THE THEORETICAL ANALYSIS OF INVESTOR PROTECTION PRINCIPLE IN CAPITAL MARKET LAW

Yıl 2011, Cilt: 15 Sayı: 1, 1 - 23, 01.01.2011

Nusret Çetin

Öz

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

Anahtar Kelimeler

Capital markets, investor, investor protection, consumer, disclosure

Sermaye Piyasası Hukukunda Yatırımcının Korunması İlkesinin Teorik Analizi

Öz

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

Anahtar Kelimeler

Sermaye piyasaları, yatırımcı, yatırımcının korunması, tüketici, kamuyu aydınlatma

Kaynakça

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