URGENSI PENGATURAN UNDANG-UNDANG PASAR FISIK ASET KRIPTO (CRYPTO ASSET)

Crypto Assets is a new alternative investment concept in Indonesia. The legal basis for regulating crypto assets currently in force in Indonesia cannot accommodate the development of the Crypto assets concept which continues to undergo significant changes. The physical market for crypto assets is incompatible when regulated by the provisions of Law Number 32 of 1997 on commodity futures trading and its amendments, namely Law Number 10 of 2011 because the physical market has conceptual differences with the provisions of the futures market in general. The object traded in the physical market is the commodity, while in the commodity futures market the object is futures contracts (and their derivatives) for commodities traded in the physical market. The scope of the commodity futures market as regulated in Article 1 of the Commodity Futures Trading Law does not accommodate commodity trading in the physical market. The urgency of regulating the physical market for crypto assets with a separate law is the implementation of the principle of legal certainty and protection of crypto asset investors. The method used in writing this journal is normative research using books, journal references, and laws and regulations that are relevant to the legal issues in this study. The results of this study indicate that the regulation of the physical law on crypto assets is needed because crypto assets should be regulated into two separate arrangements so that it is not appropriate if the regulation regarding crypto assets is only accommodated by the Commodity Futures Trading Law.

Is Gold as an Alternative Investment a Good Solution During Pandemic?

The aim of the article: The crisis, both in the economic and financial markets, can lead to a sudden downturn and a loss of savings. For this reason, during a crisis, safe investments are essential to reduce risks and avoid losses. This year’s coronavirus pandemic has caused a lot of confusion in the financial and investment world as well.The pandemic led to turbulence in the financial market and made investors look for the so-called safe havens. In the literature, these havens often include alternative investments with a high demand for gold. This article aims to check the validity of using gold as an investment during a pandemic. Methodology: In the paper, in order to achieve the formulated aim, the following stages were carried out: critical analysis of the literature regarding the factors influencing investment decisions and the characteristics alternatives instruments. The last stage was based on statistical analysis using the Pearson correlation method. Gold prices were compared with quotations of two price indexes: WIG20 and S&P500. Results of the research: The conducted analysis shows that gold as an alternative investment is a good hedge in times of crisis, therefore, it is also the case during ongoing pandemic. Alternative assets fulfill a hedging function, minimizing the risk of losses. Moreover, thanks to a negative correlation with the market, they give a possibility to increase investors’ capital in times of crisis.

Part III UK Derivatives, Money, and Debt Markets, 9 London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM)

This chapter focuses on the London Stock Exchange (LSE), which took its origins from the early days of trading in London's coffee houses. It talks about John Castaing, who began issuing a list of stock and commodity prices called “The Course of the Exchange and other things” in 1698 at Jonathan's Coffee House. It also mentions that trading occurred on an informal and unregulated basis until the aftermath of the South Sea Bubble, in which afterwards a new “Stock Exchange” was established in 1773. This chapter talks about the Financial Services and Markets Act 2000 (FSMA) that includes the bulk of the UK's current regulatory framework, the statutory basis for the regulation of the LSE. It points out the exemption of investment exchanges, such as the LSE, from the “General Prohibition” on the undertaking of financial services activities when they are subject to a recognition order by the Financial Conduct Authority (FCA).

Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System

This contribution deals with the implementation of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 into Czech legal system. The main aim of the contribution is to confirm or disprove the hypothesis that entity in Section 15 of Act no. 240/2013 Coll, on Investment Companies and Investment Funds, as amended, is an alternative fund according to the Directive 2011/61/EU and that Directive 2011/61/EU was not transposed in Czech Republic properly. Author used to confirm or disprove above mentioned hypothesis scientific methods, especially comparison, induction and deduction. This contribution also looks at the Directive 2011/61/EU evaluation of its effectiveness and possible development of regulation in this area.