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Abstract
As a modern economic instrument, the capital market is not free from abuse by certain parties to enrich themselves illegally, one of which is Insider Trading/insider trading related to the investment behavior of company employees in their own company securities. The implications and impacts of this activity include accounting, finance, law, management, human resources, and economic development. The purpose of this study is to find out about capital market crimes and insider trading, and to find out the process of resolving insider trading cases in capital market crimes committed by corporations. This research is normative in nature, the results of which conclude that: capital market crimes are acts that are prohibited within the scope of the capital market, and insider trading is securities trading; The insider trading settlement process begins with supervision carried out by OJK in accordance with Bapepam and the applicable law.
Keywords: Capital market; corporations; crimes; insider trading
Abstrak
Sebagai instrumen ekonomi modern, pasar modal tidak luput dari penyalahgunaan oleh pihak-pihak tertentu untuk memperkaya dirinya secara melawan hukum, salah satunya yaitu Insider Trading/perdagangan orang dalam perusahaan berkaitan dengan perilaku investasi karyawan perusahaan di sekuritas perusahaan mereka sendiri. Implikasi dan dampak dari kegiatan ini meliputi akuntansi, finansial, hukum, manajemen, sumber daya manusia, dan perkembangan ekonomi. Tujuan penelitian ini untuk mengetahui mengenai tindak pidana pasar modal dan insider trading, dan untuk mengetahui proses penyelesaian perkara insider trading dalam tindak pidana pasar modal yang dilakukan oleh korporasi. Penelitian ini bersifat normatif, yang mana hasilnya menyimpulkan bahwa: tindak pidana pasar modal adalah perbuatan-perbuatan yang dilarang dalam lingkup pasar modal, dan insider trading yaitu perdagangan efek; proses penyelesaian insider trading itu diawali dengan pengawasan yang dilakukan oleh OJK sesuai dengan Bapepam dengan UU yang berlaku.
Kata Kunci: Tindak pidana; pasar modal; insider trading; korporasi
Keywords
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References
- Buku
- Anwar, Jusuf, Pasar Modal Sebagai Sarana Pembiayaan dan Investasi, Alumni, Bandung, 2005.
- Bestari, Abaraham, Insider Trading, Badan Pengawasan Pasar Modal, Jakarta, Februari 2004.
- Fuady, Munir, Doktrin-Doktrin Modern Dalam Corporate Law dan Eksistensinya Dalam Hukum Indonesia, Citra Aditya Bakti, Bandung, 2010.
- Husein, Yunus, Sambutan Kepala PPATK, dalam Seluk Beluk Tindak Pidana Pencucian Uang dan Pembiayaan Terorisme, PT. Pusaka Utama Grafiti, Jakarta, 2004.
- Manan, Abdul, Aspek Hukum Dalam Penyelenggaraan Investasi di Pasar Modal Syariah Indonesia, Kencana, Jakarta, 2009.
- Nasarudin, M. Irsan dan Indra Surya, Aspek Hukum Pasar Modal Indonesia, Kencana, Jakarta, 2010.
- Nasution, Bismar, Keterbukaan Dalam Pasar Modal, Fakultas Hukum Universitas Indonesia, Program Pascasarjana, Jakarta, 2001.
- Rahadiyan, Inda, Hukum Pasar Modal di Indonesia-Pengawasan Pasar Modal Pasca Terbentuknya Otoritas Jasa Keuangan, UII Press, Yogyakarta, 2014.
- Umam, Khaerul, Pasar Modal Syariah & Praktek Pasar Modal Syariah, Pustaka Setia, Bandung, 2013.
- Jurnal, Makalah, dan Hasil Penelitian
- Ako Doffou dan Peter F. Drucker, Insider Trading: A Review of Theory and Empirical Work, Journal of Accounting and Finance Research, Vol. 11, No 1, Spring 2003, Claremont Graduate University, California.
- Barda Nawawi Arief, “Tindak Pidana Pencucian Uang dan Tindak Pidana Lainnya Yang Terkait”, Jurnal Hukum Bisnis, Vol. 2 No. 3, Jakarta: Yayasan Pengembangan Hukum Bisnis, 2003
- Faris Njemcevic, “Capital Market and Economic Growth in Transition Countries: Evidence from South East Europe”, Journal of International Business Research and Marketing, vol. 2, issue 6, pp.15-22, American University in Bosnia and Herzegovina, Faculty of Finance, Bosnia and Herzegovina, September 2017
- Firman Halawa, & Marlina, Upaya Penegakan Hukum Atas Insider Trading Sebagai Kejahatan Asal (Predicate Crime) Dalam Tindak Pidana Pencucian Uang. Jurnal Mercatoria Vol. 5 No. 2 Tahun 2012
- Hamud M Balfas, “Tindak Pidana Pasar Modal dan Pengawasan Perdagangan di Bursa”, Jurnal Hukum dan Pembangunan No. 1 – 3 Tahun XXVIII
- Iain Clacher, “Corporate insider trading: A literature review, Revista Española De Financiación Y Contabilidad”, Journal University of Leeds and the Centre for Advanced Studies in Finance David Hillier. University of Leeds and the Centre for Advanced Studies in Finance Sunthare Lhaopadchan. University of Amsterdam Vol. XXXVIII, No. 143 Juli-September 2009
- M. Irsan Nasarudin dan Arman Nefi, Kejahatan dan Pelanggaran di Bidang Pasar Modal, makalah disampaikan pada Kuliah Hukum Pasar Modal, Depok, 8 Desember 2006
- Mohammed Aminu Bello, “Market Reaction and Insider Trading Around the Announcements of Equity Issues: Evidence from Nigeria”, International Journal of Accounting, Finance and Risk Management December 2016, Department of Business Administration and Entrepreneurship, Bayero University, Kano, Nigeria
- Ririn Susilawati Zahrul Jihad, “Capital Market Education Effect”, Jurnal Nusantara Aplikasi Manajemen Bisnis (NUSAMBA) Program Studi Manajemen Fakultas Ekonomi Universitas Nusantara PGRI Kediri”, JURNAL NUSAMBA VOL. 4 NO. 1 April 2019
- Sutan Remy Sjahdeni, “Pencucian Uang: Pengertian, Sejarah, Faktor-Faktor Penyebab, dan Dampaknya Bagi Masyarakat”, Jurnal Hukum Bisnis Vol. 22 No. 3, Yayasan Pengembangan Hukum Bisnis, Jakarta, 2003
- Utpal Bhattacharya and Hazem Daouk, “The World Price of Insider Trading”, The Journal of Finance, Vol-I.VII, No 1, Februari 2002, The Hongkong University of science and Technology.
References
Buku
Anwar, Jusuf, Pasar Modal Sebagai Sarana Pembiayaan dan Investasi, Alumni, Bandung, 2005.
Bestari, Abaraham, Insider Trading, Badan Pengawasan Pasar Modal, Jakarta, Februari 2004.
Fuady, Munir, Doktrin-Doktrin Modern Dalam Corporate Law dan Eksistensinya Dalam Hukum Indonesia, Citra Aditya Bakti, Bandung, 2010.
Husein, Yunus, Sambutan Kepala PPATK, dalam Seluk Beluk Tindak Pidana Pencucian Uang dan Pembiayaan Terorisme, PT. Pusaka Utama Grafiti, Jakarta, 2004.
Manan, Abdul, Aspek Hukum Dalam Penyelenggaraan Investasi di Pasar Modal Syariah Indonesia, Kencana, Jakarta, 2009.
Nasarudin, M. Irsan dan Indra Surya, Aspek Hukum Pasar Modal Indonesia, Kencana, Jakarta, 2010.
Nasution, Bismar, Keterbukaan Dalam Pasar Modal, Fakultas Hukum Universitas Indonesia, Program Pascasarjana, Jakarta, 2001.
Rahadiyan, Inda, Hukum Pasar Modal di Indonesia-Pengawasan Pasar Modal Pasca Terbentuknya Otoritas Jasa Keuangan, UII Press, Yogyakarta, 2014.
Umam, Khaerul, Pasar Modal Syariah & Praktek Pasar Modal Syariah, Pustaka Setia, Bandung, 2013.
Jurnal, Makalah, dan Hasil Penelitian
Ako Doffou dan Peter F. Drucker, Insider Trading: A Review of Theory and Empirical Work, Journal of Accounting and Finance Research, Vol. 11, No 1, Spring 2003, Claremont Graduate University, California.
Barda Nawawi Arief, “Tindak Pidana Pencucian Uang dan Tindak Pidana Lainnya Yang Terkait”, Jurnal Hukum Bisnis, Vol. 2 No. 3, Jakarta: Yayasan Pengembangan Hukum Bisnis, 2003
Faris Njemcevic, “Capital Market and Economic Growth in Transition Countries: Evidence from South East Europe”, Journal of International Business Research and Marketing, vol. 2, issue 6, pp.15-22, American University in Bosnia and Herzegovina, Faculty of Finance, Bosnia and Herzegovina, September 2017
Firman Halawa, & Marlina, Upaya Penegakan Hukum Atas Insider Trading Sebagai Kejahatan Asal (Predicate Crime) Dalam Tindak Pidana Pencucian Uang. Jurnal Mercatoria Vol. 5 No. 2 Tahun 2012
Hamud M Balfas, “Tindak Pidana Pasar Modal dan Pengawasan Perdagangan di Bursa”, Jurnal Hukum dan Pembangunan No. 1 – 3 Tahun XXVIII
Iain Clacher, “Corporate insider trading: A literature review, Revista Española De Financiación Y Contabilidad”, Journal University of Leeds and the Centre for Advanced Studies in Finance David Hillier. University of Leeds and the Centre for Advanced Studies in Finance Sunthare Lhaopadchan. University of Amsterdam Vol. XXXVIII, No. 143 Juli-September 2009
M. Irsan Nasarudin dan Arman Nefi, Kejahatan dan Pelanggaran di Bidang Pasar Modal, makalah disampaikan pada Kuliah Hukum Pasar Modal, Depok, 8 Desember 2006
Mohammed Aminu Bello, “Market Reaction and Insider Trading Around the Announcements of Equity Issues: Evidence from Nigeria”, International Journal of Accounting, Finance and Risk Management December 2016, Department of Business Administration and Entrepreneurship, Bayero University, Kano, Nigeria
Ririn Susilawati Zahrul Jihad, “Capital Market Education Effect”, Jurnal Nusantara Aplikasi Manajemen Bisnis (NUSAMBA) Program Studi Manajemen Fakultas Ekonomi Universitas Nusantara PGRI Kediri”, JURNAL NUSAMBA VOL. 4 NO. 1 April 2019
Sutan Remy Sjahdeni, “Pencucian Uang: Pengertian, Sejarah, Faktor-Faktor Penyebab, dan Dampaknya Bagi Masyarakat”, Jurnal Hukum Bisnis Vol. 22 No. 3, Yayasan Pengembangan Hukum Bisnis, Jakarta, 2003
Utpal Bhattacharya and Hazem Daouk, “The World Price of Insider Trading”, The Journal of Finance, Vol-I.VII, No 1, Februari 2002, The Hongkong University of science and Technology.