Risiko Misleading Information Prospektus Keuangan UMK-M Pada Securities Crowdfunding: Implementasi BLU sebagai Auditor

Securities Crowdfunding (SCF) is expected to be a fast, cheap, and massive alternative funding system for Micro, Small, Medium Enterprises (MSMEs). However, its implementation far from ideal. Several studies in China, Britain, America concluded that SCF one of the riskiest investment instruments. This closely related lack audit obligations on financial statements MSMEs as Issuers. To analyze above problems, this study applied doctrinal research methods Reform Oriented Research. aimed urgency establishing Public Service Agency (BLU SCF) ecosystem Indonesia design idea regulating BLU an auditor. found that: (1) includes high default risk by Issuers, responsibility exemption Issuers Organizers truth statements, there potential conflict interest between Organizers; (2) will authorized reports other documents published through Organizers. Institutionally, under auspices Ministry Cooperatives Small Enterprises. improve practice Indonesia, prioritizing protection Investors’ rights Issuer’s statements.