Study On The Legal System Of The Upgrade To Turn Board About The"new-three-panel"Market

The"new-three-panel"market is an image title on the OTC market’s.The"new-three-panel"market refers to National Equities Exchange and Quotations,which is an electronic exchange system that evolved from the OTC market’s.Theupgrade to turn board about the"new-three-panel"market refers that companies inthe"new-three-panel"market go to the GEM,the SME and the Main Market bycompliance with the conditions for listing, in accordance with the relevant laws andregulations.The upgrade to turn board about the"new-three-panel"market is mainlyinvolved in the financial sector, but it has profound legal basis.The basic principle ofjurisprudence—the principles of efficiency and order,provides a strong support andlay the foundation for the law for The upgrade to turn board about the "new-three-panel"market.On this basis,it is explain the necessity of the upgrade to turn boardabout the"new-three-panel"market, through contractual relationships with betweeninvestors and listed companies, the companies and the stock exchange.The formation of multi-level capital market lay the foundation for the upgrade toturn board about the"new-three-panel"market.It is published a series of legal rules inthe market.Market access rules,trading rules,the type of companies have a hugeimpact on the upgrade to turn board about the"new-three-panel"market,which bringsopportunities as well as challenges.The existing legal system of the upgrade to turnboard about the"new-three-panel"market,can be described as a blank. Companies inthe"new-three-panel"market go to the upgrade though the application ofIPO,approved by Securities Regulatory Commission and listing in the Stock.This turnboard is not really the upgrade to turn board about the"new-three-panel"market.Inpractice,this process requires the of IPO,process lengthy,labor intensive.It is notconducive to the development of companies.And in practice,companies is difficult togo to the upgrade market.The"new-three-panel"market is relatively developed,with relatively completelegal system,especially the upgrade to turn board in U.S, UK, Japan and Taiwan. Baseon the upper market access conditions,the"new-three-panel"market of foreigncountries realize the upgrade to turn board by simplifying the process or opening upchannels of turn board. Though legislation of the"new-three-panel"market has beenimproved,but still need to continue to improve,especially the key factor of the upgrade to turn board about the"new-three-panel"market, such as system of issuing securities,trading system and unlisted public and non-listed public companies.These systemsneed to take adequate measures.Establishing the legal system about the upgrade toturn board should be divided into two stages:primary the upgrade to turn board andultimate system.Primary system means"Green channel of turn board ".It is differentfor non-public companies and non-listed public companies,to create differentprocesses of upgrade to turn board.Under the registration system about issue ofsecurities,ultimate system directly go to the system board,without government agencyapproval.