TINJAUAN YURIDIS TERKAIT BACKDOOR LISTING DI INDONESIA DAN MALAYSIA

Abstract

In practice in Indonesia, backdoor listing is done by acquiring and/or merging with a Public Company. The goal is that the Company that carries out backdoor listing wants its business to be listed on the stock exchange as an issuer, and has control over the Public Company. Although the practice of backdoor listing is in-creasingly widespread in the Indonesian capital market, until now there has been no legislation that specifically regulates backdoor listing in detail. Thus, backdoor listing in the Indonesian capital market is basically not prohibited, but in its im-plementation backdoor listing must not conflict with laws and regulations in the capital market sector. Practices related to backdoor listing are also widespread in other countries. Here the author takes the example of Malaysia. Backdoor listing in Malaysia is regulated by the Capital Markets and Services Act 2007, Bursa Ma-laysia and Securities Commission Malaysia (SC). So it is necessary to know how the legal review related to backdoor listing in Indonesia and Malaysia. This study uses a normative legal research type. After conducting research using this method, it can be concluded that the implementation of backdoor listing in Indonesia refers to regulations that are in accordance with the type of mechanism used. The mech-anisms include mergers (reverse mergers), acquisitions (reverse takeovers), and limited public offerings. Meanwhile, in Malaysia, there are several aspects related to capital market regulations, including the Capital Markets and Services Act 2007, Bursa Malaysia and the Securities Commission Malaysia. The Securities Commis-sion Malaysia (SC) has an important role in the backdoor listing process. SC en-sures that the transaction process has met all requirements and does not cause losses to investors. The regulations in Indonesia and Malaysia are intended to maintain the integrity of the capital markets in both countries, and also provide protection to investors or related parties and ensure an efficient and fair capital market.