Research On The Legal Regulating Of The New Third Board Market

New three board market, approved by the state council as a public joint-stock company to carry out the share transfer and related business services such as financing, mergers and acquisitions of national securities exchange, the stock transfer system of small and medium-sized enterprises throughout the country. New three board market as a model of OTC market in China, is our country multi-level capital market system construction of an integral part of.New three board expansion after ushered in the boom, the rise in listed companies as of December 31, new three board listed companies 5129, total 25 only today the new listed stock. New three board clinch a deal the shares on December 31, 997, clinch a deal amount is 1.457 billion yuan, clinch a deal the market-making transfer 745, clinch a deal amount is 1.034 billion, 252 clinch a deal of contract transfer, clinch a deal amount is 424 million. The rapid development of the new three board market in our country made great contributions to the development of small and medium-sized enterprises, the development of the system are all very concern, in addition, how to continue to improve the relevant system, the function of the new three board is the biggest play, needs to be fully demonstrated.Analysis in this paper, starting from the concept of the new three board in our country, summarizes the development course of new three board as the difference between the OTC market and other market reflects its unique important role, and the thorough analysis and research institutions of our country’s new three board operation. Through the analysis of the core of the new three board market related system, and summarizes the system’s development present situation, summarizes the defects of the system; Finally, based on the special circumstances of the development of the new three board market in China, draw lessons from international advanced experience in operation of the otc market, put forward the following Suggestions: first, in terms of perfect trading system, to make the new three board market really warmed up, put forward a new three board market should expand the scope of a natural person investor and refine marketmakers trading patterns, arouse enthusiasm, active trading market; Second, in terms of perfecting the information disclosure system, the responsibility of our country should perfect the information disclosure system is put forward, through the construction of information disclosure responsibility imputation system, attract investment and enterprises to build a healthy external operating environment; Third, the necessity of the rotating plate mechanism is put forward and relevant Suggestions; Fourth, in terms of regulatory system, on the premise of clear regulatory framework is put forward, to the listed enterprise mechanism of scientific and hierarchical management.