TINJAUAN YURIDIS TERHADAP SANKSI ATAS TINDAKAN MANIPULASI PASAR DI PASAR MODAL (STUDI PERBANDINGAN KETENTUAN SANKSI DI INDONESIA DAN AMERIKA SERIKAT)

Tita Ayu Diah Krisnawati, Dr. Bambang Winarno, S.H, M.S., Moch Zairul Alam, S.H, M.S. Fakultas Hukum Universitas BrawijayaEmail: titaadk@gmail.com  ABSTRAK Manipulasi pasar yaitu melakukan restriksi artifisial atau penciptaanpenampilan palsu atas kegiatan perdagangan yang sebenarnya dalam persediaan(supply) akuisisi saham secara substansial di dalam controlled account. Kejahatanini dapat mempengaruhi dan merugikan calon investor terutama kaum muda ataupemula. Kejahatan manipulasi pasar kerap kali melibatkan banyak pihak ahli danmenyebabkan kerugian yang sangat besar. Mengingat atas hal tersebut makaperaturan praktek manipulasi pasar harus disempurnakan. Selain itu UndangUndangPasarModal(UUPM) di Indonesia sudah berusia 22 tahun dan memilikiperaturan yang sudah tidak sesuai dengan era modern saat ini. Dengan latarbelakang tersebut, perbandingan peraturan manipulasi pasar dengan negara majuseperti Amerika Serikat di Securities Exchange Act of 1934 (SEA) dibutuhkanuntuk diketahui acuan peraturan yang sekiranya sesuai diterapkan di Indonesia.UUPM dan SEA sendiri memiliki beberapa persamaan dan perbedaan mengenairuang lingkup dan sanksi. Persamaan tersebut mengenai definisi fakta material,pelaksanaan, cara melakukan, tujuan manipulasi pasar dan sanksi administratif.Serta perbedaan dalam hal pihak pelanggar, ruang lingkup tindakan, alatmanipulasi, pengecualian sekuritas, penafsir manipulasi pasar, ketentuan sanksipenjara dan denda, serta sanksi remidi. SEA telah melakukan pembaruanperaturan namun tidak dengan UUPM. Berdasarkan hal tersebut diatas makadapat diketahui ketentuan dan pembaruan yang sesuai untuk diterapkan diIndonesia berdasarkan perbandingan dengan SEA. Pembaharuan ketentuanmanipulasi pasar yang harus dilakukan ialah mengenai ruang lingkup tindakan,tempat manipulasi, penafsir, kelengkapan peraturan dan peraturan sanksi remidi. Penelitian ini menggunakan jenis penelitian hukum metode yuridisnormatif dengan pendekatan perbandingan dan Undang-Undang. Bahan hukumprimer diperoleh dari Undang-Undang Pasar Modal di Indonesia dan AmerikaSerikat. Bahan hukum sekunder diperoleh dari buku, jurnal dan putusanpengadilan. Serta bahan hukum tersier diperoleh dari penelitian terkait, makalah,kamus bahasa hukum, materi seminar ataupun internet. Demi mengimbangiperkembangan pesat manipulasi pasar serta mematuhi standar hukum manipulasipasar internasional. Pembaruan tentang ruang lingkup dan sanksi manipulasi pasarharus dilakukan oleh pemerintah di Indonesia.Kata Kunci: Perbandingan Manipulasi Pasar, Sanksi Manipulasi Pasar, RuangLingkup Manipulasi Pasar. ABSTRACT Market manipulation was an restriction artificial or creation of fakeappearances over actual traded activity in supply acquisition securities in thecontrolled account. This crime could influenced and inflict a financial loss toinvestor candidates especially youth and beginner. Market manipulation crimeoftenly involves many parties and cause a huge damages. Considering of all thosebackgrounds than market manipulation practice regulation should be perfected.Other than that Market Manipulation Regulation in Indonesia or UUPM has been22 years and has regulations which is not corresponded with this modern era.Through the backgrounds, comparison of the market manipulation regulation withdevelop country such as Unites States of America (AS) in Securities ExchangeAct of 1934 (SEA) is needed to know regulatory references which appropriate tobe applied at Indonesia. Actually UUPM and SEA has any similarities anddiffeences about scopes and sanctions. The similarities is over definition ofmaterial facts, implementation, how to do, market manipulation purposes andadministration sanctions. The differences is about the offenders, action scopes,manipulation devices, securities exception, market manipulation interpreter,regulation of fines and prisons sanction, also remedial sanctions. SEA has beendoing an amandment but not with UUPM. Based of all those explanations it couldbe knew if regulation and amandement should be applied at Indonesia consideredby SEA regulation. Market manipulation amandments should be do is over theaction scopes, manipulation place, interpreter, regulation completeness andremedial sanctions. Research type was law research. Method of research was normativejuridical with research approach by comparative approach and statute approach.Primary data were collected from Capital Market Law in both country Indonesiaand United States of America. Secondary data were derived from books, journals,and court decisions. Tertiary data were collected from another researchs related,papers, law dictionary, seminar materials or internet. For equalize rapid movementof market manipulation and adhere to International Capital Market LawStandards. Related to scope, manipulation place, interpreter, regulationcompleteness and remedial sanction by Indonesia government.Keywords: Market Manipulation Comparison, Market Manipulation Sanction,Market Manipulation Scope. Â