| Along with the rapid development of capital economy,rising in the capital market and further enriching in multi-level capital market,the regional stock exchange market is also gradually growing to maturity and now it has become an important part of the multi-level capital market in our country.As the foundation of the OTC market,regional stock exchange market is still in the stage of construction and development.In the development history of our capital market,the internal market drew more attention,so it started earlier and is more mature than OTC market.But in recent years,the development of the OTC market was once hot.On the one hand,it’s the urgent requirement of the development of market economy and capital market,on the other hand,it’s because of the national policy for development of the OTC market,which has obvious policy orientation.So it makes the development of regional stock exchange market heat up in the process of the construction of multi-level capital market in our country.In August 2012,the CSRC put forward the principle requirements of the entry criteria for the securities companies to participate in the regional stock exchange market.In August 2013,implementing opinions issued by the General Office of the State Council made the positioning of regional stock exchange market clear.Since then,in the nationwide,it’s gradually approved to exploring the establishment of regional stock exchange market in Tianjin,Chongqing,Zhejiang,Shanghai,Chengdu,Shenzhen and other provinces and cities,including Chengdu(Sichuan-Tibet)Stock Exchange Corp(hereinafter referred to as "Sichuan-Tibet Stock Exchange")set up in 2013.Bathed the spring breeze of policy,regional stock exchange markets are booming in various provinces and cities and the development mode are explored actively,which promotes the regional stock exchange market functioning well.But problems were exposed just after a period of operation.Some even haven’t started operations,only at the primary stage of establishing.Most of them are bustling when opened,but running cold and the local characteristic is not so distinct.So it is with Sichuan-Tibet Stock Exchange.Problems arose when it established full with confidence and then existed in name only in its operation period.Our regional stock exchange market developed late and its legal research started late as well as literature research is few.The relevant legal system and regulation need to be constructed and improved urgently.All these may account for the problems.These are also the common problems in the development of regional stock exchange market.Obviously,it’s a rough way of establishment and operation for Sichuan-Tibet Stock Exchange.This paper starts with the concepts and characteristics of regional stock exchange.Then introduces the basic establishment situation of Sichuan-Tibet Stock Exchange and summarize the current development situation and legal issues of regional stock exchange market in China.On this basic,analysis the development of Sichuan-Tibet Stock Exchange and some related legal issues.Comparing with the regional stock exchange markets functioning well in other provinces and cities in our country and those mature in foreign countries,adopting empirical research,put forward some targeted suggestions in legal policy aiming at the legal issues faced by Sichuan-Tibet Stock Exchange to help Sichuan-Tibet Stock Exchange out of current downturns and run smoothly so it can play its role in solve the financing problems for small and medium-sized enterprise,achieve the goal of the optimizing the allocation of social resources,and promote the good development of multi-level capital markets in China. |
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