The Legal System Of The Transfer Of Shares Of Unlisted Public Companies Market Supervision

Research on the construction of the legal problems of unlisted public corporationshare transfer market system. Transfer of shares in unlisted public companies market forSME development provided funding support. The late1980s, China’s non-listed publiccompany entered the capital market, through the transfer of shares in the local market sothat national development, China on the transfer of shares in the market of non-listedpublic company management system has accumulated some experience, but these is notsufficient to cope with the current situation, the development of non-listed publiccompany share transfer market. Even the introduction of the "non-listed public companysupervision and management measures" in2013. After that, it is just a non-listed publiccompany officially as "the Act" objects are included in the securities regulatory system,the transfer of shares in non-listed public company issuers and market informationdisclosure system has the relevant provisions, but it is only relatively simple copyingand migration law for listed companies, and contrary to the legislative intention. Thereis a strong sense of market supervision administrative and market the spontaneousformation of contradiction, information disclosure requirements are too strict for SMEslead to the disclosure of the high cost of hard load, investors lack of clear access systemso that part does not have the risk tolerance in practice investors under great pressure,there is no sound transfer plate exit mechanism is not conducive to non-listed publiccompany and the company’s legal exit financing and development.The transfer of shares of unlisted public companies to improve market regulationshould mainly rely on self-regulation of the industry, in the current situation, China’sregulation of non-listed public companies should improve the transfer of shares in themarket mainly from the non-listed public company’s own situation, to establish aflexible self-regulatory system for the purpose, adhere to market-oriented regulatorysupervision and management system, supplemented by macro-regulation. In theprovision of non-listed public company disclosure obligations should learn fromoverseas experience and establishing the transfer of shares of unlisted public companies market "personality" features, in general lower than the requirements for listedcompanies. Accordingly, the reduction in the information disclosure obligations willbring a lot of uncertainty for market investors, thus weakening the informationdisclosure obligations should establish a sound while qualified investors access system.At the same time, but also to improve the market’s switch board delisting mechanism inthe world has shown irreversible tide of globalization, multiple alliances, changinglevels of diversification is the principle of the OTC market must be followed.