Analisa Pertanggungjawaban Pidana Direksi dan Komisaris Perusahaan Efek dalam Kasus Insider Trading Pasca Perkembangan Regulasi 2019-2024

Jimmy Lizardo(1), Eddy Sambuaga(2), Diana R.W. Napitupulu(3),


(1) Universitas Kristen Indonesia Jakarta
(2) Universitas Kristen Indonesia Jakarta
(3) Universitas Kristen Indonesia Jakarta

Abstract


Law enforcement against capital market crimes, particularly insider trading, has become increasingly relevant in line with regulatory developments in Indonesia during the 2019–2024 period. This study aims to analyze the forms of criminal liability that can be imposed on directors and commissioners of securities companies in insider trading cases, as well as how current regulations strengthen or change previous legal approaches. This research uses a normative juridical method with a regulatory approach, case studies, and analysis of current legal literature. The results show that post-2019 regulations, including updates to the Capital Market Law and OJK regulations, expand the scope of criminal liability not only to direct perpetrators but also to parties with supervisory and control functions, such as commissioners and directors. It was also found that the principles of strict liability and command responsibility are beginning to be accommodated in capital market law enforcement practices. In conclusion, increased standards of corporate compliance and transparency require an active role from directors and commissioners, while also opening up the possibility of criminal liability in the event of negligence or involvement in insider trading practices.


Keywords


Criminal Liability; Directors; Commissioners; Insider Trading; Securities Companies; Capital Market Regulations

Full Text:

PDF

References


Ali, Z. (2022). Metode penelitian hukum. Jakarta: Sinar Grafika.

Alfandy, M. D. (2024). Ekstensifikasi penentuan outsider pada pengungkapan kejahatan insider trading di pasar modal berdasarkan misappropriation theory. Forschungsforum Law Journal, 1(3), 13–31. https://doi.org/10.35586/flj.v1i03.8006

Djajadi, I. (2023, November 10). OJK kumpulkan denda Rp 65,17 miliar dari pemeriksaan kasus pasar modal. ANTARA News. https://www.antaranews.com/berita/3854655/ojk-kumpulkan-denda-rp6571-miliar-dari-pemeriksaan-kasus-pasar-modal

Erniwati, & Wahyuningrum, K. S. W. (2025). Perlindungan hukum insider trading dalam Undang-Undang Pasar Modal di Indonesia dan Singapura. Jurnal Hukum Tri Pantang, 11(1), 1–12. https://doi.org/10.51517/jhtp.v11i1.496

Hadjon, P. M. (2020). Pengantar hukum sebagai sarana pembaharuan masyarakat. Surabaya: Airlangga University Press.

Heykal, M. (2022). Insider trading dan pelanggaran atas prinsip keterbukaan dalam pasar modal. Binus Business Review, 4(2), 560–568. https://doi.org/10.21512/bbr.v4i2.1384

Ibrahim, J. (2018). Teori dan metodologi penelitian hukum normatif. Malang: Bayumedia Publishing.

Junaedi, A. (2020). Tindak pidana insider trading dalam praktik pasar modal Indonesia. Media Iuris, 3(3), 299–318. https://doi.org/10.20473/mi.v3i3.19639

Kennedy, A., Al Hikmah, S., & Wibawa Antara, I. B. G. S. (2025). Analisis hukum terhadap praktik insider trading di pasar modal Indonesia: Tantangan dan solusi. Jurnal Interpretasi Hukum, 5(3), 1257–1267. https://doi.org/10.22225/juinhum.5.3.10848.1257-1267

Marzuki, P. M. (2021). Penelitian hukum: Edisi revisi. Jakarta: Kencana Prenada Media Group.

Niandita, T. D. (2024). Insider trading and law enforcement in the capital market. Jurnal Impresi Indonesia, 3(10), 45–56. https://doi.org/10.58344/jii.v3i10.5643

Pamungkas, A. S., & Wardhani, I. K. (2025). Penegakan hukum tindak pidana perdagangan orang dalam (insider trading) di pasar modal. Constitutum: Jurnal Ilmiah Hukum, 3(1), 42–55. https://doi.org/10.37721/constitutum.v3i1.1606

Purnama, W. W. (2020). Tantangan dan peluang dalam penegakan hukum terhadap insider trading di pasar modal. Jurnal Hukum Media Justitia Nusantara, 10(2), 134–141. https://doi.org/10.30999/mjn.v10i2.2747

Rahardjo, S. (2020). Hukum dan masyarakat: Pendekatan sosiologis terhadap hukum. Yogyakarta: Genta Publishing.

Soekanto, S., & Mamudji, S. (2019). Penelitian hukum normatif: Suatu tinjauan singkat. Jakarta: RajaGrafindo Persada.

Sunggono, B. (2015). Metodologi penelitian hukum. Jakarta: RajaGrafindo Persada.

Sutrisno, A., & Haryanto, B. (2023). Peran pasar modal terhadap pertumbuhan ekonomi nasional di Indonesia. Jurnal Ekonomi dan Keuangan, 12(1), 33–44. https://doi.org/10.34010/jek.v12i1.1349

Tandelilin, E. (2021). Pasar modal: Teori dan aplikasi. Yogyakarta: Kanisius.

Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan. Lembaran Negara Republik Indonesia Tahun 2023 Nomor 10.

Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal. Lembaran Negara Republik Indonesia Tahun 1995 Nomor 64.

Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal.

Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas.

Peraturan Otoritas Jasa Keuangan (OJK) No. 9/POJK.04/2023 tentang Penggunaan Informasi Orang Dalam di Pasar Modal




DOI: https://doi.org/10.34007/jehss.v8i2.2808

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Journal of Education, Humaniora and Social Sciences (JEHSS)

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Journal of Education, Humaniora and Social Sciences (JEHSS)

Publisher: Mahesa Research Center

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International Public License