Research On The Legal Issues Of The NEEQ Transfer Board System

Accelerate the development of multi-level capital market has become an important part of deepening the reform of the financial system. At present, China’s multi-level capital market has begun to take shape and continue to develop and improve. New third market since the establishment in 2006, after ten years of development has gradually become the country’s most important OTC market, especially since the establishment of the National Equities Exchange and Quotations (NEEQ) has developed rapidly. NEEQ has become an important part of China’s multi-level capital market. With the continuous development of the NEEQ, the establishment of the transfer board system has been significantly necessary. It is important to improve China’s multi-level capital market, NEEQ transfer board system to connect both inside and outside the field of securities market. In this paper, to China to promote the stock issue registration system reform, ongoing "Securities Law" revision of the background through to the NEEQ, transfer board system combing, and draw lessons from foreign mature capital markets turn board experience, by means of comparative analysis, historical analysis and other methods, put forward to establish and perfect our country’s NEEQ transfer board system is proposed. This paper is divided into four chapters.The first chapter mainly introduces the NEEQ in our country. The first section of the development of China’s new third board market to be sorted out, and to investigate the status quo of China’s new third board market. The second section of the multi-level capital market to be introduced, in the function and significance of the new NEEQ from three dimensions of the securities market, small and medium-sized enterprises, investors will be discussed.The second chapter mainly introduces the transfer board system, the status of China’s NEEQ transfer board system and the significance of the NEEQ to establish a transfer board system, and the problems of the NEEQ turn board to be analyzed. The first section from the perspective of the transfer of the system definition and types of transfer board system to be analyzed, and pointed out that the new three board market introduction to the significance of the transfer plate system. The second section introduces status quo of China’s NEEQ transfer board system and points out the problems existed in NEEQ mainly NEEQ liquidity problems, the NEEQ transfer board system listed legal system deficiencies, the initial public offering and listing of shares system obstacle, supporting system is not perfect.The third chapter is to review of the overseas mature capital market transfer system. The first section of the United States, Britain, Japan, China Taiwan securities market to be briefly introduced and the OTCBB turn board, JASDAQ turn board, Taiwan OTC stock market to be introduced. The second section analyzes the overseas transfer board system. Mainly from the four aspects of transfer system of laws and regulations, the stock issuing and listing, transfer of listing conditions, supporting system to analysis.The fourth chapter discusses the establishment and improvement of the NEEQ transfer board system recommendations. The first section describes the NEEQ transfer board should follow the principle of the rule of preventing regulatory arbitrage, the combination of the voluntary transfer board and the forced transfer board, taking into account the principle of fairness and efficiency, strengthen the principle of information disclosure. The second section mainly to perfect our country’s NEEQ transfer board system is proposed that perfect NEEQ trading system, build a NEEQ transfer board system, improve the NEEQ transfer board system of laws and regulations, and improve the corresponding measures.