On The Legal System Of New Three - Board Market In China

The new third board market---the National Commissioned Shares Transfer System for Minor Enterprises, is the foundation of China’s OTC market and the important part of China’s multi-level capital market system. Developed from the STAQ&NET system and the old third board market, the new third board market established its market position as "Commissioned Shares Transfer System of the Zhongguancun Science and Technology Park" in2006.The new third board market is the capital market for growth-oriented and innovative enterprises, which is designed to provide efficient and convenient financing platform for enterprises in the start-up period. The new third board market is the cradle of the growth of high-tech enterprises, the incubator and reservoirs of the resources listed on the Main Board Market and Growth Enterprise Market, the important force to improve the national capacity for independent innovation.During the pilot period in Zhongguancun Science and Technology Park in2006-2012, the new third board market has made good results, but there has been a series of problems and defects. Based on the actual situation of China’s minor enterprises and learn from foreign experience in building the capital markets, the National Commissioned Shares Transfer System for Minor Enterprises has launched to deal with the issues and challenges in the operation of the new third board market in January16,2013, formally established the national trading platform for the market. In this paper, on the interpretation of the reforms and adjustments of the new rules compared to the original ones, put forward the legal advice of the building of the systems and rules of the market, wish to play a beneficial role for our country’s new-third board market system reform.This paper is divided into four chapters. The first chapter briefly introduces the construction of multi-level capital market. By the study of comparative analysis, the author explores the successful experience in the operation of the over-the-counter market in U. S, UK, Japan and Taiwan. The second part discusses in detail the history and status quo of the new third board market in China, analysis the function and value of the board. Thirdly, on the basis of the breakthrough and highlights of the new rules, the article analyze and interpret in-depth the systems such as the market main body, access to investors, the market maker trading system, the mechanisms of transfer to the public listed company, the brokerage management system in the operation of the market. Finally, the article puts forward my own suggestions for the improvement of the legal system of our country’s new third board market.