The capital market law of Korea and the financial goods transactions law of Japan become, with regulation reform and investor protective reinforcement of capital market, as investor protective laws of step forward one form more and faithfully is evaluated they do. Of course, compares hitherto and the fact that the part which is an investor protection is strengthened is fact. By the way, the investor discusses one capital market relation laws at prerequisite, the part which is a laws for an investor protection being emphasized encounters, but fact, almost there is not discussion about the investor protection which is genuine. Anyway, as the tendency whose is general to understand with investor preservation law, there is a possibility of doing about the capital market relation laws including a Financial Services Act. Of course, banking system reform mainly the reform of the financial institution is most. So, I think that the protection of the common people who includes the consumer as the investor being well discussed is difficult. Consequently, emphasizes an investor protection mind oneself will be able to sympathize. But sees in historical experience and, capital market bringing the situation of bubble economy even when but, the case where the bubble condition collapses must remember a fact to drive absurd unhappiness, comes. Collapse of bubble economy becomes unemployed, crime, to become one of cause of warfare etc., also is damaged the private citizen is many. The investor, is not as only the relative person of transactions, as one person of the citizen is to be damaged huge. By the way, when discussing an investor protection, the protection of one investor is discussed transactions relationship of the financial investment goods with a prerequisite generally. But that thinks that the discussion of different dimension is necessary. The investor protective principle of law, could be formed well from only under the situation where the principal part of financial system what, is well maintained. Namely, first of all, provides all information which are necessary to an investment judgment and the competition which is fair is guaranteed, the market system is necessary. And, for the maintenance of such system from the financial brokerage voluntary contribution is necessary. Then automatically is connected with the investor protection which is substantial. Actually, about investor protection only institutional maintenance situation sees, but in the investor protective concept which departs from a private autonomous principle, the investor protective principle of law which is substantial exists, is difficult. Therefore, the precondition sufficiency for an investor protection at prerequisite, must discuss the investor protection which is genuine the thing, rightly is basic recognition of capital market legal logic. Consequently, to the case which discusses an investor protective laws, there is a necessity which will escape from hitherto transactions legal recognition. And, must convert with capital market legal recognition.