新三板市场监管法律制度研究

发布时间：2018-05-28 02:23

本文选题：新三板 + 监管制度　；参考：《安徽大学》2017年硕士论文

【摘要】：近几年随着新三板市场突飞猛进的发展,各种违法违规现象层出不穷。此时,规范和加强新三板市场的监管,对于促进新三板市场健康、持续、长久地发展就尤为重要。新三板市场监管是指证监会、证券业协会、股转系统,为了降低市场风险、保护投资者权益、维护社会秩序,依据相关的法律从而制定了相应的法规、规章和政策,并以这些规范性文件为依据对新三板市场主体及其市场活动进行监督、管理和指导。新三板市场监管法律制度是证监会、证券业协会和股转系统依据相应的法律规范和自律规则行使各自职能对新三板市场活动进行监督、管理时所形成的各种法律制度的总和。新三板市场作为场外交易市场的重要组成部分,与场内交易市场的监管相比,新三板市场的监管主体具有广泛性、监管方式具有多样性、监管手段具有专业性。新三板监管的基础理论是研究新三板监管法律制度的前提和基础。就新三板市场监管的理论依据而言主要包括经济监管理论、投资者权益保护理论及国家干预理论。此外,新三板监管的功能价值则证明了其监管法律制度的重要性。具体来看,新三板市场监管有助于维护投资者的合法权益,保障市场运行的秩序,预防市场的风险。当前我国在新三板市场监管方面虽然出台了很多的制度,但仍然存在许多的问题,主要表现在:第一,监管主体及监管权限模糊。具体到我国新三板市场来看,证监会的干预过多,无论是证券业协会还是股转公司规制的制定都是依据证监会发布的相关文件制定的,股转系统自律监管缺乏明确的法律地位。第二,市场准入监管不到位。现有的监管体系难以对做市商进行有效的监管,同时新三板市场与主板市场转板衔接和退出机制也不顺畅。第三,做市商的监管不严格。做市商制度存在缺陷是做市商们通常会利用自己所掌握的资金、持股、信息等方面的优势,在市场活动中串通一气,损害企业或投资者的合法利益。目前,我国的《证券法》对做市商制度并未明确规定。同时,做市商的行为缺少法律层面的监管。第四,信息披露违法责任体系不健全。在我国现有的法律体系中,我国的新三板信息披露尚未形成一定层次,信息披露的标准也无一定的规律可循。另外,对于违反新三板信息披露制度应受到法律责任的规定很模糊。域外的场外交易市场较为成熟,特别是在证券市场的监管领域拥有许多值得我们借鉴地经验。鉴此,可以根据目前我国新三板监管的具体情形,通过借鉴域外场外市场监管的成功经验,从而进一步健全我国新三板市场监管法律制度。首先,要明确监管主体间权限的界定。并通过具体行政监管措施和自律监管行为,构建行业自律监管下的新三板自律监管体系,从而进一步划分各监管主体之间的权责。其次要完善市场准入制度。一方面要严格做市商条件,另一方面建立灵活的转板和退出机制。再者要改进新三板市场的交易制度。加强对做市商行为的监管,完善相关法律制度的建设。对于分层制度实施后新三板交易制度的相关方面进行完善,基础层仍沿用传统的做市商制度,而创新层可以采用混合交易制度下的做市商制度。最后要完善信息披露制度。建立有层次的信息披露体系,对创新层和基础层的信息披露进行差异化管理,健全信息披露规则体系。
[Abstract]:In recent years, with the rapid development of the new three board market, all kinds of illegal and illegal phenomena emerge in endlessly. At this time, it is particularly important to standardize and strengthen the supervision of the new three board market to promote the healthy, continuous and long-term development of the new three board market. The new three board market supervision is to identify the supervision board, the Securities Association, the stock transfer system, in order to reduce the market risk, In order to protect the rights and interests of investors and maintain social order, the relevant laws, regulations and policies are formulated according to the relevant laws, and the new three board market subjects and their market activities are supervised, managed and guided on the basis of these normative documents. The legal system of the new three board Market supervision is the basis of the Securities Regulatory Commission, the Securities Association and the stock transfer system. The corresponding legal norms and self-discipline rules exercise their respective functions to supervise the new three board market activities and the sum of various legal systems formed during the management. As an important part of the OTC market, the new three board market is an important part of the OTC market. The basic theory of the new three board supervision is the premise and foundation for the study of the new three board supervision legal system. The theoretical basis of the new three board market supervision mainly includes the theory of economic supervision, the theory of investor protection and the state intervention theory. In addition, the functional value of the new three board supervision is proved. In particular, the new three board market supervision helps to safeguard the legitimate rights and interests of the investors, safeguard the order of the market operation and prevent the risk of the market. Although many systems have been put in place in the new three board market supervision, there are still many problems, which are mainly manifested in the following aspects: the first, the supervisor. In the new three board market of China, the intervention of the securities and transfer company is too much. Both the Securities Association and the stock transfer company are formulated according to the relevant documents issued by the SFC, and the self regulatory supervision of the stock transfer system lacks a clear legal status. Second, the supervision of market access is not in place. The system is difficult to supervise the market maker effectively. At the same time, the connection and exit mechanism of the new three board market and the main board market are not smooth. Third, the market maker's supervision is not strict. The market maker's defect is that the market makers usually use the advantages of their own funds, shareholding, information and other aspects to collude in the market activities. At present, the securities law of our country is not clearly stipulated in the market maker system. At the same time, the behavior of the market maker is lack of legal supervision. Fourth, the system of information disclosure illegality is not sound. In the existing legal system of China, the new three board information disclosure of our country has not yet formed a certain level, There is no rule to follow in the standards of information disclosure. In addition, the regulations on the violation of the new three board information disclosure system should be vague. The outside market is more mature, especially in the field of supervision and supervision in the securities market. By drawing on the successful experience of market supervision and supervision outside the field and outside the field, we should further improve the legal system of the new three board market supervision in China. First, we should define the limits of the authority among the regulators and build a new self regulatory system of the new three boards under the self-regulation of the industry through specific administrative supervision and self-regulation. Further division of the power and responsibility between the various regulatory bodies. Secondly, we should improve the market access system. On the one hand, we should make strict market maker conditions, on the other hand, establish flexible transfer board and exit mechanism. The related aspects of the new three board trading system are perfected, the basic layer still uses the traditional market maker system, and the innovation layer can adopt the market maker system under the mixed transaction system. Finally, the information disclosure system should be perfected, a hierarchical information disclosure system is established, and the information disclosure of the innovation layer and the basic layer is differentiated management, The system of full information disclosure rules.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

【参考文献】