| Regional OTC market is a footstone of Chinese multi-level capital market, we should build a all-sided and effective legal regulation as quickly as possible. Among the many trading centers, Shanghai Equity Exchange(SEE) has advantages of funds scale, coverage area, innovation capability and internationalization, so SEE is typical and significant research object. Based on first-hand survey and investigation in SEE, the writer use data analysis method and historical contrast method to analyze mass of data. Then it draw a conclusion about the operational obstacles of SEE. The obstacles is summarized into two sides which are inside operational ob stacles and outside operational obstacles. The inside obstacles are including enterprise access standard fuzzy partition, absence of market maker system, information disclosure is lack of hierarchy and channels for transfer mechanism is closed; The outside operational obstacles are including lack of host law, administrative monopoly and the lack of regulation. On this basis, the writer put forward Some legal countermeasures. The inside legal countermeasures is focusing on the entire operation system which i nclude market access mechanism, trading mechanism, information disclosure mechanism. The major legal countermeasure to solve the inside problem is that headed by The Stock Supervision Committee of China, they promulgate some Detailed Rules and Regulations which is Suitable for the whole regional OTC market.As a constituent part of whole regional OTC market, the outside legal countermeasures should be put into effect under this precondition. These measures should be subdivided into three ways, the improvemen t of higher-level law, break way from administrative monopoly and supervisory system. The major legal countermeasure to solve the outside problem is that we should improve the entire legal system as soon as possible, set up epistatic law, provide a legal basis for the entire regional OTC market. |
