The China Securities Regulatory Commission and seven other departments launch comprehensive cleanup of illegal cross-border securities, futures, and fund activities

On May 22,, the China Securities Regulatory Commission, Ministry of Industry and Information Technology, Ministry of Public Security, People's Bank of China, and 4 other departments jointly issued the "Implementation Plan for the Comprehensive Cleanup of Illegal Cross-Border Securities, Futures, and Fund Activities," clearly stating that a two-year period will be used to focus on rectifying illegal cross-border securities, futures, and fund activities, with the goal of "resolutely banning illegal activities and carefully clearing existing ones."
The plan proposes to prohibit foreign institutions from illegally conducting marketing, account opening, trading instruction processing, and fund transfer activities within China, prohibit internet platforms, self-media, and domestic entities from providing lead generation, technical, and customer support services, and requires that during the rectification period, existing accounts are only allowed to sell and transfer funds outward.