This study aims to examine the enforcement of laws and the role of the Financial Services Authority in addressing capital market violations amid the development of economic flows in Indonesia. This study uses normative legal research with the statute and comparative approaches. The collected legal material is then qualitatively analyzed to describe the problem and answer study purposes. The results show that capital market violations consist of administrative violations and criminal offenses. Meanwhile, Bapepam’s role in addressing capital market violations has been shifted to the Financial Services Authority. OJK is a builder, regulator, and supervisor of capital market activities. In executing its law enforcement functions, OJK also has the authority to examine, impose administrative sanctions, and investigate criminal offenses to be pursued and resolved through the criminal justice system. On the other hand, based on the una via principle, OJK can also decide not to proceed to the investigation stage of an alleged criminal offense by imposing an administrative sanction in the form of a fine accompanied by a written order. In carrying out its enforcement functions, OJK enforces criminal law both preventively and repressively. Therefore, it is recommended that the OJK and relevant parties enhance coordination and collaboration in enforcing capital market laws, both preventively and repressively. This enforcement can be achieved by improving human resources capacity and infrastructure to monitor daily capital market activities. Increasing investor education and awareness is also crucial to reduce the likelihood of violations. Lastly, OJK should ensure a balanced approach between preventive and repressive law enforcement, considering the una via principle in specific cases. Implementing these recommendations will support creating a conducive, transparent, and fair capital market environment, ultimately attracting investors and further promoting Indonesia’s economic growth.
Rasa keadilan adalah konsep manusia yang abstrak tentang keselarasan yang diinginkan atau pantas antara ketertiban dan perdamaian. Kesadaran hukum sering dikaitkan dengan kesesuaian hukum, desain hukum, dan validitas hukum. Kesadaran hukum adalah persepsi tentang nilai yang terkandung dalam diri manusia tentang hukum yang ada. Kepatuhan berasal dari kata ketaatan dan berarti kepatuhan, kepatuhan, kepatuhan. Taat berarti tunduk, patuh, patuh. Ketaatan berarti penyerahan diri, dan ketaatan adalah keadaan penyerahan diri kepada sesuatu atau seseorang. Kepatuhan, oleh karena itu, adalah syarat bahwa masyarakat umum mengikuti aturan main (hukum). Budaya hukum masyarakat juga mengakui bahwa masyarakat kita, dalam kesadaran hukumnya, memiliki hukum sebagai aturan main untuk hidup bersama dan sebagai dasar untuk memecahkan masalah yang timbul dari risiko hidup bersama. Namun, dari segi materi, sangat sulit membangun budaya hukum di negeri ini. Keadaan ini dipengaruhi oleh beberapa faktor, antara lain: 1) faktor hukum; 2) faktor penegakan hukum; 3) kelembagaan dan fasilitas; 4) faktor masyarakat; dan 5) faktor budaya.
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