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All Journal International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Michael H. Hadylaya
Unknown Affiliation
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Economics, Econometrics & Finance Education

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A CRITICAL ANALYSIS OF SEOJK NUMBER 10/SEOJK.04/2025: BALANCING TRANSPARENCY AND EFFICIENCY IN THE INDONESIAN CAPITAL MARKET Michael H. Hadylaya
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 4 No. 10 (2025): SEPTEMBER
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijset.v4i10.994

Abstract

This study examines Financial Services Authority Circular Letter No. 10/SEOJK.04/2025 on Electronic Reporting of Share Ownership and Underwriting Activities by Public Companies (SEOJK 10/2025), with a focus on its alignment with the principle of information transparency and its implications for regulatory effectiveness. Using a normative legal research approach supported by policy analysis and comparative references, the study finds that while the regulation strengthens the formal structure of disclosure in Indonesia’s capital market, its current design may raise proportionality concerns and affect investor protection. Without adequate flexibility, such as deferral mechanisms or differentiated reporting channels, the policy risks generating excessive compliance burdens and unintended strategic disclosures. The study recommends adopting a two-tier reporting system and risk-based exceptions to preserve regulatory legitimacy while protecting market integrity.
MARKET TRANSPARENCY AND PERSONAL DATA PROTECTION IN CAPITAL MARKETS: RECONCILING DISCLOSURE AND PRIVACY Michael H. Hadylaya
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 3 (2026): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i3.310

Abstract

Capital markets depend on transparency to ensure fair pricing, investor protection, and market integrity, yet digitalization has expanded disclosure practices to include increasingly granular information that may identify individual investors or beneficial owners. This development creates tension between regulatory objectives of market transparency and the protection of personal data. This study examines how disclosure obligations in Indonesian capital market regulation interact with personal data protection law using a normative legal research approach based on statutory analysis and relevant literature. The findings indicate that the perceived conflict arises from the coexistence of two regulatory regimes pursuing distinct public interests: efficient markets and individual privacy. Existing legal provisions allow reconciliation by treating mandatory disclosure as lawful data processing grounded in statutory authority, provided that such disclosure remains proportionate and limited to information necessary for investor protection. The study concludes that effective governance in data-driven financial markets requires integrating transparency and privacy through calibrated disclosure practices rather than treating them as mutually exclusive objectives.
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