| A complete capital market includes not only the on-site market but also the on-site market.The on-site market has the characteristics of reasonable structure,order,and perfect function.The OTC market has the characteristics of obvious stratification and wide range of application.They complement each other and play different functions,and together they constitute a sound multi-level capital market system.At the same time,the securities over-the-counter market promotes the development of small and medium-sized enterprises by accommodating small and medium-sized investors and increasing investor financing channels,thus promoting the balanced and rapid development of China's market economy.Therefore,in the relatively perfect development of the market in China,people began to pay more and more attention to the OTC market.Since the establishment and development of the OTC market,it has experienced a relatively tortuous journey.Moreover,it has low requirements for listed companies,lacks market vitality,lacks information transparency,does not concentrate transactions,does not have uniform trading subjects,and has complex and diverse types of transactions.Under this condition,the OTC market not only has more serious risks,but also seriously affects the healthy and steady development of our market economy.In order to ensure that the OTC market can have a safe and stable trading environment,it is necessary to formulate a reasonable regulatory system and adopt the necessary regulatory means to improve the OTC market with the help of the government and self-regulatory organizations.In the study and writing,the paper analyzes the problems by drawing on the experience of foreign related systems and combining with the specific national conditions of our country.The structure of article writing is as follows.The first part is to introduce the background of the topic selection,the significance of the topic selection,only in the appropriate background to study a certain issue is meaningful.In the process of writing,the author introduces and refers to the current research situation at home and abroad.The the second part,this part introduces the concept of the over-the-counter market first,and then introduces the regulatory system.It explains why the regulatory system of theover-the-counter market is different from the characteristics of the over-the-counter market.It mainly shows that the objects of supervision in the off-site trading market are more extensive and complex,the regulatory means are more professional and technical.These characteristics suggest that the regulation of the OTC market is more professional and flexible,and that these characteristics make regulation more effective.The third part mainly describes the supervision system of the securities market,and introduces the supervision institutions under the system and the specific supervision system.It also puts forward such problems as the imbalance between market size and economic development needs,the problem of the regulatory concept,the defect of the regulatory model,and the lack of reasonable regulatory specific system.The fourth part,in this part,mainly introduces the current situation of the regulatory system in the United Kingdom,the United States and the Taiwan region of China,and then summarizes the common points and the institutional contents that are worthy of reference in China.The fifth part,aiming at the shortcomings of the above-mentioned regulatory system,proposes that we should strengthen the construction of the securities over-the-counter trading market system,and make clear the principle of supervision,adopt a reasonable and effective supervision method,and supervise the market makers to adapt to the development of the market.Through the study of the securities over-the-counter market and the regulation system of the over-the-counter market,this paper summarizes the successful experience that is worthy of our country's reference,and then puts forward the regulatory suggestions that suit our country's specific situation. |
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