Research On Information Disclosure System Of China’s OTC Market

Last two decades have witnessed the booming of China’s OTC Market. The newly-established National Equities Exchange and Quotations System(the “NEEQ”) has been operated successfully and provided small and medium-sized enterprises with share offering and transfer and other financing services. The information disclosure system plays a critical role in the prosperity and stability of the OTC market which is an indispensible component of the China’s multilayer capital market system. So far, many newly-issued administrative regulations, normative acts and self-discipline rules have brought non-listed company into the regulatory fold and formed the information disclosure system of China’s OTC Market generally.Under this background, the dissertation studies on information disclosure rules and ideas by comparatively analyzing the similarities and differences of the three stages of the information disclosure system of the China’s OTC market, trying to figure out the defects of the current information disclosure system and give some suggestions on system perfection. Specifically,The dissertation first discusses the concept, characteristics and scope of the OTC market, and the basic idea, significance and the function of the information disclosure system. Talking about the theoretical basis helps with the subsequent analysis on the specificity of the information disclosure system of the OTC market.The dissertation then deeply analyses the current information disclosure system by comparing the rule system, operation pattern, supervision mode, contents and standards of disclosure, disclosure channels and the penalties between the NEEQ and the Stock Exchange Market, the NEEQ and the Stock Transfer Agent System, the NEEQ and the regional property-right exchange markets, after talking about the historical evolution, present situation and the market position of the China’s OTC market in the first place. On such basis, the dissertation points out the defects of the current information disclosure system of the China’s OTC market.In order to make several suggestions to the system perfection, the dissertation studies on the legislative practice of the OTCBB Market and the Pink Market in USA, and the PLUS Market in UK. The information disclosure systems of those developed markets will give us some enlightenment. The dissertation discusses the entire rule systems from two aspects: the disclosure of issue and the on-going disclosure.Finally, the dissertations make several suggestions in the hope of consummating our information disclosure system of China’s OTC market.