Krisnawati, Tita Ayu Diah (2018) Tinjauan Yuridis Terhadap Sanksi Atas Tindakan Manipulasi Pasar Di Pasar Modal (Studi Perbandingan Ketentuan Sanksi Di Indonesia Dan Amerika Serikat). Sarjana thesis, Universitas Brawijaya.
Abstract
Pertumbuhan perekonomian di Indonesia yang terus berkembang menjadikan Indonesia sebagai negara incaran para investor untuk melakukan investasi. Jadi pasar modal Indonesia juga harus dikembangkan agar dapat mengimbangi pesatnya kondisi pasar modal sekarang. Tetapi di Undang-Undang Pasar Modal Indonesia yang dibuat pada tahun 1995 sudah tidak sesuai dengan kondisi pasar modal ditengah modernitas zaman saat ini. Mengakibatkan terdapat cela yang bisa dimanfaatkan oleh investor curang. Manipulasi pasar akhirnya dapat merugikan banyak investor lain.. Berdasarkan latar belakang penelitian diatas, maka dirumuskan 2 (dua) rumusan masalah untuk diuraikan, difahami, dianalisa dan dibandingkan antara Indonesia dan Amerika Serikat. Rumusan masalah pertama yaitu bagaimana perbedaan ruang lingkup dan ketentuan sanksi tindakan manipulasi pasar Indonesia dan Amerika Serikat berdasarkan dari Undang-Undang No.8 Thn. 1995 Tentang Pasar Modal (UUPM) serta Securities Exchange Act of 1934 (SEA). Rumusan masalah kedua adalah bagaimana rekomendasi formulasi pengaturan tentang manipulasi pasar Undang-Undang Pasar Modal. Penelitian ini menggunakan jenis penelitian hukum metode yuridis normatif dengan pendekatan penelitian yaituperbandingan dan Undang-Undang.Bahan hukum primer dipe-rolehdari Undang-Undang Pasar Modal di Indonesia dan Amerika Serikat. Bahan hukum sekunder diperoleh dari buku, jurnal dan putusan pengadilan. Serta bahan hukum tersier dari penelitian terkait, makalah, kamus bahasa hukum, materi seminar atau internet. Undang-Undang Pasar Modal sertadari Securities Exchange Act of 1934 memiliki kesamaan mengenai definisi fakta material, pelaksanaan, cara melakukan dan tujuan manipulasi pasar. Mengenai pihak pelanggar, ruang lingkup tindakan dan alat manipulasi dalam UUPM diatur terlalu singkat dan memberi pengertian secara luas, berbeda dengan SEA menjelaskan dengan detail. Selain itu tempat manipulasi, pengecualian sekuritas dan penafsir manipulasi pasar dijelaskan di SEA tetapi tidak di UUPM. SEA telah melakukan pembaruan peraturan, namun UUPM belum melakukan pembaruan sama sekali. SEA membedakan sanksi penjara dan denda bagi perseorangan atau entitas dengan pegawai, sedangkan UUPM membedakan berdasarkan pelaksana dan penghambat pemeriksaan. Sanksi administratif di AS dan Indonesia hampir sama. Sedangkan untuk sanksi remidi di Indonesia tidak diatur secara detail, di AS mengatur secara detail tata cara dan jumlah sanksi remidi. Melalui penjelasan tersebut di Undang-Undang Pasar Modal segera diperbarui salah satunya dengan mengambil contoh dari peraturan di Amerika Serikat. Pembaruan mengenai ruang lingkup dan sanksi manipulasi pasar harus dilakukan. Mengenai ruang lingkup tindakan, tempat manipulasi, penafsir, kelengkapan peraturan dan sanksi remidi.
English Abstract
The economics development in Indonesia had been expanded widely, thus caused Indonesia as an aimed country of foreign investor to make an investment. Therefore Indonesia’s capital market should be develop to equalize rapid movement of capital market modern system. Nonetheless Indonesia’s Capital Market Law which were made in 1995 is not eligible anymore in this modern era. This gap could be exploited by fraudulent investors. In the end market manipulation could made much loss for another investor. In relative to the background, two problems were formulated to be described, understood, analyzed and compared between both countries. First question was how difference scope and sanction regulation of market manipulation action in Indonesia and United States of America based to Indonesia Capital Market Law Act No. 8 of 1995 and Securities Exchange Act of 1934. Hereinafter, second question was how recommendations of regulation formulations as regard to market manipulation in Capital Market Law. Research type was law research. Method of research was normative juridical with research approach by comparative approach and statute approach. Primary data were collected from Capital Market Law in both country Indonesia and United States of America. Secondary data were derived from books, journals, and court decisions. Tertiary data were collected from another researchs related, papers, law dictionary, seminar materials or internet. Both Indonesia Capital Market Law (UUPM) and Securities Exchange Act (SEA) has same definitions of material facts, implementations, ways to do, administration sanction and market manipulation purposes. Regarding to the offenders, action scopes and manipulation devices in UUPM was arranged shortly and has widely meaning, other than SEA which explain in details. Furthermore manipulation place, securities exception, market manipulation interpreter were explained in SEA but not in UUPM. SEA has been did amandment but not with UUPM. SEA differentiate between prison and fine sanction of entities and employees, while UUPM differentiate based of doer and inhibitor investigation. Whereas remedial sanction was not arranged in detail of procedures and amount of fines on UUPM, opposite with SEA which explain details of remedial sanction for any people who did market manipulation action. Through of the explanation UUPM should be amandment, one of them in regard of United States of America regulations. For equalize rapid movement of market manipulation and adhere to International Capital Market Law Standards. Related to scope, manipulation place, interpreter, regulation completeness and remedial sanction.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FH/2018/61/051802109 |
| Uncontrolled Keywords: | - |
| Subjects: | 300 Social sciences > 346 Private law > 346.09 Investment and negotiable instruments > 346.092 Investment > 346.092 6 Marketing agents and arrangements |
| Divisions: | Fakultas Hukum > Ilmu Hukum |
| Depositing User: | Sugeng Moelyono |
| Date Deposited: | 20 Apr 2018 07:29 |
| Last Modified: | 29 Jun 2022 04:09 |
| URI: | http://repository.ub.ac.id/id/eprint/9675 |
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