Research On The Legal Regulation Of "New Three Board" Market

Capital markets and the real economy complement each other for common development. With China’s rapid economic development, China’s capital market has also made great achievements. Compared to the floor market, over-the-counter market in China has a shorter history. In January2013, the National Equities Exchange And Quotations (NEEQ) inaugurated officially, while the non-listed shares of companies agency share transfer system running seven years dispersed from the historical stage.《The Supervision And Management Measures of Non-listed Public Companies》, together with《Business Rules Of SMEs Share Transfer System (Trial)》and 《The" Interim Measures For the Administration of the National SME Share Transfer System Limited Liability Company》 constitute the basic system framework of the national OTC market operation and management, and the construction of China’s capital market comes into the new era.In many respects, the new rules have greater breakthroughs, but it also contains some inadequacies. Therefore it is necessary to have an in-depth analysis by comparing the old and new rules, with the aim to benefit the construction of new three board.The first chapter describes the history and current situation of the market development of new three board, and explains the significance of the new three board; With comparative analysis and comparison of the old and new systems, Chapter II focuses on three aspects of the new rules major breakthroughs; Chapter III combined with its own characteristics and shortcomings of the new three-panel market, made a brief presentation of suggestions for improvement.