Chinanews.com, February 15th. According to news from the website of the China Securities Regulatory Commission on the 15th, the China Securities Regulatory Commission answered reporters' questions on "the rectification of illegal cross-border business development of overseas licensed institutions."
Q: Recently, the market has paid more attention to the rectification of illegal cross-border business development of overseas licensed institutions. What is the CSRC's comment?
Answer: On December 30, 2022, I will promote the rectification of Futu Holdings and Tiger Securities' illegal cross-border business operations in accordance with the law, and distribute a press release.
On January 13, 2023, the CSRC officially released the "Administrative Measures for Securities Brokerage Business", which clarified that it will strengthen the daily supervision of illegal cross-border brokerage business, and promote the rectification and standardization work in a steady and orderly manner.
In accordance with the principle of unified supervision of the same type of business, the Commission has recently deployed and carried out the standardization and rectification of illegal cross-border business operations of overseas subsidiaries of domestic securities companies.
The standardization and rectification of the above-mentioned illegal cross-border exhibition business is carried out in accordance with the principle of "effectively curbing the increase and orderly dissolving the stock".
The core requirement is that foreign institutions that are not licensed in China are prohibited from soliciting domestic investors in violation of regulations, and are not allowed to open new accounts for them; When transferring incremental funds, it shall strictly abide by the relevant provisions of my country's foreign exchange management.
We are concerned that some media reports are not objective and true.
It is understood that the vast majority of securities companies involved in this type of business are actively implementing relevant rectification requirements and have stopped opening new accounts in violation of regulations.
Relevant securities companies and their overseas subsidiaries can fully and accurately understand regulatory requirements, make rectifications in an orderly manner in accordance with laws and regulations, and will not restrict existing customer transactions without reason.
In the next step, I will urge the relevant securities companies and their subsidiaries to implement the requirements of relevant laws and regulations, steadily promote the standardization and rectification work, maintain the normal order of the market, and protect the legitimate rights and interests of investors.
At the same time, we will continue to strengthen regulatory cooperation with domestic and foreign regulatory authorities to ensure the smooth progress of the rectification work and maintain the smooth operation of the market.
(China New Finance and Economics)
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