Legal Certainty and legal Protection: Two Keys Pillars of Investor Protection Against Stock Manipulation by Influencers Following POJK No.13/2025
DOI:
https://doi.org/10.15294/jpcl.v10i2.57883Keywords:
Legal Certainty, Legal Protection, POJK 13/2025, Capital Market Manipulation, Financial InfluencerAbstract
Digital transformation has given rise to the phenomenon of financial influencers, who significantly influence retail investment behavior in the Indonesian capital market. On the other hand, it has led to stock price manipulation through pump-and-dump schemes and the dissemination of misleading information. This study aims to analyze how the two fundamental pillars legal certainty and legal protection are implemented in POJK No. 13/2025. The research method employed is a normative legal approach using qualitative-descriptive analysis. The primary legal sources are POJK No. 13/2025 and Law No. 4 of 2023 on P2SK. Secondary legal sources include scientific journals, legal textbooks, OJK press releases, and relevant academic research. The research findings indicate: First, POJK No. 13/2025 successfully establishes legal certainty through a three-tier classification of influencer categories that is lex certa in nature, although it still leaves some uncertainty regarding independent influencers. Second, legal protection is realized through preventive mechanisms such as the requirement for written agreements, due diligence, and tiered agreements, as well as repressive measures such as multi-tiered administrative sanctions up to the revocation of personal licenses and proposed criminal sanctions. POJK 13/2025 has successfully established a foundation of certainty through clear normative classifications; however, the effectiveness of its legal protections both preventive and repressive heavily depends on strengthening law enforcement capacity and expanding the regulatory scope to close the loophole regarding independent influencers. In Singapore, finfluencers are regulated more flexibly under existing regulations, whereas in Australia, the focus is on legal proceedings.
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