The Principle of Transparency in Addressing Insider Trading in Capital Markets: A Theoretical and Practical Analysis
DOI:
https://doi.org/10.37253/barjoules.v2i2.10274Keywords:
Capital Market, Transparency Principle, Insider TradingAbstract
This study examines insider trading crimes within the capital market, where the principle of information disclosure is fundamental. Insider trading constitutes a violation of this principle, leading to market inefficiencies and unfair advantages. Despite the regulatory framework established by Law Number 8 of 1995 on the Capital Market, which prescribes both administrative and criminal sanctions, enforcement mechanisms remain ineffective. This research aims to analyze the implementation of transparency principles in the capital market and assess the effectiveness of legal enforcement theories in addressing insider trading practices. Employing a normative juridical method with a statutory approach, this study utilizes both primary and secondary legal materials. The findings reveal that the current regulatory framework for identifying and prosecuting insider trading remains inadequate, particularly concerning criminal provisions. The weaknesses in Law Number 8 of 1995 hinder the realization of information transparency in the capital market, leaving legal protection and market transparency unfulfilled. Strengthening legal provisions and enforcement mechanisms is crucial to uphold market integrity and investor confidence.
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