China to crack down on 'illegal' cross-border securities - Reuters

<a href="https://news.google.com/rss/articles/CBMitAFBVV95cUxNeHpicXlfcW9NVGU3Wnl4c3lnNE9KekJ6TjRwZnFDT3MtOTJ3WWtHM2UzMHJ4TFpjLW5YaEEtYlVNX0V6Qm1laGFNcHdpcXNsY29IZ003SmJrVldSUmRQRG1YZVR3ZGtJdThFRE8yMktGXzJNZVI1U0wzRmFhOVBaQUdOQ3oyalRzYUlnQjlUVC1OUzJ3NDkxRnd4NDBBSVR0TmJUYzc4dXo4NUJRZzZERkROQVU?oc=5" target="_blank">China to crack down on 'illegal' cross-border securities</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

The China Securities Regulatory Commission (CSRC) announced plans to penalize Tiger Brokers, Futu Securities International, and Longbridge Securities for illegal cross-border business operations, including confiscation of illegal gains and severe penalties.

China's regulatory bodies have jointly issued a plan to ban illegal cross-border operations of overseas securities, futures, and fund institutions over a two-year period, targeting both foreign and domestic entities involved.

China has initiated a two-year campaign against illegal cross-border securities, futures, and fund trading, targeting unauthorized offshore investment services offered to mainland investors.

China has launched a crackdown on cross-border activities that illegally channel domestic money into overseas securities, futures, and fund products, with a two-year grace period for firms to wind down operations.

The CSRC plans to penalize Futu, Tiger Brokers, and Longbridge for illegal cross-border business operations, including confiscation of illegal gains and severe penalties.