Lindung Nilai Sarana Hukum Menjaga Stabilitas Perekonomian (Studi Tentang Pengaturan Kewajiban Lindung Nilai)
ABSTRAK
Nama : Sutrisno, S.H., M.Kn
Promotor : Prof.Dr.Bismar Nasution, S.H., M.H
Kopromotor : Dr..Zulkarnain Sitompul, S.H., LL.M, Prof.Dr.TanKamello, S.H., M.S
Undang-Undang Nomor 24 Tahun 1999 tentang Lalu Lintas Devisa dan Sistem Nilai
Tukar merupakan momentum penting bagi Indonesia masuk dalam rezim devisa dan nilai tukar
bebas. Peraturan dalam Undang-Undang itu menyebabkan sistem devisa dan nilai tukar di
Indonesia terlalu liberal mengakibatkan pergerakan nilai tukar mata uang yang bersifat volatile.
Akibat volatilitas yang tinggi tersebut memunculkan masalah hukum kontrak derivatif pada
tahun 2008. Masalah hukum dimaksud adalah produk derivatif valuta asing (foreign exchange
derivative) yang ditawarkan bank kepada nasabah ternyata bukan merupakan lindung nilai
(hedging) melainkan produk spekulatif. Nasabah merasa dirugikan dan melakukan gugatan
kepada bank dengan menyebutkan bank melakukan tindakan penyalahgunaan keadaan
(“misbruik van omstandigheden”–“undue influence”). Sejak sengketa derivatif (structured
product) pada tahun 2008. Otoritas moneter telah mengeluarkan Peraturan Bank Indonesia (PBI)
Nomor 11/26/PBI/2009 yang ditetapkan pada 1 Juli 2009 tentang Prinsip Kehati-hatian dalam
Melaksanakan Structured Product Bagi Bank Umum. Kemudian disusul oleh peraturan lain
yang terkait prinsip kehati-hatian transaksi derivatif. Semua peraturan yang dikeluarkan
dimaksudkan untuk memperketat ruang gerak transaksi derivatif valuta asing khususnya
structured product, namun demikian belum ada penegasan tentang kewajiban untuk
menggunakan derivatif sebagai lindung nilai.
Lindung nilai menjadi kebutuhan negara dengan pertumbuhan yang cepat (emerging
market) salah satunya Indonesia. Untuk mendukung argumen penulis bahwa tindakan lindung
nilai merupakan tindakan tepat bagi negara yang menganut rezim devisa bebas dan nilai tukar
mengambang seperti Indonesia. Dalam penelitian ini penulis akan menghitung pareto cost
efficiency yang merupakan pilihan rasional untuk mengalokasikan sumber daya yang paling
menguntungkan. Selain itu lindung nilai merupakan win win solution dimana all parties better
off, yaitu masyarakat, bank dan pemerintah. Diharapkan dengan tercapainya efisiensi maka
fungsi hukum sebagai sarana rekayasa sosial (law as a tool of social engeneering) dapat berjalan
secara maksimal di Indonesia
Berdasarkan hasil penelitian, sistem devisa dan nilai tukar mengambang bebas (free
flooting exchange rate) bukan menjadi sesuatu yang dilarang atau diharamkan di Indonesia.
Sistem devisa dan nilai tukar bebas perlu diatur dengan peraturan yang tepat dan efisien.
Pengalaman krisis tahun dan tahun 2008 menunjukkan telah terjadi pergeseran dari wilayah
privat kepada wilayah kepentingan publik. Artinya ketika hukum perdata (privat) menyebabkan
kerugian atau dampak buruk kepada keselamatan banyak orang (publik) maka pada saat itu
kepentingan umum wajib dijaga.
Berdasarkan hasil penelitian tersebut penulis merekomendasikan :
Pengaturan rezim devisa bebas dan nilai tukar mengambang bebas harus dikritisi agar aturan
mengenai devisa dan nilai tukar tidak merugikan perekonomian dan nilai tukar di Indonesia.
Untuk itu sudah saatnya lindung nilai dimasukkan dalam wilayah hukum publik.
Kata Kunci : Produk Terstruktur, Lindung Nilai, Efisiensi, Peraturan Kehati-hatian,
Hukum Publik
ABSTRACT
Name : Sutrisno, S.H., M.Kn
Promotor : Prof.Dr.Bismar Nasution, S.H., M.H
Copromotor : Dr..Zulkarnain Sitompul, S.H., LL.M, Prof.Dr.TanKamello, S.H., M.S
Law Number 24 year 1999 on Foreign Exchange and Exchange Rate System (Foreign
Exchange Law), defined as an important momentum to Indonesia entry to free trade and
exchange regime. Regulation in that law caused foreign exchange system and foreign exchange
rate in Indonesia went liberally. Free floating exchange rate made currency exchange movement
is volatile. High volatility has caused problems of derivative contract regulation on 2008. That
was foreign exchange derivative problem, which was proposed by bank to customer, was not a
hedging product but a speculative one. Customers are felt disadvantaged and accused bank
claimed bank did misused of condition (misbruik van omstandigheden – undue influence). Since
derivative (structured product) dispute in 2008, Monetary Authority has issued Bank Indonesia
Regulation (PBI) Number 11/26/PBI/2009 that established on 1st July 2009, on the Principles of
Prudential Regulation on Implementation of Structured Product Activity by Commercial Bank.
Then followed by another regulation related to principles of prudential regulations of derivative
transaction. Even though regulations related to ruled derivative are in common, the truth are
those are functioning in tightening foreign derivative transaction accessibility, especially
structured product. But obligation in using derivative, as a hedging is not stated explicitly.
Hedging is becoming a nation need with fast growth emerging market, such as Indonesia.
In order to support writer’s arguments that hedging act is a right act to a nation with a free
foreign exchange and floating rate such as Indonesia. Writer in this research will measure pareto
cost efficiency, which is a rational option to allocate the most valuable resource. Hedging is a
win-win solution which all parties better off, there are people, bank, and government. It is hoped
with efficiency achievement, therefore “Law as a tool of social engineering” could be running
maximally in Indonesia.
Based on research, foreign exchange system and free-floating exchange rate are not
something prohibited anymore in Indonesia. Foreign exchange system and free-floating
exchange rate should be managed well with right and efficient regulations. Crisis experiences on
2008 showed us there are shift from private law section to public law section. That means when
private laws are causing loss or bad effect to a lot of people (public) safety, therefore public
interest should be covered up.
Based on the research result writer recommended :
The regulations about free foreign exchange and free floating exchange rate regime must be
criticized in order not giving negative effects and disturb economy and exchange rate. It is the
right time that hedging should be included in public law section.
Keywords : Structured Product, Hedging, Efficiency, Prudential Regulation, Public Law
Nama : Sutrisno, S.H., M.Kn
Promotor : Prof.Dr.Bismar Nasution, S.H., M.H
Kopromotor : Dr..Zulkarnain Sitompul, S.H., LL.M, Prof.Dr.TanKamello, S.H., M.S
Undang-Undang Nomor 24 Tahun 1999 tentang Lalu Lintas Devisa dan Sistem Nilai
Tukar merupakan momentum penting bagi Indonesia masuk dalam rezim devisa dan nilai tukar
bebas. Peraturan dalam Undang-Undang itu menyebabkan sistem devisa dan nilai tukar di
Indonesia terlalu liberal mengakibatkan pergerakan nilai tukar mata uang yang bersifat volatile.
Akibat volatilitas yang tinggi tersebut memunculkan masalah hukum kontrak derivatif pada
tahun 2008. Masalah hukum dimaksud adalah produk derivatif valuta asing (foreign exchange
derivative) yang ditawarkan bank kepada nasabah ternyata bukan merupakan lindung nilai
(hedging) melainkan produk spekulatif. Nasabah merasa dirugikan dan melakukan gugatan
kepada bank dengan menyebutkan bank melakukan tindakan penyalahgunaan keadaan
(“misbruik van omstandigheden”–“undue influence”). Sejak sengketa derivatif (structured
product) pada tahun 2008. Otoritas moneter telah mengeluarkan Peraturan Bank Indonesia (PBI)
Nomor 11/26/PBI/2009 yang ditetapkan pada 1 Juli 2009 tentang Prinsip Kehati-hatian dalam
Melaksanakan Structured Product Bagi Bank Umum. Kemudian disusul oleh peraturan lain
yang terkait prinsip kehati-hatian transaksi derivatif. Semua peraturan yang dikeluarkan
dimaksudkan untuk memperketat ruang gerak transaksi derivatif valuta asing khususnya
structured product, namun demikian belum ada penegasan tentang kewajiban untuk
menggunakan derivatif sebagai lindung nilai.
Lindung nilai menjadi kebutuhan negara dengan pertumbuhan yang cepat (emerging
market) salah satunya Indonesia. Untuk mendukung argumen penulis bahwa tindakan lindung
nilai merupakan tindakan tepat bagi negara yang menganut rezim devisa bebas dan nilai tukar
mengambang seperti Indonesia. Dalam penelitian ini penulis akan menghitung pareto cost
efficiency yang merupakan pilihan rasional untuk mengalokasikan sumber daya yang paling
menguntungkan. Selain itu lindung nilai merupakan win win solution dimana all parties better
off, yaitu masyarakat, bank dan pemerintah. Diharapkan dengan tercapainya efisiensi maka
fungsi hukum sebagai sarana rekayasa sosial (law as a tool of social engeneering) dapat berjalan
secara maksimal di Indonesia
Berdasarkan hasil penelitian, sistem devisa dan nilai tukar mengambang bebas (free
flooting exchange rate) bukan menjadi sesuatu yang dilarang atau diharamkan di Indonesia.
Sistem devisa dan nilai tukar bebas perlu diatur dengan peraturan yang tepat dan efisien.
Pengalaman krisis tahun dan tahun 2008 menunjukkan telah terjadi pergeseran dari wilayah
privat kepada wilayah kepentingan publik. Artinya ketika hukum perdata (privat) menyebabkan
kerugian atau dampak buruk kepada keselamatan banyak orang (publik) maka pada saat itu
kepentingan umum wajib dijaga.
Berdasarkan hasil penelitian tersebut penulis merekomendasikan :
Pengaturan rezim devisa bebas dan nilai tukar mengambang bebas harus dikritisi agar aturan
mengenai devisa dan nilai tukar tidak merugikan perekonomian dan nilai tukar di Indonesia.
Untuk itu sudah saatnya lindung nilai dimasukkan dalam wilayah hukum publik.
Kata Kunci : Produk Terstruktur, Lindung Nilai, Efisiensi, Peraturan Kehati-hatian,
Hukum Publik
ABSTRACT
Name : Sutrisno, S.H., M.Kn
Promotor : Prof.Dr.Bismar Nasution, S.H., M.H
Copromotor : Dr..Zulkarnain Sitompul, S.H., LL.M, Prof.Dr.TanKamello, S.H., M.S
Law Number 24 year 1999 on Foreign Exchange and Exchange Rate System (Foreign
Exchange Law), defined as an important momentum to Indonesia entry to free trade and
exchange regime. Regulation in that law caused foreign exchange system and foreign exchange
rate in Indonesia went liberally. Free floating exchange rate made currency exchange movement
is volatile. High volatility has caused problems of derivative contract regulation on 2008. That
was foreign exchange derivative problem, which was proposed by bank to customer, was not a
hedging product but a speculative one. Customers are felt disadvantaged and accused bank
claimed bank did misused of condition (misbruik van omstandigheden – undue influence). Since
derivative (structured product) dispute in 2008, Monetary Authority has issued Bank Indonesia
Regulation (PBI) Number 11/26/PBI/2009 that established on 1st July 2009, on the Principles of
Prudential Regulation on Implementation of Structured Product Activity by Commercial Bank.
Then followed by another regulation related to principles of prudential regulations of derivative
transaction. Even though regulations related to ruled derivative are in common, the truth are
those are functioning in tightening foreign derivative transaction accessibility, especially
structured product. But obligation in using derivative, as a hedging is not stated explicitly.
Hedging is becoming a nation need with fast growth emerging market, such as Indonesia.
In order to support writer’s arguments that hedging act is a right act to a nation with a free
foreign exchange and floating rate such as Indonesia. Writer in this research will measure pareto
cost efficiency, which is a rational option to allocate the most valuable resource. Hedging is a
win-win solution which all parties better off, there are people, bank, and government. It is hoped
with efficiency achievement, therefore “Law as a tool of social engineering” could be running
maximally in Indonesia.
Based on research, foreign exchange system and free-floating exchange rate are not
something prohibited anymore in Indonesia. Foreign exchange system and free-floating
exchange rate should be managed well with right and efficient regulations. Crisis experiences on
2008 showed us there are shift from private law section to public law section. That means when
private laws are causing loss or bad effect to a lot of people (public) safety, therefore public
interest should be covered up.
Based on the research result writer recommended :
The regulations about free foreign exchange and free floating exchange rate regime must be
criticized in order not giving negative effects and disturb economy and exchange rate. It is the
right time that hedging should be included in public law section.
Keywords : Structured Product, Hedging, Efficiency, Prudential Regulation, Public Law