| The prosperity of capital market needs capital circulation and transaction.As an important way of capital circulation,the existence of OTC has its necessity and practical significance.After years of development,the OTC sector represented by the National SME share transfer system and the local equity trading center has played a decisive role in the development of the national economy.However,with the development of market economy and social practice,the OTC is simple and efficient inevitably exposed the drawbacks of lax supervision,the focus of this study--the original OTC stock trading in recent years,due to fraud problems,serious damage to the interests of investors and affect the financial market order,resulting in a lack of supervision of the financial chaos.If we want to achieve further development of multi-level capital market,we must improve the existing system,so as to maintain market enthusiasm and protect investors,and explore an effective way to regulate the fraud of OTC stock trading.The original stock trading systems are different for the type of company and the market.Most of the scholars in the theoretical research on well financing ability,great social influence of the listed company,the related legal system perfect and demanding the motherboard market,on the basis of the equity trading scam is also easy to get timely and efficient and accurate specification.On the other hand,there are many gaps in the system of the OTC stock exchange,especially for the regulation of its deception.For the object of this study,regardless of the basis for clarifying the concept of extension,classification,regulatory norms,or regulatory rules and the determination of the results of the damage remedy is difficult under the existing legal framework to find suitable methods to be adjusted,the parties are faced with various difficulties.As far as the current situation is concerned,the system of over-the-counter stock trading supervision mechanism is the first lack.If we study the existing OTC stock trading,we will find that the chaos of the main body of liability,the imperfect information disclosure system and the incomplete investor protection system have become the prominent problems in the supervision of OTC stock trading in China.If we do not adjust it in time and properly,it is likely to lead to greater problems and risks.So how to regulate China's poor original stock trading fraud and improve the operation of over-the-counter trading has become an urgent problem to be studied in the academic field.From the perspective of controlling issuers,in the past,in order to activate multi-level capital market,the restrictions on issuers were greatly relaxed in off-site transactions,and supervision was also very relaxed.At present,China can learn from Japan on the issue of the quality control system,through on-the-spot investigation and regulatory hearings form confirm the actual operating situation of OTC original stock trading enterprises,contribute to the understanding of the exchange of business risk and development potential,to prevent false information and enterprise management to a certain extent,exaggerated.The second is to improve the exit mechanism and remove the unqualified issuers in time to avoid the uninformed investors to continue to fall into the trap and lose interest.The other point is to draw on the information disclosure system of the United States.In order to protect the interests of investors and the securities market efficiency,information disclosure of the rating label,set a minimum level of disclosure standards by law,enterprises satisfy the lowest standard of legal information disclosure,full disclosure cost measure,and make their own arrangements for other information disclosure.For enterprises that fully disclose information,they will give higher market reputation,and make a risk warning announcement for securities that are classified at the end of the securities because of the serious lack of disclosure.This not only effectively reduces the cost of market information disclosure,but also enables investors to have an accurate understanding of the different quality of the trade mark.The operation of the securities market is inseparable from the intermediary agencies.In practice,it is not clear what kind of intermediaries are qualified to carry out the OTC stock trading business.The 128 th section of the securities law restricts the qualification of China's securities business.It clearly stipulates that no company or individual is allowed to issue securities or engage in securities business without approval from the securities regulatory department of the State Council.After the implementation of the administrative license law,the qualification of the property broker company is no longer restricted by the administrative examination and approval.However,there are no further laws and regulations to standardize the property broker company.From the perspective of current practice,the intermediary agency as a trading entity in the OTC must be registered by a brokerage firm with property broker qualification rather than a general investment consulting company.The regulation of intermediaries is mainly due to the fact that the punishment of the current legal system is too small.For the fraud involving the huge amount of off site initial stock transactions,it is hard to regulate intermediary's wrongful acts because of the low standard compensation.In April 2017,the Securities Law(Revised Draft),which was submitted for deliberation,is generally proposed to establish the advance compensation mechanism,without giving a clear legal definition of advance compensation.In essence,it is a kind of settlement agreement.In order to avoid the advance compensation system to become a mere empty talk,we should give the advance compensation scheme the enforcement power in public law,for example,by the reconciliation agreement confirmed by the court,we can get the same res judicata,determining power and executive power as the referee's document.In this case,the investor has obtained the right to apply to the court to enforce a forcible payment agreement.Therefore,the introduction of the pre payment system in addition to the regulation of the original stock exchange fraud can effectively protect the investors and make it more quickly and efficiently to obtain compensation.Finally,in order to control the buyer,it should be standardized from the conditions of its transaction access.Outside the original stock trading itself to investors background knowledge,investment experience and risk tolerance have certain requirements,but in practice by lowering the unqualified,the influx of investors,in the scam was later unable to bear the risk,resulting in losses even lead to social unrest.Therefore,in the specific regulation of the OTC trading scam on the original stock,to protect the interests of investors as a starting point,focusing on the system of qualified investors and risk warning and investor education as the representative of the interests of investors multiple security mechanism,according to the type of company and transaction are different to the different levels of the market design differentiated investors access system. |
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