Analisis Yuridis Peraturan Otoritas Jasa Keuangan Nomor 2/POJK.04/2013 Tahun 2013 tentang Pembelian Kembali Saham Yang Dikeluarkan Oleh Emiten Atau Perusahaan Publik Dalam Kondisi Pasar Yang Berfluktuasi Secara Signifikan Terhadap Perlindungan Pemegang Saham

• Main Authors: , ANGGITA PUTRI CHAERANI, , Dr. Sulistyowati, S.H., M. Hum
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2014
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/129449/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=69840
• Institution: Universitas Gadjah Mada

On 23 August 2013, the Financial Services Authority (\"OJK\") issued OJK Rule No. 2/POJK.04/2013 on Buyback of Shares in The Event of Significantly Fluctuating Market Conditions as a response to the significant fluctuation in the capital market where the share price of the majority of Indonesian publicly listed companies dropped drastically. Unlike buyback of shares in normal condition pursuant to Regulation No. Kep-105/BL/2010 (Regulation No. XI.B.2) where the issuers or public companies can only buyback up to 10% and require Shareholders General Meeting approval, under the new regulation the issuers and a public companies may buyback up to 20% of its issued capital without the necessity of obtaining approval from its Shareholders General Meeting provided that the Indonesia Stock Exchange�s Composite Index has declined by 15% or more over three consecutive days, or, in a catch-all provision, �in such other circumstances as may be determined by the OJK.� In its Circular No. 1/SEOJK.04/2013, the OJK announced that the decline of 23.91% in the IDX�s Composite Index between 20 May 2013 and 27 August 2013 came within the definition of �such other circumstances.� In the new regulation, before the Buyback of shares can be conducted, the relevant company must submit certain information to OJK and IDX no later than 7 exchange days after the occurrence of the Significantly Fluctuating Market Conditions. Immediately after submitting the disclosure of information to OJK and IDX, the publicly listed company can start the Buyback of shares. The Buyback of shares can only be conducted within 3 months after the date of the disclosure of information while in the normal condition buyback of shares can only be conducted within 18 months after the date of Shareholders General Meeting approval. This thesis aimed at elaborating the effect of OJK Rule No. 2/POJK.04/2013 towards shareholder protection due to the difference between buyback of shares in normal condition and in the event of significantly fluctuating market.