Deputy Chief Justice Saldi Isra presiding over a petition revision hearing on the judicial review of Article 312 of Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law). During the hearing on Monday (25/11) at the Panel Courtroom, the Petitioners withdrew their petition. Photo by MKRI/Panji.

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Jakarta (MKRI) - Case Number 155/PUU-XXII/2024 Petitioners withdrew their petition to review Article 312 of Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law). The Petitioners' legal counsel, Defika Yufiandra, conveyed the withdrawal in a hearing held on Monday, November 25, 2024, in the Courtroom.

“On November 21, 2024, we submitted a withdrawal request related to the judicial review of the law in Case Number 155/PUU-XXII/2024, Your Honor, at the request of the Principal,” Defika said before the Panel of Justices led by Deputy Chief Justice Saldi Isra accompanied by Justice Enny Nurbaningsih and Justice Arsul Sani. Justice Saldi also said that the withdrawal of this petition would be reported to the justices through the Justice Deliberation Meeting (RPH).

Also read: Provisions of the Transfer of Commodity Futures Trading Supervisory Authority from BAPPEBTI to OJK Challenged

Yuli Puspitasari, Yuli Eni Kusrini, Rinaldi Andreas, and Udibowo Ciptomulyono, who work as Futures Broker Representatives (WPB), filed a petition to the Constitutional Court to test Article 312 of Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law) against the 1945 Constitution of the Republic of Indonesia.

The quality and competence of Futures Broker Representatives as a profession is the responsibility of the Commodity Futures Trading Supervisory Agency (BAPPEBTI), which is the body appointed by the Law as the Advisor and Supervisor of commodity futures trading. They explained that Article 312 paragraph (2) of the P2SK Law contains an explicit provision mandating the government to stipulate a Government Regulation (PP) regarding the transfer of authority from BAPPEBTI to OJK no later than six months after the law is enacted. However, the government has yet to fulfill the law's order. According to the Petitioners, this failure has created a legal vacuum that has serious consequences for legal certainty, stability, and protection of WPB's constitutional rights. Especially in obtaining guarantees, recognition, and fair legal protection, as guaranteed in Article 28D paragraph (1) of the 1945 Constitution.

“How to face the challenges in developing innovation in futures brokerage trading which until now still has conflicts, but this transition raises questions and losses for users who are here, especially regarding this transfer of authority,” the legal counsel of the Petitioners, Bagas Alkautsar, said in the preliminary hearing of Case Number 155/PUU-XXII/2024 on Thursday, November 7, 2024 at the Courtroom, Central Jakarta.

In their petitum, the Petitioners asked the Constitutional Court to declare Article 312 of the P2SK Law contrary to the 1945 Constitution and has no legally binding force.

Author: Mimi Kartika

Editor: Lulu Anjarsari P.

PR: Fauzan Febriyan

Translator: Rizky Kurnia Chaesario

Disclaimer: The original version of the news is in Indonesian. In case of any differences between the English and the Indonesian versions, the Indonesian version will prevail.

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