试论全国股份转让系统监管体系的构建

The Regulatory System of National Equities Exchange and Quotations

证券监管是场外市场健康发展的重要因素。本文以全国股份转让系统的监管体系为研究对象,重点考察股票在全国股份转让系统挂牌转让的非上市公众公司的监管问题。在借鉴美国等境外场外市场监管的经验和模式基础上,探讨了构建全国股份转让系统监管体系的设想,并在创新监管理念、监管模式、监管架构和监管方式等方面提出了政策建议。

Securities regulation is an important factor in the healthy development of the OTC market. This article focuses on the regulatory system of the National Equities Exchange and Quotations, and puts emphasis on the regulation issues of the non-listed public companies. Learning from the experiences and trends of the development of the OTC market in foreign markets, this article discusses ways to improve the regulatory system of the National Equities Exchange and Quotations, and puts forwards policy recommendations on the innovative regulatory conception, regulatory model, regulatory framework and regulatory approaches, etc.