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Legal Certainty and legal Protection: Two Keys Pillars of Investor Protection Against Stock Manipulation by Influencers Following POJK No.13/2025

Journal of Private and Commercial Law · Vol. 10 No. 2 (2026) · hlm. 135–174

DOI
10.15294/jpcl.v10i2.57883
ISSN
2599-0306, 2599-0314
Terbit
2026-09-18
Penerbit
Universitas Negeri Semarang
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc/4.0

Abstrak

Digital transformation has given rise to the phenomenon of financial influencers, who significantly influence retail investment behavior in the Indonesian capital market. On the other hand, it has led to stock price manipulation through pump-and-dump schemes and the dissemination of misleading information. This study aims to analyze how the two fundamental pillars legal certainty and legal protection are implemented in POJK No. 13/2025. The research method employed is a normative legal approach using qualitative-descriptive analysis. The primary legal sources are POJK No. 13/2025 and Law No. 4 of 2023 on P2SK. Secondary legal sources include scientific journals, legal textbooks, OJK press releases, and relevant academic research. The research findings indicate: First, POJK No. 13/2025 successfully establishes legal certainty through a three-tier classification of influencer categories that is lex certa in nature, although it still leaves some uncertainty regarding independent influencers. Second, legal protection is realized through preventive mechanisms such as the requirement for written agreements, due diligence, and tiered agreements, as well as repressive measures such as multi-tiered administrative sanctions up to the revocation of personal licenses and proposed criminal sanctions. POJK 13/2025 has successfully established a foundation of certainty through clear normative classifications; however, the effectiveness of its legal protections both preventive and repressive heavily depends on strengthening law enforcement capacity and expanding the regulatory scope to close the loophole regarding independent influencers. In Singapore, finfluencers are regulated more flexibly under existing regulations, whereas in Australia, the focus is on legal proceedings.

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  • State University of Semarang
  • University of Debrecen
  • Bayero University Kano
  • Tilburg University
  • University of Technology Malaysia
  • University of South Carolina
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Rekan penulisOrganisasiArtikel bersama
Rahayu Fery AnitasariState University of Semarang7
Dina Silvia PuteriState University of Semarang5
Arif HidayatState University of Semarang2
Rindia Fanny KusmaningtyasAfiliasi tidak diketahui2
Ubaidillah KamalState University of Semarang2
Aprila NiravitaState University of Semarang2
Asrul Ibrahim NurUniversity of Debrecen2
Anak Agung Ayu Diah SetyawatiState University of Semarang2
Mayzura Kamila SukmaState University of Semarang2
Mochammad Rizky Maulana MaulanaState University of Semarang2
Anisa Faraditha Nanda SariState University of Semarang1
Amelia AghataState University of Semarang1
Said Noor RahmanState University of Semarang1
Dhita Widya PutriUniversity of Debrecen1
Figo IqbalState University of Semarang1
Nathanael Bayu Ajie PratomoTilburg University1
Tegar Islami PutraState University of Semarang1
Nurul FibriantiState University of Semarang1
Rini FidiyaniState University of Semarang1
Rizky Andeza PrasetyaUniversity of Technology Malaysia1
Kukuh Satria WiratamaState University of Semarang1
Ridwan ArifinState University of Semarang1
Ni Nyoman Putri Buana Ariani SaraswatiState University of Semarang1
Jihan RafiqState University of Semarang1
Andi Rangga PerdanaState University of Semarang1
Ratna LaniatiState University of Semarang1
Bastian Chris DarenUniversity of South Carolina1
Mia Pitaloka Krisna PutriState University of Semarang1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/jpcl/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Legal Certainty and legal Protection: Two Keys Pillars of Investor Protection Against Stock Manipulation by Influencers Following POJK No.13/2025</dc:title>
	<dc:creator xml:lang="en">Ayuk Anggraeni</dc:creator>
	<dc:creator xml:lang="en">Sang Ayu Putu Rahayu</dc:creator>
	<dc:creator xml:lang="en">Jibril, Aminatullahi Aliyu</dc:creator>
	<dc:subject xml:lang="en">Legal Certainty</dc:subject>
	<dc:subject xml:lang="en">Legal Protection</dc:subject>
	<dc:subject xml:lang="en">POJK 13/2025</dc:subject>
	<dc:subject xml:lang="en">Capital Market Manipulation</dc:subject>
	<dc:subject xml:lang="en">Financial Influencer</dc:subject>
	<dc:description xml:lang="en">Digital transformation has given rise to the phenomenon of financial influencers, who significantly influence retail investment behavior in the Indonesian capital market. On the other hand, it has led to stock price manipulation through pump-and-dump schemes and the dissemination of misleading information. This study aims to analyze how the two fundamental pillars legal certainty and legal protection are implemented in POJK No. 13/2025. The research method employed is a normative legal approach using qualitative-descriptive analysis. The primary legal sources are POJK No. 13/2025 and Law No. 4 of 2023 on P2SK. Secondary legal sources include scientific journals, legal textbooks, OJK press releases, and relevant academic research. The research findings indicate: First, POJK No. 13/2025 successfully establishes legal certainty through a three-tier classification of influencer categories that is lex certa in nature, although it still leaves some uncertainty regarding independent influencers. Second, legal protection is realized through preventive mechanisms such as the requirement for written agreements, due diligence, and tiered agreements, as well as repressive measures such as multi-tiered administrative sanctions up to the revocation of personal licenses and proposed criminal sanctions. POJK 13/2025 has successfully established a foundation of certainty through clear normative classifications; however, the effectiveness of its legal protections both preventive and repressive heavily depends on strengthening law enforcement capacity and expanding the regulatory scope to close the loophole regarding independent influencers. In Singapore, finfluencers are regulated more flexibly under existing regulations, whereas in Australia, the focus is on legal proceedings.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2026-09-18</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/jpcl/article/view/57883</dc:identifier>
	<dc:identifier>10.15294/jpcl.v10i2.57883</dc:identifier>
	<dc:source xml:lang="en">Journal of Private and Commercial Law; Vol. 10 No. 2 (2026): November, 2026 (Issue in Progress); 135-174</dc:source>
	<dc:source>2599-0306</dc:source>
	<dc:source>2599-0314</dc:source>
	<dc:source>10.15294/jpcl.v10i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/jpcl/article/view/57883/11442</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Ayuk Anggraeni, Sang Ayu Putu Rahayu, Aminatullahi Aliyu Jibril (Author)</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-nc/4.0</dc:rights>
</oai_dc:dc>