Discussion On Perfecting The OTC Securities Supervision System

Our country has formed OTC securities market which is mainly composed by national equities exchange and quotations and regional equity trading market. The regulation of securities market mainly concentrates on the stock exchange market in our country. Many problems exist on the regulation of the OTC market : legislation of the OTC market supervision is not perfect, the regulatory model has not yet been determined, specific regulatory system such as the supervision about access and traction needs to be perfected. The reason includes many aspects. First, our country is not clear the top-level design of the OTC market for a long time.Second, we do not have a proper understanding of the risk on the OTC market. The last,all interest groups game affected the process of the OTC market supervision legislation. The mature experience of the United States, Britain and China’s Taiwan region of the OTC market supervision system is worth for reference. For example, to clear regulatory authorization, to set up the supervision idea of hierarchical supervision, to establish of a unified regulatory body, and focus on the follow-up supervision. Construction to the supervision system which is adapt of China’s OTC market is a great project.The basic mechanism of multi integration need to build in the OTC market in our country. We should perfect the supervision legislation and set up multilayer supervision system by the central government regulatory agencies, the local government regulatory agencies, self-regulatory group, the operation of the market and market participants.It is important to promote the access supervision of company, the management of investors, to strengthen the supervision securities firms,to strengthen the supervision of information disclosure and so on.