Study On The Legal Regulation Of The New Three Board Market Maker System

New three board market in our country to set up since 2006,has obtained the huge development,but,because of the new three board market is relatively short period of time in the public view,in the initial stages of its growth and development reflects the market some inadequacy,such as relatively poor liquidity in the market,investor enthusiasm is low,related operations in violation of the provisions of laws,the use of insider information is illegal operation,etc.In order to solve the problem of poor market liquidity,securities investors have low investment enthusiasm.The new third board market introduced the market-maker system in 2014.After the introduction of the market-maker system,the new third board market has improved the liquidity of the securities market and brought vitality to listed enterprises.Moreover,market-maker system also has the function of stabilizing the market and restraining the manipulation of price speculators in the market.But the development of the market maker system is not plain sailing,in this article,through literature research,comparative analysis and the method of positivism,analyzed the new three board market maker system has exposed some potential problems,and puts forward the corresponding solution in view of the problem.The specific content of this paper is as follows: firstly,the background,purpose and significance of the topic selection,research status and research content at home and abroad are introduced.After understanding the research status of market maker system at home and abroad,the paper analyzes the basic concepts of new third board market and market maker system,including the concept,function and current situation of new third board market.Market maker system concept,types,characteristics and advantages.Now,through the research and the development of the market maker system present situation,the paper analyze the new three board in our country legal system present situation and existing problems of marketmakers and marketmakers common illegal behaviors,and analyzes the private market for new three board market.Given the nasdaq market maker system started early mature,so the author in the fourth chapter the nasdaq stock market experience as a market maker system and analysis for our reference.On the basis of the above research,the paper puts forward some Suggestions to improve China's market maker system.In order to solve the new three board market maker system problems,it is necessary to define the legal status of marketmakers,perfecting the informationdisclosure marketmakers and exit of the legal system,strengthen the new three board marketmakers self-discipline management,promote the steady development of the new three board market in China.