Legal Regulation Of Insider Trading In Securities In The Over-the-counter Market

Insider trading is common in the economic field, it harms the competition in the market, those who use their right or other heretical terms of the way to again the inside information obtained substantial profits, undermined the trust of ordinary people on the market in the long run, this action will affect economic development. Insider trading also occurred in the field of securities trading, the case of Huang Guangyu is the recent popular case of the insider trading, but the case took place in the Exchange Market, and in the OTC market, insider trading more likely happen.The legal provision of China's OTC market is rather obscure, the establishment of a number of securities markets are often based on the Commission's paper. Access system, trading system, monitoring system on the OTC market are used to accord the supplementary documents, not according the legal norms, it makes the desired achieve failed, and makes the legal resource to be a waste. In order to improve the OTC market mechanisms to achieve functional upgrade of its capital financing, from the access system, monitoring system, information disclosure system to ban the production of insider trading is necessary.This article attempts to draw the United States's,the Japan's and our access system, monitoring system and information disclosure system of legislation and judicial practice, based on the special nature of the OTC market from our point of view on the OTC market, how to regulate insider trading should conduct their own understanding.The first part of this article discussed the case of insider trading of the OTC markets, first introduced some of the characteristics of insider trading, followed by comparison of the OTC market insider trading of the U.S., Japan and the difference, then introduced the Market Regulation of insider trading floor legal norms, which leads to the problem of China insider trading in the OTC market regulation issues. The Second and the third part analysis of the specific causes of the problem, using the comparative analysis, from the OTC market access system, monitoring system, information disclosure system focuses on three areas. The fourth part is the suggestion of on improving the legal regulation of insider trading recommendations,basiced on the special nature of the OTC market in our country.