Research On Legal Problems Of Three New Board Market Expansion

Three new board market is an integral part of the OTC market, but also to build multi-level capital market is an important part. Over the years, the development of China’s financial capital markets are irrational, In this context, Expand the size of the OTC market, the establishment of three new board market, establish and improve the country’s multi-level capital market, so that the new three board market has become a multi-level capital market of China’s most solid "Taki",and it will to provide quality resources for listing on the Main Board. become an inevitable choice; Three new board market from 2006 to 2013 pilot Zhong guan Cun Science Park expansion nationwide, after seven years of development, has formed its own system architecture; But with the 2013 expansion to the system and the expansion of all the country’s non-listed SMEs, three new board market before are different. This paper on the legal system and trading system after the expansion of three new board to analyze the market and found that after the expansion has not solved the old problems and new problems caused by the expansion and through other countries and regions to build on the OTC Markets analysis of experiences, lessons learned, proposed the existence of three new board expansion solution to the problem after conception, expectations for the entire three new board market and the subsequent development of the OTC market built to provide useful advice.This paper is divided into three parts. The first part of the development and the relationship between the OTC market, the third board market and the new three board market are discussed and clarified the meaning of the establishment and improvement of our three new board OTC market. The second part of the post-2013 expansion of three new board listed companies market situation, market players and other trading systems and are described, based on the expansion of three new board on the status of the analysis combined with the United States, Britain, and Japan and other developed OTC market development process and the main system. The new issue of our new three-panel market expansion is not resolved after experiencing problems with the expansion brings foreign experience are discussed and summarized and induction; The third part summarizes advanced foreign experience, combined with our three new board develop the actual situation, the expansion of three new board market legal system perfection of his specific ideas, including: improved top-level design, a clear market positioning; establishment of supporting laws and regulations; to break the shackles of existing transactions; establish transfer delisting mechanism; tests listed company registration system and the establishment of three new board into the internal market mechanisms, and In the last article, pointed out the inadequacies of this article.