KEPASTIAN HUKUM TERHADAP PERLINDUNGAN INVESTOR PEMEGANG OBLIGASI DI PASAR MODAL YANG DITERBITKAN OLEH BADAN USAHA MILIK NEGARA (BUMN) DALAM HAL GAGAL BAYAR (DEFAULT)

This research highlights the importance of legal certainty for investors in order to reduce the risk of default, especially for SOE bondholders in the capital market. The formulation of the problem includes the accountability of SOEs and trustees as well as the form of legal protection received by investors. The research method used is normative legal research with a legislative and conceptual approach, using primary and secondary legal materials collected through literature studies and analyzed in a qualitative descriptive manner. The results of the first discussion outlined the responsibilities of SOEs to investors, such as financial restructuring through a general meeting of bondholders or through PKPU, while the responsibilities of trustees include investor representation outside the court (mediation or arbitration at BAPMI) and bankruptcy filings in court. The second discussion discussed legal certainty for legal protection for investors, including preventive protection through information transparency and repressive protection through sanctions. The Capital Market Law provides guidelines for this protection, but there is legal ambiguity in Article 111 of the UUPM which is still too common in dealing with the complexity of defaulting on SOE bonds which can reduce legal certainty. In conclusion, it is necessary to strengthen regulations and a better guarantee system for investors.