HUKUM PASAR MODAL

HUKUM PASAR MODAL

Rp 135.000,00

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Deskripsi

Pasar modal adalah kegiatan yang berkaitan dengan penawaran umum dan perdagangan Efek atau perusahaan publik yang berkaitan dengan Efek yang diterbitkannya atau lembaga profesi yang berkaitan dengan Efek untuk melakukan transaksi jual beli. Tujuannya tidak lain guna mempercepat proses ikut sertanya masyarakat dalam pemilikan saham menuju pemerataan pendapatan masyarakat, serta meningkatkan partisipasi masyarakat dalam pengerahan dana dan penggunaannya secara produktif untuk pembiayaan pembangunan nasional.

Hukum Pasar Modal memberi gambaran mengenai regulasi pasar modal dan berbagai aspek pasar modal yang dinamis. Penyajiannya merupakan jawaban dari kebutuhan pengajar dan mahasiswa hukum pasar modal atas buku ajar yang lengkap dan komprehensif. Diawali dengan tinjauan umum pasar modal, kelembagaan pasar modal, Efek yang diperdagangkan di pasar modal, hingga pembahasan prinsip keterbukaan informasi (disclosure principle), Reksa Dana, dan aksi korporasi (corporate action), semuanya disajikan secara sistematis. Tidak ketinggalan, sebagai penutup diuraikan pelanggaran dan kejahatan di pasar modal, berikut bentuk serta penegakan hukumnya.

Hukum Pasar Modal dirancang sedemikian rupa guna memudahkan pembacanya mempelajari hukum pasar modal. Kehadirannya tidak hanya bermanfaat sebagai buku pegangan dasar mahasiswa, melainkan juga sebagai referensi bagi praktisi hukum, akademisi, masyarakat awam yang tertarik atau berinvestasi di pasar modal dan pihak-pihak yang berkecimpung di industri pasar modal.

Informasi Tambahan

Weight 450 g
Berat Buku (gram)

450

Cetakan

1

Halaman

428

ISBN

978-602-422-702-9

Jenis Cover

Art Cartom 260 gr

Jilid

Perfect Bending

Pengarang

Book Paper

Tahun Terbit

Apr-19

Ukuran

15 x 23

KATA PENGANTAR vii
DAFTAR ISI ix
BAB 1 TINJAUAN UMUM PASAR MODAL 1
A. Pengertian dan Hakikat Pasar Modal .....................................................................1
B. Sejarah Pasar Modal.........................................................................................................6
C. Fungsi Pasar Modal.........................................................................................................14
D. Landasan Hukum dan Pengaturan Pasar Modal............................................ 17
1. Undang-Undang Pasar Modal.............................................................................20
2. Undang-Undang Terkait..........................................................................................20
3. Peraturan Pemerintah..............................................................................................20
4. Keputusan Menteri Keuangan............................................................................20
5. Peraturan Bapepam/OJK...........................................................................................21
6. Peraturan dari Self Regulatory Organization (SRO)............................ 38

BAB 2 KELEMBAGAAN PASAR MODAL 47
A. Struktur Kelembagaan.................................................................................................47
B. Lembaga Pengawas Pasar Modal...........................................................................48
1. Lembaga Pengawas Sebelum UUOJK............................................................. 48
2. Lembaga Pengawas Pasar Modal Setelah UUOJK...................................54
C. Self Regulatory Organization (SRO)....................................................................56
1. Bursa Efek......................................................................................................................... 65
2. Lembaga Kliring dan Penjaminan (LKP)........................................................79
3. Lembaga Penyimpanan dan Penyelesaian (LPP).....................................82
c. Perusahaan Efek..............................................................................................................88
1. Fungsi Perusahaan Efek..........................................................................................88
2. Jenis Kegiatan Perusahaan Efek........................................................................90
D. Lembaga Penunjang Pasar Modal.........................................................................95
1. Kustodian......................................................................................................................... 95
2. Biro Administrasi Efek..............................................................................................99
3. Wali Amanat .................................................................................................................102
E. Profesi Penunjang Pasar Modal............................................................................103
1. Akuntan...........................................................................................................................103
2. Konsultan Hukum..................................................................................................... 107
3. Penilai (Appraisal)....................................................................................................... 111
4. Notaris................................................................................................................................113

BAB 3 EFEK YANG DIPERDAGANGKAN DI PASAR MODAL 117
A. Efek Sebagai Instrumen Pasar Modal................................................................ 117
B. Efek sebagai Benda/Komoditas Transaksi.......................................................118
C. Jenis Efek...........................................................................................................................120
1. Efek Bersifat Ekuitas/Penyertaan (Equity) ..............................................120
2. Efek Bersifat Utang....................................................................................................127
D. Efek Derivatif (Derivative Securities)................................................................ 134
1. Opsi (Option)..................................................................................................................134
2. Right (Hak Memesan Efek Terlebih Dahulu)............................................134
3. Waran (Warrant)........................................................................................................ 136
4. Efek Konversi (Convertible Securities)..........................................................137

BAB 4 PENAWARAN UMUM DI PASAR PERDANA (INITIAL PUBLIC OFFERING) 139
A. Pasar Perdana ................................................................................................................139
1. Pasar Perdana (Primary Market)..................................................................... 139
2. Pasar Sekunder (Secondary Market)............................................................ 140
B. Penawaran Umum (Initial Public Offering) ................................................... 141
1. Pengertian.......................................................................................................................141
2. Public Offering vs. Private Offering................................................................143
3. Go Public vs. Go Private .........................................................................................143
4. Tujuan atau Motivasi IPO .....................................................................................144
5. Keuntungan dan Kelemahan IPO....................................................................146
C. Konsekuensi Go Public...............................................................................................151
D. Mekanisme IPO...............................................................................................................151
1. Prosedur IPO ..................................................................................................................151
2. Tahapan IPO....................................................................................................................155

BAB 5 PERJANJIAN-PERJANJIAN DI PASAR MODAL 173
A. Perjanjian Penjaminan Emisi Efek.......................................................................173
1. Penjaminan Emisi Efek...........................................................................................173
2. Perjanjian Perwaliamanatan untuk Efek Bersifat Utang.................179
3. Perjanjian Pendahuluan Pencatatan Efek .............................................. 203
4. Perjanjian Pemeringkatan.................................................................................. 205
5. Kontrak Pengelolaan Reksa Dana Berbentuk Perseroan ..............209
6. Kontrak Penyimpanan Kekayaan Reksa Dana Berbentuk Perseroan .............................................................................................210
7. Kontrak Reksa Dana Berbentuk Kontrak Investasi Kolektif (KIK)..................................................................................................................212
8. Kontrak Pembukaan Rekening Efek..............................................................215
9. Kontrak Pembukaan Rekening Dana ...........................................................231

BAB 6 TRANSAKSI EFEK DI PASAR SEKUNDER (SECONDARY MARKET) 237
A. Pasar Sekunder (Secondary Market).................................................................237
B. Segmen Pasar ............................................................................................................... 239
C. Jenis Transaksi .............................................................................................................. 239
D. Mekanisme Transaksi..................................................................................................241
E. Kliring dan Penjaminan Penyelesaian Transaksi....................................... 246
F. Penyelesaian Transaksi (Settlement)............................................................... 249
G. Saat terjadinya transaksi dan Peralihan Kepemilikan Efek......................................................................................................... 256
H. Traksaksi Margin dan Short Selling .................................................................. 259
1. Transaksi Margin (Long Purchase).................................................................259
2. Transaksi Kredit Jual Kosong (Short Sale) ...............................................264

BAB 7 TRANSAKSI DI LUAR BURSA (OVER THE COUNTER/OTC MARKET) 271
A. Karakteristik OTC...........................................................................................................271
B. Jenis OTC............................................................................................................................275
C. Pengaturan dan Pengawasan OTC......................................................................277

BAB 8 AKSI KORPORASI (CORPORATE ACTION) 287
A. Konsep Dasar Corporate Action ..........................................................................287
b. Tujuan Corporate Action..........................................................................................289
c. Dampak Corporate Action.......................................................................................291
d. Jenis Corporate Action.............................................................................................. 292
1. Pembagian Dividen...................................................................................................293
2. Pembagian Saham Bonus....................................................................................297
3. Penawaran Saham Baru (Right Issue)........................................................ 299
4. Penambahan Modal Tanpa HMETD .............................................................301
5. Penawaran Tender.....................................................................................................301
6. Pemecahan Nilai Nominal Saham (Stock Split/Share Split) ...... 305
7. Konsolidasi Saham (Consolidation/Reverse Stock Split)...............306
8. Pembayaran Bunga Obligasi (Coupon Payment)................................306
9. Pembayaran Kembali Obligasi (Bond Redemption)..........................307
10. Pembelian Kembali Saham (Buy Back/Repurchase Offer/ Tender Offer)................................................................................................................308
11. Transaksi Materiel......................................................................................................310
12. Perubahan Kegiatan Utama ................................................................................311
13. Restrukturisasi Perusahaan.................................................................................312
E. Mekanisme Corporate Action.................................................................................317

BAB 9 PRINSIP KETERBUKAAN INFORMASI (DISCLOSURE PRINCIPLE) 321
A. Transformasi PT Tertutup Menjadi PT Terbuka........................................... 321
B. Keterbukaan Informasi.............................................................................................323
1. Prinsip Keterbukaan Informasi........................................................................323
2. Informasi Materiel....................................................................................................325
3. Fungsi dan Tujuan Keterbukaan Informasi............................................. 330
4. Pihak yang Menjadi Target Keterbukaan Informasi...........................333
C. Keterbukaan Informasi Saat Penawaran Umum ...................................... 336
1. Keterbukaan Informasi Melalui Pernyataan Pendaftaran.............336
2. Keterbukaan Melalui Prospektus....................................................................339
3. Melalui Legal Audit dan Legal Opinion.......................................................346
D. Keterbukaan Informasi Setelah Penawaran Umum................................ 348
1. Laporan Tahunan ......................................................................................................348
2. Laporan Berkala..........................................................................................................349
3. Laporan Realisasi Penggunaan Dana ...........................................................351
4. Keterbukaan Informasi Insidential Atas Fakta/Informasi Materiel ............................................................................................................................351
5. Tanggung Jawab Atas Kebenaran Informasi Material......................356
6. Sanksi................................................................................................................................359

BAB 10 REKSA DANA 361
A. Pengertian Reksa Dana ............................................................................................361
B. Bentuk Reksa Dana..................................................................................................... 364
1. Reksa Dana Berbentuk Perseroan..................................................................364
2. Reksa Dana Berbentuk Kontrak Investasi Kolektif (KIK)................365
C. Mekanisme Kegiatan dan Pengelolaan Reksa Dana.................................367
D. Fungsi dan Tanggung Jawab Manajer Investasi.........................................369
1. Fungsi Manajer Investasi..................................................................................... 369
2. Tanggung Jawab Manajer Investasi...............................................................370
E. Fungsi Bank Kustodian..............................................................................................373
F. Pengaturan Reksa Dana............................................................................................373

BAB 11 PELANGGARAN DAN KEJAHATAN PASAR MODAL 377
A. Bentuk Pelanggaran dan Kejahatan Pasar Modal......................................377
1. Penipuan......................................................................................................................... 377
2. Manipulasi Pasar........................................................................................................378
3. Insider Trading (Perdagangan Orang Dalam)........................................ 386
4. Bentuk Insider Trading..........................................................................................395
B. Penegakan Hukum Atas Pelanggaran dan Kejahatan Pasar Modal ........................................................397
1. Sanksi Perdata.............................................................................................................397
2. Sanksi Pidana............................................................................................................... 398
3. Sanksi Administratif................................................................................................ 399
DAFTAR PUSTAKA 401
TENTANG PENULIS 411

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