Study On The Turning-plate Legal System In The-new-three-panel Market

With the establishment, expanding, and gradually prosperous of the-new-three-panel market, multi-level capital market in China is in the process of continuously improving. As a young and more energetic market, the-new-three-panel market is the beginning of not only the introduction of market maker system, but the decentralization of the audit’s issuance. The-new-three-panel market plays the role of pilot in our country’s reform of stock system.Either public opinion or concrete system confirmed that the establishment of the-turning-plate system in capital market will start from the-new-three-panel market; accompanied with the reform of registered securities issue system, legislation idea for openism comes into the academic field, which provides a theoretical basis for the-new-three-panel market from the principle of information disclosure system; In addition, the new mode will play the law of the market while the changing for supervision mode of stock system is burning. The new mode will give priority to self-discipline for the enterprise and industry, and at the meantime, utilize administrative and judicial post-supervision as auxiliary. All of these will provide the high quality soil for the-new-three-panel market from establishment to strengthening.Taking the legal system of turning-plate in the-new-three-panel market as the research object, the first part of the article introduce the basic problems of the new mode from the basic concept, classification, and principle; The second part discusses the reason why china need establish and strengthen the new mode from both macro and micro aspects, and analyzes the opportunity to establish turning-plate system in the-new-three-panel market; In the third part, the paper analyzes the-new-three-panel market and other capital market from the current laws and regulations, particularly focuses on the differences among the trading markets. And in this part it still introduces the current turning-plate system; At last but not least, the paper give advices about establishment and strengthening the legal system of turning-plate in the-new-three-panel market from both how-to-solve the main impediment side and the concrete system design.This paper tries to build the turning-plate system in the-new-three-panel market based on the openism legislation idea. The new mode will be on the premise of registered securities issue system, rely on the perfection of information disclosure system, fully believe the market, avoid the excessive administrative regulation and improper protection.