A Study On Legal Regulation Of The Share Transaction Market Of Non-listed Joint-stock Company

The steady and rapid development of OTC has the unique effect on the stock trading and financing of non-listed joint-stock company, so new company law and securities law allow the existence of OTC. The existence and development of OTC can help companies get rid of the disadvantages of single market pattern. For now, however, China’s lack of legal provisions on the exchange and trading of OTC. As a result, the legal regulation of OTC faces some trouble and the development of capital market is limited. It is essential to strengthen the regulation of OTC. That’s the basic reason that this topic is chosen as the researching object. Through reflecting the status quo and defects of legal regulations about OTC, this paper put forward a set of suggestions to improve the quality of OTC and promoting the development of non-listed joint-stock company. These suggestions include the breakthrough and innovation of national OTC market, the integration of regional OTC and the internal convergence mechanism and the supervision of OTC.The introduction of this article elaborates the background and significance of this topic. Then reviewing the relevant theoretical researches of the share transaction market of non-listed joint-stock company home and abroad. Followed by a brief presentation about the research methods used in this paper. In addition to the introduction and conclusion, this paper is divided into four chapters.Chapter Ⅰ:An overview of basic theory atout legal regulation of share transfer market of non-listed joint-stock company.Chapter Ⅱ:The comparison study of the legal regulation of the share transaction market of non-listed joint-stock company overseas. Then the author sums up some experience about legislation, regulation and the rotating plate mechanism.Chapter Ⅲ:The analysis of legal regulation of the share transaction market of non-listed joint-stock company in China. Firstly, introducing it’s current situation and legal construction. Then this chapter analyzes and summarizes shortages of legal regulation. Specifically, the legal status of the regional OTC market is not clear, legislative level is low and lacking of a unified legal norm. Besides, regulators of OTC are dispersed and administrative interference is serious. These problems hinder the development of the share transaction market of non-listed joint-stock company.Chapter Ⅳ:The suggestions of perfecting the legal regulation of the share transaction market of non-listed joint-stock company. These proposals involve the system configuration, monitoring and enforcement. Specifically, they include arising the level of specific legislation, improving the supporting laws and regulations, perfecting the regulatory system and regulatory norms, developing national and regional convergence OTC mechanism, and improving the legal accountability mechanisms.