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CSRC Files Cases Against Brokers Tiger, Futu, Longbridge, Plans to Confiscate All Illegal Gains of Relevant Onshore/ Offshore Entities and Impose Severe Penalties
Recommend 11 Positive 16 Negative 22 |
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The China Securities Regulatory Commission (CSRC) announced that it has recently filed cases against relevant onshore and offshore entities of Tiger Brokers (NZ) Limited (Tiger), Futu Securities International (Hong Kong), and Longbridge Securities (Hong Kong) for suspected illegal operation of securities business within mainland China, and has issued prior notices of administrative penalties in accordance with the law. The relevant onshore and offshore entities of Tiger, Futu and Longbridge, without CSRC approval and without obtaining licenses for securities brokerage or securities margin financing and securities lending businesses, conducted securities trading marketing and promotion activities, processed trading instructions and provided other related securities services within mainland China, and obtained related income. The above-mentioned illegal cross-border business activities violated China's securities, fund and futures laws and regulations and disrupted market order, and must be resolutely cracked down upon. Pursuant to Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC plans to confiscate all illegal gains of the relevant onshore and offshore entities of Tiger, Futu and Longbridge and impose severe penalties. Regarding the proposed administrative penalties, the parties concerned have the right to make statements, present defenses and request hearings. The CSRC will fully consider the opinions of the parties before making final administrative penalty decisions. In its next step, the CSRC will continue to vigorously implement stringent and robust regulatory requirements, severely clamp down on illegal securities business activities conducted by overseas institutions within mainland China, and endeavor to safeguard the order and stability of the capital market. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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