PROBLEMATIKA PENEGAKAN HUKUM KASUS CORNERING THE MARKET PADA PERDAGANGAN SAHAM DI PASAR MODAL DI INDONESIA

Arsyad Aldyan, Pujiyono ,, Adi Sulistiyono

Abstract

Abstract

This article discusses the problematic law enforcement case of Cornering the Market on stock trading in the capital market in Indonesia. This article aims to find out the problems of law enforcement in the Cornering the Market case in stock trading in the capital market. The research methodology used is normative research using legislation approach. Cornering the Market is a form of violation of stock trading in the capital market. Cornering the Market. The practice of Cornering the Market violates the provisions of Article 91 and Article 92 of Law Number 8 of 1995 concerning the Capital Market. Under the provisions of Article 55 of Law Number 21 Year 2011 regarding the Financial Services Authority, as of 31 December 2012, the functions, duties and authority of regulating and overseeing financial services activities in the Capital Market sector of the Capital Market Supervisory Agency have turned to the Financial Services Authority. The main problem in law enforcement on the Cornering the Market case in stock trading in the capital market is the problem of proving the existence of the case. Cornering the Market is closely related to technological advances, because given the stock trading system is now using the online system, so to prove the violation is not easy. In addition, during this case if there is a case of Cornering the Market is often sanctioned not the perpetrators of Cornering the Marketnya but securities companies and issuers in the form of administrative sanctions penalties and freezing of business activities and stock trading.

Keywords: Law Enforcement; Cornering the Market; Capital Market.

Abstrak

Artikel ini membahas tentang problematika penegakan hukum kasus Cornering the Market  pada perdagangan saham di pasar modal di Indonesia. Artikel ini bertujuan untuk mengetahui problematika penegakan hukum pada  kasus Cornering the Market pada perdagangan saham di pasar modal. Metodologi penelitian yang digunakan yaitu penelitian normatif dengan menggunakan pendekatan perundang-undangan. Cornering the Market adalah salah satu bentuk dari pelanggaran pada perdagangan saham di pasar modal. Cornering the Market.Praktek Cornering the Market ini melanggar ketentuan Pasal 91 dan Pasal 92 Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal.Berdasarkan ketentuan Pasal 55 Undang-Undang  Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan, Sejak tanggal 31 Desember 2012 fungsi, tugas, dan wewenang pengaturan dan pengawasan kegiatan jasa keuangan di sektor Pasar Modal, dari Badan Pengawas Pasar Modal beralih ke Otoritas Jasa Keuangan. Problematika utama pada penegakan hukum terhadap kasus Cornering the Market  pada perdagangan saham di pasar modal adalah mengenai masalah pembuktian adanya kasus tersebut. Cornering the Market ini sangat berkaitan dengan kemajuan teknologi, karena mengingat sistem perdagangan saham sekarang menggunakan sistem online, sehingga untuk membuktikan adanya pelanggaran tersebut tidaklah mudah. Disamping itu selama ini apabila ada kasus Cornering the Market sering kali yang dikenai sanksi bukan pelaku Cornering the Marketnya melainkan perusahaan sekuritas dan emiten berupa sanksi administrasi denda dan pembekuan kegiatan usaha dan perdagangan saham.

Kata Kunci: Penegakan Hukum; Cornering the Market; Pasar Modal

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