CSRC Sternly Investigates and Punishes Illegal Cross-Border Business Activities by Tiger and Other Institutions

原标题：证监会严肃查处老虎等机构非法跨境展业案件

Source: CSRC (中国证券监督管理委员会) | Date: 2026-05-22

Recently, the CSRC, in accordance with the law, opened investigations into the domestic and overseas entities of Tiger Brokers (NZ) Limited ("Tiger"), Futu Securities International (Hong Kong) Limited ("Futu"), and Longbridge Securities (Hong Kong) Limited ("Longbridge") for illegally operating securities business inside China and has issued prior notices of administrative penalties.

近日，证监会依法对Tiger Brokers (NZ) Limited（以下简称老虎）、富途证券国际（香港）有限公司（以下简称富途）、长桥证券（香港）有限公司（以下简称长桥）境内外相关主体在境内非法经营证券业务等行为立案调查并作出行政处罚事先告知。

The domestic and overseas entities of Tiger, Futu, and Longbridge—without the CSRC's approval, and without obtaining licenses to operate securities brokerage business or margin financing and securities lending business—conducted securities trading marketing and promotion, processed trading orders, and provided other related securities business services inside China, earning related revenue in the process. This violated Article 120 of the Securities Law and constitutes illegal operation of securities business. In addition, the domestic and overseas entities of the three firms also violated Article 97 of the Securities Investment Fund Law and Article 63 of the Futures and Derivatives Law, which constitutes illegal public fund sales business and illegal futures brokerage business.

老虎、富途、长桥境内外相关主体未经我会核准，未取得经营证券经纪业务许可、经营证券融资融券业务许可，在境内开展证券交易营销推广、处理交易指令等相关证券业务服务并获取相关收益，违反了《证券法》第一百二十条的规定，构成非法经营证券业务。此外，三家机构境内外相关主体还违反了《证券投资基金法》第九十七条、《期货和衍生品法》第六十三条的规定，构成非法从事公募基金销售业务、非法从事期货经纪业务。

The illegal cross-border business activities described above have violated China's laws and regulations on securities, funds, and futures, and have disrupted market order; they must be resolutely cracked down on. 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 intends to confiscate all illegal gains of the domestic and overseas entities of Tiger, Futu, and Longbridge, and to impose severe penalties in accordance with the law. The parties subject to the proposed administrative penalties have the right to make statements, defend themselves, and request hearings; the CSRC will fully hear their views before issuing its administrative penalty decisions.

上述非法跨境展业行为，违反了我国证券基金期货法律法规，破坏了市场秩序，必须坚决予以打击。依据《证券法》第二百零二条、《证券投资基金法》第一百三十六条、《期货和衍生品法》第一百三十二条的规定，我会拟决定没收老虎、富途、长桥境内外相关主体全部违法所得，并依法严厉处罚。拟对当事人实施的行政处罚，当事人享有陈述、申辩及要求听证的权利，我会将充分听取当事人意见后，依法作出行政处罚决定。

In the next step, the CSRC will continue to resolutely implement the requirement that regulation "have teeth and edges," severely crack down on illegal activities such as overseas institutions illegally operating securities business inside China, and make every effort to safeguard the order and stability of the capital markets.

下一步，我会将继续坚决落实监管"长牙带刺"、有棱有角要求，严厉打击境外机构在境内非法经营证券业务等违法行为，全力维护资本市场秩序和稳定。