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Study on Regulatory System of Otc Securities Law

Author: QiJunZuo
Tutor: HuGuangZhi
School: Chongqing University
Course: Economic Law
Keywords: Securities over-the-counter Legal and regulatory Regulatory regime
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 222
Quote: 1
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Abstract

The construction of multi-level capital market system is the dominant direction of the future development of China's capital market, securities over-the-counter market building is essential. China in the third national financial work conference held in January 2007, clear to build unified under the supervision of the national over-the-counter market, \Securities of much concern at home and abroad in 2008, over-the-counter (OTC) market in Tianjin Binhai New Area has taken a tentative first step of China's over-the-counter market. Is an urgent problem for the legal regulation of the over-the-counter market. At present, the legal regulation of the OTC market is very weak: For the health of our national over-the-counter market, the orderly operation of the legal system to protect the system research has not yet commenced; stock over-the-counter market for other countries and regions legal regulation is very general and bold aesthetic, often just a brief introduction to the specific content of a legal and regulatory aspects, no serious research and for the different legal and regulatory philosophy and content reflects the deep-rooted problems. Based on the current context of the times, I do not surmise shallow, to be from a legal and regulatory perspective, combined with economic theory, to explore the legal regulatory system for securities traded over the counter. This paper attempts to use comparative analysis, historical analysis and other methods, by studying the United States and Japan advanced securities over-the-counter legal and regulatory system, combined with China's Legislation and practice, and some ideas on China's over-the-counter legal and regulatory system. The paper is divided into five chapters, as described below: The first chapter provides an overview of the securities over-the-counter. Academic OTC securities as defined at an end, and understanding of the OTC securities of securities over-the-counter market, is the logical starting point of the legal regulation of the securities over-the-counter. Therefore, this section first elaborated on the basis of academic several defined the concept of over-the-counter, the author of the definition of securities over-the-counter; addition, the part of the generation and the course of development of the securities over-the-counter a brief review to reveal the overall appearance of the securities over-the-counter market. The second chapter analyzes the theoretical basis of the legal regulation of the securities over-the-counter. Securities over-the-counter first as an economic phenomenon exists, and economic law \reflection, and thus these two perspectives become an important theoretical basis for building security over the counter legal and regulatory legislation. This chapter begins with its own market of over-the-counter trading defect theory, the securities over-the-counter bounded rationality with imperfect competition, the public and investors of information asymmetry, information products and OTC securities externalities, etc. problem. On this basis, the author describes the theoretical foundation of the securities over-the-counter legal and regulatory - Appropriate Intervention. So there are some differences of economists from different angles to explore the securities regulatory attempt to clarify some of the basic problems of economic theory support for the securities over-the-counter legal and regulatory seek, through a comparative analysis of this chapter. The third chapter on the legal and regulatory system of securities over-the-counter in the United States and Japan to conduct investigations. OTC development process and the legal and regulatory system in the United States and Japan through a comparative study, analyzing the similarities and differences of the two over-the-counter legal and regulatory system, summed up the experience of the developed countries, over-the-counter trading system, including over-the-counter legal regulatory principles, regulatory mode, regulators, and regulatory content, and thus provide an important reference for the improvement of legal regulation of China's over-the-counter. Chapter IV of securities over-the-counter market with the legal and regulatory inspection. Focuses on the history of China's over-the-counter market development context, and the status quo of China's over-the-counter legislation and practice. Review of the development path of the over-the-counter market in China and the reflection of the legal and regulatory system, China's over-the-counter market regulated by the laws of the problems faced by the construction of China's securities and over-the-counter legal and regulatory system, which pointed out the direction. Chapter Perfection of security over the counter legal and regulatory system thinking. Through the front of the OTC market as a whole, legal and regulatory interpretation of the theoretical basis of the practical problems faced by the introduction of the successful experience of developed countries as well as China's securities over-the-counter exchange reveal this section to establish a complete and scientific regulatory principles, in line with China's national conditions, over-the-counter market supervision system and improve the regulatory system for securities over-the-counter market to crack China's OTC key legal and regulatory issues.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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