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All Journal Media Hukum Indonesia (MHI)
Fattaya, Zalfa
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Law, Crime, Criminology & Criminal Justice

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Peran Indonesia Investment Authority (INA) Sebagai Sovereign Wealth Fund Dalam Mitigasi Risiko Ekonomi dan Jaminan Perlindungan Hukum Bagi Investor Asing Fattaya, Zalfa
Media Hukum Indonesia (MHI) Vol 3, No 4 (2025): December
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.17462230

Abstract

The purpose of this study is to find out the role of the Indonesia Investment Authority (INA) as a Sovereign Wealth Fund in conducting national economic risk mitigation through the foreign investment scheme and legal protection guarantee mechanisms provided by the Indonesia Investment Authority (INA) to foreign and international investors based on national legal aspects. The authors in this study employed normative legal research methods, i.e., research that focuses on the study of prevailing positive legal norms as well as relevant legal doctrines. This method was chosen because the research is oriented towards the analysis of legislative regulations and legal concepts governing the Indonesian Investment Authority’s (INA) role in economic risk mitigation and legal protection of foreign investors. The results of the study show thatINA plays an effective role as a mitigating agent of fiscal and economic risks of structure al through co-investment model. INA succeeded in attracting long-term foreign equity capital from credible global investment institutions, which allows financing strategic projects without adding to the country’s debt (off-balance sheet financing). This directly reduces the country’s fiscal burden and debt risk (sovereign risk).INA also acts as a de-risking agent for foreign investors , reducing political, regulatory, and domestic project risks that often hinder FDI. In addition, the legal protection mechanism provided by the INA is a system of multi-layered protection that integrates national law and international standards. Ex-Ante Protection (National Law) i.e. INA provides high Legal Certainty through the sui generis status guaranteed by the Works Creation Act. This status confers legal superiority that mitigates the risk of unilateral regulation.
Regulation of Securities Offering Through Equity Crowdfunding: A Juridical Comparison Between Indonesia and Singapore Fattaya, Zalfa
Media Hukum Indonesia (MHI) Vol 4, No 1 (2026): March
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.17890831

Abstract

The purpose of this study is to examine and analyze the legal framework governing the offering of securities through equity crowdfunding in Indonesia and Singapore, as well as to identify the similarities and differences between the two regulatory regimes. This research employs a normative legal research method, which focuses on the study of applicable positive legal norms and relevant legal doctrines. This method was chosen because the research centers on the analysis of legislation and legal concepts governing securities offerings through equity crowdfunding, as well as investor protection mechanisms in the legal systems of Indonesia and Singapore.The results of this study show that, in comparing the regulatory frameworks, although both countries share the same objective of balancing innovation and market protection, they differ significantly in their approaches. Singapore adopts a principle-based approach emphasizing intermediary integrity, whereby platform operators are required to meet the high standards of the Capital Markets Services (CMS) Licence and apply investor segmentation (Accredited vs. Retail) to tailor protection. In contrast, Indonesia implements a rules-based approach that prioritizes inclusiveness, imposing specific limitations on issuer profiles (non-conglomerate MSMEs) and applying direct interventions to mitigate risks for retail investors through investment caps based on a percentage of income.
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