Analisis Perbandingan Pengaturan Insider Trading di Indonesia dan Singapura

Abstract

The development of an increasingly integrated capital market calls for effective regulations to prevent insider trading practices that can undermine price formation mechanisms and erode investor confidence. This study aims to analyze a comparison of insider trading regulations in Indonesia and Singapore, particularly regarding the construction of legal norms, the scope of legal subjects, and enforcement mechanisms. This study employs a normative legal approach using comparative law methodology through a literature review of relevant legislation, academic literature, and policy documents. The findings indicate that Indonesia has established insider trading regulations based on fiduciary relationships, placing the relationship between the perpetrator and the issuer as the primary element of legal liability. This approach results in limitations in reaching parties who obtain information indirectly. Meanwhile, Singapore adopts a broader approach by focusing on the misuse of material non-public information, thereby making the scope of legal subjects more comprehensive. In terms of law enforcement, Indonesia relies on supervision by the OJK with a predominance of administrative sanctions, whereas Singapore integrates administrative, criminal, and civil sanctions simultaneously through the Monetary Authority of Singapore. This comparison reveals differences in regulatory paradigms that have implications for the effectiveness of law enforcement and investor protection. Singapore’s more flexible and substance-based approach is considered more adaptable to the dynamics of modern markets, whereas Indonesia still faces challenges in expanding the scope and optimizing the effectiveness of law enforcement.