Research On The Legal System Of NEEQ Listed Companies’ Information Disclosure

The growing medium、small and micro enterprises have the factors such as growing rapidly, more asset light, and weaker ability to resist the market risk, etc. Relying solely on bank loans cannot meet the demand of funds and resources in the process of its development. And widening its financing channel and using the capital strength is an important way to improve its development and to achieve the transformation of economic structure and the upgrade of industries. The goal of the National Equities Exchange and Quotations(the "NEEQ") is to support the development of the micro, small and medium enterprises. However, promoting the development of market and the construction of society is based on the full disclosure of information and the market under the condition of optimizing configuration: enterprises need to release true, accurate and adequate information to make all kinds of social resources getting the accurate integration. Therefore, a set of mature legal system of information disclosure can get the powerful guarantee of establish a multi-level capital market, and a sustainable healthy development.This paper will discuss and analyze weakness of current legal system of NEEQ listed companies’ information disclosure with the analysis of cases and the experience of more mature OTC markets. Follow by that, three suggestions will be given to the legal system of NEEQ listed companies’ information disclosure.This paper has seven chapters in total, and it consists of two parts, which includes introduction and body.The introduction analyzes the background of the selected topic, the research significance, the actuality of research in domestic and overseas and the innovation points and deficiencies of this thesis.The main body totally have six chapters, which introduces the NEEQ, NEEQ listed companies, the main problem of legal system of information disclosure, the typical case of illegal information disclosure in NEEQ, the reference of experience in other OTC markets and the advice to perfect the legal system of NEEQ listed companies’ information disclosure respectively.The first chapter consists of two parts. Introducing the generation and developing history of the NEEQ.The second chapter introduce the legal system of NEEQ listed companies’ information disclosure,discuss this system’s significance and it’ principle.Then studies the obligor of information disclosure and superintendent from the perspective of legal system of information disclosure.Finally,Introducing the difference between information disclosure of NEEQ and IPO.Chapter three presents various cases of illegal information disclosure that have happened, then summaries the lessons learned from these cases.Chapter four explains four main problems of legal system of NEEQ’s information disclosure:Firstly, the concent of information disclosure of NEEQ’s listed companies is unclear and the legal documents have low legal effect;Secondly, the cost of breaking the law is low,and the civil and criminal liability are not really happend;Thirdly,the litigation protection machanism are not effective; Finally, the NEEQ has features of imperfect regulatory system.Chapter five talks about good systems and concepts in other OTC market,and conclude it for using as references.The last Chapter presents four advices to perfect the legal system of NEEQ listed company information disclosure based on all contents mentioned above.In a word, we should with the help of Securities Law revise to improve the normative document of information disclosure, to increase the obligation body’s cost of violations of information disclosure, and to guarantee the diversification of investors’ responsibility mechanism,and to form the multi-azimuth supervision system, which includes self-regulation, civil penalty, criminal punishment, administrative penalty and etc.