Anggraini Novalis, Cysillia (2025) Tinjauan Yurisdis Perlindungan Hukum Bagi Investor Pasar Modal Terhadap Praktik Insider Tradding Pada Pt Jouska Financial Indonesia. Masters thesis, Universitas Islam Riau.

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Abstract

The practice of Insider Trading in Indonesia is still considered difficult to realize with regard to the process of enforcing the law and the implementation of sanctions on perpetrators. The lack of regulation that provides legal protection for public investor losses due to insider trading practices, makes public investors often confused about what legal efforts they need to take to get justice for the immaterial losses. This thesis research uses sociological research methods. The formulation of the problem of this study, is 1) How is the juridical review of legal protection for capital market investors against insider trading practices in Indonesia? And 2) What are the problems of proving insider trading and legal protection solutions to insider trading practices as legal certainty for investors in Indonesia?. The conclusion of this study is a form of OJK legal protection for investors from insider trading practices in the capital market regulated in Law of Republic Indonesian Number 21 of 2011 (OJK law) on Financial Services Authority as prevention and sanction or action. n the preventive stage, OJK takes further steps such as granting securities licenses with strict requirements, stopping the activities of parties that have the potential to harm the community, and providing consumer complaint services (Article 29 UUOJK). epressive legal protection of investors from insider trading practices, meaning in the form of examination, investigation, and application of sanctions-sanksiyakni existence of administrative sanctions (Article 102 UUPM), criminal sanctions (article 103-110 UUPM), claims for civil damages (Article 111 UUPM). Securities Investor Protection Fund is an institution established to protect investors ' assets in the capital market from losses caused by insider traading risks carried out by securities companies. The practice of insider trading is indeed very difficult to prove because it is usually difficult to reveal the pattern of legal relationships that insiders have with other parties. Insider trading is very difficult to prove criminally, because the evidence as referred to in Article 184 of the Code of Criminal Procedure (KUHAP) is not sufficient to meet the evidence of insider trading. As for the civil lawsuit, article 1365 of the Civil Code is the most appropriate provision to be used to be able to sue the perpetrators of Insider practices. The evidence recognized in civil cases consists of written evidence, witness evidence, suspicion, confession and Oath. Evidence of writing/written/letter, placed in the first order. This is in accordance with the fact that in civil cases, letters/documents/deeds play an important role the difficulty of proof because one element of insider trading is the existence of insider information that is material and has not been published to the public, the difficulty of proving the occurrence of insider trading because it could be insider information that is prohibited. Reflecting on the Jouska case, the effort to protect investors from nsider trading is to issue this disgorgement fund which happens to be in the draft of 2019 which was finally passed, namely OJK Regulation Number 65/POJK.04/2020. About the return of illegal profits and investor losses compensation fund in force aims to return the illegal profits or losses suffered by investors by the party who committed fraud in the capital market which is to prevent the perpetrators to enjoy the benefits of illegal actions by way of returning profits.

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