Research On The Legal System Of Information Disclosure In The New Third Board Market

With the establishment of the national share transfer system for small and medium-sized enterprises(hereinafter referred to as the "share transfer system"),China has formed the first national otc market,and the foundation of the multi-level capital market is more solid.As an emerging market,it has many unique systems and characteristics,such as market maker system and low threshold access,which have attracted a large number of small and medium-sized enterprises,and the new third board market has developed rapidly.But the relevant supporting system can not keep up with the pace of market development.Information disclosure is key both from a regulatory perspective and from the point of view of showing investors how the company is doing and communicating with them.Effective information disclosure system not only protects the interests of investors,safeguards the fairness of transactions,and safeguards the right to know of investors,but also ensures the good operation of the market,reduces the risk of information asymmetry,and reduces the damage to the market order.Although the national sme share transfer system has issued information disclosure rules and business rules,but there are still many deficiencies.This paper will analyze the legal system of information disclosure in China's new third board market,find out the defects and put forward Suggestions for improvement.In this paper,a total of four chapters,the first chapter is mainly based in China securities industry association released when management way of the otc securities association for the record,clarify the legal status of the new three board market in our country and the new three board market to carry on the comprehensive description of the principle of information disclosure in the general principle of the true,accurate and complete on the basis of increased sustainability and compulsory and voluntary principle,put forward a new three board for later the last line of the problems existing in the legal system of disclosure of information provides a standard.The second chapter mainly starts from the current legal system,supervision system and current situation of information disclosure in the new third board market,delves into the problems existing in the legal system of information disclosure,and provides guidance for the construction of a sound information disclosure system in the new third board market.The third chapter mainly introduces the information disclosuresystem of the OTCBB market in the United States and the xingark market in Taiwan,conducts a comparative analysis with the new third board market in China in terms of the legislative system,regulatory system,system design,and so on,and summarizes the reference points of the information disclosure legal system of the new third board market in China.Chapter four puts forward Suggestions from four aspects on the existing problems in the legal system of information disclosure in the new third board market.