PERLINDUNGAN DAN UPAYA HUKUM BAGI WHISTLEBLOWER DALAM PRAKTIK INSIDER TRADING DI INDONESIA SERTA PERBANDINGANNYA DENGAN AMERIKA SERIKAT
Divya Ramadhani, Berty Amelia, Nur Hamidah Fauziah MS, Shela Zulfa SyifaurrohmahAbstract
Insider trading constitutes a serious violation in the capital market that undermines the principles of transparency, fairness, and the integrity of financial transactions. Amid the challenges of law enforcement against this crime, the role of whistleblowers becomes crucial in disclosing information concealed from the public. This study aims to examine the legal protections and legal remedies available for whistleblowers in insider trading practices in Indonesia and to compare them with the legal framework in the United States. This research employs a normative juridical method with statutory, conceptual, and comparative approaches. In Indonesia, the protection of whistleblowers is still based on the Law on the Protection of Witnesses and Victims, which does not specifically regulate whistleblowers in capital market violations. This contrasts with the United States, which provides comprehensive protection through the Sarbanes-Oxley Act and the Dodd-Frank Act, offering not only legal safeguards against retaliation but also financial incentives. The findings indicate that Indonesia needs to reformulate its whistleblower protection policies within the capital market sector to strengthen oversight of insider trading and enhance investor confidence. This study recommends strengthening national regulations by adopting international best practices to create a capital market that is fairer, more transparent, and with greater integrity.
Keywords
Full Text:
PDFReferences
Abdul Haris Semendawai et.al., 2011, Memahami WhistleBlower, Jakarta, Lembaga Perlindungan Saksi dan Korban (LPSK).
Brief Arthur P., and Stephen J. Motowildlo. 1986. Prosocial Organizational Behaviors. The Academy of Management Review, 11(4). https://doi.org/10.2307/258391 diakses melalui https://www.jstor.org/stable/258391
Daud Munasto, 2020, “Bentuk insider Trading Serta Implementasi Misappropriation Theory Bagi Pelaku Insider Trading di Bursa Efek Berdasarkan Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal”, Hermeneutika, Vol. 4, No. 2.
Endi Suhadi, 2020, “perspektif Penegakan Hukum Pasar Modal Indonesia: Menuju Pasar Modal Yang Handal”, Jurnal Hukum dan Keadilan STIH Painan Banten, Vol. 7, No, 1.
Indra Safitri, 1998, Catatan Hukum Pasar Modal, Jakarta, Go Global Book (Book Publishing Division Safitri&Co).
International Organization of Securities Commissions, 2003, Objectives and Principles of Securities Regulation.
Irsan Nursaid, 2004, Aspek Hukum Pasar Modal Indonesia, Jakarta, Kencana.
Lisa J. Banks and Michael A. Filoromo, 2021, The SEC Whistleblower Practice Guide, Washington, DC, Katz Banks Kum in, 10th Edition.
Miceli, M. P., Near, J. P., & Dworkin, T.M., 2008, Whistle-Blowing in Organizations, Routledge, Taylor & Francis.
Novika A, dan Dian P, 2023, Dugaan Insider Trading oleh Perusahaan Jouska Finansial Indonesia Berdasarkan Pasar Modal, Reformasi Hukum Trisakti, Vol. 5(2), hlm. 361-372. https://doi.org/10.25105/refor.v5i2.16520
Salim HS dan Erlies Septiana Nurbani, 2009, Penerapan Teori Hukum Pada Penellitian Disertasi dan Tesis, Jakarta, Rajawali Press.
UU No. 4 Tahun 2023 Tentang Pengembangan dan Penguatan Sektor Keuangan.
O’Hara, P.A, 2001, Insider trading in Finansial Markets: Legality, ethics, efficiency, 2001, Internasional Journal of Social Economis, Vol. 2(10/11/12). https://doi.org/10.1108/EUM0000000006139 diakses melalui https://www.emerald.com/insight/content/doi/10.1108/eum0000000006139/full/html
Warna Bela Natasia, dkk, Urgensi Perlindungan Hukum Bagi whistleblower: Studi Perbandingan Indonesia-Amerika Serikat, Jurnal Hukum, Pendidikan dan Sosial Humaniora, Volume 1 Nomor 4 tahun 2024, hal 320-330.
Article metrics
Abstract views : 255
| 
views : 258
Refbacks
- There are currently no refbacks.
Copyright (c) 2025 Jurnal Hukum Egalitaire
Publisher : Program Studi Ilmu Hukum, Universitas Muhammadiyah Gorontalo