On The Construction Of Several Legal Systems In The New

As one of the important symbols of well-developed capital market, amodern multi-level capital market is propitious to meet various financingneeds of different market entities, which is beneficial to optimization of resource allocation. As an underlying part of a multi-level capital market,it’s seriously important to build an integrated system for OTC market,Nowadays, major developed economies like US, Japan, Britain, have established mature OTC markets, which have provided good protection and promotion mechanisms for their economy.The systems relating to the New Third Board expansion, such as Market Maker System.Information Disclosure System, Switch Board and Exit market System, are paid much attentionby the people in and out of the industry, it is essential to adequately discuss whether Market MakerSystem will be brought in and whether Switch Board System will be built and how to furtherperfect Information Disclosure System and build the Exit Market System, etc.Based on this, by studying the foreign experience of their mature OTC markets and combining with the development and present situation ofChina’s OTC market, we use historical, comparative and empirical research methods to give some suggestions about building a development model andspecific legal systems for China’s OTC market.For the sake of the actual need of the over-the-counter market construction, the issue will adopt the historical research method and the demonstration research method to make a systemized study on the legal regulation of the OTC market in China, by contrasting between the development and the legal regulation route of the USA,Britain and Taiwan,combining with economic theory, from the view of law.