ANALISIS PERATURAN OTORITAS JASA KEUANGAN TERKAIT PEMBELIAN KEMBALI (BUYBACK) SAHAM ATAS DIBERLAKUKANNYA FORCED DELISTING EMITEN - Nabila Islamiati Pasha (Kumpulan Jurnal Mahasiswa Fakultas Hukum, 2022)
Nabila Islamiati Pasha, Sihabudin, Moch. Zairul Alam Fakultas Hukum Universitas Brawjaya Jl. MT. Haryono No. 169 Malang e-mail: nabilaipasha@gmail.com ABSTRAK Peraturan Otoritas Jasa Keuangan Nomor 3/POJK.04/2021 mewajibkan emiten yang forced delistin di BEI untuk buyback saham yang beredar di publik yang mana hal tersebut pada peraturan sebelumnya yakni keputusan Direksi PT Bursa Efek Jakarta Nomor: Kep-308/BEJ/07-2004, hanya diwajibkan bagi emiten yang akan melakukan voluntary delisting. Dengan adanya faktor eksternal seperti pandemi yang mempengaruhi keuangan perusahaan, kewajiban buyback tidak benar-benar dapat dilakukan karena perusahaan tersebut tidak memiliki dana. Sehingga berdasarkan pernyataan tersebut, penulis memiliki 2 rumusan masalah, yaitu Bagaimana analisis Keputusan Direksi PT Bursa Efek Jakarta Nomor: Kep- 308/BEJ/07-2004 dan Peraturan Otoritas Jasa Keuangan Nomor 3/POJK.04/2021 terkait kewajiban Pembelian Kembali (buyback) saham oleh emiten yang diberlakukan forced delisting? Dan Bagaimanakah pengaturan yang tepat terkait kewajiban pembelian kembali (buyback) saham akibat forced delisting yang mencerminkan keseimbangan kepentingan investor dengan emiten?. Metode penilitian yang digunakan penulis adala penelitian yuridis-normatif karena fokus penelitian ini adalah menganalisis Peraturan Otoritas Jasa Keuangan Nomor 3/POJK.04/2021 tentang penyelenggaraan di bidang pasar modal. Dari hasil analisa, penulis mendapatkan hasil bahwa kewajiban buyback dalam forced delisting emiten tidak benar-benar dapat dilakukan karena banyak emiten yang tidak memiliki saldo kasnya lagi dan hal tersebut bertentangan dengan Pasal 37 ayat (1) UUPT yang mengatur terkait kebolehan perusahaan untuk melakukan buyback. OJK dapat meninjau kembali Peraturan Otoritas Jasa Keuangan Nomor 3/POJK.04.2021 khususnya terkait kewajiban buyback saham dalam mekanisme forced delisting emiten sehingga menjadi peraturan yang mencerminkan keseimbangan bagi pihak investor dan emiten. Kata Kunci: forced delisting, buyback, investor, emiten ABSTRACT The Regulation of Financial Services Authority (henceforth referred to as OJK) requires forced delisting issuers to buy back shares circulated in public, while, formerly, the Director of Jakarta Stock Exchange Number Kep308/BEJ/07-2004 imposed this rule only on issuers who were about to perform voluntary delisting. Due to the pandemic as an external factor, the buyback cannot be performed because the companies concerned do not have funds. Departing from this problem, this research aims to investigate these two research problems regarding the analysis of the Decree of the Director of Jakarta Stock Exchange Number kep- 308/BEJ/07-2004 and the Regulation of OJK Number 3/POJK.04/2021 regarding share buyback by forced delisting issuers, and the regulation regarding buyback requirement due to forced delisting state that represents the harmony between the interest of investors and that of issuers. This research employed normative-juridical methods to investigate the Regulation of OJK Number 3/POJK.04/2021 concerning Administration in the Capital Market. The research results conclude that buyback for forced delisting issuers cannot be performed since issuers often do not have any cash balance, and this condition contravenes Article 37 paragraph (1) of Limited Liability Law that governs the possibility of a company to do a buyback. The OJK can review the Regulation of OJK, especially regarding the requirement to buy back shares in the mechanism of forced delisting issuers, so that it can assure a regulation that fosters the harmony between investors and issuers. Keywords: forced delisting, buyback, investors, issuer