Tinjauan Yuridis terhadap Pelanggaran Prinsip Keterbukaan pada PraktekWindows Dressing dalam Pasar Modal Indonesia

Abstract

Information disclosure is an important element for the corporate world
because information on the substance presents the description, notes or
description of good for the State of the past and the latest of an enterprise and
the market effect. But in reality, not all issuers disclose information that is
actually about the fact material in the prospectus.
If there is a breach of the principle of disclosure by issuers then issuers will
be subject to administrative sanctions in accordance with Article 102 of The
Capital Market Laws, namely in the form of a written warning, fines, namely the
obligation to pay a certain sum of money, restrictions on business activities,
freezing of business activities, business license revocation, cancellation of
agreement and cancellation of registration. is an action that beautify the financial
statements of a company. This is referred to as windows dressing.
Windows dressings aims to enhance your company's image so as to
attract investors to make investments. The practice of dressing the windows in
the capital markets can still be said to be a reasonable course of action
throughout the activities aimed to improve the company and not to the detriment
of others. However, the practice of dressing the windows can be categorized as a
criminal offence the capital markets if such activity creates information or issues
misleading so as to affect the market mechanism. In the event of the occurrence of
the windows dressing, the practice of legal protection afforded to investors could
be done in a preventive and repressive.
Preventative legal protection carried out by PT. Stock Exchange by doing a
temporary suspension against securities trading. While the repressive legal
protection carried out by OJK with conducting surveillance, investigation and the
imposition of sanctions to any party proven to engage in the practice of cheating
or fraud in the capital market. In addition, investors who feel aggrieved may do a
lawsuit to the Court against the issuers that have been doing practice windows
dressing.
Keywords:Investors Protection - Windows Dressing – Issuer