I’m not arguing about whether there should or should not be regulation, but about the purpose of regulation - it’s rarely about ‘ethics’. If you look at the SEC enforcements, most of them are about fraud or about a breach of duty. Fraud - you’re not allowed to lie, that is pretty self explanatory. Breach of duty - someone else places trust in you to act in their best interests, and you violate that trust. This is broad and can be applied in variety of ways, but a duty has to be established. Other than these two and some other exceptions, you’re free to do whatever you want - and that’s to maximise your profits.
Financial regulation is not and has never been about ethics. It’s about providing a market for exchange, without fear of being lied to, or worry about your agents[0] not acting in your interests. If you’re looking for equity or want to solve problems with corporations, you need to do it somewhere else.