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Supervision Model of the Financial Services Authority (OJK) on the Capital Market in Indonesia to Protect Investors Diana Wiyanti, dianawiyanti1[at]gmail.com, Doctoral Program of Law Sciences, Unisba Abstract The supervisory agency for the financial services sector in Indonesia is currently implemented by the Financial Services Authority (OJK) whose existence is contained in the Financial Services Authority (OJK) Law Number 21 Year 2011. OJK oversees all financial institutions, both bank and non-bank financial institutions such as the capital market. Prior to the issuance of the OJK Law, Bapepam supervised the capital market, specifically the capital market in Indonesia. This study aimed to first find models of capital market supervision, and second, find a model of capital market supervision carried out by the OJK to protect investors. The method used a normative juridical approach with descriptive and prescriptive analysis. The data used secondary data, which was obtained through literature review, and then analyzed using qualitative and comparative juridical analysis. The results showed that, first, there are several supervisory models for financial institutions, namely Multi Supervisory Model, Twin Peak Supervisory Model, and Unified Supervisory Model and the institutional model, functional model, integrated model, and twin peaks approach model- second, the capital market supervision model carried out by the OJK is a single model. Thus, OJK becomes a super body institution meaning that OJK is the only institution that has regulatory and supervisory authority over all financial service institutions. The effect of this model on investor protection is to be less than optimal. This is one of the factors in the occurrence of unethical and immoral fraudulent practices that harm investors. Keywords: Supervision, OJK, Capital Markets, Protection, Investors Topic: Law and Ethics in Terms of Islamic Perspective |
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