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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 Aji Lukman Ibrahim Akbar, Sahda Saraswati Akhdan, Fariz Ridhanus Alberto Eka Sutisna Ali Imran Nasution Aliyya, Annisa Lisaana Sidqin Amanda, Nur Septiana Anisa Hesti Fitriyani Anjani, Risa Gia Anni Alvionita Simanjuntak Aras Firdaus Ardiantor , Andri Aryaputri, Aqila Shafiqa Azami, Muhamad Rafi Azzahra, Kesya Fadhilah Bagaskara, Muhammda Fadhil Bambang Waluyo Bernadin Dwi M Davilla Prawidya Azaria Desthabu, Meurina Diani Sadiawati Dias Prima Laurenza Dinda Maurizka Azura Dinda Pratiwi Dintan Falya Dwi Desi Yayi Tarina 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 Gilang Abi Zaifa Gumilar, Egi Rivaldi Gunawan, Muhammad Gilang Hasna, Taria Hasudungan, Andrie Cornelius Hulu, Samuel Arthur Indra Kusuma Innayatu Dzil Izzati Jenji Gunaedi Argo Kaharuddin Karunia, Aura Dwi Kristina Simbolon Kristina Simbolon Laily Hanifah Langit Rafi Soemarsono M. Rizki Yudha Prawira Mahmud, Suci Ramadhani Marasabessy, Masita Marcella, Grace Marsya Arviela Maharani Mouva Putri Ramadhita Mouva Putri Ramadhita Mouva Putri Ramadhita Muhammad fauzan Muhammad Yusrizal Adi Syaputra Murizqy, Muhammad Alhadi Muthia Sakti Nada Prima Dirkareshza Nadhira Imaniyar Nasya Zulaekha Putri Algamar Nilla Deva Lusyana Novyana, Hilda Nur Indah Putri Ramadhani Nurhalizah, Aisyah Permatasari, Elizabet Devi Pradana , Roni Pramaseta Widiawardana Pritha Maya Savitri Raden Alya Lutfiyyah 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 Taufiqurrohman Syahuri Taupiqqurrahman Tri Aprilidya Agri Vanessa Christina Siringoringo Wijaya, Safira YUDI NUR SUPRIADI Zaifa, Gilang Abi