The Consultant in Legal Diligence Independent Capital Market Supporting Proportion of Legal Preparation

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 Widianto, Rahmadi Mulyo and Kusnadi, Sekaring Ayumeida and Saleh, Farhan and Indriastuty, Dwi Elok and Budi, Wawan Setia and Prasetyo, Indra and Aliyyah, Nabilah and Rusdiyanto, Rusdiyanto (2021) The Consultant in Legal Diligence Independent Capital Market Supporting Proportion of Legal Preparation. Journal of Legal, Ethical and Regulatory Issues, 24 (6). pp. 1-9. 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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