The Research On Information Disclosure System Of National Over-the-counter Market

Compared to the exchange-traded market, over-the-counter market in Chinaplays an irreplaceable role in the main capital market financing. Compared withdeveloped countries, over-the-counter market in China started late and developedslowly. During thirteen years from2001to2013, three board continually transformedand has experienced the "youngest board""new three board""national small andmedium-sized enterprise stock transfer system" three stages. On September20,2012,national small and medium-sized enterprise stock transfer system registered in theState Administration for Industry and Commerce. On January6,2013, national smalland medium-sized enterprise stock transfer system limited liability company officiallyoperated, which has become a landmark event in the construction of the nationalover-the-counter market, but also the construction of the over-the-counter marketfrom a pilot to an important indicator of specification operation. In June2013,national small and medium-sized enterprise stock transfer system expanded to thewhole country again, which means that the stock of unlisted companies across thecountry can be circulation in the national small and medium-sized enterprise stocktransfer system. Thus, the establishment of a national over-the-counter marketdemonstrates the establishment of multi-level capital market framework.The stock market is essentially an information market. Securities informationdisclosure system is the foundation upon which to build and develop the securities market, but also to ensure that the securities market’s fair, to protect the basic interestsof investors. Investors value judgment and decision-making largely depended oninformation disclosure. Thus, the information disclosure system will affect investors,which will have an impact on creditors and other interested parties. As an importantpart of the securities market, the good, healthy, sustainable development of thenational over-the-counter market is closely related to the maturity of the informationdisclosure system. Based on the law and regulations of the national over-the-countermarket, this paper analyses the shortcomings of the applicable information disclosuresystem and puts forward the corresponding perfecting suggestion.The first chapter is the main obligation of information disclosure. Analyze thestatus, function and obligation of institutions and personnel who are involved in theactivities of our national over-the-counter market information disclosure. Then,determine what information disclosure obligations body shall bear the obligations ofinformation disclosure.The second chapter is the content of information disclosure obligations. Byanalyzing the rules of both two networks and delisting the company and listedcompanies, It is found that the content of the two networks and delisting the companyis too complicated and applicable rules to listed companies does not consider somefactors, such as the scale and the number of members. Therefore, the nationalover-the-counter market should be unified under applicable disclosure rules todetermine the scope of the content of the information disclosure obligations accordingto factors above mentioned.The third chapter is the responsibility of illegal information disclosure. Liabilityof violations of information disclosure are mainly criminal and administrativeresponsibility, civil, and administrative responsibility, which shows the main criminaland civil liability, supplemented by features. According to the characteristics of thenational over-the-counter market, summarize the shortages of the three legal liabilitiesand give some suggestions. It plays a important role in the fight against wrongdoingand protects the interests of investors and the development of the over-the-countermarket.