Research On Qualified Investor System In China 's Multi - Level Securities Market

From the last century 90 till now, the stock market of our country has developed into the multi-layer stock market,consisted of the Floor market and the Over-Counter market. The development of multi- layer stock market has been established. At the same time, the need to improve the system of investor management will be wanted. One of them is a qualified investor system. The qualified investor system starts in the United States, the United Kingdom and Japan learn from the relevant provisions of the United States, combined with their own national conditions to develop their own and qualified investors system. China’s capital market development is later, most of the current legislation in the form of ministries and regions. There are no unified and clear provisions on the relevant concepts of qualified investors, negative impaction on the implementation of the relevant laws and the relevant economic behavior.The Third Plenary Session of the Third Plenary Session of the eighteen announced the registration system reform, in line with the national conditions of our country. The stock market has been injected new vitality. The registration system required for the implementation of a sound legal system, thus promoting the IPO registration system reform, take measures to escort, from various aspects also need to include the investor management system.It reviews the significance of the topic, the research status of the qualified investors system, and introduces the research ideas and methods of the thesis in the first chapter of this thesis. The second chapter of this paper is to introduce the multi-layer stock market in our country and the concept of the qualified investor system, including the development course and the present situation, the market system settings, and the introduction of the United States, Britain and Japan’s qualified investor system. The third chapter mainly introduces the preliminary construction of China’s the qualified investor system, especially to analyze the qualified investor system in different stock market. The fourth chapter of this paper suggests developing basic principles of the system, and according to the different market set up different institutional norms to safeguard the rights and interests of investors and promote the healthy development of the securities market of our country.