The Legal Regulating Securities Over-the-counter Markets

Over-the-counter securities market is an integral part of the securities market, as thebasis of the securities market, the market traded otc securities market plays a considerable role.Over-the-counter securities market, in different development stages of market main body tobroaden the financing channels, driving the development of regional economy, cultivatinghigh quality enterprise, perfecting the capital market system plays an important role. Observeoutside the country with rich experience in the over-the-counter securities market construction,such as Britain, the United States and our country Taiwan area, etc., are the establishment of afew levels in the over-the-counter securities market, the maximum meet the demand ofdifferent market main body of investment and financing. With the rapid development ofeconomy in our country, the importance of securities over-the-counter market is becomingmore and more get the attention of the people, distribution in a new development around theproperty rights trading market, stock transfer system was set up to pay agents by theestablishment of the otc market in China were hit and banned for a long time, finally put onthe agenda on the construction of multi-level capital market system. The construction of theotc market has become our country the focus of theory and practice together.In order to be able to better the development of our country’s securities over-the-countermarket, in combination with our country to establish the securities of the practical need of otcmarket, on the basis of fully draw lessons from overseas experience in construction ofsecurities over-the-counter market mature countries advanced practice, have stock of legalregulation of the otc market in our country are studied.Paper as a whole is divided into five parts: the first part, mainly referred to the paperselected topic background and research significance, and reviewing the domestic and foreignresearch situation are introduced. The second part, mainly from the basic knowledge ofsecurities over-the-counter market, the concept of the over-the-counter securities market, thedefinition, namely the over-the-counter securities market is to point to different investmentmain body, in a securities firm operating invisible electronic trading network or counter, andother stock exchanges, mainly through a securities firm, in the form of bargaining, buying and selling unable or unwilling to the circulation of various securities on the stock exchangeactivities. And analyzes the characteristics of the over-the-counter securities market, securitiesover-the-counter market and will be conducted with similar concepts, to deepen ourunderstanding of the over-the-counter securities market, on the basis of the over-the-countersecurities market are introduced. The third part, the construction of overseas securitiesover-the-counter market relatively mature areas, such as Britain, the United States and ourcountry Taiwan area of the over-the-counter securities market and its legal regulation areintroduced, draw the worth our using for reference of their common characteristics. Thefourth part, from the development of Chinese securities over-the-counter market, theover-the-counter securities market in our country at present, introduces the legal regulation offorms of expression, and put forward the defects of its existence, for the perfection of theover-the-counter securities market in China pointed out the direction. The fifth part, from theover-the-counter market positioning and create multilayered securities over-the-countermarket to the securities of legal regulation of the otc market, securities over-the-countermarket in China and its legal regulation put forward Suggestions to improve it.