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date: 28 January 2021

Abstract and Keywords

This Chapter considers the main features and the evolution of the regulatory treatment of retail investors and of related policy and scholarship. It considers the different regulatory objectives and the different characterizations of the retail investor which have been deployed to shape regulation in this sphere. It assesses the particular challenges which regulatory design poses in the retail markets, including by means of an examination of the three main tools of retail market investor protection: mandatory disclosure, distribution regulation, and product intervention. It concludes by suggesting that while the reform process in this sphere tends to be slow and regulatory attention tends to be sporadic, the increasing level of regulatory sophistication and the likely increasing capacity of retail investors to influence the regulatory process over time augur well for its future development.

Keywords: retail investor, retail markets, investor protection, disclosure, product intervention, distribution

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