The Study On The Second-board Market Regulations

The impending second-board market has taken up the most important place in capital market construction and financial reform in china in recent years. Combined with the specific condition of our country, This thesis analyzes the possibility and the necessity of our second-board market construction based on the experience and the lesson of oversea second-board market construction and puts forward the design of our second-board market. Securities regulation is defined in a broad sense as the government intervention aimed at coping with failures in securities market by means of laws, economics politics, administrative orders and self-regulation. The core objectives of securities regulation are: the maintenance of a fair, efficient, and transparent market; the protection of investors; the reduction of systemic risk; and the promotion of economic development. The article analyzes the construction of the securities framework and the securities regulation laws and the securities regulation system under specific national and historical conditions. The author makes a comparative study of several oversea regulatory systems and draws the conclusion that the ideal securities regulatory system in the second-board market should be one centering in self-regulation, and complemented by government regulation. The article elaborates, from a viewpoint of securities regulation, upon capital market in such areas as securities' issuance and listing, securities trading, securities intermediaries, self-regulatory organizations, with the emphasis laid on their respective functions and weak points. Last but not least, the author analyzes the regulatory system in our second-board market and comes up with a series of indemnification measures.