Penegak Hukum terhadap Praktik Insider Trading di Pasar Modal

The capital market, as a branch of the national economy, plays a crucial role in meeting funding or capital needs for companies to grow, compete, and maintain their business continuity. The purpose of this study is to identify and analyze the regulation of insider trading practices in the Indonesian and United States capital markets. To identify and analyze law enforcement against insider trading practices in the capital market. This research type is normative legal research. The research approach is statutory (statute approach). The analysis in this study is qualitative descriptive analysis. The research results show that insider trading is the practice of buying and selling securities based on material information not yet publicly available, carried out by parties with access to inside information. This practice undermines the principles of transparency and fairness in the capital market. In Indonesia, insider trading is regulated by Law Number 8 of 1995 concerning Capital Markets, specifically Articles 95 and 96. Law enforcement is carried out by the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and the Prosecutor's Office and the Police when it enters the criminal realm. However, enforcement still faces serious challenges, including difficulty in establishing evidence, weak transaction oversight systems, and minimal jurisprudence. In the United States, insider trading is regulated by the Securities Exchange Act of 1934 and its implementing regulations through SEC Rule 10b-5. Law enforcement is carried out by the Securities and Exchange Commission (SEC) with support from the Department of Justice (DOJ) and the federal judicial system. Law enforcement in the US is considered more effective because it is supported by a jurisprudence-based legal system, the use of investigative technology, and firm and progressive sanctions.