Officials in Charge of Relevant CSRC Departments Answer Reporters' Questions on the 'Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities'
中国证监会有关部门负责人就《综合整治非法跨境证券期货基金经营活动实施方案》答记者问
Source: China Securities Regulatory Commission (CSRC) | Date: May 22, 2026
Recently, with the approval of the State Council, the China Securities Regulatory Commission (CSRC), the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the Cyberspace Administration of China, and the State Administration of Foreign Exchange — eight agencies in all — jointly issued the 'Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities' (hereinafter the 'Rectification Plan'). Officials in charge of relevant CSRC departments answered reporters' questions on the Rectification Plan.
近日，经国务院同意，中国证监会、工业和信息化部、公安部、中国人民银行、市场监管总局、金融监管总局、国家网信办、国家外汇局等八部门联合印发《综合整治非法跨境证券期货基金经营活动实施方案》（以下简称《整治方案》）。中国证监会有关部门负责人就《整治方案》回答了记者提问。
Overseas securities, futures and fund operating institutions (hereinafter 'overseas institutions') have, without approval, used domestic affiliated or cooperating entities to solicit customers within China, and have provided domestic investors with services such as account opening for overseas stocks and trading via websites and mobile applications (APPs). This has seriously disrupted the order of China's financial markets and harmed the lawful rights and interests of investors. On December 30, 2022, the CSRC launched a rectification campaign in accordance with the law against illegal cross-border operations by overseas institutions, prohibiting overseas institutions from illegally soliciting domestic investors and opening new accounts for them. With respect to instances during that rectification in which individual overseas institutions circumvented the rectification requirements and conducted business illegally in disguised form, the CSRC took timely measures and curbed the spread of related risks.
境外证券期货基金经营机构（以下简称境外机构）未经批准，利用境内关联或合作主体在境内招揽客户，并通过网站、应用程序（APP）向境内投资者提供境外股票等开户、交易服务，严重扰乱我国金融市场秩序，危害投资者合法权益。2022年12月30日，中国证监会依法开展对境外机构非法跨境经营的整治工作，禁止境外机构违法招揽境内投资者及为其开立新账户。对整治中出现的个别境外机构规避整治要求、变相非法展业问题，中国证监会及时采取措施，遏制了相关风险蔓延势头。
To establish and improve a long-term mechanism for preventing and combating illegal cross-border securities, futures and fund business activities, to strengthen governance at the source and address both symptoms and root causes, and to effectively safeguard financial market order and the lawful rights and interests of investors, the CSRC and the seven other agencies drew up the Rectification Plan on the basis of lessons learned from earlier rectification work. Compared with previous rectification efforts, this round places greater emphasis on full-chain governance: the shutdown requirements cover all business segments, including marketing and solicitation, account opening, processing of transaction orders, and fund transfers. Overseas institutions are strictly prohibited from illegally providing account-opening and trading services within China in any form, and a two-year concentrated rectification period is set for winding down illegal existing business, with the resolute aim of expelling such illegal cross-border business activities from the domestic market. The plan also places greater emphasis on inter-ministerial and central-local coordination and on cross-border regulatory cooperation. The rectification measures cover multiple areas including securities regulation, foreign exchange management, banking regulation, internet management, and crime enforcement, comprehensively raising the effectiveness of the rectification work.
为建立健全防范和打击非法跨境证券期货基金经营活动长效机制，强化源头治理、标本兼治，切实维护金融市场秩序和投资者合法权益，中国证监会等八部门在总结前期整治工作经验的基础上制定了《整治方案》。与前期整治工作相比，本次整治更加突出全链条治理，取缔要求覆盖营销招揽、开户、处理交易指令、资金划转等各业务环节，严禁境外机构以任何形式在境内非法提供开户和交易服务，并设置2年集中整治期清理非法存量业务，坚决将此类非法跨境经营活动逐出境内市场。更加突出部际央地协作和跨境监管合作，整治措施覆盖证券监管、外汇管理、银行监管、网络管理、犯罪打击等多个领域，全面提升整治工作成效。
Under the Securities Law of the People's Republic of China, the Futures and Derivatives Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Regulations on the Supervision and Administration of Securities Companies, the Measures for the Administration of the Securities Brokerage Business, and other laws and regulations, an overseas institution that, without the approval of the State Council's securities and futures regulatory authority, carries out securities, futures or fund business inside China, whether directly or through its affiliated or cooperating entities, constitutes an illegal business activity. In practice, the cross-border business of overseas institutions is dominated by securities brokerage, which specifically includes business segments such as marketing and solicitation, account opening, processing of transaction orders, and fund transfers. Where an overseas institution and related domestic entities have not obtained domestic securities-business operating qualifications, engagement in any of the above business segments within China constitutes an illegal securities business activity. Accordingly, both overseas institutions engaged in illegal cross-border operations and the related domestic entities assisting them in such operations fall within the scope of rectification. In addition, conduct by relevant entities in cross-border operations and investment activities that violates laws and regulations such as the Cybersecurity Law of the People's Republic of China, the Personal Information Protection Law of the People's Republic of China, the Anti-Money Laundering Law of the People's Republic of China, and the Regulations of the People's Republic of China on Foreign Exchange Administration, also falls within the scope of rectification.
根据《中华人民共和国证券法》、《中华人民共和国期货和衢生品法》、《中华人民共和国证券投资基金法》、《证券公司监督管理条例》、《证券经纪业务管理办法》等法律法规规定，境外机构未经国务院证券期货监督管理机构批准，直接或通过其关联、合作主体在境内开展证券期货基金业务，构成非法经营活动。实践中，境外机构跨境经营以证券经纪业务为主，具体包括营销招揽、开户、处理交易指令、资金划转等业务环节。境外机构及相关境内主体未取得境内证券业务经营资质，在境内从事上述任一业务环节，均构成非法证券经营活动。据此，非法跨境经营境外机构及协助其非法跨境经营的境内相关主体均纳入整治范围。此外，对相关主体在跨境经营和投资活动中违反《中华人民共和国网络安全法》、《中华人民共和国个人信息保护法》、《中华人民共和国反洗钱法》、《中华人民共和国外汇管理条例》等法律法规规定的行为，也一并纳入整治范围。
First, overseas institutions engaged in illegal cross-border securities, futures and fund business activities. Second, domestic affiliated or cooperating entities that assist overseas institutions in illegal cross-border operations, as well as illegal domestic intermediaries that solicit and guide domestic investors in opening securities or futures accounts for profit. Third, websites, APPs and other internet platforms that, within China, publish marketing information in violation of laws and regulations and illegally provide trading services such as securities and futures account opening, and domestic online self-media that illegally publish information such as account-opening tutorials and experience-sharing.
一是非法跨境经营证券期货基金业务活动的境外机构。二是协助境外机构非法跨境经营的境内关联或合作主体，以及招揽、指导境内投资者证券期货开户并牟利的境内非法中介。三是在境内违法违规发布营销信息、非法提供证券期货开户等交易服务的网站、APP等互联网平台，以及非法发布开户教程、经验分享等信息的境内网络自媒体。