자본시장규제의 일차적 목적: 투자자보호 또는 시장효율성

In the realm of capital market regulation, the primary objective can be viewed through the lens of either investors protection or fostering efficiency within the market. Many Korean scholars overwhelmingly emphasize that the sole and most significant purpose is investor protection. In this circumstance, disclosure regulation and preventing unfair trading practices are only for investors protection. Therefore, the disclosure system is understood from the standpoint of the merit philosophy, lacking an explanation of the functional interrelationship between the disclosure system and regulations governing unfair trading practices. Within the disclosure philosophy, investor protection is best comprehended through the functions of the market. Prices are formed based on all available information in the market, and these efficient prices ultimately act as a reliable indicator, safeguarding all market participants by reflecting the value of the respective securities. Information is reflected in market prices and is provided to market participants in the form of prices. The disclosure system is not designed to directly address information imbalances for individual investors but, instead, transfers the cost of information provision to listing companies, minimizing costs for the entire market. Unfair trading regulations play a crucial role in shifting the burden to prove the truthfulness of the information provided in the capital market. An efficient capital market inherently serves the function of investor protection by itself. From the perspective of considering the role of the market, it is desirable for unfair trading regulations to aim for minimum cost and maximum effectiveness, leaving the intermediate area to be entrusted to the market. This approach ensures that the regulatory framework strikes a balance between effectiveness and cost efficiency, allowing the market to play a significant role in maintaining fairness and transparency.