LEGAL CERTAINTY IN THE ENFORCEMENT OF INSIDER TRADING: A Comparative Review of Indonesia's and the United States Capital Market Law

Safira Putri, . (2025) LEGAL CERTAINTY IN THE ENFORCEMENT OF INSIDER TRADING: A Comparative Review of Indonesia's and the United States Capital Market Law. Syiah Kuala Law Journal, 9 (1). pp. 223-237. ISSN 2580-9059

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Abstract

This study aims to explore legal certainty in the enforcement of insider trading in Indonesia by conducting a comparative review with the United States. The method used is normative legal analysis, which examines relevant regulations such as the Capital Market Law, Financial Services Authority Regulation (POJK), and the Securities Exchange Act of 1934. Although insider trading is prohibited in Indonesia based on the fiduciary duty principle, there are legal gaps and challenges in its implementation, such as difficulties in proving violations and limitations in addressing secondary tippees. Furthermore, insider trading regulations in Indonesia are weaker compared to those in the United States, particularly regarding the regulation of material information. In the US, regulations are clearer about information related to the issuance of securities and asset purchases. Indonesia is also limited to only two theories, whereas the US employs the Misappropriation Theory to address injustices arising from the use of non-public information. Therefore, to ensure legal certainty in enforcing insider trading laws in Indonesia, revising Law No. 8 of 1995 on the Capital Market, strengthening supervision by the Financial Services Authority, and adopting the Misappropriation Theory are essential.

Item Type:	Article
Additional Information:	[No. Panggil : 2110611318] [Pembimbing : Andriyanto Adhi Nugroho] [Penguji 1 : Muthia Sakti] [Penguji 2 : Iwan Erar Joesoef]
Uncontrolled Keywords:	Insider Trading, Legal Certainty, Capital Market Law, Regulatory Comparisons, Revising Law
Subjects:	K Law > K Law (General)
Divisions:	Fakultas Hukum > Program Studi Hukum (S1)
Depositing User:	SAFIRA PUTRI
Date Deposited:	13 Aug 2025 04:17
Last Modified:	13 Aug 2025 04:17
URI:	http://repository.upnvj.ac.id/id/eprint/38675

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