Construction Of The NEEQ Layered Legal System

In the view of a slowly increasing on The New OTC Market(The New Over-The-Counter Market)of China,the implementation of regulations governing a multi-level market will boost the market.The purpose of this article is to confirm the direction of how The New OTC Market be constructed through approaching the law region that The New OTC Market regulators and the legal regulatory are located.Documentary analytical method,the empirical analytical method and the comparison analytical method will be employed in this article to compare and contrast the status for both The New OTC Market and the other OTC markets.According to our present national conditions,establishing a multi-level market upon learning from the existing markets require essentially applying matured experiences to the information disclosure system,the dislist system,and the upgrading system of The New OTC Market.Four sections below will be explicitly demonstrated the above contents.The first chapter includes the developement of The New OTC Market and the origination of the multi-level market.Based on current situations of The New OTC Market,this part introduces the beginning of The New OTC Market was built,explores the flaws of current systems,and clarify what law system that a multi-level market is needed.The basic theories of a multi-level market are displayed in the second part.The argument about the imperative and feasible of the multi-level market will be interpreted by using the empirical analytical method.Compare and analysis the fundamental theories of multi-level capital markets abroad in order to follow the right cases.Part three discusses the jurisdiction in affiliation of a multi-level market system and analyses the influences of put the system into force.Although The New OTC Market is providing financial services for small-and-medium-sized enterprises,it is supervised by the Securities Law of China,Administrative Law of the State Council,Departmental Regulations of the CSRC and the Business Rules of the National SME Share Transfer System.The above administrative regulations,departmental rules and business rules are detached from the Supervision Laws of flooring trading markets,which makes a vacancy on law application in the actual operation of The New OTC Market.The vacancy will be filled since the multi-level market system has been assembled to a specific legal branch and integrally supervised by laws.The last section studies the structure of the multi-level system of The NEW OTC Market.Set up conceptions for the regulations of a hierarchical market system from being inspired by the trading system,the upgrading system,the delist system and the investor's interest protection.Under jural relations prescribed by law,refining the obligation of information disclosure between different market systems complement with compulsory withdrawal mechanisms.Enhance the activity of The New OTC Market by bringing in bid trade mechanism.Build efficient and convenient transferring system and upgrading system,which emphasizes on the perfection of protecting rights and interests of investors in The New OTC Market.