Perlindungan Hukum Bagi Investor Terkait Pembubaran Badan Hukum Reksa Dana

Mutual funds are investment instruments regulated in regulation number 23/POJK/04/2016 concerning mutual funds, as a guide for investment managers, protecting the rights of investors, investors are not careful in choosing mutual fund products and determining the right and safe investment manager so that legal protection is needed for Mutual Fund Investors. The purposes of this study are to analyze the legal consequences for investors related to the dissolution of a mutual fund legal entity and legal protection for mutual fund investors related to the dissolution of a mutual fund legal entity. The method used is normative legal research with a statutory approach. The technique of collecting legal materials is done through recording and documentation studies. Primary and secondary sources of legal materials are used as sources of legal materials in this study. Then, the legal materials and data are managed using interpretation analysis. The results of the study show that the legal consequences for investors related to the dissolution of the mutual fund managing legal entity are regulated in article 50 of the OJK Regulation if the mutual fund product is dissolved the investor cannot resell after the dissolution of the mutual fund product, protection for mutual fund investors is related to the dissolution of the mutual fund managing legal entity, if there is a loss to the mutual fund product caused by the investment manager, the investment manager must be responsible for the loss due to his actions

Kinerja Investasi Exchange Trade Fund di Indonesia

The aim of this research is to obtain empirical evidence about the effect of stock selection skills, market timing ability, fund size and fund age on the performance of exchange trade funds. The population in this study are all exchange trade fund investment products listed on the Indonesia Stock Exchange from 2017 to 2019. The sampling technique uses purposive sampling. To test the hypothesis, multiple linear regression analysis was used. This study proves that stock selection skills have a positive effect on the performance of exchange trade funds in Indonesia. Meanwhile, market timing ability, fund size and fund age do not have a positive effect on the performance of exchange trade funds in Indonesia. The reason is that only one investment manager PT. Indo Premier Investment Management which is always active in trading exchange trade funds in Indonesia. This research has implications for the more active investment managers in offering exchange trade fund products to attract investors because they are able to survive in times of crisis. Keywords: Exchange Trade Funds; Investation.

Exploring Investment Behavior of Women Entrepreneur: Some Future Directions

This study aims to explore the investment behavior of female entrepreneurs as the new competitor in the investment field and to determine the underlying factors that influence their investment attitudes. A qualitative investigation approach was employed for the study that includes 18 in-depth exploratory interviews to ascertain the fundamental determinants of the investment behavior represented by female entrepreneurs, an emergent section in investment. The accumulated data was analyzed through manual coding procedures. The study revealed that female entrepreneurs are not inclined to take risk in their business for investment decisions, they are somewhat conservative and risk averse. This research also asserts that if they spend quality time and get better training about the nuances of different investment tools, so they will also take risks in investment activities. Two big cosmopolitan cities Karachi and Lahore in Pakistan were selected as sample for this study. Research in other countries considering the culture and ethnicity must be conducted to expand the scope of understanding the investment behaviors of female entrepreneurs. This study outcomes would help the investment manager to understand women’s psychology to develop significant portfolio recommendations, service providers to develop consultancy training centers, policy makers to mitigate their risk and maximize their return opportunities. Hence, intending to provide opportunities for gender equalities, this research appears to be the first in Pakistan to adopt the inductive approach in this domain.

Pengembangan Exchange Trade Fund Syariah Indonesia: Peluang dan Tantangan

This paper aims to discuss the opportunities and challenges of developing Sharia Exchange Trade Fund (ETF) investment products in Indonesia. ETF is an investment product in the capital market that collaborates stock and mutual fund products that can collectively be traded on the capital market. This will provide attractive new investment opportunities for investors who are concerned about sharia investment. With the consideration that Indonesia's population is predominantly Muslim, then of course Islamic investment products will attract them. ETFs have the following advantages: easy and flexible process of ownership and transfer, low cost and risk, wide coverage because they are like investing in several portfolios at once, and the process is transparent. In particular, Islamic ETFs have the advantage in the aspect of ensuring product halalness because their portfolios are always monitored by the sharia supervisory board in each investment manager as the manager. On the other hand, Islamic ETFs are faced with challenges related to the low literacy of the Muslim community about investing in the capital market that has sharia products.

Implementation of Sharia Business Governance Principles on Regulation of Investment Manager Governance

Investment Manager (MI) as a sharia mutual fund manager is done in two ways are the establishment of Sharia MI and Sharia Investment Management Unit (UPIS) for conventional MI. Most of conventional MI is not ready to spin off to become a Sharia MI because it is considered the current governance of MI is still low. OJK issued regulation No. 10/POJK.04/2018 on the Implementation of Investment Manager Governance that applies to both. However, the arrangement is still general and has not led to sharia governance system, while Indonesia has good governance guidelines for Sharia Business Governance (GGBS) that can be used as a reference standard. Based on these issues, the author reviewed the principles of GGBS to the extent of their implementation in the regulation of investment manager governance. This research is normative juridical with an analytical descriptive approach. Based on the results of the study the authors found that the governance arrangements of investment managers have not been sufficiently the basis for the implementation of sharia governance because principle of Independence has not been implemented for the ban on multiple positions for the Sharia Supervisory Board and spin off mechanisms for UPIS.

ASPEK HUKUM REKSA DANA KONTRAK INVESTASI KOLEKTIF SEBAGAI TRUSTS [Legal Aspects of Mutual Funds in the Form of Collective Investment Contracts as Trusts]

<p><em>The Capital Market Law, which carries with it the trust institutions, contains provisions regarding collective investment contract mutual funds (RD KIK) that produce securities in the form of participation units, which are traded on the stock exchange. In RD KIK, there is a trust relationship between the unit holder of the custodian bank and the investment manager. The legal relationship in the concept of collective RD KIK is similar to what happens in trusts. In the Anglo-Saxon legal tradition, mutual funds are often referred to as unit trusts and/or investment trusts, where the sponsor acts as a settlor who hands over his assets to the trustee, the sponsor acts as the settlor in the trusts as well as the unit holder in a collective investment contract mutual fund. In connection with these problems, normative legal research is carried out using a statute approach, a conceptual approach and a comparative approach. The method used in analyzing this research is qualitative analysis. So, it can be seen that the role of the custodian bank and investment manager acts as a trustee, where the custodian bank is given the authority to carry out collective custody of the assets of the joint investment contract unit holder. The investment manager is given the power to manage or control the assets submitted by the sponsor or settlor in the concept of trusts law. Thus, it can be said that the RD KIK concept is similar to the idea of trusts because it fulfills the elements of trusts.</em></p><p><strong>Bahasa Indonesia Abstrak: </strong>Undang-Undang Pasar Modal yang membawa serta pranata <em>trust</em> di dalamnya terdapat ketentuan mengenai reksa dana kontrak investasi kolektif (RD KIK) yang melahirkan efek dalam bentuk unit penyertaan, yang diperdagangkan di bursa efek. Dalam RD KIK, terdapat hubungan kepercayaan antara pemegang unit penyertaan terhadap bank kustodian dan manajer investasi. Hubungan hukum dalam konsep RD KIK kolektif ini mirip yang terjadi dalam <em>trusts</em>. Dalam tradisi hukum Anglo Saxon, reksa dana sering kali disebut dengan <em>unit trusts</em> dan atau <em>investment trust</em>, yaitu sponsor bertindak sebagai settlor yang menyerahkan harta kebendaanya kepada <em>trustee</em>, sponsor sebagai <em>settlor</em> dalam <em>trusts</em> sama halnya dengan pemegang unit penyertaan dalam reksa dana kontrak investasi kolektif. Sehubungan dengan permasalahan tersebut, dengan ini dilakukan penelitian hukum normatif dengan menggunakan pendekatan undang-undang, pendekatan konseptual dan pendekatan perbandingan. Cara yang digunakan dalam menganalisis penelitian ini yakni analisis kualitatif. Maka dapat dilihat bahwa peran bank kustodian dan manajer investasi bertindak sebagai <em>trustee</em>, di mana bank kustodian diberi wewenang untuk melaksanakan penitipan kolektif terhadap harta pemegang unit kontrak investasi kolektif dan manajer investasi diberi wewenang untuk melakukan pengelolaan atau penguasaan terhadap harta yang diserahkan oleh sponsor atau settlor dalam konsep hukum <em>trusts</em>. Dengan demikian, dapat dikatakan bahwa konsep RD KIK mirip dengan konsep <em>trusts</em> karena telah memenuhi unsur-unsur <em>trusts</em>.</p><p><strong>Kata Kunci: Reksa Dana Kontrak Investasi Kolektif, <em>Trusts</em></strong></p>

PERLINDUNGAN HUKUM TERHADAP INVESTOR DALAM INVESTASI MELALUI REKSADANA SYARIAH DI IDONESIA

Arif Effendi, Legal Protection to Investors in Investment trough Sharia Reksadana (mutual funds) in Indonesia. This paper talk about legal protection to investors in Sharia Reksadana under sharia principles or Islamic law and Positive law in Indonesia. Reksadana is an instrument used to raise funds from the investor community to be reinvested in securities portfolio by the Investment Manager. Sharia Reksadana is a mutual fund that operates under the terms and principles of Islamic Sharia, either in the form of a contract between the owner of the property (sahib al-mal) and the Investment Manager as the representative of shahib al-mal, or between the Investment Manager as a representative of shahib al-mal with investment users. The operational mechanism in Sharia Reksadana between Investor and Investment Manager is done by wakala system. Meanwhile the operational mechanism between Investment Manager and Investment user (mudharib) is done by mudaraba system. Non-bank financial institutions such as Sharia Reksadana based on their operations using sharia principles. In that principle, prohibited all elements that are not in accordance with sharia. That are Riba (usury), Gharar (uncertainty), Maysir (gambling/speculation), etc. Wakala system, mudaraba system, and positive law agreement are needed to protect the investors. Profit sharing is the most appropriate system as a substitute for interest, to avoid riba (usuary). Sharia Reksadana is one of financial institutions that implements a system of profit sharing in the agreement in what we call mudaraba system. By implementing profit sharing sistem it is hoped to be free from riba (usury).