1.   Effective supervision of securities firms of their employees and agents is a foundation of the federal regulatory scheme of investor protection.

2.   The deregulation of the capital Market brought with it the need for increased investor protection.

3.   These seek to enhance investor protection and promote the integrity of the securities, futures and options Markets.

4.   This means that complete Market surveillance is possible and better investor protection is thus also possible.

5.   Would the common law duties be preserved with the regulatory rules providing an additional layer of investor protection, or would the new rules modify the existing duties?

6.   The regulators are not left with a free hand as the rules will still have to satisfy statutory purposes, a central part of which is investor protection.

7.   Regulation can best be divided into structural regulation, prudential regulation and investor protection, although there are significant linkages between the three.

8.   Structural de-regulation has increased competition in the building society industry and the Stock Exchange, but at the same time investor protection has been tightened.

9.   With greater levels of competition as a result of structural reregulation, it was felt that a tightening up of investor protection was required.

10.   In analysing the regulatory system it is probably useful to divide the concept of investor protection into the two broad categorisations as used by Gower -- honesty and competence.