Akibat Hukum Tidak Terjualnya Seluruh Efek Oleh Penjamin Emisi Berdasarkan Perjanjian Full Commitment

Abstract

Law Number 8 of 1995 concerning Capital Markets Article 39 regulates the obligations of Underwriters to comply with the securities underwriting contract stated in the Registration Statement. Underwriters can operate in the form of full commitment, where they are obliged to buy the remaining unsold securities, or best effort, where they try their best to sell the securities without having to buy the remaining securities. This research uses normative legal research methods, collects data through literature study, and analyzes it qualitatively based on statutory regulations, court decisions, and the views of capital market legal experts. The research results show several important implications due to the underwriter not selling all securities based on the full commitment agreement. First, the underwriter is obliged to purchase the remaining unsold securities, and failure to fulfill this obligation can result in serious legal consequences, including claims for compensation from the issuer and sanctions from the capital market authorities. Second, not selling all securities can damage the reputation of the underwriter and issuer, reduce investor confidence, and affect the liquidity and stability of the capital market. In conclusion, a full commitment agreement in securities underwriting carries great responsibility and the potential for serious legal consequences if not fulfilled, requiring careful risk evaluation, effective mitigation strategies, and compliance with capital market regulations. Keywords : Underwriter, full commitment, legal consequences.