Comparative Legal Analysis between the Competence of Otoritas Jasa Keuangan and Monetary Authority of Singapore on the Enforcement

Abstract

This article shall therefore look into the competencies of both Indonesian and Singaporean capital market supervisory and regulatory bodies, namely Otoritas Jasa Keuangan and Monetary Authority of Singapore. It further assesses the effectiveness of each body in implementing law enforcement towards insider trading practices in specific. It shall also further evaluate the passiveness portrayed by the Indonesian counterpart when it comes to the eradication of wary trading activities in the market as well as variables that are weighed in towards its implementation. Normative-empirical research is used for this article as it takes legal principles, legal system, and comparative approach. The materials relied on for this article include an interview with a capital market lawyer, an analysis of the law and other supporting documents, as well as a comparative study.  The nature of competence between Indonesia and Singapore’s capital market supervisory and regulatory bodies is quite similar which adopts integrated approach towards regulation and supervision of the capital market with adequate authorities attributed to them. Since 2012, OJK replaces the role of Bapepam-LK to administer the Capital Market Law as an independent body. OJK is responsible for enacting rules and supervisory of the sector.