Comparative study of disgorgement and disgorgement fund regulations in Indonesia, the USA and the UK

Kharisma, Dona Budi; Hunaifa, Afilya

doi:10.1108/jfc-01-2022-0022

Cited by 11 publications

(9 citation statements)

References 24 publications

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“…Legal research is defined as research that systematically explains the rules controlling a given legal category, examines the connection between regulation, clarifies legal issues and anticipates the future changes in the law (Marzuki, 2019). Legal research is the act of discovering the rule of law, legal principles and legal doctrines in order to resolve legal issues (Marzuki, 2019; Kharisma and Hunaifa, 2022). Furthermore, legal research has a particular personality, notably its normative, practical and prescriptive nature (Hadjon and Djatmiati, 2005).…”

Section: Methodsmentioning

confidence: 99%

Protection rights for football supporters: learning from the tragedy at the Kanjuruhan Stadium in Indonesia

Waluyo,

Kharisma

2023

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Purpose Football supporters have safety and security guarantees, but protection rights abuses in the Kanjuruhan Indonesia stadium tragedy. This study aims to create a design regulation to protect the protection rights of football supporters in the world. Design/methodology/approach This is a socio-legal study. The law, cases and conceptual methods are the research methodologies. The process of collecting data uses a literature review. The gathered facts and information are next examined both qualitatively and descriptively. Findings The tragedy that occurred at the Kanjuruhan Stadium is the worst tragedy of Indonesian football. The key factor behind the tragedy was the mechanism for securing football matches regulated in the acts and regulations in Indonesia, which were out of sync and contrary to Federation Internationale de Football Association (FIFA) regulations. The Indonesian National Police Regulation (Perkapolri) permits the use of firearms, tear gas and force, whereas this is actually prohibited by the FIFA Stadium Safety and Security Regulation (FSSSR). In this tragedy, protection rights abuses occurred. Then, the Indonesian Sport Act (ISA) 2022 does not yet regulate crucial matters, especially safety and security in sports competitions to protect players, referees, spectators/supporters and other match organizers. Research limitations/implications This study examines various regulations relating to sports, especially football matches with a focus on studies in Indonesia. Practical implications The results of this research help realize protection rights for football supporters and create designs regulation to protect protection rights for football supporters worldwide. Social implications The design regulation recommended in this study is useful for preventing disasters in football and protecting football supporters, players, referees and parties in matches from acts of violence. Originality/value Learning from the Kanjuruhan tragedy, to prevent this from happening again, the adoption of the FSSSR into Indonesian legislation, created the Safety of Sports Grounds Act and the establishment of the Indonesian Football Policing Unit are recommendations that need to be considered.

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Section: Methodsmentioning

confidence: 99%

Protection rights for football supporters: learning from the tragedy at the Kanjuruhan Stadium in Indonesia

Waluyo,

Kharisma

2023

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“…Globally, regulations related to cryptocurrencies are still being debated because, originally, cryptocurrency was not designed to be regulated and eliminate the role of the government or the central bank. However, because it is developing, it will only become a problem if regulated (Kharisma and Hunaifa, 2022). In anticipation of future risks, the world is discussing making rules to monitor these assets.…”

Section: Methodsmentioning

confidence: 99%

“…IFSA 2013 still needs to accommodate legal issues related to ICA. With regulations, the oversight function will be easier to carry out (Kharisma and Hunaifa, 2022). In Indonesia, ICA are supervised by the Financial Services Authority.…”

Section: Islamic Crypto Assets and Regulatory Frameworkmentioning

confidence: 99%

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Wiwoho,

Trinugroho,

Kharisma

et al. 2023

IJLMA

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Purpose The purpose of this study is to formulate a governance and regulatory framework for Islamic crypto assets (ICAs). A balanced regulatory framework is required to protect consumers and to encourage digital Islamic finance innovation. Design/methodology/approach This study focuses on Indonesia and compares it to other countries, specifically Malaysia and the UK, using statutory, comparative and conceptual research approaches. Findings The ICAs are permissible (halal) commodities/assets to be traded if they fulfil the standards as goods or commodities that can be traded with a sale and purchase contract (sil’ah) and have an underlying asset (backed by tangible assets such as gold). Islamic social finance activities such as zakat and Islamic microfinance activities such as halal industry are backed by ICAs. The regulatory framework needed to support ICAs includes the Islamic Financial Services Act, shariah supervisory boards, shariah governance standards and ICA exchanges. Research limitations/implications This study only examined crypto assets (tokens as securities) and not cryptocurrencies. It used regulations in several countries with potential in Islamic finance development, such as Indonesia, Malaysia and the UK. Practical implications The ICA regulatory framework is helpful as an element of a comprehensive strategy to develop a lasting Islamic social finance ecosystem. Social implications The development of crypto assets must be supported by a regulatory framework to protect consumers and encourage innovation in Islamic digital finance. Originality/value ICA has growth prospects; however, weak regulatory support and minimal oversight indicate weak legal protection for consumers and investors. Regulating ICA, optimising supervision, implementing shariah governance standards and having ICA exchanges can strengthen the Islamic economic ecosystem.

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“…4.2.2 International cooperation through mutual legal assistance in criminal matters. One of the problems in law enforcement in investment fraud cases is when the crime crosses the jurisdictional boundaries of a country (Kharisma and Hunaifa, 2022). Cross-border crimes not only have a psychological impact on individuals or community groups but also have an impact on the joints of the national and international economy as well as the integrity of a country, so overcoming them requires cooperation between one country and another.…”

Section: Law Enforcement Investment Fraud Strategymentioning

confidence: 99%

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

Sudarwanto

Kharisma

2023

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Purpose This study aims to propose a law enforcement strategy for investment fraud through comparative studies in the United States of America (USA), Canada and Indonesia, and to identify the factors that cause weak law enforcement on investment fraud with the object of a binary options case study in Indonesia. Design/methodology/approach This research is a type of legal research, namely, research based on legal materials (library-based). The legal materials used include primary legal materials and secondary legal materials. The approaches used are the statute approach, the case approach and the comparative approach. The data collection technique used in this research is a literature study. The analysis was carried out qualitatively by using an interactive model. Findings In 2022, the Indonesian Financial Services Authority (OJK) recorded that the total value of public losses because of investment fraud in Indonesia reached 117.4tn IDR. Weak law enforcement is the reason investment fraud thrives in society. Strategies that can be implemented to prevent investment fraud include early detection of new investment fraud modes through the whistleblower program, mutual legal assistance in criminal matters, criminal restitution and improvement of public financial literacy. Research limitations/implications This study examines the problems of law enforcement against investment fraud with a case study of binary options in Indonesia. A law enforcement strategy is built on identifying issues and adopting law enforcement policies against investment fraud in Canada and the USA. Practical implications For individuals, the results of this research can be used as reading material to increase their understanding of investment fraud. For the government, the results of this study can be a reference in an effort to eradicate the rise of investment fraud cases more effectively and create a safe digital economic space for investors. Social implications The results of this study are expected to be useful in providing recommendations for strategies to strengthen law enforcement against the problems of investment fraud cases so as to form a conducive investment climate in the sense of being safe, comfortable and profitable. Originality/value Legal frameworks to prevent investment fraud are rarely discussed. The rise in binary options cases that occur is an indication of weak law enforcement in the investment sector. Therefore, an in-depth study of law enforcement strategies to prevent investment fraud is needed, with comparative studies in the USA, Canada and Indonesia.

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Comparative study of disgorgement and disgorgement fund regulations in Indonesia, the USA and the UK

Cited by 11 publications

References 24 publications

Protection rights for football supporters: learning from the tragedy at the Kanjuruhan Stadium in Indonesia

Protection rights for football supporters: learning from the tragedy at the Kanjuruhan Stadium in Indonesia

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

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