INSIDER TRADING Securities and Futures Act atau yang biasa disebut degan SFA mulai diundangkan di Singapore Singapore semenjak Oktober Oktober 2001 dan mulai efektif efektif diberlakukan diberlakukan pada 1 Oktober 2002. Perturan ini merupakan suatu kerangka kerangka legislatif yang mengatur industri sekuritas dengan mengkonsolidasikan mengkonsolidasikan segala ketentuan yang ada dalam industri sekuritas tersebut. Otorisan keungan Singapore merilis sebuah consultation document on insider trading! yang bertujuan untuk merubah pengaturan mengenai insider trading di Singapor Si ngapore e yang membuat Singapore Singapore setara dengan peraturan internasional lainnya. I.
Elemen Elemen mengen mengenai ai Inside Insider r Trading rading Berda Berdasar sarkan kan SFA SFA a. "he actus #eus$ an indi%idual is said to ha%e commited the o&ence of insider trading if he' (hile in possesion of price sensiti%e information that is not generally a%ailable' has$ a) Subscribed' purchased or sold sold securities or entered entered into an agreement agreement to do so *trading o&ence)1 b) Procured Procured another person to subscribe' purchase or sell those securities or enter into an agreement to do so *procuring *procuring o&ence)2 c) +irectly +irectly or indirectly indirectly communi communicated cated the inform information ation or caused caused it to be communicated to another if the insider kno(s' or ought reasonably to kno(' that the other person (ould likely
1 Section 21, *2)*a) - 21*2)*/) of the SFA
2 Section 21, *2)*a) - 21*2)*/) of the SFA note s 21*2) of the SfA
subscribe' purchase' or sell the securities or procure another person to do so' (here the trading in securities is permitted on the securities future market "erjemahan$ indi%idu dapat dikatakan telah melakukan pelanggaran insider trading jika ia ' ketika posisi harga informasi sensitif tidak tersedia secara umum' ia telah$ a) "erlibat' membeli dan menjual saham atau terlibat dalam suatu perjanjian untuk melakukan hal tersebut *penjualan yang dilarang) b) 3engajak orang lain untuk turut serta' membeli dan menjual saham atau terlibat dalam suatu perjanjian untuk melakukan hal tersebut c) Secara langsung atau tidak langsung memberikan informasi atau menyebabkan orang lain menjadi tahu bah(a orang dalam tersebut mengetahui bah(a ada in%estor yang akan membeli atau menjual sahamnya atau meminta in%estor lain untuk melakukannya' dimana perdagangan saham akan dilakukan atau suatu saat akan dilakukan. II.
Siapa saja yang dapat dikatakan orang dalam berdasarkan SFA?
Sections 1, *4) of the SFA pro5des that a person is connected to a corporation if$ a) 6e is an o7cer of that corporation or a related corporation
Section 21, * - 21*) of the SFA
b) 6e is a substantial shareholder (ithin the meaning of +i%ision 8 of part of the companies act *cap 40) in that corporation or in a related corporation *ie94:) c) 6e occupies a position that may reasonably by e;pected to gi%e him access to inside information %ia$ < Any profesional or business relationship e;isting bet(een himself *or his employer or a corporation (hich he is an
<
o7cer) and that corporation or a related corporation /eing an o7cer of a substantial shareholder (ithin the meaning of di%ision 8 of =art >? of the companies act in that
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corporation or in a related corporation. ang termas!k o"#er berdasarkan se#tion $%& '() SFA * a) A director' secretary or employee of the corporation b) A recei%er' or recei%er and manager' of property of the corporation c) A juducial manager of the corporation d) A li@idator of the corporation e) a trustee or other =erson administering a compromise or arrangement made bet(een the corporation and another person
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In,ormasi yang dilarang melip!ti* a) matters of supposition and other matters that are insu7ciently de5nite to (arrant being made kno(n to the public b) matters relating to the intentions' or the likely intentions' of a
c) d) e) f) g)
person matters relating to negotiations or proposals (ith respect to commercial dealings dealing in securities or trading in futures contract information relating to the 5nancial performance of a corporation or business trust' or other(ise
h) information that a person proposes to enter into' or had pre%iously entered into one or more transactions or agreements in relation to securities or has prepared or proposes to issue a statement relating to such securities and *f ) matters relating to the future +.
Sanksi* Penegakan hukum yang diterapkan dalam insider trading berupa tindakan hukum sipil oleh 3AS *3onetary Authority of Singapore) atau penuntutan secara pidana oleh BA+ *Bommercial A&airs +epartmen). +alam kasus yang tergolong jarang dan dikecualikan' seorang indi%idu atau perusahaan mungkin hanya mendapat teguran atau peringatan oleh BA+ atau 3AS.
"indakan hukum tersebut bisa didalam dan diluar pengadilan' "indakan yang berada dalam pengadilan tunduk pada aturan section 22 dari SFA.
Bi%il penalty$ $-$. SFA “(1) Whenever it appears to the Authority that any person has contravened any provision in this Part, the Authority may, with the consent of the Public Prosecutor, bring an action in a court against him to seek an order for a civil penalty in respect of that contravention (!) "f the court is satis#ed on a balance of probabilities that the person has contravened a provision in this Part which resulted in his gaining a pro#t or avoiding a loss, the court may make an order against him for the payment of a civil penalty of a sum $
(a)not e%ceeding & times $ (i)the amount of the pro#t that the person gained' or (ii)the amount of the loss that he avoided,as a result of the contravention' or (b)eual to *+,+++ if the person is not a corporation, or 1++,+++ if the person is a corporation,whichever is the greater (&) "f the court is satis#ed on a balance of probabilities that the person has contravened a provision in this Part which did not result in his gaining a pro#t or avoiding a loss, the court may make an order against him for the payment of a civil penalty of a sum not less than *+,+++ and not more than ! million () -otwithstanding subsections (!) and (&), the court may make an order against a person against whom an action has been brought under this section if the Authority, with the consent of the Public Prosecutor, has agreed to allow the person to consent to the order with or without admission of a contravention of a provision in this Part and the order may be made on such terms as may be agreed between the Authority and the defendant (*) -othing in this section shall be construed to prevent the Authority from entering into an agreement with any person to pay, with or without admission of liability, a civil penalty within the limits referred to in subsection (!) or (&) for a contravention of any provision in this Part (.) A civil penalty imposed under this section shall be paid into the /onsolidated 0und Act & of !+1! wef 123+&3!+1&4
(5) "f the person fails to pay the civil penalty imposed on him within the time speci#ed in the court order referred to in subsection () or speci#ed under the agreement referred to in subsection (*), the Authority may recover the civil penalty on behalf of the 6overnment as though the civil penalty were a 7udgment debt due to the Authority 13!++*4 Act & of !+1! wef 123+&3!+1&4 (2) Any defence that is available to a person who is prosecuted for a contravention of any provision in this Part, shall also be available to a defendant to an action under this section in respect of that contravention8
AR/ET RIGGING 'anip!lasi 0asar)
Seperti insider trading' isu pelanggaran market rigging atau manipulasi pasar adalah kehancuran jual beli yang sebenarnya dalam bursa penjualan. 3arket rigging dinilai lebih serius dibandingkan dengan insider trading. 3arket rigging merupakan distorsi yang besar dan membuat bursa saham tidak e5sien. 9anipulasi pasar dapat berbentuk manipulasi terhadap perdagangan efek dan manipulasi terhadap harga efek . "indakan manipulasi pasar dan manipulasi harga merupakan tindakan yang dilakukan dengan perantaraan anggota bursa' baik secara sendiri maupun secara bersama< sama' yang dapat memberikan gambaran bah(a transaksi efek atau harga efek yang terjadi adalah sesuai dengan kekuatan pasar.
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Se#ara !m!m terdapat d!a perilak! yang termas!k dalam market rigging* a) +isclosure based manipulation terjadi ketika seseorang menyebarkan informasi palsu atau menyesatkan' yang memiliki efek menyesatkan pelaku pasar lainnya tentang nilai atau %olume perdagangan saham. b) "rade based manipulation Cash sales' stacking the bids' pump and dump' marking the close.
Pelaku biasanya menggunakan demand atau drop in demand yang ia rekayasa untuk keuntungannya sendiri. +asar hukum dari pelanggaran market rigging di singapore berdasarkan dari SFA section 1 *1) dan 1 *1a)' bah(a$ “1) -o person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance $ (a) of active trading in any securities on a securities market' or (b) with respect to the market for, or the price of, such securities
(1A) -o person shall do any thing, cause any thing to be done or engage in any course of conduct that creates, or is likely to create, a false or misleading appearance of active trading in any securities on a securities market, or with respect to the market for, or the price of, such securities, if $ (a) he knows that doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance' or (b)he is reckless as to whether doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance8
SAN/SI Sanksi terhadap tindakan market rigging khususnya diatur dalam section 208 *1) yaitu$ *1) Any person (ho contra%enes any of the pro%isions of this +i%ision shall be guilty of an o&ence and shall be liable on con%iction to a 5ne not e;ceeding D240'000 or to imprisonment for a term not e;ceeding years or to both.!
Aturan tersebut menjelaskan bah(a siapapin yang melaukan pelanggaran tersebut denda maksimum D240'000 atau hukuman penjara maksimum tahun atau keduanya. Bontoh kasus$ 3onetary Authority of Singapore *3AS)' otoritas keuangan Singapura' memberikan sanksi terhadap dua eksekutif raksasa perkebunan - produk konsumer Cilmar >nternational Etd' yakni oh >ng Sing dan Geu 6a( ee terkait dengan kejahatan insider trading.oh >ng Sing yang menjabat sebagai Gepala +i%isi Perkebunan Cilmar mendapatkan keuntungan sebesar SinD8.000 dari aksinya tersebut. Sementara itu' Geu 6a( ee' +irektur perkebunan Cilmar untuk area Sumatera dan Galimantan mengantongi SinD2.000.Geduanya diganjar ke(ajiban penalti berdasarkan pasal 21*2)*a) dalam Hndang
