| Summary: | This research is about Securities Underwriting Agreement Viewed from Capital
Market Law Perspective (Case Study of Initial Public Offering of PT Wahanaartha
Harsaka), using a normative juridical approach made through the research literature with
the study of documents on primary legal materials, secondary and tertiary. It also
conducted field research to obtain materials in order to support the data obtained in the
research literature. This study aims to determine and find answers of the problems
concerning the implementation of the provisions of Article 39 Indonesia Capital Market
Law, responsibilities of the parties and the form of capital market law enforcement by
Bapepam and LK as the capital market authorities as stipulated in the Indonesia Capital
Market Law and its implementing regulations.
Based on the analysis of literature data and research results illustrate that the
provisions contained in Article 39 Indonesia Capital Market Law is not fully in
accordance in the application. The underwriters have made cancellation of underwriting
agreement which resulted in cancellation of the public offering of PT Wahanaartha
Harsaka not in accordance with the pacta sunt servanda principle as agreement principle
that accommodated by the provisions of Article 39 Indonesia Capital Market Law.
Cancellation of the public offering may result in the realization of capital market activities
are not orderly, fair and efficient.
Parties that are considered most responsible for the occurrence of cases of Initial
Public Offering of PT Wahanaartha Harsaka is PT BNI Securities and PT Investindo
Nusantara Sekuritas as underwriter, and also the Legal Consultant of the capital market
supporting professionals. PT BNI Securities and PT Investindo Nusantara Sekuritas
implement the implementation of sanctions imposed by Bapepam and LK as the capital
market authority. But there is no further consequences for the implementation of PT
Investindo Nusantara Sekuritas as contract responsibility, in this case is to implement
their commitments to purchase the remaining unsold securities. Lawyer gives legal
opinion without regard to the information and provisions contained in the underwriting
agreement. Under its authority, Bapepam has imposed administrative sanctions by
suspense the business license and Registration Certificate for the parties involved in the
case as an effort of law enforcement consistency of capital market law
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