The information mechanism determines the efficiency of capital market. Regulation is a kind of information mechanism remedy the inadequacy of market information mechanism. Regulation rules must adapt to the information structure. The OTC market is different from the exchange market in the information structure. On the one hand，the information demand of OTC market is greater than the exchange market；on the other hand，the OTC market requires not only public information but also local information，external private information. Therefore，China’s OTC market should establish regulation system participating by multiple regulars，and designs the regulation division according to different regular’s individual information.