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"Permasalahan gagal bayar sering dialami debitur, salah satunya menimpa perusahaan pembiayaan PT Sunprima Nusantara Pembiayaan (“PT SNP”). Laporan keuangan yang menjadi acuan pemberian kredit serta penerbitan dan pemeringkatan Medium Term Notes (“MTN”) tidak menunjukkan kondisi keuangan sebenarnya, sehingga menjadi faktor utama terjadinya kasus gagal bayar PT SNP. Peran Otoritas Jasa Keuangan (“OJK”) sebagai pengawas sangat diperlukan untuk dapat memberikan perlindungan juga keterbukaan informasi kepada setiap konsumen lembaga pembiayaan. Permasalahan tersebut yaitu terkait tugas dan wewenang OJK dalam penerbitan dan pemeringkatan MTN, serta peran OJK dalam perlindungan konsumen terhadap pemegang MTN PT SNP yang telah dinyatakan pailit. Penelitian dilakukan menggunakan data sekunder yang terdiri atas bahan hukum primer, sekunder dan tersier. Data tersebut disusun kualitatif, melalui uraian teks dan dianalisis dengan teknik analisis deskriptif dan kritis. Kesimpulan pertama, tugas dan wewenang OJK dalam proses penerbitan dan pemeringkatan MTN dapat ditinjau dari sebelum dan sesudah diterbitkannya POJK No. 35 tahun 2018 dan POJK No. 30 Tahun 2019, OJK tidak memiliki wewenang secara langsung dalam setiap produk MTN yang diterbitkan PT SNP, namun OJK dapat mengungkapkan setiap informasi, kondisi ataupun sanksi yang sedang dijalankan oleh suatu lembaga pembiayaan. Namun hal inilah yang belum terlihat dalam pelaksanaannya. Sehingga, untuk mendorong peran aktif dari OJK dalam memberikan perlindungan kepada setiap konsumen jasa keuangan perlu adanya jaminan bahwa peraturan terkait penerbitan efek bersifat utang yang salah satu instrumennya adalah MTN terlaksanakan dengan baik agar dapat memberikan rasa aman dan perlindungan terhadap setiap investor/kreditur. Selanjutnya, pemegang MTN diharapkan dapat berperan lebih aktif dalam melakukan pengawasan, pemeriksaan serta evaluasi melalui pelaporan keuangan berkala. Selain itu, terhadap pelaporan keuangan yang dilakukan secara rutin tiap bulannya, perlu adanya parameter untuk penjatuhan sanksi kepada perusahaan jasa keuangan non bank yang terbukti melakukan tindakan curang, sehingga tidak hanya sebatas sanksi administratif.

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Debtors often experience default problems, one of which is the financing company PT Sunprima Nusantara Pemfundan (“PT SNP”). The financial statements that serve as the reference for granting credit as well as the issuance and rating of Medium Term Notes (“MTN”) do not show the actual financial condition, thus becoming the main factor in the PT SNP default case. The role of the Financial Services Authority (“OJK”) as a supervisor is very necessary to be able to provide protection as well as information disclosure to every consumer of a financial institution. These problems are related to the duties and authorities of OJK in issuing and rating MTN, as well as the role of OJK in consumer protection for PT SNP MTN holders who have been declared bankrupt. The research was conducted using secondary data consisting of primary, secondary and tertiary legal materials. The data was compiled qualitatively, through text descriptions and analyzed using descriptive and critical analysis techniques. The first conclusion is that the OJK's duties and authorities in the process of issuing and rating MTN can be reviewed before and after the issuance of OJK Regulations related to the Implementation of Financing Companies and POJK No. 30 of 2019, OJK does not have direct authority in every MTN product issued by PT SNP, but OJK can disclose any information, conditions or sanctions that are being carried out by a financing institution. However, this has not been seen in its implementation. Thus, to encourage the active role of the OJK in providing protection to every consumer of financial services, it is necessary to guarantee that regulations regarding the issuance of debt securities, one of which is MTN, are implemented properly in order to provide a sense of security and protection to every investor/creditor. Furthermore, MTN holders are expected to play a more active role in conducting supervision, inspection and evaluation through periodic financial reporting. In addition, for financial reporting that is carried out routinely every month, the parameters are needed for imposing sanctions on non-bank financial services companies that are proven to have committed fraudulent actions, so that they are not only limited to administrative sanction"

"Penelitian ini membahas mengenai pentingnya dan perlunya penyelarasan pengaturan mengenai Medium Term Notes dalam Peraturan Otoritas Jasa Keuangan Nomor 30/POJK.04/2019 tentang Penerbitan Efek Bersifat Utang dan/atau Sukuk yang Dilakukan Tanpa Melalui Penawaran Umum, Surat Edaran KSEI No. 05/2021, dengan peraturan perundang-undangan terkait serta tanggung jawab hukum Notaris dalam penyelenggaraan penerbitan Medium Term Notes di Pasar Modal berdasarkan POJK No. 30/2019. Diharapkan dengan adanya pengaturan kewajiban akta Notaris di dalam Peraturan OJK, penerbitan Medium Term Notes dapat berlangsung dengan teratur dan dapat melindungi Notaris karena terdapatnya dasar kewenangan Notaris berdasarkan peraturan perundang-undangan dan pedoman yang lebih terperinci terkait dengan pembuatan dokumen penerbitan oleh Notaris. Penelitian ini menggunakan metode penelitian yuridis-normatif yang menilik secara peraturan perundang-undangan bagaimana peran dan tanggung jawab Notaris di pasar modal dalam penerbitan Medium Term Notes

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This study discusses the importance and need for harmonization of regulations regarding Medium Term Notes in Financial Services Authority Regulation Number 30/POJK.04/2019 concerning Issuance of Debt Securities and/or Sukuk Conducted Without Public Offering, KSEI Circular Letter No. 05/2021, with the relevant laws and regulations as well as the legal responsibilities of a Notary in administering the issuance of Medium Term Notes in the Capital Market based on POJK No. 30/2019. It is hoped that with the regulation of Notary deed obligations in OJK Regulations, the issuance of Medium Term Notes can take place regularly and can protect Notaries because there is a basis for Notary authority based on laws and regulations and more detailed guidelines related to making issuance documents by Notaries. This study uses a juridical-normative research method which looks at the laws and regulations on the roles and responsibilities of a Notary in the capital market in the issuance of Medium Term Notes."

"Penelitian skripsi ini secara keseluruhan membahas instrumen utang berbentuk Medium Term Notes pada Badan Usaha Milik Negara Perum Perumnas. Sebelumnya, Medium Term Notes tidak memiliki pengaturan khusus dalam mekanisme penerbitannya. Sejak tahun 2019, Medium Term Notes diatur khusus dengan diterbitkannya POJK 30/POJK.04/2019 tentang Penerbitan Efek Bersifat Utang dan/atau Sukuk yang Dilakukan Tanpa Melalui Penawaran Umum. Secara umum, Medium Term Notes lazimnya diterbitkan oleh Perseroan Terbatas sebagai salah satu instrumen utang. Dengan masifnya penerbitan Medium Term Notes, Badan Usaha Milik Negara juga mulai menerbitkan Medium Term Notes sebagai salah satu sumber pendanaan eksternal. Skripsi ini juga meneliti mengenai penerbitan Medium Term Notes pada BUMN berbentuk Perusahaan Umum (Perum). Sebagaimana diketahui, seluruh modal Perum dimiliki oleh Negara. Oleh karena itu, sangat penting untuk dibahas mengenai sejauh mana peran Negara dalam membantu mencegah maupun mengatasi risiko penundaan kewajiban pembayaran Medium Term Notes oleh Perum Perumnas. Pembahasan tersebut dimulai dengan menjelaskan dasar hukum penerbitan Medium Term Notes oleh Perum Perumnas, mekanisme penerbitan Medium Term Notes Perum Perumnas, riwayat penerbitan Medium Term Notes, para pihak dalam penerbitan Medium Term Notes, peristiwa penundaan kewajiban pembayaran Medium Term Notes Perum Perumnas, peristiwa restrukturisasi Medium Term Notes Perum Perumnas, jaminan pelunasan Medium Term Notes Perum Perumnas, sampai peran Negara dalam peristiwa gagal bayar Medium Term Notes Perum Perumnas

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This thesis research comprehensively discusses the Medium Term Notes debt instrument in the State-Owned Enterprise (SOE) Perum Perumnas. Previously, Medium Term Notes did not have specific regulations governing their issuance mechanism. Since 2019, Medium Term Notes have been specifically regulated with the issuance of POJK 30/POJK.04/2019 concerning the Issuance of Debt Securities and/or Sukuk Conducted Without Public Offering. Generally, Medium Term Notes are commonly issued by Limited Liability Companies as one of the debt instruments. With the massive issuance of Medium Term Notes, State-Owned Enterprises have also started issuing Medium Term Notes as one of the external funding sources. This thesis also examines the issuance of Medium Term Notes by State-Owned Enterprises in the form of Public Companies (Perum). As known, the entire capital of Perum is owned by the State. Therefore, it is crucial to discuss the extent to which the State plays a role in preventing and addressing the risk of payment delays of Medium Term Notes obligations by Perum Perumnas. The discussion begins by explaining the legal basis for the issuance of Medium Term Notes by Perum Perumnas, the mechanism for issuing Medium Term Notes by Perum Perumnas, the history of Medium Term Notes issuance, the parties involved in Medium Term Notes issuance, events of delayed payment obligations of Medium Term Notes by Perum Perumnas, events of restructuring Medium Term Notes by Perum Perumnas, guarantees for the settlement of Medium Term Notes by Perum Perumnas, and the role of the State in the event of default on Medium Term Notes by Perum Perumnas."