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All Journal LAW REVIEW Mimbar Hukum - Fakultas Hukum Universitas Gadjah Mada
David Kairupan
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Law, Crime, Criminology & Criminal Justice

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Comparison of Market Manipulation Regulation Under Australian Law and Indonesian Law Kairupan, David
LAW REVIEW Vol 2, No 1 (2002)
Publisher : Pelita Harapan University

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Abstract

Although manipulation is a fundamental concern of the regulation of financial markets, it is not specifically defined in any or the regulatory statutes in Indonesia of abroad, including in Australia. Academic and judicial commentaries have suggested various formulations on market manipulation, although there is no entirely satisfactory definition of the term.2 The essential characteristic of market manipulation are the interference with the free forces of supply and demand in the market for securities, and either the intent to induce other persons to trade in a particular security, or the attempt to force  the price of a security to an artificial level.3 In essence, the prohibited practices all focus on ways of manipulating the market price of securities by artificial market activity so distorting the securities price that reported price does not reflect the underlying merit of the investment. Manipulative practices may therefore be said to undermine the proper functioning of the securities markets as an appraiser value and is regarded by some reasons as far more significant than insider trading.4 Insider trading tends to move closer to proper levels, while market manipulation distorts the market and makes it less efficient. 
REGULATION ON FOREIGN INVESTMENT RESTRICTIONS AND NOMINEE PRACTICES IN INDONESIA David Kairupan
Mimbar Hukum - Fakultas Hukum Universitas Gadjah Mada Vol 25, No 2 (2013)
Publisher : Fakultas Hukum Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (412.916 KB) | DOI: 10.22146/jmh.16087

Abstract

Certain provisions of Presidential Regulation No. 36 of 2010 concerning Negative Investment List are not clearly stipulated. In relation to the restrictions of foreign investment in certain business sectors asspecified in the Negative Investment List Article 33 para. (1) and (2) of the 2007 Investment Law expressly prohibits investors from entering into any nominee shareholding documentation. Notwithstanding, manynominee shareholding practices are still employed in Indonesia, aiming to circumvent such restrictions.This paper addresses certain issues on Presidential Regulation No. 36 of 2010 and nominee shareholding practices in Indonesia. Beberapa ketentuan dalam peraturan Presiden No. 36 Tahun 2010 yang mengandung ketentuan Daftar Negatif Investasi tidak dirumuskan secara jelas. Sehubungan dengan pembatasan kepemilikan modal asing di beberapa sektor usaha, Pasal 33 ayat (1) dan (2) Undang-Undang Penanaman Modal No. 25 Tahun 2007 secara tegas melarang penanam modal membuat dokumen-dokumen yang terkait dengankepemilikan saham secara nominee. Namun demikian, praktik kepemilikan saham secara nominee masih sering dilakukan di Indonesia untuk menghindari pembatasan tersebut. Tulisan ini akan membahasbeberapa permasalahan yang berhubungan dengan Peraturan Presiden No. 36 Tahun 2010 dan praktek kepemilikan saham secara nominee di Indonesia.
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