Information-Conneted Approach in Identifying Capital Market Crime at Information Technology Era

Abstract

Digital development has inferences for financial transactions, especially in capital market. Digital development creates stock transactions exceed cross-national. Digital development has few side positive and negative effects. One of the effects is insider information. Insider information is considered as cime in capital market. Investors use insider information to make profits. This paper uses the normative judicial method and a comparative law method. This paper studies capital market law regarding insider trading in Japan, Switzerland, Indonesia and Singapore. This research aims to define the definition of insider trading in digital era. The definition of insider trading is benchmarked on the regulations and laws of the four countries. This study summarizes that insider trading should be based on information connected following development in technology development. The law needs to be amended regarding insider trading based on informationconnected approach.

Metaverse and Its Implication in Law and Business

“…24 Regulations must be updated to reflect technological advancements, including the Metaverse. 25 The law's objectives are justice, certainty, and legal expediency. The written law serves as a primary source of reference for law enforcement.…”

Insider Trading: Law of the Republic of Indonesia Number 8 of 1995 on Capital Market from Typewriters to Digital Era

“…The executive is Rajiv Louis. The Monetary Authority of Singapore (MAS) fined the executive USD$ 316,000 due to an insider trading transaction in the share transaction of Bank Danamon, Indonesia (Johan & Ariawan, 2021a). Louis benefits from nonpublic information from the proposed acquisition of Bank Danamon by Development Bank of Singapore (DBS) Group, Singapore (Indopremier Sekuritas, 2015).…”

“…Material information is information or facts that can affect the price of securities of a public company or may influence shareholders' or investors' decisions in making investment decisions based on Article 1 of Law of the Republic of Indonesia Number 8 of 1995. On the other hand, a public company that does not provide material information may be subject to sanctions in the form of fines and crimes (Agusta, 2020;Johan & Ariawan, 2021b). Openness is one of the principles of good corporate governance in a company (Harahap et al, 2020).…”