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Journal : law development journal

The Law Enforcement of Stock Pump and Dump Practices by Influencers through Act No. 4 of 2023 concerning Development and Strengthening of the Financial Sector Sitorus, Yosua Audric Matthew; Dirkareshza, Rianda
Law Development Journal Vol 5, No 4 (2023): December 2023
Publisher : Universitas Islam Sultan Agung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ldj.5.4.496-514

Abstract

The practice of stock pump and dump involving influencers such as Belvin Tannadi has become a significant concern in Indonesia following the introduction of the P2SK Law, which expands the legal scope of this practice. This article aims to examine the legal implications of pump and dump practices by influencers in Indonesia, particularly after the revision of Act No. 8 of 1995 as amended by Act No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law). This research uses a normative legal approach by applying a statute approach and a case approach to analyze the legal ramifications of pump and dump practices by influencers and their law enforcement in Indonesia. The results show that the perpetrators of the practice of pump and dump shares, especially influencers who violate this provision, may be subject to severe sanctions as stipulated in Article 22 paragraph (43) of the P2SK Law in conjunction with Article 104 of the PM Law with a minimum imprisonment of 5 years to a maximum of 15 years and a minimum fine of five billion rupiah and a maximum of one hundred and fifty billion rupiah. Although Indonesia has taken a step forward in capital market regulation by removing the word "material" from the P2SK Law, law enforcement against this practice still needs to improve speed and firmness. The Belvin Tannadi case demonstrates that the OJK needs to take tangible action, whereas, in the United States, law enforcement appears to be more efficient. Furthermore, safeguarding the integrity of Indonesia's capital market and investors from harmful practices hinges on collaboration among law enforcement agencies, prioritizing investor education, and enhancing transparency and accountability in handling cases.
Co-Authors ., Taupiq Ade Syaifullah Fattah Agustanti, Rosalia Dika Ahmad Yani Ahsan Ridho Faturahman Aisyah Nikita Permata Putri Aisyah Nurhalizah Aji Lukman Ibrahim Akbar Haditama Akbar, Sahda Saraswati Akhdan, Fariz Ridhanus Alberto Eka Sutisna Aldizar Fikri Ardiansyah Ali Imran Nasution Alif Andika Aliyya, Annisa Lisaana Sidqin Amanda, Nur Septiana Anisa Hesti Fitriyani Anjani, Risa Gia Anni Alvionita Simanjuntak Aras Firdaus Ardiantor , Andri Aryaputri, Aqila Shafiqa Aulia Anjani Nurdin Axara Alejendra Anjani Azami, Muhamad Rafi Azzahra, Kesya Fadhilah Bagaskara, Muhammda Fadhil Bambang Waluyo Bernadin Dwi M Bobby Suryo Prakoso Cleo Patricia Joe Darari Rifqi Avesina Davilla Prawidya Azaria Desthabu, Meurina Devan Fakhriy Primandana Dewi Darmastuti Diani Sadiawati Diani Sadiawati Dias Prima Laurenza Dika Hikmah Wicaksana Dinda Maurizka Azura Dinda Pratiwi Dwi Desi Yayi Tarina Egi Rivaldi Gumilar Eka NAM Sihombing Eka NAM Sihombing Elizabet Devi Permatasari Elizabet Devi Permatasari Fahrudin Fahrudin Falevi, Yunizar Fareta Angelita Ichwana P Farizh Maulana Yusuf Fauzan, Aditya Rafi Giaby Amanda Larasati Gilang Abi Zaifa Gilang Abi Zaifa Gumilar, Egi Rivaldi Gunawan, Muhammad Gilang Hasna, Taria Hasudungan, Andrie Cornelius Hera Aprillya Dwi Lestari Hulu, Samuel Arthur Indra Kusuma Innayatu Dzil Izzati Jenji Gunaedi Argo Kaharuddin Karunia, Aura Dwi Kayla Fellicia Putri Kesya Fadhilah Azzahra Kesya Fadhilah Azzahra Kristina Simbolon Kristina Simbolon Laily Hanifah M. Rizki Yudha Prawira Mahmud, Suci Ramadhani Marasabessy, Masita Marcella, Grace Marsya Arviela Maharani Megafury Apriandhini Mimin Mintarsih Monica Hermala Rahayu Monica Hermala Rahayu Mouva Putri Ramadhita Mouva Putri Ramadhita Mouva Putri Ramadhita Muhammad Fathan Aliqa El Mubarok Muhammad Fauzan Muhammad Fauzan Muhammad fauzan Muhammad Yusrizal Adi Syaputra Murizqy, Muhammad Alhadi Muthia Sakti Nada Prima Dirkareshza Nadhira Imaniyar Najla Rafiki Nasya Zulaekha Putri Algamar Naura Nareswari Nilla Deva Lusyana Novyana, Hilda Nur Indah Putri Ramadhani Nursanti Mardiyati Oremia Exilla Rafelina Sihombing Permatasari, Elizabet Devi Pradana , Roni Pramaseta Widiawardana Prisca Dwi Maylinda Pritha Maya Savitri Putri Ni'matul Maula Raden Alya Lutfiyyah Rafi Rangga Saputra Ramadhani, Dwi Aryanti Reyna Zahia Ribka Amelia Putri Tarigan Risa Gia Anjani Roni Pradana Sahda Saraswati Akbar Samual Arthur Hulu Satino Simbolon, Devri Santiyas Sintha Fransiske Simanungkalit Sitorus, Yosua Audric Matthew Suharyati Suharyati Surahmad Surahmad Surahmad, Surahmad Syahputra, Muhammad Amin Tatianna Daniella Usmany Taufiqurrahman Syahuri Taufiqurrohman Syahuri Taupiqqurrahman Theresia Gabriella Tri Aprilidya Agri Vanessa Christina Siringoringo Vania Athalia Lumban Tobing Wijaya, Safira YUDI NUR SUPRIADI