MUTUAL FUND REGULATION IN INDONESIA: PROTECTION FOR INVESTOR

SAMSUL ANAM, Tarsisius Hani Handoko, M.B.A., Ph. D.

2016 | Tesis | S2 Manajemen

Industri reksadana di Indonesia telah tumbuh secara pesat sejak diluncurkan pada tahun 1996. Semakin besar industri reksadana di suatu negara pada sisi lain memiliki potensi masalah yang lebih besar. Salah satu contoh masalah dalam industri reksa dana dapat dilihat pada skandal reksa dana yang terjadi pada tahun 2003 di Amerika Serikat. Potensi masalah dalam industri reksadana bisa berasal dari perlindungan investor. Perlindungan investor di industri reksa dana dapat dipastikan dengan keberadaan peraturan pemerintah. Perlindungan investor dapat dikategorian menjadi delapan. Mereka adalah solvency, independency, competency, communication, cancellation and compensation, market abuse and insider dealing, money laundering, and pricing. Berdasarkan delapan kategori aktifitas tersebut yang dapat dipelajari dari skandal reksa dana yang terjadi pada tahun 2003, peneliti mencoba untuk memahami bagaimana perlindungan investor di industri reksa dana Indonesia. Berdasarkan analisis kami, regulasi industri reksa dana memenuhi tepatnya tujuh kategori aktivitas, yaitu solvency, independency, competency, communication, market abuse and insider dealing, money laundering, and pricing. Salah satu kategori kegiatan yang tidak sesuai tepat adalah cancellation and compensation. Pemerintah Indonesia melalui unit institusinya, Indonesia Otoritas Jasa Keuangan, tidak mengatur pembatalan dan kategori kompensasi. Pemerintah Indonesia melakukan cara lain untuk melindungi investor dari informasi yang salah dan nasihat yang salah dari penasihat reksadana atau salesman. Belajar dari skandal reksa dana terjadi pada tahun 2003, Indonesia telah menerapkan beberapa peraturan untuk menghindari skandal ini terjadi di Indonesia.

Mutual fund industry in Indonesia has grown dramatically since launched in 1996. The bigger mutual fund industry in a country consequently has bigger potency of problems. One of the example of problem in mutual fund industry can be seen on mutual fund scandals happened in 2003 in USA. The potency of problem in mutual fund industry can come in investor protection point of view. The investor protection in mutual fund industry can be ensured by existance of government regulations. Investor protection can be categories based on eight categories of activitiy. Those are solvency, independency, competency, communication, cancellation and compensation, market abuse and insider dealing, money laundering, and pricing. Based on those eight categories of activies and lesson learn from mutual fund scandals happened in 2003, the researcher try to understand how investor protection in Indonesia mutual fund industry are. Based on our analysis, the regulation of mutual fund industry meets precisely seven categories of activity, namely solvency, independency, competency, communication, market abuse and insider dealing, money laundering, and pricing. One category of activity that does not match precisely is cancellation and compensation activity. Indonesian government through its agency, Indonesia Financial Service Authority, does not regulate cancellation and compensation category. Indonesian government, as a result, conducts another way to protect investor from misinformation and wrong advice from mutual fund advisor or salesman. Learn from mutual fund scandals happened in 2003, Indonesia has implemented several regulations to avoid this scandals happen in Indonesia.

Kata Kunci : mutual fund in Indonesia, mutual fund regulation, investor protection, mutual fund scandals