Legal Protection for Investors in Securities Crowdfunding: a Case Study of PT Santara Daya Inspiratama and a Comparison Between Indonesia and The United States
DOI:
https://doi.org/10.58524/Keywords:
Comparative Law, Investor Protection, Legal Protection, Securities CrowdfundingAbstract
This study examines the legal protection of investors in securities crowdfunding by analyzing the case of PT Santara Daya Inspiratama and comparing the Indonesian and United States regulatory frameworks. The problem arises from the Financial Services Authority (OJK) order that prohibited PT Santara from adding issuers and investors until securities under its supervision had been registered with the Indonesian Central Securities Depository (KSEI) and distributed to investors. The study asks how the legal construction of PT Santara’s obligations and alleged violations is regulated under OJK Regulation Number 57/POJK.04/2020 and how investor-protection mechanisms compare between Indonesia and the United States. This normative legal research uses statutory, case, comparative, and conceptual approaches. Primary legal materials consist of legislation, OJK regulations and official OJK announcements, while secondary materials consist of legal journals and books. The materials are collected through literature and document study and analyzed qualitatively through legal interpretation and comparison. The study finds that the Santara case should be understood on the basis of the obligations expressly regulated in POJK 57/2020, particularly Article 40 paragraphs (4) and (8), rather than by assuming data manipulation without sufficient legal evidence. In Indonesia, protection is structured through OJK supervision, disclosure, intermediary obligations, KSEI registration and distribution mechanisms. In the United States, Regulation Crowdfunding is based on Title III of the JOBS Act, Section 4(a) (6) of the Securities Act of 1933, and SEC rules, with registered intermediaries and disclosure obligations. The comparison shows differences in regulatory architecture, intermediary supervision, disclosure, and enforcement mechanisms, while both systems seek to reduce information asymmetry and protect investors.
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