Why securities exist: the capital's marriage — the saver's surplus to the entrepreneur's deficit; the enterprise's fractional ownership; the state's borrowing without the tax's politics. Whyregulation (the exam's fourfold case):
1. Information asymmetry — the issuer knows, the investor doesn't: the disclosure regime's whole rationale (Unit 4).
2. The fraud-and-manipulation temptation — the market's money attracts its predators (Units 5–6).
3. The systemic stakes — the market's crash as the economy's fall (the 1929-and-2008 lessons, U1.4-and-U10.5).
4. The investor-protection-and-confidence — the ordinary saver's trust as the market's oxygen: no confidence, no capital.