The Research Of Non-listed Public Corporation Equities Exchange Question

The development of multi-level capital market is the priority among priorities of the economic construction of our country from first to last.The exchange market is the luxury market with relatively perfect legal norms and trading rules.It is the highest level which the market construction and pursuit.After years of tortuous development of the OTC mearket,so far there is only a new set of national equity market,thus the capital market of our country is defective in macro planning.At present,stock market of non-listed public company,as an important part of the OTC market,its legal norms and trading system has made certain contribution to the activity of capital market.To a certain extent,it meets the needs of market participants in the transaction,but it can not deny the fact that the market bring all sorts of doubts to legislators,regulators and market participants because of the inaccurate positioning and the imperfect rules for trading.These doubts which leads to the result of hit to confidence of market participants,and the result that equity transactions cannot work efficiently,and the lack of security protection,and that flow properties inherent in the market greatly reduced.In this paper,it analyzes,in detail,the theoretical basis and practical basis of the system construction from the aspects of regulating the laws of market regulations and scientific design qualified investors and the information disclosure system.The company law,Securities Law determine the unlisted public company stock transactions principle of legality,including lawful transfer of equity transaction object,trading places restriction rules,legal limit transactions rules and other trading rules.Legal OTC market should be limited to the national share transfer system and the regional equity trading center,where the new three board is the core of non-listed public companies equity trading.Unlisted public companies in the new three board listing transactions need to meet the basic conditions for the supervision and management of non-listed public companies,and should perform the appropriate disclosure obligations of the in the transaction process.Strengthen the supervision of non-listed public companies,at the same time,determine the appropriate rules of investors,which add the legal obligations on securities companies is based on the protection of investors.