TELAAH KRITIS ATAS KETENTUAN “PERDAGANGAN ORANG DALAM” (INSIDER TRADING) DALAM HUKUM PASAR MODAL INDONESIA

Abstract

On of the legal protection for investors in capital market where the insider trading is
prohibited. This article describes the regulation of prohibition in capital market
regulation in Indonesia from theoretical perspective and comparative with
regulation and implementation the insider trading in the United States. The result of
analysis concludes that regulation of insider trading in Indonesia capital market law
focused on subjective element which insider trading actor has a duty to corporation.
In theoretical perspective that regulation based on fiduciary duty theory, whereas
regulation of insider trading in the United State focused on objective element
misappropriation. In theoretical perspective misappropriation information based on
misappropriation theory. The weakness regulation of insider trading based on
fiduciary duty theory as regulated in Indonesia law become the writer's
argumentation to recommend the approach from misappropriation theory to
regulated insider trading in revised Act No 8 of year 1995 concerning the Capital
Market.