Research On Market Information Disclosure System

Since the introduction of Market maker system to China's securities market,the current development of the capital market has made a great contribution.In China's OTC market,on the one hand it stimulates the vitality of the "new three board" market,on the other hand also solves the financing problem of SME's to a certain extent and helps the development of China's real economy.As a specific participant and investor who directly provide information,disclosure regulation is necessary to promote a multi-level improvement and standardization quickly.It plays an important role in reducing information asymmetries,protecting investors' rights to know,improving the management level,supervising securities department and maintaining the order in the capital market.However,compared with the relatively sound disclosure information system of existing listed company,the market-maker in the initial stage of the construction is still not perfect,especially the lack of a complete legal system.In our current capital market,the market maker information disclosure system is still a series of problems.it isn't clearly defined,illegal responsibilities and standardization of information disclosure are not clear,ineffective supervision of listed companies is ineffective,proactive disclosure of market makers awareness is not strong.For solving the above problems,combined the mature experience of board and outside the capital market to the actual China's "new three board" market,it is important to put forward a series of recommendations from a legal perspective.Therefore,in amendments of laws,market makers will be included in the scope of the subject of information disclosure and legal responsibility makers should bear.From the regulation of disclosure information,it still needs to further standardize,to adjust and extend the way of information disclosure,and to formulate an air and reasonable standard.From supervision perspective,it's important to further strengthen the self-discipline of securities industry,encourage market makers to take the initiative information disclosure,set up a new model which includes administrative supervision and self-discipline.It establishes a new reward and punishment mechanism to enhance management level and protect investors' lawful rights,thereby promote capital market stability and healthy development.