This paper studies the legal protection of investors in the securities market, focusing on national regulations in North Macedonia and the wider European Union framework. Investor protection is important for maintaining trust, transparency, and stability in modern financial markets, especially as trading becomes more and more complex and technologically driven. The study summaries the fundamental rights of investors—including access to truthful information, protection from market manipulation, fair treatment, understanding of risks and costs, and the right to compensation—and explains how these rights are applied through disclosure obligations and supervisory oversight. The role of national regulators, particularly the Securities and Exchange Commission of North Macedonia, is compared with EU institutions such as ESMA. The paper also analyzes major global cases of investor-protection failures, including Wirecard, FTX, and Archegos, as well as local enforcement examples, highlighting how gaps in supervision, transparency, and enforcement can lead to significant financial losses. The findings show that while North Macedonia increasingly harmonizes with EU standards, continuous improvements in regulation, enforcement, and cross-border cooperation remain necessary. Strengthening investor protection ultimately supports fair markets, reduces systemic risk, and improves long-term economic development.
