Table of contents:

About the author(s):

Description:

With the gradual development of the OTC market, it’s an urgent subject to establish and perfect the legal system of our country’s OTC market which is based on the market practice so as to provide legal protection and support for the OTC market to develop continuously, healthily and stably. Based on the Annual Report on China’s OTC Market Development（2009-2010）,（2010-2011）and（2011-2012）,we launch the Annual Report on China’s OTC Market Development（2012-2013）,which is the fourth one, and its topic is “The legislation and practice of China’s OTC market”.

This book consists of five parts. The first part is General Report, the second one to fourth one are respectively Comprehensive Papers, Reference Papers and The Special Papers, and the fifth part is The Events of China’s OTC Market in 2012.

General Report is made up of four sections, the first section explains and analyzes the domestic and abroad macro-economic environment, related polices, important events and the external market demand, and also analyzes the status of our country’s OTC market; The second quarter further discusses the theoretical foundation of legislation of over-the-counter market from two point of view— literature review and the economics analysis , and also analyzes the present situation and the main problems we have faced in the process of the legislation of OTC market; The third quarter has briefly come the legislation process on foreign over-the-counter market, and made some comparative analysis from multidimensional dimensions, and summarized some revelation to our country; The fourth section puts forward several suggestions which are on the basis of the legislation experience of overseas OTC markets to establish and perfect the legal system of our country’s OTC market.

Comprehensive Papers contain three articles, the first one is The Policy Boundary Among Capital Market ,Property Rights Market and OTC Market, which based on the research of the content of capital markets, property rights market and other related concepts, this paper investigates the meaning of multi-level capital market from the perspective of multi-level capital market theory, and analyzes the relationship between the property rights market and the capital market, as well as analyzes the status of OTC market in the multi-level capital market system. At last, this paper discusses the border issues of over-the-counter market through policy combing. The second one is The Thinking on the Top-Level Design of China’s OTC Market, the author point that OTC market existed impersonally from the start of the development of the stock market. Current OTC is a stock market with obvious regional characteristics, which is independent of the stock exchange system. We can divide it into two parts，the third market and regional equity transaction market. Were OTC to get a big development, it should break through and improve on design from the top-level. The third one is The Thinking on the Laws about Differential Construction of OTC Market. Based on the facts that the operation of china’s over-the-counter market, and relationship between a large number of small and medium-sized enterprise and the economic development is not balanced, this article point that we cannot ignore the construction of regional market, and we should build a discrepant market which includes national agency share transfer system, Tianjin equity exchange, regional equity exchange, regional property rights market and the local property rights market.