In the first chapter, related concepts and analysis on OTR market information disclosure system is made. On the basis of that, OTR's legislation situation has also been introduced, which suggested the necessity of improve OTR system in China. For the preparation of resolving main problems in the following chapter, the OTC system's goal as well as its supervision mode will also be introduced. In the second chapter, starting from the boundary of OTC market information disclosure, these two issues will be studied according to the present law rules and regulations. Furthermore, offering international practice experience to support the problems and disputes concerning the administration and self-regulation with unclear boundaries. Then the idea of setting a certain amount standard to distinguish the boundary of right will be mentioned, Finally, using the new forms to describe the idea of allocating rights about administration and self-regulation. This will help lead the way for the better development of OTC in China. In chapter three, on the basis of a clear regulating right boundary, the standard of information disclosure's legal responsibilities will be confirmed. In the first part of the chapter, the legal responsibility of disclosing information will be analyzed, and two typical example cases will be introduced so as to embody the corresponding incomplete situation of legal system, as well as the low costs of being illegal. In the second part, suggestions on raising the level of fine amount, clearing the standard of amount when being illegal as well as improvising the mechanism of civil liability will be made. In chapter four, to discuss the standard of OTC's information disclosure in China. In the first part, to study the difference exists between motherboard market and OTC market fro the aspects of regulatory system and information disclosure standard, and concludes that the binary system (stock price standard and investment decision criterion) should be used. In the second part, higher level of duty on information disclosure will be mentioned. Through comparing the information disclosure standards between China and America, a suggestion of adopting Stock information rating system combined with Chinese characteristics will be made. This system will adopt the standard of disclosing information voluntarily. Moreover, through the combination of transfer mechanism and stock rating system, offering the guidance for layering the information disclosure standard in the following chapter. In the fifth chapter, on the basis of chapter 2, 3 and 4 (transfer mechanism), to suggest the plan on layering information disclosure standard of OTC market. Counting on the internal layering, to suggest the national share transfer system to add the standard of differentiated information disclosure standard, and also improve the transfer mechanism for the preparation of qualified companies get listed on the motherboard and start up board. In the second part, to analyze the present legal rules on district stock market. To suggest build the multi-layered district market and differentiated information disclosure standard in districts with low level market and improve the transfer system in these districts. In the end, the goal of OTC Market in China is to establish a multi-variant information disclosure system. Key words: OTC Market, information disclosure standard, regulatory boundaries, national stock transfer system, district stock exchange market

选题依托当下国内 OTC 市场发展初期面临众多困难的背景，选择了OTC市场制度设计中最为重要的信息披露环节作为研究对象。第一章对OTC市场信息披露制度的概念及理论基础进行解析，并在此基础上阐述了国内信息披露制度立法体系的建设情况以及我国 OTC 市场信息披露制度补充完善的必要性； 第二章是从明确 OTC 市场信息披露的监管界限出发，依据国内现有的法律法规及规章规则先在第一部分对二者的定位进行研究，在第二部分进而对行政监管和自律监管界限模糊的问题和争议引用了典型判例的支持，对于具体解决措施按照国际实践的经验，提出了以设定涉案金额标准来区分监管权利边界，并创新式的使用表格的方式提出了行政监管与自律监管的权利配置构想，为最终完善我国 OTC 市场信息披露制度提供了指引； 第三章则是在上一章理清了监管权限的基础上，进一步明确违反信息披露义务的法律责任标准，首先在第一节对我国违反信息披露的法律责任进行分析，并列举了两个典型的判例以体现我国现阶段法律责任体系不完备，违法成本较低的现状。第二节更是通过改变提高行政责任处罚额度，明确违反刑事责任的数额标准及完善追究民事责任机制来详细提出解决当前现状的具体措施； 第四章对我国 OTC 市场信息披露的标准进行论述，第一节采用比较分析的方法从监管体系、信息披露标准等方面分析主板市场与OTC市场信息披露标准之间的差异，以区分出 OTC 市场在信息披露的重大性标准上应实行“证券价格标准”和“投资决策标准”二元制。第二节则是进一步提出了主动披露信息的更高层次义务，通过比较学习美国 OTC Markets 市场的信息披露标准，建议我国采用证券信息评级制度，结合我国实际，引进自愿性信息披露标准；并将证券评级制度与“转板”联动，给予信息披露充分、证券等级高的挂牌企业更优惠的“转板”条件，为下一章节提出分层次的信息披露标准提供了指引； 第五章层层递进，在结合第四章提出的“转板”机制与第二、三章研究内容的基础上，有针对性地提出设计 OTC 市场分层次信息披露标准的建议。通过内部分层建议全国股转系统补充“差异化”信息披露标准，并完善转板机制，为优质挂牌企业在主板或创业板上市做好准备；在第二节依据现有法律规章对区域性股权市场进行了分析，对较低层次的区域市场建立多层次、差异化的信息披露标准，并完善区域市场内部转板机制，从而使我国 OTC市场真正实现一个自上而下的多元化信息披露制度体系。 关键词：OTC 市场，信息披露标准，监管界线，全国股转系统，区域股权市场