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Investor Protection as the Objective of Securities Regulation: Goal v Instruments

Investor protection is one of the most important objectives of the securities regulation. Functional approach demonstrates that investors play different roles in the market place, and that they face different market failures with respect to each role. Therefore, sufficient protective mechanisms need to be developed to address these market failures. This paper analyzes the theoretical dimensions of investor protection and protective mechanisms, and compares investor protection mechanisms provided by United Kingdom and Turkish legislations.