Abstract: Based on the compared analysis of practice of the NEEQ and CSRC′ supervision to the participants in the new third board market, the article thinks that the missing and sinking of the government supervision according to law enforcement, the lack of self-regulator′s incentive and restraint measures, the uncertainty of division between self-regulation and government supervision reduce the efficiency of self-regulation. Therefore, in order to enhance the efficiency of self-regulation in the OTC market, it is necessary to make clear the law enforcement basis of self-regulation, to increase the incentive and restraint measures of self-regulation, to make government regulation encourage the endogeneity of self-regulation, and to restrict the conflicts and limitations of self-regulation,in order to promote the efficiency of self-regulation in OTC market.

Key words: OTC market, self-regulation, efficiency