Research On Legal Issues Of Market Maker In The New Third Board Market

A quantity of unlisted enterprises have no method to financing and have difficulty developing,before the appearance of the New Third Board Market in 2006.However,due to the lack of market liquidity,incomplete development and many other factors,the role of the New Third Board Market has not been fully realized.Therefore,the New Third Board Market introduces Market Maker Rule to stimulate market vitality.Since the reform,there are many small and medium-sized enterprises have entered the market.And they has attracted a large number of financial market investors’ eyes,and to a certain extent,stimulated the capital flow and market vitality of the New Third Board Market.The market making business of new securities companies in the new securities law clarifies the status of market makers from the legal level,and points out that Market Maker Rule is the main force in the future of China’s multi-level capital market."Other national securities exchange approved by the State Council" which is only specified in the new securities law,the New Third Board Market has huge potential for future development.However,the New Third Board Market which has the most active at Market Maker Rule,is not satisfactory because the information disclosure system is not perfect,insider trading occurs from time to time,and the market liquidity is not strong,etc.are all problems that need to be solved immediately.By studying the theory of the New Third Board Market and Market Maker Rule,consulting literature and cases,this paper studies the practical experience of the market makers abroad,consulted the utility and development of China’s Market Maker Rule in the New Third Board Market,and dissect the existing problems.Find a solution for specific problems,enrich and improve Market Maker Rule of the New Third Board Market at the law aspect,solve the current difficulties,and point out the direction for the healthy development of Market Maker Rule in the New Third Board Market.This article consists of 4 parts:The first part shows the main body of this research,introduces the origin and development of the New Third Board Market,the type,function and significance concept of Market Maker Rule,analyzes the problems encountered in the development process and the challenges to be faced,and finds that the problems in the New Third Board Market Maker Rule are the basis for research and solution.The second part studies the main body qualification and market access conditions of market makers in China’s New Third Board Market.By studying the existing laws and regulations,combined with the development status of Market Maker Rule in China,it analyzes the legal provisions of the mature Market Maker Rule abroad,and finds out the legislative direction which worth to learn,so as to stabilize the development of Market Maker Rule in the New Third Board Market and give full play to its market making vitality for a good theoretical basis.The third part studies the relevant laws and regulations involved in the implementation of Market Maker Rule of the New Third Board Market in China,analysis of the legal obligations and responsibilities of market makers,and proposes legal solutions to specific problems.By studying the risk avoidance of the mature Market Maker Rule in foreign countries,combined with the development status of Market Maker Rule in the New Third Board Market in China,the paper selects the aspects that are suitable for China’s national conditions and can be used for reference by Market Maker Rule,and explains them specifically.The fourth part studies the exit mechanism of the New Third Board Market Maker Rule.By studying and analyzing on the exit of the New Third Board Market Maker Rule in the current regulations,combined with the legislative situation of the delisting mechanism of the market maker abroad,it explores the development path suitable for the New Third Board Market maker from reasonable entry to perfect delisting.