The Deficiency And Improvement Of Three New Board Market Legal System

The Three New Board Market, namely the shares of small and medium-sized enterprises transfer system is set up by the State Council for approval, specializes in providing professional services related to the national stock exchange for non publicly traded shares Co., Ltd., is an important part of the multi-level capital market in China.Although the market establishment and development time is limited, but has attracted a large number of small and medium enterprises have listed, with the market gradually prosperous, many listed companies has been to achieve the transfer of shares, and completed the financing through the market, broaden the path of development of small and medium-sized enterprises. With the completion of the two expansion, the new three board market ushered in the number of listed companies blowout period, and its implementation and improvement of the system are attracting attention from the industry and people.The first part of this article from the origin and development of the new board of the market, combined with the status of China’s multi-level capital market, analyses the difference between the new three board market and other OTC market,summarizes the new third market to the capital market, listed companies and investors;the second part of this article analyzes the existing legal system, three new board market listing access system, trading system, information disclosure system and supervision system, so as to find and solve problems; the third part of this paper analyses the defects of the current system of the new third market, and aiming at the defects of the existing system, and the United States and Japan, the development of the OTC market more mature country compared to put forward the following measures: first, to improve the market access system that position in the retail as the representative of the individual investors and small institutional investors in the capital market and More important, therefore, to enhance the market activity, the actual implementation of the public corporation’s connotation at the same time,investors should cancel the access threshold; second, in the trading system, shall berecognized by the market maker system in the form of law, to ensure the consistency of the securities legal system should be clear, the market maker with access conditions,rights and obligations the content of business rules, market makers in detail, and establish effective monitoring mechanism for market makers, market makers to build a set of exit mechanism, the market maker market really play a role of activator; third,in the aspect of information disclosure, should improve the information disclosure system of responsibility system, determined not to fulfill the information disclosure and civil liability the criminal responsibility of the obligations undertaken, and improve the management of the internal structure of the new board listed companies,and to attract the public and news media Body external supervisors involved; the fourth, in terms of transfer board system should be to establish the conditions of transfer board system, so as to meet the standards of the enterprise without the IPO process, the direct upgrade to exchange market, realize the true meaning of the rotating plate.