Investors Protection and their Self-Responsibility in the New Financial System

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In this research, this author make it clear that investor protecitin regime require prudence regulation and reguralition against market abuse as well as broker-dealer regulations. Then the author deal with an analytical evaluation of the significance of the removal of anti-competitive regulation by Japan's Big Bang in the past years, and points out inadequacy of the current state of law in encouraging innovation on the one hand and consumer protection on the other. The author attempt to provide a theoretical picture regarding the effects of modern financial regulation on the competition policy in Japan. In particular, the author notes the issue of how to ensure both maintaining soundness of financial institutions and promoting competition. The author also provides a careful examination of selected issues in applying the Anti-Monopoly Act to the financial services area in Japan, focusing on the difficult issues of defining the relevant market in applying the Act when financial institutions are becoming more and more integrated into the conglomerate fashion, and dealing with network effects in competition law that have been brought in as a result of the advancement of information and communications technology.