Penegakan hukum oleh Badan Pengawas Pasar Modal (BAPEPAM) sehubungan dengan larangan praktek insider trading di pasar modal

MARGONO, Rudi, H. Noegroho Amien Soetijarto,S.H.,MSi

2001 | Tesis | S2 Ilmu Hukum

Penelitian mengenai Penegakan Hukum oleh Bapepam Sehubungan dengan Larangan Praktek Insider Trading di Pasar Modal merupakan penelitian hukum normatif. Tujuan penelitian- ini adalah untuk mengetahui penegakan hukum yang dilakukan oleh Bapepam, terutama yang berkaitan dengan cara penyelesaian ganti kerugian apabila pihak investor publik/pemodal menderita kerugian akibat insider trading, bentuk pertanggungjawaban yuridis bagi pelaku kejahatan insider trading, serta upaya-upaya yang dilakukan Bapepam untuk melindungi investor publik dad kejahatan insider trading di Pasar Modal. Data yang digunakan adalah data primer dan data sekunder. Data primer diperoleh dari penelitian lapangan dengan mempergunakan pedoman wawancara atau daftar pertanyaan, sedangkan data sekunder diperoleh melalui penelitian kepustakaan dengan studi dokumen. Penelitian ini memilih lokasi di Bapepam, P.T. Bursa Efek Jakarta serta di lembaga Masyarakat Investor Sekuritas Indonesia (MISSI), dengan pertimbangan bahwa tempat tersebut sangat terkait dalam pengambilan data sebagaimana permasalahan yang dibahas. Subyek penelitian meliputi Pejabat Bapepam, Pejabat P.T. Bursa Efek Jakarta, serta Pejabat MISSI yang ditentukan secara purposive sampling. Kemudian dari--data yang diperoleh dianalisis secara kualitatif, selanjutnya ditarik kesimpulan dengan metode deduktif. Penyajian penulisan ini disusun secara deduktif kualitatif. Hasil penelitian menunjukkan bahwa penegakan hukum oleh Bapepam terhadap larangan praktek insider trading cukup lemah, sebab Bapepam belum berani menerapkan sanksi pidana, selain itu Bapepam masih mendapatkan kesulitan dalam mengumpulkan alat bukti dari tindak pidana insider trading. Ganti kerugian serta mekanisme penyelesaiannya belum mampu diselesaikan secara konkrit. Lemahnya penegakan hukum ini antara lain disebabkan oleh faktor yuridis yaitu Bapepam memiliki kewenangan yang cukup luas, yaitu dengan pertimbangan tertentu, Bapepam berwenang untuk tidak melanjutkan semua pelanggaran terhadap UUPM dan atau peraturan pelaksanaannya di bidang Pasar Modal ke tahap penyidikan (Penjelasan Pasal 101 ayat (1) UUPM). Lemahnya penegakan hukum ini antara lain disebabkan juga oleh faktor; aparatur hukumnya yaitu PPNS Bapepam masih mengalami kesulitan dalam mencari alat bukti secara akurat dalam hal telah terjadi tindak pidana insider trading ini. Selain itu pemberian sanksi atau denda yang dirasakan masih kurang berat, serta dipihak investor belum mendapatkan ganti kerugian sebagaimana mestinya sehingga perlindungan hukum terhadap investor/pemodal belum dapat dirasakan secara langsung. Dari hasil penelitian, hendaknya di masa mendatang diharapkan Bapepam harus tegas dan berani untuk menjatuhkan sanksi sebagaimana yang telah diatur dalam UUPM, selain itu Bapepam harus segera merumuskan mekanisme yuridis yang menyangkut cara penyelesaian ganti kerugian, khususnya bagi investor yang menderita kerugian sebagai akibat langsung dad praktek insider trading di Pasar Modal. Upaya preventif dan represif harus terus ditingkatkan dengan tetap mengacu kepada perlindungan hukum, agar tercipta perdagangan saham yang tertib, aman dan teratur.

This research is a normative legal research which aims to investigate the implementation of law enforcement aims to investigate the implementation of law enforcement by Bapepam, particulary in matters pertaining to compensatory payments to public investor/financiers who suffer financial losses caused by insider trading, the form of legal accountability of those who commit a criminal offence of insider trading, and the efforts made by the Bapepam to protect public investors from inside trading offences in the capital market. The data used in this research were primary and secondary data. The primary data were obtained from field research through guided interview or a questionnaire, and the secondary data were obtained from library research through a ducumentary study. The locations chosen for this research were the Bapepam office, the Jakarta Stock Exchange and the Society of Indonesian Security Investors ( SS]) with the consideration that these establishments are appropriate places for the data relevant to the research topic. The research subjects consisted of officials from Bapepam, The Jakarta Stock Exchange and MISS1 who were purposively selected. The collected data were then analyzed qualitatively, and conclusions were drawn using the deductive method. Description of the findings were therefore presented deductively and qualitatively. The result of the research indicates that law enforcement by Bapepam with regard to the prohibition against insider trading practices is weak as it is still reluctant yo apply criminal sanctions. Bisides, Bapepam has difficulty in obtaining evidence of criminal acts of insisder trading. Compensation and its mechanism for acquiring it have not been definitely and thoroughly effected. This weak law enforcement is caused, among other things, by legal factors, i.e. Bapepam has a wide-ranging authority because with certain considerations, it may decide not to procesed with investigation of all offences against the Ut1 PM (the capital market Act) and/or its implementation regulations (see Elucidation of Article 101 part.1 of ETUP11). Another contributing factor is that the legal-enforcement officials, i.e. the PPNS Bapepam, find it difficult to search for accurate evidence of insider trading offences. In addition, the imposition of sanctions or fines is not very severe and the investor do not receive adeguate compensation, which makes them feel that they are not legally protected. From the result of the research, it is hoped that in the future the Bapepam will take firm actions and have the courage to impose sanctions as stipulated in the UtIPM. Besides, the Bapepam should formulate a legal mechanism concerning the procedures for compensatory payments, particularly for those who suffer financial losses as a direct result of insider trading in the capital market. Preventive and repressive measures should continue to be taken with constans reference to the provision of legal protection of legal protection, thereby ensuring a stock exchange that is proper,safe and orderly.

Kata Kunci : Penegakan hukum, Bapepam, legal enforcement, insider trading