Research On The Legal System Of The NEEQ Market Supervision

In recent years with the NEEQ Market developing,a variety of illegal phenomenon begin to appear.It is important for us to regulate,to promote,to strengthen the NEEQ Market.The NEEQ Market supervision refers to the SFC,the securities industry association and the stock transfer system in order to reduce the market risk,protect the investors' rights and interests,maintain the social order,according to the relevant laws to formulate the corresponding laws,regulations and policies.The legal system of the NEEQ Market supervision is the sum of the various legal systems formed by the SFC,the securities industry association and the stock transfer system to supervise and manage the NEEQ Market activities.The NEEQ Market as an important part of the OTC market,compared with the supervision of the market trading market,the subject of the NEEQ Market supervision is universality,the regulatory of the NEEQ Market supervision is diversity,the regulatory means of NEEQ Market supervision is professional.The basic theory of the NEEQ Market supervision is the premise and foundation to study the legal system the NEEQ Market supervision.In terms of the theoretical basis of the NEEQ Market supervision,it mainly includes economic supervision theory,investor protection theory and state intervention theory.In addition,the functional value of the NEEQ Market supervision demonstrates the importance of the legal system of the NEEQ Market supervision.Specifically,the NEEQ Market supervision will help protect the legal interests of investors,to protect the order of the market operation and the risk of preventing the market.At present,the NEEQ Market supervision has introduced a lot of supervision systems but there are still many problems,First,the supervision subject of the NEEQ Market and regulatory authority of the NEEQ Market is blurred.Specifically,the SFC intervenes too much in the NEEQ Market whether the securities industry association and the stock transfer system is based on the development of the relevant documents issued by the SFC,the stock transfer system self-regulatory lack of self-regulatory and has no clear legal status.The Second,the NEEQ Market access regulation is not strict.The existing regulatory system is difficult to effectively regulate the market,while the NEEQ Market does not have an agile rotation and exit mechanism.Third,the supervision of the market maker is not strict.The existence of the market maker system is that the marketers often use their information and other advantages in the market activities to damage the interests of enterprises or investors.At present,China's "Securities Law" on the market maker system is not clearly defined.At the same time,the behavior of the market maker lacks legal regulation.Fourth,the information disclosure system of illegal liability is not perfect.In China's existing legal system,the NEEQ Market information disclosure has not yet formed a certain level,the information disclosure standards are not necessarily a certain rule to follow.In addition,the violation of the NEEQ Market information disclosure system should be subject to legal requirements is very vague.Outside the market is more mature,especially in the field of securities market regulation has many worthy experiences.In view of this,the current situation of China's the NEEQ Market supervision can draw the successful experience of field market supervision.In order to improve the legal system of the NEEQ Market supervision.First of all,we must clearly define the definition of inter-subject authority.And through the specific administrative supervision measures and self-regulatory behavior,to build self-discipline under the supervision of the NEEQ Market supervision,so as to further divide the responsibilities between the various regulatory bodies.Second,we must improve the market access system.On the one hand to strict market conditions,on the other hand to establish a flexible transfer board and exit mechanism.Furthermore,it can improve the trading system of the NEEQ Market supervision strengthen the supervision of the behavior of market makers,improve the construction of the relevant legal system.After the implementation of the layered system after the implementation of the NEEQ Market supervision to improve the relevant aspects of the underlying layer is still in the traditional market maker system,and innovation layer can be used under the mixed trading system market maker system.Finally,we should improve the information disclosure system.Establish a hierarchical information disclosure system,the innovation layer and the basic level of information disclosure to differentiate management,improve the information disclosure rules system.