Abstract：The misrepresentation not only disturbs economic order, but also damages the majority of investor's legitimate
interests.From my perspective, we should adopt stratified method to solve the problem.Firstly, in regard to unification,
several common elements relate to misrepresentation, deeming“reasonable investor”theory as the criteria of importance,
referring to“effective market”theory as the standard of identifying and emphasizing on objective.Secondly, in terms of
categorization, standard of identifying according to specific types of misrepresentation should be stipulated.For example,
false representation lays stress on authenticity and reasonable and misguids representation emphasizes accuracy.In addition,
significant pretermission aims at completeness and improper disclosure relates to timeliness and legal form.What's more,
identification criteria of misrepresentation in OTC market should be regarded same as it in inside market.