Research On Legal System Reform Of The New Third Board Market In China

The securities industry association roll out the new third board market in2006, which is the indispensable important component of our country’s multi-level capital market system. The new third board market will not only plays a particular and important role in offering the incubator and training service to surppot those companies which temporarily fail to meet the requirements of being listed in the main board market and second board market, but also providing the private equity a financing and trade place. It is the important measure for the construction of our country’s over-the-counter market and make the multi-level capital market system perfect in our country.Based on this, the author study our country’s new third board market system reform strategies from the perspective of law, through the analysis of the new third board market existing law system, analyze the main defects, and put forward the legal advice of our country’s new third board market system reform based on the successful experience of other countries and regions, wish to piay a beneficial role for our county’s new third board market system reform.Firstly,this article discussed the development of over-the-counter market in our country, especially the establishment of the new third board market in detail, and introduces the background of diffusion and perfection for the new third board legal system with which for the important significance for China’s capital market. Secondly, on the basis of cognition in the new third board market in detail, the article analyze some defects and shortcomings of the legal system that the legal status of the new third board market, investors access, trading mechanism and turn board mechanism. Then, introduced the advanced experience and the legislation and legal systems of in the United States, Taiwan that is developed over-the-counter market, which can be used to perfect our country’s new third board market legal system in reference to the others advanced experience. Finally, at the conclusion of the foreign advanced experience and focus on the actual situation in our country, and puts forward my own suggestions for the improvement of the new third board market legal system of our country, including the legal position of China’s new third board market; building the legal system of our country’s new third board market; establish appropriate institutional investors, expanding the scope of natural person investors; introducing market maker legal system, perfect the new third board trading system; establish the turn board mechanism and breakthrough the restrictions of company shareholders200and allow the public listed company.