Analisis Ruang Lingkup Dan Sanksi Cornering The Market Berdasarkan Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal Dan Securities Future Act Of 2001 (Studi Pengaturan Di Indonesia Dan Singapura)

Hanifa Maghfira Putri Fasari, Dr. Sukarmi, SH., M.Hum, Moch. Zairul Alam, SH., MHFakultas Hukum Universitas BrawijayaEmail: hanifamghfira@gmail.com ABSTRAKArtikel ini menganalisis mengenai perbandingan pengaturan ruang lingkup dansanksi Cornering The Market antara Indonesia dengan Singapura. Analisis ini dilakukan berdasarkan kepada ketentuan – ketentuan yang ada dalam peraturan Perundang – Undangan yang berkaitan dengan Pasar Modal dan PeraturanPerundang – Undangan lain yang memiliki hubungan baik langsung maupun tidaklangsung dengan tindakan Cornering The Market. Analisis ini menggunakan metode penelitian yang berjenis yuridis normatif melalui pendekatan perundang –undangan, pendekatan perbandingan dan juga pendekatan konseptual. Berdasarkan hal tersebut kesimpulan yang dapat diambil dalam analisis ini adalah bahwa adanya persamaan dan perbedaan tekait pengaturan ruang lingkup dan sanksi dalam tindakan cornering the market antara Indonesia dengan Singapura, dimana Indonesia dan Singapura sama – sama melarang tindakan cornering the market, mengenai kesamaan terdapat dalam definisi fakta material, pelaksanaan, cara melakukan dan tujuan manipulasi. Perbedaan pengaturannya dimana Singapura lebih menjelaskan secara terperinci mengenai sasaran dari manipulasi pasar yang hanya tidak dilakukan di dalam bursa efek dan cornering berdasarkan kontrak derivative yang sudah diatur. Serta adanya beberapa rekomendasi yang bisa dilakukan guna mencegah dan menanggulangi tindakan cornering the market sehingga terciptanya pasar modal yang adil dan fair bagi semua pihak yang sesuaidiamanatkan dalam Undang – Undang Nomor 8 Tahun 1995 Tentang Pasar Modal.Kata Kunci: Cornering the market, Manipulasi Pasar, Pasar Modal ABSTRACTThis article is aimed to analyse the comparison between management of scope of and sanction imposed on cornering the market between Indonesia and Singapore, which was conducted based on provisions written in Legislation concerning Capital Market and other Legislations that are directly or indirectly linked to the case. Normative juridical method was employed in this research supported by statute, comparative, and conceptual approaches. From this researchresult, it is learned that there has not been any proper regulation concerning thescope of cornering the market in Act concerning Capital Market because the elements, similarities, and differences regarding the regulation of the scope of and sanction imposed on the case between Singapore and Indonesia have not been included. Both countries see this as a violation of law, where similar definition off acts and materials, implementation, procedures, and the intention of manipulation are found. However, it is clearly seen that there is difference where Singapore gives clearer elaboration regarding the target of market manipulation and cornering based on derivative contract that is regulated and has regulated formals anction that has to be imposed on those who commit the deed. Some measures need to be taken to avoid and ward off cornering the market for fairer and better capital market for all parties as intended in Act Number 8 of 1995 concerning Capital Market.Keywords: cornering the market, market manipulation, capital marke