The Obligations of Legal Consultants in the Independent Legal Diligence of the Capital Market Supporting Proportion of Legal Prepparement

Endarto, Budi and Taufiqurrahman, Taufiqurrahman and Suhartono, Slamet and Setyadji, Sri and Abadi, Suwarno and Bayuaji, Rihantoro and Kurniawan, Wahyu and Daim, Nuryanto Ahmad and Ismono, Joko and Alam, Arief Syahrul and Purwati, Ani and wijaya, Andy Usmina and Chamdani, Chamdani and Mulyo W, Rahmadi and Kusnadi, Sekaring Ayumeida and Saleh, Farhan and Indriastuty, Dwi Elok and Budi, Wawan Setia and Prasetyo, Indra and Aliyyah, Nabilah and Rusdiyanto, Rusdiyanto and Kalbuana, Nawang (2021) The Obligations of Legal Consultants in the Independent Legal Diligence of the Capital Market Supporting Proportion of Legal Prepparement. Journal of Legal, Ethical and Regulatory Issues, 24 (1). ISSN 1544-0044

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Abstract

A legal consultant is required to provide an independent opinion or assessment as a capital market advocating profession as defined in Article 67 of Law No. 8 of 1995 concerning the capital market. When in line with the Law on Advocates, the wording of the article contradicts that "the lawyer is acting in law for the legal benefit of a customer" as set out in Article 1(2) of Law No. 18 of 2003 on Advocates. This contradiction, therefore, provides the background to the following proposed problems:

1) primarily the obligations of the legal adviser to provide legal protection for the investor for the capital market supporting the profession to be established to establish due diligence, an independent legal;

2) Legal due diligence as a legal adviser's independent opinion. The two problem formulations have been analyzed using a standardized method of legal research to identify legal concepts and principles for the regulation of the capital markets.

The findings were:

1) An independent attitude expressed after the legal, theoretical and philosophical analysis, that is, not affiliated, not monitored, no conflicts of interest and no partial element, mainly obligations of consultation as a profession of capital market support, to establish an independent legal system, due diligence.

2) The parties have established their internal legal safeguards because the legal relation between the lawyer and the service user is bound by an agreement. Although this legal relationship could be classified as a contractually secure legal endeavour, it must be attentive to legislation and customs and property (heteronomous elements).

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