"This study aim the participation of investors can help a sustainable economic recovery. The problem focused on Information technology also contains legal loopholes or flaws that can potentially be misused. Stock trading is growing by conducting online transaction activities so that these transactions do not bring investors together with securities companies. This condition can be used as a loophole for certain parties to take an action that is against the law. Legal protection is needed for investors who experience losses in making investments based on online stock trading applications, providing legal certainty and guarantees for investors when making investments so that consumers in the financial services sector. In order to approach this problem, the theory reference frpm Theory of Legal Protection. The research specification is descriptive analysis. The research phase is literature and field studies at the OJK Regional Office 5 North Sumatra and analyzed descriptively qualitative.This study conclude to he author concludes that the accountability of business actors through the principle of transparency can minimize the risk that results in losses to investors who use online stock applications. The liability of business actors / securities companies due to losses experienced by investors using online stock applications is not only regulated in the Capital Market Law, but also regulated in the OJK Law, the Consumer Protection Law, ITE Law and the POJK No. 1/POJK.07/2013. Legal protection for investors based on the OJK Law is preventive and repressive considering that the OJK's job is to carry out the regulatory and supervisory functions of the financial services sector"

The development of the current era is expected to make better changes in aspects of community life. However, it cannot be denied that the Covid-19 pandemic that has attacked the entire world, where Indonesia has also been affected, has resulted in changes in new habits in society, one of which is as an investor. The role of investors can help restore sustainable economic growth as seen from the development of economics shows how economic activities can generate additional income for the community in a period. Increasing economic development and its ongoing process are the main conditions for the sustainability of economic recovery development (Tulus, 2001).

Indonesia in facing the industrial revolution 4.0 requires quite large funds according to its development potential, the Indonesian government will increase the role of domestic assistance as a source of development financing, so the capital market is formed as one of the objectives of meeting the development financing. The capital market is considered more effective in collecting funds as a source of development financing because of the potential for large-scale funding that can be used to expand development activities (Irsan, 2011).

Indonesia is developing as a country where the society is oriented towards short-term finance (saving society) namely saving, while developed countries are oriented towards long-term (investing society) namely investment. Intensive and continuous public education is needed for the transition from a saving society to an investing society. With inadequate investment, it will be difficult to achieve economic growth that affects the economic welfare of developing countries.

The purpose of the business of conducting online stock trading projects is to provide opportunities for customers to make sales, purchases, changes (amends), cancellations (withdraws), monitor the status of buy and sell orders in real time, verify portfolios, send transaction history and track stock prices in real time. (Dennis, 2008).

Financial investment in the capital market is growing today and the increase in information and communication technology of the internet of things has resulted in the elimination of the need for physical meetings. Transactions in banking and the capital market have become easier and faster because they are done virtually. The speed of investment services is increasing due to the presence of the internet of things.

The capital market plays an important role in the economic system in Indonesia because the capital market plays a role as a means of business funding or a means for companies to obtain funds from investors and as a means for the community to invest in financial instruments. The capital market is a market for various long-term financial instruments that can be traded, both bonds, stocks, and other instruments.

The capital market plays a major role in a country's economic system because the capital market plays an economic role and financial function. Issuer companies that want to increase business capital can make a public offering or go public and sell their shares through the stock exchange with the help of a securities company, on the other hand, if people have excess funds, they can invest in the stock exchange by buying stocks, bonds, derivative products or mutual funds, which are financial service products that are traded on the stock exchange have the potential for greater profits compared to banking service products, such as deposits.

The existence of the capital market provides benefits as a source of long-term financing for the business world while simultaneously enabling the optimal distribution of funding sources to various productive sectors in order to provide added value to the funds they have, an investment vehicle for investors while simultaneously enabling efforts to diversify products or diversification, distribution of ownership to all levels of society, openness and professionalism in order to create a healthy business climate and create attractive jobs or professions.

A large and considered capital market is determined by the transaction value or market capitalization value and its ability to provide protection for the interests of the parties, especially the interests of investors because profits are highly expected by investors who invest in the capital market, investors must be aware that there is no guarantee that they will always make a profit. Activities that can have an impact on current economic growth include the capital market, one of the instruments in it is shares as a sign of participation or ownership of a person or agency in a company.

The rapidly developing situation today, the use of one of the online-based applications has spread in society, namely the online stock application used by the public as an investor in the capital market. Based on Law Number 8 of 1995 concerning the Capital Market (Capital Market Law) where the capital market has a strategic place as one of the sources of financing for the business world and an investment vehicle for the community. This attracts public interest in online stock trading activities.

Reliable stock investors or stock traders start from laypeople who think this is difficult. However, after trying it, it turns out that smart stock investing is not difficult because this online stock trading facility makes it easier for investors to transact anywhere and anytime using devices that can access the internet, making it easier for investors to make decisions (Yusuf, 2019).

OJK issues capital market statistics reports as a publication media in presenting Indonesian capital market data. Capital market statistics reports are issued weekly and monthly to describe the development of the capital market in Indonesia periodically. Law Number 21 of 2011 concerning the Financial Services Authority (OJK Law), the authority and duties of OJK are to supervise Financial Services Institutions (LJK) in the capital market sector, the non-bank financial industry sector. Companies or parties that provide illegal investment offers are mostly not LJK so that these companies or parties are not registered and supervised by OJK and cannot provide certainty regarding the legality of the company.

Based on observations, so far there has been no research on Legal Protection for Online Stock Trading Investors Reviewed from Law Number 8 of 1995 concerning the Capital Market, but related to the problems in this study, there are several examples of research that can be used as comparative material: "Legal Protection for Online Stock Trading Investors Due to the Use of Problematic Application Systems". The research was conducted by Desty Fransisca Putri, a student at the University of Jember in 2015. And the Scientific Journal "Organizer of Investor Protection Funds for Investors in Stock Transactions on the Capital Market" by Mohammad Solehodin Attijani published in the Media Iuris Journal Vol.2 No.2 in 2019.

Research Methods

The specification of this research is normative legal research, meaning a legal method carried out by examining library materials. Normative legal research with library materials is basic material that is classified as secondary data related to legal protection for investors using online stock applications. This research was conducted with Descriptive Analysis. The data analysis used was qualitative. Library Research, used to obtain primary, secondary, and tertiary legal materials was conducted at the Library of the Faculty of Law, Padjadjaran University, Jl. Dipatiukur No. 35 Bandung, Library of the University of North Sumatra Jl. Library No.1 Padang Bulan, Medan City. Field Study, to support primary data through online interviews and discussions with parties related to the issue of legal protection for investors using online stock applications at the OJK Regional Office 5 North Sumatra.

The sources of legal materials used are as follows:

1. Primary Legal Materials
   Primary legal materials, namely legislation related to the problems in this study, namely the 1945 Constitution, Civil Code, Law No. 8 of 1995 concerning Capital Markets, Law No. 8 of 1999 concerning Consumer Protection, Law No. 21 of 2011 concerning OJK.

2. Secondary Legal Materials
   Legal materials that explain the primary legal materials used in this research such as legal science books and other literature.

3. Tertiary Legal Materials
   Materials that provide explanations about primary and secondary legal materials used in this research include bibliographies, cumulative indexes, magazines, journals, newspapers, legal dictionaries, the internet, clippings and others.

Data analysis conducted in this study is normative qualitative. Normative means based on legal principles and legal norms that are based on positive law. The norms analyzed are norms regarding agreements contained in applicable legislation. Qualitative data is a research procedure that produces descriptive analysis data, namely what respondents state in writing or verbally and also real behavior that is researched and studied as a whole.

Result and Discussion

Article 1 of the Capital Market Law explains that the principle of transparency is a procedure that requires issuers, public companies, and other parties that comply with the Capital Market Law to inform the public in a timely manner all material information about their business or its effects that influence investor decisions regarding these effects. The principle of transparency in the capital market applies generally, including in the international realm, and is absolutely necessary for all parties to do. Unlike the banking sector where the principle of bank secrecy is an absolute must, the capital market sector stipulates the opposite, disclosure is an absolute must. Issuers, public companies, or other related parties are required to provide important information related to the company's actions or effects to the public in a timely manner. Issuers are required to provide complete and accurate information. Complete means that the information provided is intact, nothing is left out, hidden, disguised, or does not provide material facts.

Accurate, if the information provided has truth and accuracy. If it does not have these things, then the information is incorrect or misleading. However, there are things that oppose the limitations and obstacles to implementing openness between investors or shareholders and issuers, namely:

• Investors or shareholders have a desire for full disclosure in obtaining information about the issuer, while the issuer only agrees to provide information up to a certain level;

• Investors have a desire to obtain detailed and accurate information, while issuers only agree to provide general information;

• Investors want information to be delivered in a timely manner, while issuers try to delay providing this information for a certain period of time on the grounds of reducing the costs of distributing and publishing reports.

The issue of transparency is a major concern, so the government requires this transparency to be implemented. The goal is to create an efficient market mechanism. Because by implementing transparency, events that have negative consequences for public investors can be avoided or at least not occur. Because the obligation in terms of transparency causes investors to gain access to information or material facts. Information about material facts can influence the price of securities and/or decisions of investors, prospective investors, or other parties who have an interest in the information. Transparency must continue to be carried out and is the obligation of issuers and their managers, so the OJK and the Indonesia Stock Exchange (IDX) play a role in the event of deficiencies and delays in conducting transparency, so that if there is inequality and injustice in the dissemination of information or inadequacy at that time, losses have actually occurred and most likely involve many members of the public who are financially disadvantaged as a result.

In the case of continuous disclosure, there must be a guarantee that the disclosure carried out must have an element of simultaneity so that the information provided can obtain as many parties as possible who need the information. The element of speed is needed to reduce the number of insiders who use the information before the information reaches investors. Article 80 of the Capital Market Law states that the parties are responsible, either individually or jointly, for losses incurred if the registration statement for a public offering contains incorrect information about material facts or does not include material facts in accordance with the provisions of the Capital Market Law and its implementing regulations so that the information becomes misleading.

Article 80 is related to Articles 90 and 104 of the Capital Market Law concerning criminal acts of fraud in the capital market. Because information about material facts is incorrect or does not contain information about material facts is a criminal act regulated in Articles 90 and 104. The Capital Market Law also provides confirmation of violations of the Capital Market Law which result in civil liability. For this reason, Article 111 of the Capital Market Law expressly states that parties who suffer losses due to violations of the Capital Market Law and/or its implementing regulations may file a claim for compensation against the responsible parties.

The implementing regulations on the principle of openness in the Indonesian capital market include regulations on the prohibition of misleading acts. Disclosure of information about material facts accurately and with full confidence can realize the objectives of the principle of openness and avoid misleading statements for investors. The purpose of the principle of openness in the capital market is to create an efficient market mechanism. Because by implementing the obligation of openness, it can avoid or at least prevent events that can have bad consequences and material losses for public investors, because the implementation of the obligation of openness allows investors to obtain access to correct and timely information.

Legal protection for investors based on the OJK Law. OJK is tasked with implementing financial services consumer protection in Indonesia. Consumer protection in the capital market will hereinafter be referred to as capital market investor protection because consumers in the capital market sector are financiers or investors. Therefore, the aspect of capital market investor protection is the obligation of OJK. Consumer protection is stated in Article 28, Article 29, and Article 30 of the OJK Law, which are provisions that explicitly regulate consumer and community protection in the financial services industry.

OJK provides legal protection for consumers that is preventive and provides sanctions, because the regulatory and supervisory function of the financial services sector is held by OJK. Article 28 of the OJK Law is a form of legal protection provided by OJK, where this protection is intended to prevent losses, including:

• Information and education about the characteristics of the financial services sector, its services and products are provided to the public;

• If the activities carried out by OJK are detrimental to the community, these activities can be requested to be stopped; and

• Provisions in the laws and regulations in the financial services sector regulate other actions that can be taken if necessary.

Article 29 of the OJK Law states that consumer complaint services can be carried out by the OJK, which consists of;

• LJK provides adequate tools for serving complaints from consumers who have suffered losses;

• LJK creates a complaint mechanism for consumers who have suffered losses;

• LJK facilitates the resolution of complaints from consumers who have suffered losses in accordance with laws and regulations in the financial services sector.

OJK can conduct legal defense for the interests of consumers and the community in the event of a dispute, this is another form of legal protection that is repressive. The legal defense that is carried out can be in the form of giving orders to financial services companies to immediately provide a resolution to complaints made by consumers who feel disadvantaged by:

• Carry out an action against the LJK to resolve complaints from consumers who have been harmed by the LJK in question;

• The injured party can recover their assets, whether in the hands of the injured party or in the hands of another person, by filing a lawsuit against the party causing the loss in good faith; and/or to obtain compensation from the party causing the loss to the consumer and/or LJK as a result of violation of laws and regulations in the financial services sector.

Banking and non-banking financial institutions are protected by the OJK. So far, regulations on consumer protection in the financial services sector have been scattered and then combined to improve the system and cover several substantial deficiencies. Disputes in the capital market have legal options in terms of resolution. The Capital Market Law and the OJK Law are lex specialis of the Consumer Protection Law (lex generalis) in providing legal protection for consumers. The Consumer Protection Law provides protection for all business activities that utilize goods and services, while the Capital Market Law and the OJK Law are the legal basis for protection for parties that utilize financial services institutions, especially the capital market. As a further projection, if investors are harmed by the use of financial services, then investors have the right to complain about this to the OJK consumer service. As the sole and integrated supervisory authority for financial services in Indonesia, the OJK is obliged to tighten supervision of the remote trading system on the stock exchange. Based on the case above, if in the future there is another complaint by an investor, then the OJK is obliged to order or take certain actions against financial services institutions (in this case the Indonesia Stock Exchange) to resolve the complaint of consumers who feel disadvantaged.

Conclusion

The liability of business actors refers to the Capital Market Law regulated in Article 46 of the Capital Market Law which states that the Custodian's obligation is to provide compensation to the account holder for losses arising from errors made. However, in practice, regulations regarding services/products have not optimally provided adequate protection from the beginning to handling and resolving disputes. The sanctions received by business actors due to losses experienced by investors using online stock applications are administrative, civil and criminal sanctions. Securities companies can act as underwriters, securities brokers and investment managers who have the role and responsibility to provide legal certainty to investors. The liability of business actors/securities companies due to losses experienced by investors using online stock applications is regulated not only in the Capital Market Law but also in the OJK Law, the Consumer Protection Law, the ITE Law and POJK No. 1/POJK.07/2013 Concerning Consumer Protection in the Financial Services Sector.

Legal protection for investors based on the OJK Law is preventive and repressive considering that the OJK's task is to carry out the function of regulating and supervising the financial services sector. Article 28 of the OJK Law provides legal protection in the form of preventing losses to consumers and the public. The OJK Consumer Protection Portal (APPK) application regarding non-LJK legality issues is a major problem and the highest consumer reports are in West Java Province. However, in practice, APPK is still general in nature, a system upgrade is needed to optimize the implementation of legal protection through the principle of openness and transparency of information. The form of legal protection is repressive If a dispute occurs between consumers and financial services industry companies, the OJK has the authority to carry out legal defense in the interests of consumers and the public (a form of repressive legal protection). Legal protection for investors is also regulated in Article 44 of the Consumer Protection Law. Availability of legal options to resolve disputes in the capital market. The legal protection provided by the Capital Market Law and the OJK Law for capital market consumers or investors is lex specialis of the provisions of legal protection in the Consumer Protection Law as lex generalis. In addition, investor protection can also be carried out by the Indonesia Securities Investor Protection Fund (SIPF) and the Capital Market Arbitration Board (BAPMI).

- REWP Law