by international investment law doctrines and comparative jurisprudence. The findings indicate that Indonesian law implicitly accommodates the protection of legitimate expectations through principles of legal certainty and equal treatment, yet lacks explicit normative recognition. Regulatory inconsistency, overlapping governance structures, policy transitions, and implementation disparities create conditions that weaken investor reliance and regulatory predictability. The study further identifies a normative gap between domestic regulatory practice and international standards of Fair and Equitable Treatment. Strengthening investor protection requires regulatory harmonization, evidence based regulatory review, institutional coordination, and investment governance mechanisms capable of ensuring greater stability, transparency, and legal coherence.  
Derivative Actions As Legal Protection For Minority Investors In Public Companies In Indonesia Zulfikri Akramul Akbar; Arlansyah Harahap; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/vchg3q50

Abstract

This study examines the effectiveness of derivative actions as a legal protection mechanism for minority investors in Indonesian public companies. The research is motivated by the growing participation of retail investors in the capital market and the persistent limitations affecting shareholder access to derivative litigation under Indonesian company law. Employing a non empirical normative legal research design, the study analyzes statutory provisions, legal doctrines, and theoretical perspectives through statute and conceptual approaches. Primary legal materials consist of Law Number 40 of 2007 concerning Limited Liability Companies, Law Number 8 of 1995 concerning Capital Market, and Law Number 4 of 2023 concerning Financial Sector Development and Strengthening, complemented by scholarly literature and comparative legal sources. The findings demonstrate that the ten percent ownership threshold creates a structural incompatibility when applied to public companies characterized by dispersed share ownership and significant coordination barriers. The threshold transforms derivative actions into a procedurally inaccessible remedy for minority investors and weakens substantive access to justice. The study proposes a reconstructed framework based on threshold differentiation, leave of court mechanisms, regulatory derivative actions, and strengthened institutional involvement of the Financial Services Authority to achieve a more inclusive and effective system of investor protection.
REGULATORY UNCERTAINTY AS A CHALLENGE PROTECTION OF LEGITIMATE EXPECTATIONS FOREIGN INVESTORS: A LEGAL INVESTMENT PERSPECTIVE INDONESIA Zulfikri Akramul Akbar; Arlansyah Harahap
Law Research Review Quarterly Vol. 12 No. 6 (2026): Special Edition Part 2
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lrrq.v12i6.51221

Abstract

Foreign direct investment (FDI) is a strategic instrument for Indonesia’s economic growth. However, the protection of foreign investors’ legitimate expectations namely, the reasonable expectation that the legal framework in place at the time of investment will remain stable and reliable has not yet been explicitly accommodated in Indonesia’s domestic investment laws. This study aims to examine the regulation and recognition of the legitimate expectations doctrine from the perspective of Indonesian investment law and to identify ways to optimize its protection in the face of regulatory uncertainty. The method used is normative legal research employing legislative, conceptual, and comparative approaches. The findings indicate that although Law No. 25 of 2007 on Investment and various BITs ratified by Indonesia implicitly recognize the principle of Fair and Equitable Treatment (FET), its implementation remains dependent on the subjective interpretation of government officials. Regulatory uncertainty stemming from overlapping central and local regulations, policy inconsistencies, and sudden regulatory changes including those in the implementation of the Job Creation Law significantly erode the legitimacy of foreign investors’ expectations. Optimizing protection requires vertical and horizontal regulatory harmonization, the implementation of Regulatory Impact Assessments (RIAs), institutional strengthening of the Investment Coordinating Board (BKPM), and the inclusion of more rigid stabilization and compensation clauses in
REGULATORY UNCERTAINTY AS A CHALLENGE PROTECTION OF LEGITIMATE EXPECTATIONS FOREIGN INVESTORS: A LEGAL INVESTMENT PERSPECTIVE INDONESIA Zulfikri Akramul Akbar; Arlansyah Harahap
Law Research Review Quarterly Vol. 12 No. 5 (2026): Special Edition Part 1
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lrrq.v12i5.51224

Abstract

Foreign direct investment (FDI) is a strategic instrument for Indonesia’s economic growth. However, the protection of foreign investors’ legitimate expectations namely, the reasonable expectation that the legal framework in place at the time of investment will remain stable and reliable has not yet been explicitly accommodated in Indonesia’s domestic investment laws. This study aims to examine the regulation and recognition of the legitimate expectations doctrine from the perspective of Indonesian investment law and to identify ways to optimize its protection in the face of regulatory uncertainty. The method used is normative legal research employing legislative, conceptual, and comparative approaches. The findings indicate that although Law No. 25 of 2007 on Investment and various BITs ratified by Indonesia implicitly recognize the principle of Fair and Equitable Treatment (FET), its implementation remains dependent on the subjective interpretation of government officials. Regulatory uncertainty stemming from overlapping central and local regulations, policy inconsistencies, and sudden regulatory changes including those in the implementation of the Job Creation Law significantly erode the legitimacy of foreign investors’ expectations. Optimizing protection requires vertical and horizontal regulatory harmonization, the implementation of Regulatory Impact Assessments (RIAs), institutional strengthening of the Investment Coordinating Board (BKPM), and the inclusion of more rigid stabilization and compensation clauses in
Co-Authors Duhita Driyah Suprapti Rahayu, Sang Ayu Putu Zulfikri Akramul Akbar