Legal Protection for Investors in Securities Crowdfunding: A Comparative Study with Initial Public Offerings in Malaysia

Authors

  • Dhani Supriadi Universitas Pasundan
  • Irma Rachmawati Maruf Universitas Pasundan

DOI:

https://doi.org/10.30659/1wk9e055

Keywords:

Default, Investor Protection, Personal Data Protection, Securities Crowdfunding, Shariah Compliance

Abstract

Securities crowdfunding places retail investors in a structurally different position from shareholders of listed companies because issuers face no profit-track-record requirement, securities are not exchange-traded, and no structured financial distress mechanism exists. This study examines legal protection and remedies for investors facing issuer default by comparing Indonesia’s securities crowdfunding framework with Malaysia’s initial public offering architecture. Using a normative juridical method with statutory, conceptual, and comparative approaches. This finding is that Financial Services Authority Regulation Number 17 of 2025 strengthens platform requirements but does not establish a structured investor exit mechanism. Malaysia distributes responsibility among gatekeepers, including the principal advisor, underwriter, and ACE Market sponsor, while Practice Note 17 and Guidance Note 3 provide distress mechanisms. Malaysia applies a tiered regulatory model relevant to Indonesian crowdfunding. Investor protection also involves financial, data, and Shariah compliance axes. Indonesia and Malaysia have strengthened data protection through Law Number 27 of 2022 and the Personal Data Protection (Amendment) Act 2024, respectively, but enforcement challenges remain. The study recommends continuing gatekeeper liability, distressed issuer classification and exit mechanisms, limits on exculpatory clauses, integrated data protection duties, and a positive-law and fiqh al-muamalat protection model.

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Peraturan Perundang-undangan

Indonesia

Undang-Undang Dasar Negara Republik Indonesia Tahun 1945.

Kitab Undang-Undang Hukum Perdata.

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Undang-Undang Nomor 8 Tahun 1999 tentang Perlindungan Konsumen.

Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang.

Undang-Undang Nomor 11 Tahun 2008 tentang Informasi dan Transaksi Elektronik, sebagaimana terakhir diubah dengan Undang-Undang Nomor 1 Tahun 2024.

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Undang-Undang Nomor 27 Tahun 2022 tentang Pelindungan Data Pribadi.

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Peraturan Otoritas Jasa Keuangan Nomor 57/POJK.04/2020 tentang Penawaran Efek melalui Layanan Urun Dana Berbasis Teknologi Informasi, sebagaimana telah diubah dengan Peraturan Otoritas Jasa Keuangan Nomor 16/POJK.04/2021, dan telah dicabut oleh Peraturan Otoritas Jasa Keuangan Nomor 17 Tahun 2025.

Peraturan Otoritas Jasa Keuangan Nomor 22 Tahun 2023 tentang Pelindungan Konsumen dan Masyarakat di Sektor Jasa Keuangan.

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Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor 117/DSN-MUI/II/2018 tentang Layanan Pembiayaan Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah.

Malaysia

Securities Commission Malaysia Act 1993.

Capital Markets and Services Act 2007 (Act 671).

Personal Data Protection Act 2010 (Act 709), sebagaimana diubah dengan Personal Data Protection (Amendment) Act 2024.

Suruhanjaya Sekuriti Malaysia. Guidelines on Regulation of Markets.

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Published

2026-09-20

Issue

Vol. 9 No. 3 (2026): September 2026

Section

Articles

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