Investigation Report On The Legal Issues Of Information Disclosure In China's Regional Equity Market

The regional equity market is a private equity market that mainly serves the provincial-level administrative medium-,small-,and micro-enterprises.It is an important part of the multi-level capital market system and is a comprehensive application platform for the local people's government to support the policy measures of small,medium and micro enterprises.Since 2013,different agencies such as the State Council and the Securities Regulatory Commission have issued a series of encouragement policy documents,which have made the regional equity market gain greater development.The “Trial Regulations on the Supervision and Management of Regional Stock Markets” formally implemented on July 1,2017 China's regional equity market officially began to regulate operations.Information disclosure is the cornerstone of a sound and healthy operation of the capital market.The regional equity market is an important component of China's multi-level capital market system.Information disclosure is also crucial.This paper mainly applies comparative research methods and data research methods.Through the investigation of the New Third Board,Main Board,GEM,and the United States Information Disclosure System and the investigation of the status of regional equity market information disclosure,the existing legal issues in China's regional equity market are discussed.It was thought that there were problems such as ambiguous existing rules for information disclosure in the regional equity market and inadequate administrative supervision interventions,which could not fully play the role of a platform for the financing of SMEs.Therefore,information disclosure rules should be concrete,administrative supervision should be strengthened,and foreign information disclosure exemption systems should be properly introduced,so as to improve the quality of information disclosure and strengthen the supervision of information disclosure,while at the same time reducing the information disclosure costs of listed companies and attracting investors,thereby promoting China's multi-level capital market system is developing healthily.