PENGGUNAAN SARANA PENAL TERHADAP TINDAK PIDANA PASAR MODAL

Abstract

Capital market is an economic instrument that will play a very considerable role to progress the future economic growth. One of the efforts ahead is to build a capital market based on fair and orderly market principles. It is significant, considering the community reliance towards the capital market is the prerequisite to attract capitals and investment. Therefore all market systems and mechanisms should constantly hold distinct rule of game, where the rule of game reflected to the law enactment should be able to arrange the movements and steps of the actors in performing activities at the Capital Market. This research intended to know wheter the penal instrument formulated in Law No. 8/1995 already use to cope with the capital market crime occurences. The background of that question is the void of the capital market encroachment and crime cases reaching either at the investigation stage or summoning to court. The research result indicates that BAPEPAM (the Capital Market Supervisory Board), as an institution of capital market supervisor to employ administrative sanctions againts the capital market criminals. It is not to use the penal instrument for the penal instrument for the capital market crimes, based on 3 (three) items. First, the formulation policy concerning criminal stipulation itself in Law No. 8/1995 has some improprieties, either according to its formulation or its criminal system policy and penalty as well. Second, the Capital Market Supervisory Board's policy itself much more plays role as corrective body, minimizing the existence of measure or punihmenst againts the lawbreakers. The administrative sanction just applied, after all corrective steps executed by the Capital Market Supervisory Board considered couldn't solve the problems. Consequently the Capital. Market Investment Supervisory Board's PPNS has never been used efficiently to handle the capital market crimes, that the criminal stipulation of Law No. 8/1995, natularly, not to be used. Third, for the application phase there found the perception differences and points of view among law enforcement apparatus. Those differences amerge in terms of older of their handling procedure as well as the comprehension of the capital market offences themselves. That cause the crimes processed through the criminal justice mechanism to become abscure and its solution imperfectly completed.