Research Of The NEEQ Market Information Disclosure Legal System In China

NEEQ market is the third national public index market after Shanghai index market and Shenzhen index market of China. Now NEEQ market plays a significant role in Chinese multi-level capital market and became one of the most popular market for investors.However the information disclosure legal system still need to be improved. The companies in this market mainly contains of entrepreneurial firms, growing firms,they are all with small size and high risk. Higher qualified information published, safer for investors. In order to encourage capital enters the NEEQ market, need to perfect the NEEQ market information disclosure legal system as soon as possible.This essay aim to discuss NEEQ market information disclosure legal system, four parts are following.The first part briefly introduces the NEEQ market information disclosure system. Based on the existing system, this paper introduces the content of the initial information disclosure and the continuous information disclosure after the listing of the companies,and the supervisory system of the self-regulatory and the host brokers continuous supervision of the new board and the supervisor of the new board. Combined with the NEEQ market of the principle of information disclosure that moderate disclosure and hierarchical disclosure to emphasizes the necessity of improving the NEEQ market information disclosure legal system.The second part introduce and evaluate the US OTCBB market and Taiwan Xinggui market information disclosure system. Through the analysis concluded, that the OTCBB market and Xinggui market information disclosure system of market maker information disclosure, hierarchical disclosure and civil relief is perfect is worth learning.The third part analyzes the NEEQ market information disclosure legislation present situation and problems. There are the legal system is not complete, the regulatory system is imperfect, "significant" standard is not clear, voluntary information disclosure lack of guidance, punish the violation of information disclosure efforts are not strong.The fourth part puts forward some suggestions about on the problems existing in the information disclosure of the NEEQ market. First, the need to improve the NEEQ market information disclosure multi-level legislative system. Second, self-regulatory supervision as the main way, supplemented by administrative supervision, and improve the evaluation system of the continuous supervision of the host brokers. Third, in combination with the NEEQ market hierarchical system, clear "significant" information disclosure standards. Fourth, the use of a variety of ways to encourage voluntary disclosure of the NEEQ market companies. Fifth, improve the main responsibility for violations of information disclosure system, giving investors the right to seek civil compensation.