Abstract
Investor protection is one of the most important objectives of the securities regulation. An adequate and effective system of protection should be established in order to satisfy this objective. From the functional point of view, investors play three different roles regarding their activities in the capital markets. First, investors become participant by investing in the securities of an issuer. Second, they act as a market player while purchasing and selling securities in the secondary markets. Finally, investors are customers of the fi nancial intermediaries while consuming the services provided by them. As a result, investors are exposed to different market failures and defi ciencies with respect to each role. Suffi cient protective mechanisms and rules should be developed by the securities regulation in order to address these failures and defi ciencies
References
- A. Kuczynski, ‘Financial Redress-Complaints, Disputes, and Compensation’ M. Blair and G. Walker (eds), Financial Services Law (Oxford and New York: OUP, 2006)
- A.C. Page/R.B. Ferguson, Investor Protection (London: Weidenfeld and Nicolson, 1992)
- B. S. Black, ‘The Legal and Institutional Preconditions for Strong Securities Markets’ (2001) 48 UCLA Law Review
- C. Mayer, ‘Regulatory Principles and the Financial Services and Markets Act 2000’ E. Ferran and C. Goodhart (eds), Regulating Financial Services and Markets in the Twenty First Century (Oxford: Hart Publishing Ltd, 2001)
- Charles Goodhart ve diğerleri, Financial Regulation Why, how and where now? (London and New York: Routledge, 1998)
- D. Llewellyn, ‘The Economic Rationale for Financial Regulation’ (FSA Occasional Paper, Nisan 1999) ( http://www.fsa.gov.uk/pubs/occpapers/ OP01.pdf, son erişim 10 Temmuz 2010)
- David Graham and diğerleri, A Report by Justice, The Protection of the Small Investor (Cambridge: Justice, 1992)
- E. Ferran, Building an EU Securities Market (Cambridge: CUP, 2004)
- E.A. Welle, ‘Freedom of Contract and the Securities Laws: Opting Out of Securities Regulation by Private Agreement’ (1999) 56 Wash.& Lee L.Rev
- G. McMeel/J. Virgo, Financial Advice and Financial Products Law and Liability (Oxford and New York: OUP, 2001)
- I. H. Chiu, ‘Examining the justifi cations for mandatory ongoing disclosure in securities regulation’ (2005) 26 (3) Comp. Law.
- IOSCO, ‘Objectives and Principles of Securities Regulation’ (Mayıs 2003) (http://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf, son erişim 10 Temmuz 2010)
- L. Loss and J. Seligman, Fundamentals of Securities Regulation (New York: Aspen Publishers, 4th ed, 2004)
- N. Moloney, ‘Building a Retail Investment Culture through Law: The 2004 Markets in Financial Instruments Directive’ (2005) 6 EBOR
- N. Moloney,EC Securities Regulation (Oxford and New York: OUP, 2nd ed, 2008)
- P. Cartwright, ‘Consumer Protection in Financial Services: Putting the Law in Context’ P Cartwright (ed), Consumer Protection in Financial Services (International Banking, Finance and Economic Law Series) (London and Dordrecht: Kluwer Law International, 1999)
- P. Cartwright, ‘Optimal Consumer Protection in Financial Services’ (ECRI/ CEPS Seminar 7th June 2001 Brussels, European Credit Research Institute and Centre for European Policy Studies.)
- P. Cartwright, Banks, Consumers and Regulation (Oxford and Portland Oregon: Hart Publishing, 2004)
- R. La Porta, F. Silanes and A. Shleifer, ‘What Works in Securities Laws?’ (2006) 61 (1) The Journal of Finance
- S.M. Solaiman, ‘Disclosure philosophy for investor protection in securities markets: does one size fi t all?’ (2007) 28 Co Law
- The World Bank, ‘Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool’ (Eylül 2009)
- Walker, G.: ‘Financial Services Authority’ M. Blair and G. Walker (eds), Financial Services Law (Oxford and New York: OUP, 2006)
Abstract
Yatırımcının korunması sermaye piyasası hukukunun en önemli amaçlarından biridir. Bu amaca ulaşabilmek için yeterli ve etkin bir koruma sisteminin kurulması gerekmektedir. Yatırımcılar, sermaye piyasalarındaki faaliyetleri çerçevesinde, işlevsel açıdan üç farklı role sahiptirler. Öncelikle, yatırımcılar, bir ihraççının menkul kıymetlerine yatırım yaptıklarında katılımcı sıfatını haizdirler. İkinci olarak, yatırımcılar, ikincil piyasalarda menkul kıymetlerin alım satımını yaparken piyasa oyuncusu olarak hareket etmektedirler. Nihayet, yatırımcılar fi nansal aracı kuruluşlarca sağlanan hizmetleri tüketirken, bu kuruluşların müşterisi konumundadırlar. Sonuç olarak, yatırımcılar her bir role ilişkin olarak değişik piyasa hatalarına ve eksikliklerine maruz kalmaktadırlar. Sermaye piyasası hukuku tarafından söz konusu hataların ve eksikliklerin giderilmesi amacıyla yeterli koruma mekanizmalarının ve kurallarının geliştirilmesi gerekmektedir
References
- A. Kuczynski, ‘Financial Redress-Complaints, Disputes, and Compensation’ M. Blair and G. Walker (eds), Financial Services Law (Oxford and New York: OUP, 2006)
- A.C. Page/R.B. Ferguson, Investor Protection (London: Weidenfeld and Nicolson, 1992)
- B. S. Black, ‘The Legal and Institutional Preconditions for Strong Securities Markets’ (2001) 48 UCLA Law Review
- C. Mayer, ‘Regulatory Principles and the Financial Services and Markets Act 2000’ E. Ferran and C. Goodhart (eds), Regulating Financial Services and Markets in the Twenty First Century (Oxford: Hart Publishing Ltd, 2001)
- Charles Goodhart ve diğerleri, Financial Regulation Why, how and where now? (London and New York: Routledge, 1998)
- D. Llewellyn, ‘The Economic Rationale for Financial Regulation’ (FSA Occasional Paper, Nisan 1999) ( http://www.fsa.gov.uk/pubs/occpapers/ OP01.pdf, son erişim 10 Temmuz 2010)
- David Graham and diğerleri, A Report by Justice, The Protection of the Small Investor (Cambridge: Justice, 1992)
- E. Ferran, Building an EU Securities Market (Cambridge: CUP, 2004)
- E.A. Welle, ‘Freedom of Contract and the Securities Laws: Opting Out of Securities Regulation by Private Agreement’ (1999) 56 Wash.& Lee L.Rev
- G. McMeel/J. Virgo, Financial Advice and Financial Products Law and Liability (Oxford and New York: OUP, 2001)
- I. H. Chiu, ‘Examining the justifi cations for mandatory ongoing disclosure in securities regulation’ (2005) 26 (3) Comp. Law.
- IOSCO, ‘Objectives and Principles of Securities Regulation’ (Mayıs 2003) (http://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf, son erişim 10 Temmuz 2010)
- L. Loss and J. Seligman, Fundamentals of Securities Regulation (New York: Aspen Publishers, 4th ed, 2004)
- N. Moloney, ‘Building a Retail Investment Culture through Law: The 2004 Markets in Financial Instruments Directive’ (2005) 6 EBOR
- N. Moloney,EC Securities Regulation (Oxford and New York: OUP, 2nd ed, 2008)
- P. Cartwright, ‘Consumer Protection in Financial Services: Putting the Law in Context’ P Cartwright (ed), Consumer Protection in Financial Services (International Banking, Finance and Economic Law Series) (London and Dordrecht: Kluwer Law International, 1999)
- P. Cartwright, ‘Optimal Consumer Protection in Financial Services’ (ECRI/ CEPS Seminar 7th June 2001 Brussels, European Credit Research Institute and Centre for European Policy Studies.)
- P. Cartwright, Banks, Consumers and Regulation (Oxford and Portland Oregon: Hart Publishing, 2004)
- R. La Porta, F. Silanes and A. Shleifer, ‘What Works in Securities Laws?’ (2006) 61 (1) The Journal of Finance
- S.M. Solaiman, ‘Disclosure philosophy for investor protection in securities markets: does one size fi t all?’ (2007) 28 Co Law
- The World Bank, ‘Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool’ (Eylül 2009)
- Walker, G.: ‘Financial Services Authority’ M. Blair and G. Walker (eds), Financial Services Law (Oxford and New York: OUP, 2006)
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Research Article |
| Authors | |
| Publication Date | January 1, 2011 |
| Published in Issue | Year 2011 Volume: 15 Issue: 1 |