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PRAKTIK INSIDER TRADING PADA PENGELOLAAN DANA INVESTASI DALAM PERSPEKTIF POJK NOMOR 78/POJK.04/2017 TENTANG TRANSAKSI EFEK YANG TIDAK DILARANG BAGI ORANG DALAM
The rapid growth of Indonesia's capital market brings with it concealed risks in the form of insider trading practices within investment fund management. Normatively, Financial Services Authority Regulation Number 78/POJK.04/2017 concerning Securities Transactions Not Prohibited for Insiders is intended to provide legal certainty for legitimate transactions. However, the exception provisions within this regulation particularly those relating to transactions conducted by insiders in their capacity as representatives or agents potentially create normative loopholes that investment managers may exploit to engage in concealed insider trading on behalf of clients. This study aims to analyze insider trading practices in investment fund management from the perspective of POJK Number 78/POJK.04/2017, and to evaluate the adequacy of legal protection for investors through the theoretical lenses of John Rawls' theory of justice and Ibn Ashur's Maqāṣid asy-syarī‘ah. This research employs a normative juridical method with a statutory approach (statute approach), a conceptual approach (conceptual approach), and a case approach (case approach). Primary legal materials consist of POJK Number 78/POJK.04/2017 and Law Number 8 of 1995 on Capital Markets, while secondary legal materials include relevant scientific literature, journals, and prior research. Data analysis is conducted qualitatively through the stages of data reduction, data presentation, and conclusion drawing. The results reveal that POJK Number 78/POJK.04/2017 contains three significant normative gaps in the context of investment fund management: the ambiguity in the definition of 'written instruction' that allows general fund management contracts to be qualified as a blanket exception; the absence of explicit provisions prohibiting front-running based on client portfolio information; and ambiguity in the sanctions regime. From the perspective of John Rawls' theory of justice, the existing regulatory framework fails to meet the standard of the difference principle as it perpetuates structural privilege for investment managers at the expense of retail investors who occupy the most disadvantaged position. From the perspective of Ibn Ashur's Maqāṣid asy-syarī‘ah, insider trading practices in investment fund management violate the principles of al-musawah (equality), al-hurriyah (freedom), and al-’adl (justice), such that the objectives of hifzh al-mal and al- Maṣlaḥah al-’Ammahremain unrealized. Accordingly, regulatory strengthening is required, encompassing a revision of POJK 78/2017, mandatory real-time reporting of investment managers' personal transactions to the OJK, and clarity in the deterrent sanctions regime.
FAKULTAS SYARIAH DAN HUKUM, UIN SUNAN KALIJAGA YOGYAKARTA
NIM.: 22103080041 Diajeng Afrodanty Rahmani
PRAKTIK INSIDER TRADING PADA PENGELOLAAN DANA INVESTASI DALAM PERSPEKTIF POJK NOMOR 78/POJK.04/2017 TENTANG TRANSAKSI EFEK YANG TIDAK DILARANG BAGI ORANG DALAM (Text)
PRAKTIK INSIDER TRADING PADA PENGELOLAAN DANA INVESTASI DALAM PERSPEKTIF POJK NOMOR 78/POJK.04/2017 TENTANG TRANSAKSI EFEK YANG TIDAK DILARANG BAGI ORANG DALAM (Other)
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