新三板市場的法律適用與“新三板監管法”的制定

Law Application in the NEEQ Market and Formulation of NEEQ Market Supervision and Regulation Law

新三板是經國務院批准，依據《證券法》設立的全國性證券交易場所。但是，除《證券法》第39條提到了“其他證券交易場所”外，《證券法》對新三板並沒有具體規定。我國現行《證券法》遵循了“主板邏輯”和“公開發行邏輯”，而新三板市場不是主板，它具有特殊性。因此，新三板市場難以適用《證券法》，甚至一旦適用了《證券法》的某些條款，可能會阻礙新三板市場的正常發展。《證券法》對新三板市場的某些制度（尤其是做市商制度）的運行還存在一定的法律障礙，這是行政法規或規章克服不了的。我國應該通過修改《證券法》以及制定一部單行的證券法特別法—《全國股轉系統監督管理法》，為新三板市場的相關制度運行提供法律依據。但從長遠看，我國《證券法》應以“多層次資本市場邏輯”和“交易邏輯”取代主板邏輯和“公開發行邏輯”，以實現邏輯的轉換。

The NEEQ is a national stock exchange place approved by the State Council based on the Secur­ities Law. Except for Article 39 of the Securities Law which refers to “other securities exchange places”, the Securities Law does not specifically stipulate the NEEQ market. China’s current Securities Law followed the “main board logic” and “public offering logic”, while the NEEQ market is not the main board and it has par­ticularity. Consequently, it’s hard to apply Securities Law in the NEEQ market. Even if certain provisions of the Securities Law are applied, it may hinder the development of the NEEQ market. The Securities Law has some legal obstacles to the operation of certain systems ( especially the market maker system) of the NEEQ market, which cannot be overcome by administrative regulations or rules. China should provide a legal basis for the operation of relevant systems in the NEEQ market by amending the Securities Law and formulating a special law of the Securities Law naming the NEEQ Market Supervision and Regulation Law. However, in the long run, Securities Law in our country should replace “main board logic” and “public offering logic” with “multi­level capital market logic”and “trading logic” in order to achieve logical conversion.