Juridical Review of Investor Protection in Insider Trading Regulations in the Indonesian Capital Market

Abstract

This article will discuss the protection of investors in the event of insider trading committed by persons who do not have a fiduciary duty relationship with the issuer. The crime of insider trading is difficult to prove and the perpetrator of the crime can be released from the law, which is a person outside of fiduciary duty. Therefore, the author examines the juridical review of investor protection in the event of insider trading whose perpetrators are people outside of fiduciary duty in the capital market using a legislative and conceptual approach. The findings of this research are that in order for the perpetrators outside the fiduciary duty to be sanctioned, capital market regulation in Indonesia must embrace misappropriation theory. As well as the responsibility in order to protect investors is an individual responsibility, where the responsibility is explained in Article 104 of the capital market law.