Eight Agencies Including the CSRC Jointly Issue 'Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities'

中国证监会等八部门联合印发《综合整治非法跨境证券期货基金经营活动实施方案》

Translated by Claude, edited by Sinocism.com

证监会 CSRC May 22 — To further prevent and crack down on illegal cross-border securities, futures and fund business activities, and to safeguard financial market order and the lawful rights and interests of investors, 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 — recently jointly issued the 'Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities' (hereinafter the 'Rectification Plan'), with the approval of the State Council. The Rectification Plan focuses on shutting down illegal cross-border securities, futures and fund business activities and on building a long-term mechanism that combines comprehensive policy measures with addressing both the symptoms and root causes. It is intended to purify the capital market ecosystem, safeguard the healthy development of the capital market, and guide investors to conduct overseas investment through legal channels, thereby protecting their lawful rights and interests.

人民财讯5月22日电， 为进一步防范和打击非法跨境证券期货基金经营活动，维护金融市场秩序和投资者合法权益，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》）。《整治方案》聚焦取缔非法跨境证券期货基金经营活动，建立综合施策、标本兼治的长效机制，有利于净化资本市场生态，保障资本市场健康发展，也有利于引导投资者通过合法渠道开展境外投资，保护投资者合法权益。

The overall objective of the Rectification Plan is, through a two-year concentrated rectification campaign, to fully shut down the illegal cross-border business activities of overseas securities, futures and fund operating institutions (hereinafter 'overseas institutions') and to achieve the goal of 'resolutely shutting down illegal activities and prudently winding down existing positions.' First, the targets of rectification include: overseas institutions engaged in illegal cross-border securities, futures and fund business; domestic affiliated or cooperating entities that assist overseas institutions in illegal cross-border operations; illegal intermediaries that solicit domestic investors; and internet platforms and online self-media that publish information in violation of laws and regulations. Illegal cross-border business activities by overseas institutions will be shut down in accordance with the law, and violations by related parties of laws and regulations governing foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection will also be brought within the scope of rectification. Second, the measures for shutting down illegal cross-border business activities consist of prohibiting overseas institutions from carrying out marketing and solicitation activities related to the securities, futures and fund business inside China, and from providing related services such as account opening, processing of transaction orders, and fund transfers. Domestic entities are prohibited from assisting overseas institutions in illegally conducting marketing and trading services, or from providing them with websites, trading software development and operation, or customer service. Third, the measures for winding down illegal existing business consist of setting a two-year concentrated rectification period. During this period, overseas institutions are prohibited from illegally providing existing investors with services such as buy-side trading or fund transfers into accounts within China; only one-way sell trades and fund transfers out will be permitted. After the concentrated rectification period ends, overseas institutions must completely shut down their domestic websites, trading software, and supporting services, and are prohibited from illegally providing trading and other services to existing investors within China.

《整治方案》总体要求是经过2年集中整治，全面取缔境外证券期货基金经营机构（以下简称境外机构）非法跨境经营活动，实现"坚决取缔非法、稳妥清理存量"的整治目标。一是整治对象包括非法跨境经营证券期货基金业务的境外机构、协助境外机构非法跨境经营的境内关联或合作主体、招揽境内投资者的非法中介、违法违规发布信息的互联网平台及网络自媒体等。对境外机构非法跨境经营活动依法予以取缔，对相关主体违反外汇管理、反洗钱、网络安全和信息管理、个人信息保护等法律法规规定的行为，一并纳入整治范围。二是取缔非法跨境经营活动的措施为禁止境外机构在境内开展证券期货基金业务相关营销招揽活动、提供相关开户、处理交易指令、资金划转等交易服务。禁止境内相关主体协助境外机构违法开展营销、交易服务，以及为其提供网站、交易软件开发运营、客户服务等。三是清理非法存量业务的措施为设置2年集中整治期，集中整治期内，禁止境外机构为存量投资者在境内非法提供买入交易、转入资金等服务，只允许单向卖出交易并转出资金。集中整治期满后，境外机构全面关停境内网站、交易软件及配套服务，禁止为存量投资者在境内非法提供交易等服务。

The Rectification Plan sets out the main tasks of the rectification. First, establish a normalized coordinated regulatory mechanism, conduct comprehensive monitoring and screening, report significant leads on problems, and promptly clean up and dispose of internet platforms, advertisements and information involved in illegal cross-border operations. Second, conduct supervisory talks with overseas institutions engaged in illegal cross-border operations and similar entities to urge them to strictly implement the rectification requirements. Conduct inspections and investigations of institutions involved in illegal cross-border operations. Open criminal investigations of entities suspected of criminal conduct. Carry out the divestiture and disposition of illegal business operations of domestic entities. Third, conduct supervisory talks with domestic banks that provide account services for illegal cross-border securities, futures and fund investment by domestic investors, and supervise domestic banks to strengthen compliance review of outbound foreign exchange remittances and crack down on illegal cross-border capital outflow channels such as underground banks. Fourth, strengthen cross-border regulatory cooperation, safeguard the property security of domestic investors, and properly handle investor complaints. Carry out propaganda and education, risk warnings, and policy outreach and guidance. Fifth, improve the regulatory framework and guide domestic investors to conduct overseas investment through legal channels.

《整治方案》明确了整治主要任务：一是建立常态化协同监管机制，全面开展监测排查，通报重大问题线索，及时对非法跨境经营涉及的互联网平台、广告和信息等进行清理处置。二是约谈非法跨境经营境外机构等，督促其严格落实整治要求。对非法跨境经营机构，开展检查调查。对涉嫌犯罪的主体立案侦查。做好境内主体非法业务的剥离处置。三是约谈为境内投资者非法跨境证券期货基金投资提供账户服务的境内银行，监督境内银行加强外汇资金汇出的合规性审核，打击地下钱庄等非法跨境资金流出渠道。四是强化跨境监管协作，保障境内投资者财产安全，妥善处理投资者投诉。做好宣传教育、风险警示及政策宣传引导。五是完善监管制度，引导境内投资者通过合法渠道开展境外投资。

Going forward, the CSRC will work together with the relevant agencies and local governments to advance the rectification work in a prudent and orderly manner, strengthen cooperation with overseas financial regulators, sternly investigate and punish institutions in violation of the law, resolutely curb the risks of illegal cross-border financial activities, and effectively safeguard the property security of investors.

下一步，中国证监会将会同有关部门、各地政府稳妥有序推进整治工作，加强与境外金融监管部门协作，严厉查处违法机构，坚决遏制非法跨境金融活动风险，切实保障投资者财产安全。