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十八届三中全会通过的《中共中央关于全面深化改革若干重大问题的决定》(下称“《决定》”)就完善金融市场体系进行了详细的布署,也勾勒出了资本市场未来发展的蓝图。在秉承了资本市场既有发展思路的前提下,《决定》作出了多项具有突破性的安排,比如,推进股票发行注册制改革,健全多层次资本市场,多渠道推动股权融资等。改革、开放、创新依旧是主题,市场化、国际化、法治化成为贯穿资本市场改革的主线。毫无疑问,一个全新的资本市场即将到来。券商等金融机构将迎来怎样的机遇和挑战?仍需拭目以待。
The Decision of the CPC Central Committee and the Third Plenary Session of the 18th CPC Central Committee on Several Important Issues concerning the Overall Deepening of the Reform (the “Decision”) has laid out the detailed arrangements for improving the financial market system and also outlined the capital market Blueprint for the future. In adhering to the existing development concept of capital market, the “Decision” has made a number of breakthrough arrangements, such as promoting the reform of the stock issuance registration system, improving the multi-level capital market and promoting equity financing through various channels. Reform, opening up and innovation are still the main themes. Market-oriented, internationalized and law-based organizations have become the mainstay of reform in the capital market. There is no doubt that a new capital market is coming. Brokers and other financial institutions will usher in what kind of opportunities and challenges? Still have to wait and see.