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Insider Trading sebagai Bentuk Kejahatan Ekonomi di Pasar Modal Indonesia (Studi Kasus PT Danareksa Sekuritas) Syuryadi, Paksi Aan; Tamza, Fristia Berdian; Fardiansyah, Ahmad Irzal
ARBITER: Jurnal Ilmiah Magister Hukum Vol 7, No 2 (2025): ARBITER: Jurnal Ilmiah Magister Hukum November
Publisher : Universitas Medan Area

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31289/arbiter.v7i2.6700

Abstract

The enforcement of insider trading laws in Indonesia is currently impeded by structural deficiencies within Law Number 8 of 1995 concerning Capital Markets (UUPM), particularly regarding the inherent limitations of the Fiduciary Duty Theory in addressing crimes committed by institutional intermediaries. This study aims to critique these doctrinal limitations and analyze the urgency of adopting the Misappropriation Theory as an alternative dogmatic foundation. Employing normative legal research (doctrinal research) with statute, conceptual, and case approaches, the study reveals that the current legal construction fails to encompass institutional insiders as exemplified by the PT Danareksa Sekuritas case. Consequently, law enforcement is frequently reduced to mere administrative sanctions due to complex evidentiary hurdles. This article concludes that the Fiduciary Duty Theory is no longer sufficient for modern capital market complexities. Therefore, the adoption of the Misappropriation Theory through a progressive interpretation of Article 97 of the UUPM is recommended to bridge the legal gap and ensure rigorous criminal prosecution.
Urgensi Penguatan Kedudukan Dispute Board guna Menjamin Kepastian Hukum Proyek Jalan Multi-Tahun Syuryadi, Paksi Aan; Muhtadi, Muhtadi; Kasmawati, Kasmawati
Journal of Education, Humaniora and Social Sciences (JEHSS) Vol 8, No 3 (2026): Journal of Education, Humaniora and Social Sciences (JEHSS), Februari
Publisher : Mahesa Research Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34007/jehss.v8i3.2979

Abstract

Multi-year infrastructure projects are inherently characterized by high legal and financial complexities, where conventional litigation and post-project arbitration often prove to be protracted, reactive, and deleterious to project continuity. While the Indonesian regulatory framework, specifically Government Regulation No. 22 of 2020, has formally recognized the Dispute Board (DB) mechanism, its practical efficacy remains constrained by a profound normative lacuna regarding executorial enforceability. This research employs a legal-doctrinal method with a comparative approach, analyzing the Indonesian landscape against the FIDIC international standards and the Statutory Adjudication models of the United Kingdom and Singapore. The findings elucidate a critical "legal gap" where DB decisions, despite being contractually binding, lack public executorial authority (executorial title). This institutional weakness incentivizes moral hazard, allowing non-compliant parties to evade immediate financial obligations through judicial delays. Consequently, this study proposes a regulatory reconstruction by integrating the principle of temporary finality into the national legislative framework, specifically through the amendment of the Construction Services Law or the Arbitration Law. The proposed model advocates for a "fast-track enforcement" mechanism within the District Courts, predicated on a limited judicial review that precludes the re-examination of technical merits. Such a reform is imperative to safeguard project liquidity (cash flow), ensure legal certainty (rechtszekerheid), and fortify the resilience of National Strategic Projects against systemic disruption.