Crimes committed in the capital market are often considered to have no visible losses that can be clearly seen directly. Forms of capital market crimes regulated in Law No. 8/1995, include Insider Trading. Article 95 of Law No. 8/1995 only provides restrictions on prohibited transactions, among others, those carried out by insiders of issuers who have material information that are prohibited from making transactions to sell or buy securities of issuers or other companies. This research uses a normative method, the research approach is a process of solving problems through predetermined stages, so several types of approaches are needed, including: legislative approach, comparative legal approach, legal history approach, and case approach. The method used in processing and in the analysis of legal materials used in this study is legal interpretation analysis. Law No.8/1995 which currently still uses fiduciary duty theory, so that in determining insiders it is still not able to ensnare the second party who receives information from insiders (insiders), better known as tippees; The legal construction of insider trading in the draft law on the capital market in the perspective of ius constituendum, based on the implementation of misappropriation theory.