Weak, Permissive and Error-Tolerant Supervision: Starting From Correction Habits to Acquit et de Charge Trap As an Entrance to Capital Market Scandal
Abstract
Indonesian financial sector supervision, including the Capital Market is done by the Otoritas Jasa Keuangan/OJK (Financial Services Authority). Capital market is a market driven by the coming of new information. The punctuality and accuration of information are the key for an efficient capital market. The OJK structure and internal process makes us understand why OJK is weak, slow, permissive and error-tolerant to erroneousness. This condition is exploited by issuers/listed companies, including, banking sector companies, ignoring the carefulness rules in delivering the disclosure obligation. It explicitly comes up from most of the correction and revision toward disclosures they have made or even not doing the disclosure obligation. Worse, the audited anual financial which have accepted and legalized by General Meeting of Shareholders and therefore receive acquit et de charge, is rectified for restatement reason. It seems that the OJK failed to understand and stutter against forms of non-compliance and old crime in the new structure, in the form of omission, for investors this failure was a form of impartiality to them. OJK should act as an investor’s advocate, not an issuer carer. In addition to the silo structure, there is an incompatibility of the investigation function with the provisions regarding the investigation in accordance with the Criminal Procedure Code and other deficiency.References
Badan Pembinaan Hukum Nasional, Penegakan Hukum Terhadap Insider Trading Di Pasar Modal dan Upaya Perlindungan Terhadap Investor, Kementerian Hukum Dan Hak Asasi Manusia RI, 2011
Bursa Efek Indonesia, http://www.idx.co.id/perusahaan-tercatat/keterbukaan-informasi/
Correia, Maria M. (2014), Political Connections and SEC Enforcement. Journal of Accounting and Economics, 57 (2-3). pp. 241-262. ISSN 0165-4101 available at http://eprints.lse.ac.uk/84408/
Erhard, Werner and Michael C. Jensen “Putting Integrity Into Finance: A Purely Positive Approach,” Capitalism and Society: Vol. 12: Iss. 1, Article 1, 2017.
Financial Stability Board, FSB Principles for Sound Compensation Practices Implementation Standards, 2009 available at http://www.fsb.org/what-we-do/policy-development/building-resilience-of-financial-institutions/compensation/
Graham, John R., Chambell R. Harvey, and Shivaram Rajgopal.. “Economic Impli-cations of Corporate Financial Reporting” 2005 accessed 3 May 2018, http:// ssrn.com/abstract=491627
Haikal, Shalahuddin, Credit Rating Information Value: A Metamorphosis of Public Information Assesment (April 14, 2011). Available at SSRN: https://ssrn.com/abstract=1811822 or http://dx.doi.org/10.2139/ssrn.1811822
Handayani, Tarjo, Yuni Rimawati, Correlation Of Financial Statement Components In Detecting Financial Fraud, Asia Pasific Fraud Journal Volume 1, No.2nd Edition (July-December 2016)
International Organization of Securities Commissions, Objectives and Principles of Securities Regulation, 2003, available at https://www.iosco.org/
International Organization of Securities Commissions, Strengthening Capital Markets Against Financial Fraud, 2005, available at https://www.iosco.org/
Jose Viñals and Jonathan Fiechter, et. al, The Making of Good Supervision: Learning to Say “No”, Monetary and Capital Markets Department, International Monetary Fund, 2010
Lynch, Gary and Missal, Michael J, Recent Civil And Criminal Prosecutions Of Insider Trading Violations, 1985, available a https://www.sec.gov/news/speech/1985/010485lynch.pdf
Monetary and Capital Markets Department, Indonesia Financial System Stability Assesment, IMF Country Report No. 17/152, International Monetary Fund 2017.
National Academies of Sciences, Engineering, and Medicine, Modernizing Crime Statistics-Report 2: New Systems for Measuring Crime. Washington, DC: The National Academies Press 2018 . https://doi.org/10.17226/25035.
Peraturan Bank Indonesia Nomor 8/4/PBI/2006 Tentang Pelaksanaan Good Corporate Governance Bagi Bank Umum
Peraturan Bank Indonesia Nomor 8/14/PBI/2006 Tentang Perubahan Atas Peraturan Bank Indonesia Nomor 8/4/PBI/2006 Tentang Pelaksanaan Good Corporate Governance Bagi Bank Umum
Peraturan Kepala Kepolisian Negara Republik Indonesia Nomor 20 Tahun 2010 Tentang Koordinasi, Pengawasan Dan Pembinaan Penyidikan Bagi Penyidik Pegawai Negeri Sipil
Peraturan Menteri Hukum dan Hak Asasi Manusia Republik Indonesia Nomor 5 Tahun 2016 Tentang Tata Cara Pengangkatan, Pelantikan dan Pengambilan Sumpah Atau Janji, Mutasi, Pemberhentian, dan Pengangkatan Kembali Pejabat Penyidik Pegawai Negeri Sipil, Serta Kartu Tanda Pengenal Pejabat Penyidik Pegawai Negeri Sipil
Peraturan Otoritas Jasa Keuangan Nomor 34/POJK.04/2014 Tentang Komite Nominasi Dan Remunerasi Emiten Atau Perusahaan Publik
Peraturan Otoritas Jasa Keuangan Nomor 21/POJK.04/2015 Tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka
Peraturan Otoritas Jasa Keuangan Nomor 22/POJK.01/2015 Tentang Penyidikan Tindak Pidana Di Sektor Jasa Keuangan
Peraturan Otoritas Jasa Keuangan Nomor 13 /POJK.03/2017 Tentang Penggunaan Jasa Akuntan Publik Dan Kantor Akuntan Publik Dalam Kegiatan Jasa Keuangan
Peraturan Otoritas Jasa Keuangan Nomor 7 /POJK.04/2018 Tentang Penyampaian Laporan Melalui Sistem Pelaporan Elektronik Emiten Atau Perusahaan Publik
Peraturan Pemerintah Republik Indonesia Nomor 58 Tahun 2010 Tentang Perubahan Atas Peraturan Pemerintah Nomor 27 Tahun 1983 Tentang Pelaksanaan Kitab Undang-Undang Hukum Acara Pidana
Securities and Exchange Commission Historical Society. Fair To All People: The SEC and the Regulation of Insider Trading, Counterattack From the Supreme Court Carpenter v. United States available at http://www.sechistorical.org/museum/galleries/it/counterAttack_d.php
Technical Committee of The International Organization of Securities Commissions Strengthening Capital Markets Against Financial Fraud, 2005 available at https://www.iosco.org/
The Indonesia Capital Market Institute,, Kejahatan Di Bidang Pasar Modal (Penipuan, Manipulasi Pasar dan Perdagangan Orang Dalam), Modul Etika dan Hukum, 2016
Undang-Undang Republik Indonesia Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan
Undang-Undang Republik Indonesia Nomor 8 Tahun 1981 Tentang Hukum Acara Pidana
Undang-Undang Republik Indonesia Nomor 8 Tahun 1995 tentang Pasar Modal
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
PT Bank Bukopin Tbk, Surat No 06524/SKPR/V/2018 tanggal 2 Mei 2018 Perihal Penjelasan Atas Penyajian Kembali Laporan Keuangan, tersedia di http://www.idx.co.id/perusahaan-tercatat/keterbukaan-informasi/
Pusat Pembinaan Profesi Keuangan Sekretariat Jenderal Kementerian Keuangan Republik Indonesia, Menteri Keuangan Menjatuhkan Sanksi Deloitte Indonesia atas Audit SNP Finance, tersedia di http://pppk.kemenkeu.go.id/News/Details/2135
