Primary Research On The Regulation Legal System Of The OTC Market In China

As a significant part in the market economy, capital market has made a multi-level and Pyramid shape system in the progress of the developed market economy western countries. The so-called multi-level capital market refers to one that is divided into a couple of stages in accordance with different phases of enterprise development to meet enterprise's needs of capital. In western countries, market economy has developed for several hundred years and their capital market has evolved into a considerably mature stage; by comparison, in China, economic restructuring has experienced a comparatively short period and the capital market has been initiated later than that in western countries. Therefore, it is a long way to go for the development and perfection of the capital market in China. The OTC market, being a vital part in the capital market, has not played a due role in the development of the capital market in China nowadays. For the purpose of constructing a perfect capital market, the OTC market has to be established. Seeing that the market is profit-oriented, supervision is a must in the process of establishing the OTC market. Hence, the research upon the legal system for supervising the OTC market is quite necessary.The thesis attempts to launch a systematic study on the supervision legal system for the OTC market about to be established in China by employing positivistic research method, historical research method, comparative research method, and The present thesis falls into three parts. The first part is devoted to a brief account the OTC market legal system of regulation, analysis its definition, hackling its idea, philosophy and characteristic of regulation, and decomposing the theory of regulation of the OTC market, and, in the end, dwells upon the theoretical analysis of the supervision on the OTC market and sets up the theoretical foundation for the OTC market supervision from economics, law and sociology. In the meantime, it will analyze the status quo of the supervision legal system for the OTC market in China at the moment. The second part presents an elaborate analysis of the comparatively perfect supervision legal system for the OTC market in the U.S.A, Britain, Japan and Taiwan in China, besides, to make the analysis more clear, some samples of this kind are investigated in details. In the third part, the author, on the basis of the analysis above, will propose his macroscopic tentative ideas and concrete measures for the establishment of the supervision legal system for the OTC market in China.