Open AccessLegal Responsibilities of the Parties in Issuance of Commercial Paper Based on Bank Indonesia Regulation No: 19/9/PBI/2017
Publication year - 2022
Publication title -
scholars international journal of law, crime and justice
Language(s) - English
Resource type - Journals
eISSN - 2617-3484
pISSN - 2616-7956
DOI - 10.36348/sijlcj.2022.v05i03.008
Subject(s) - database transaction , settlement (finance) , business , issuer , decree , central bank , accounting , finance , law , payment , economics , political science , monetary policy , computer science , monetary economics , programming language
Commercial Papers (SBK) or often referred to as Commercial Paper (CP) are securities that are classified as promissory notes and appear in practice as an alternative to corporate funding. In 1995 Bank Indonesia issued Bank Indonesia Decree No: 28/52/KEP/DIR and Bank Indonesia Circular No: 28/49/UPG concerning Requirements for Issuance and Trading of Commercial Paper through Bank Indonesia. Then in 2017 Bank Indonesia revoked the decree and again issued Bank Indonesia Regulation (PBI) No: 19/9/PBI/2017 concerning the Issuance and Transaction of Commercial Securities in the Money Market. This study seeks to examine matters related to SBK or CP after the issuance of PBI NO: 19/9/PBI/2017, especially the problem of formal requirements for SBK as securities; the parties involved and their legal responsibilities in the SBK or CP transaction. This research is a normative legal research with a descriptive type that is sourced from legal materials, both primary, secondary and tertiary legal materials and analyzed qualitatively. The results of this study indicate that the formal requirements for SBK follow the provisions of the formal promissory note as stipulated in Article 174 and Article 175 of the KUHD. PBI No: 19/9/PBI/2017 does not stipulate other formal requirements, but stipulates the criteria for SBK (CP) to be issued for transactions through the Money Market. The parties involved are issuers, issuance support institutions, Bank Indonesia, transaction actors and transaction support institutions, administration and settlement of SBK transactions. Each of these parties has a legal responsibility, namely the issuer has legal responsibility in terms of payment of Commercial Securities issued. The issuance support institutions have legal responsibilities in protecting consumers (investors) while transaction actors, transaction support institutions, administration, and transaction settlements have the responsibility to create a credible SBK or CP market and trade.