Research On The Legal Issues Of Information Disclosure Of The New Third Board

According to the spirit of the 18 th,our country has put forward the strategic layout of accelerating the building of multilevel capital market.In March 2016,China formally announced the “13th Five-Year” planning document that explicitly mentioned the need to develop a multilevel equity market,and deepening the reform of the NEEQ.Government work report in 2017 put NEEQ and gem on the same height to be taken seriously.It is undeniable that the information disclosure,as the core of NEEQ,is promoting all kinds of main market homing as soon as possible,with a sharp increase in listed company,and at the same time the system gradually became perfect.However,《Company Law》newly revised determines the legitimacy of NEEQ,but not mention the NEEQ information disclosure.The NEEQ market deal with problems with reference to the provisions of the 《Securities Act》,but did not specify the specific application of the reference.In the meantime,《2016 NEEQ development report》 pointed out that lower level of information disclosure leading to the downturn willingness of investors is still an important issue in the development of NEEQ at the present stage.Looking at the current situation of the NEEQ market of information disclosure,there are three main reasons lead to the low level of information disclosure: the first One is the standard is not clearly defined to the NEEQ informationdisclosure;the second one is the content,subject and manner of the NEEQ information disclosure is not standardized;the third one is the penalties for illegal acts are not perfect.So how to solve this series of problems has become an important topic in the development of the NEEQ market,which is also the key for enterprise to realize good operation.Securities market pursues that the “ information disclosure” as the core of the regulatory philosophy,the NEEQ is no exception.So,when it comes to information disclosure,the regulatory issues is necessary.The author cleverly infiltrated the regulatory issues in the text,In order to better explain the issue of information disclosure.And the author selected three typical cases of illegal information disclosure as the research object.And based on the three cases as a fulcrum,the author raises the thinking of NEEQ market information disclosure problems.The article is based on how to realize the healthy development of enterprises,and the effective operation of NEEQ market and the entire stock market.On the other hand,representative legal issues of Kelaibo,Haigewuliu,Zhongkezhaoshang,etc.related to the cases is the focus of the article.And the author use the theoretical analysis method to solve NEEQ information disclosure standards,the content,subject and manner,illegal treatment measure and other issues.Finally from various market subjects,the author combinerelated systems which are registration system,hierarchical system,delisting rules and pre-announcement system,disclosure exemption system,etc.,putting forward a series of suggestions,such as the implementation of simple information disclosure,special post disclosure,differential disclosure and multi-level information disclosure.The author also propose the establishment of an independent director system,the implementation of pre-announcement system,the implementation of the normalization of exit mechanism,the establishment of credit assessment system,and try to establish the exemption mechanism,incentive mechanism.In addition,the author believes that we should continue to strengthen the responsibility of the directors and supervisors,to further strengthen the obligations of intermediary brokers,the implementation of a comprehensive market regulation and supplementary administrative accountability outside the self disciplinary responsibility,civil liability,appropriate criminal responsibility,etc..And these initiatives are exactly the key to further legislation.On the other hand,the implementation of the system from the beginning of legislation.The further revision of the Securities Law and The Company law and the corresponding administrative regulations,rules and regulations of the NEEQ market are especially important to the construction of the NEEQ information disclosure system.And the NEEQ information disclosure will be more perfect,accompaniedby the development of the market.