<![CDATA[This research is motivated by the lack of legal certainty concerning the determination of individual beneficial owners in publicly listed State-Owned Enterprises (SOEs) due to inconsistencies between the Presidential Regulation on Beneficial Ownership, capital market regulations, and the legal framework governing SOEs. Such inconsistencies create uncertainty in identifying the natural person exercising effective control and deriving economic benefits from publicly listed SOEs, thereby affecting corporate transparency and accountability. This research aims to analyse the implementation of the beneficial ownership regime and its legal certainty by applying the Theory of Legal Certainty and the Theory of Legal Utility. This study employs normative legal research using statutory, conceptual, and case approaches. Primary, secondary, and tertiary legal materials were collected through library research and analysed descriptively using qualitative methods and systematic statutory interpretation to assess the consistency and harmonisation of the legal framework governing beneficial ownership in publicly listed SOEs. The research concludes that the existing legal framework has not yet provided adequate legal certainty because clear legal parameters for determining effective control remain absent and regulatory harmonisation is still lacking. The determination of beneficial ownership should not rely solely on formal share ownership but must also consider actual control and ultimate economic benefit as reflected in judicial practice. Accordingly, regulatory harmonisation is necessary to ensure both legal certainty and legal utility by strengthening corporate transparency, good corporate governance, investor protection, and the prevention of corruption and money laundering.]]>
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