Regulatory Reform and Disgorgement:

The Una Via principle is important to implement in capital market law enforcement in Indonesia to ensure that violations can be addressed through one consistent legal channel, thereby providing legal certainty, protecting investors, and increasing public trust in the capital market.This research aims to evaluate the effectiveness of the application of the Una Via principle in capital market law enforcement in Indonesia and identify challenges and efforts to improve it.This research uses a normative legal method with a statutory approach to analyze the regulations governing the application of the Una Via principle.The results showed that the effectiveness of the application of the Una Via principle in capital market law enforcement is still not optimal.Refinement of technical regulations is needed so that administrative and criminal channels can be applied more consistently.Improved coordination between Financial Services Authority (OJK) and law enforcement agencies is needed to accelerate the process of investigating and prosecuting violations.Optimizing the disgorgement mechanism is also an important factor to ensure that the recovery of investor losses is more effective.Likewise, transparency and accountability in OJK's decision-making is key to increasing public confidence in the capital market legal system.The study recommends regulatory reform, human resource capacity building, and periodic evaluation.Further studies are recommended to explore the application of this principle in other financial sectors and conduct comparative studies with other countries to find a more optimal law enforcement model.