CSRC and Seven Other Agencies: Fully Shut Down Illegal Cross-Border Operations by Overseas Securities, Futures and Fund Institutions, Setting a Two-Year Concentrated Rectification Period
证监会等八部门：全面取缔境外证券期货基金非法跨境经营活动，设置两年集中整治期
Source: Wall Street CN (华尔街见闻) | Date: May 22, 2026 16:37
Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities
Source: CSRC (https://www.csrc.gov.cn/csrc/c100028/c7634326/content.shtml)
To further prevent and combat illegal cross-border securities, futures and fund business activities, and to safeguard the order of financial markets and the lawful rights and interests of investors, this Plan is hereby formulated in accordance with 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 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, the Regulations on the Supervision and Administration of Securities Companies, the Regulations of the People's Republic of China on Foreign Exchange Administration, and other laws and regulations.
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，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》、《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》、《证券公司监督管理条例》、《中华人民共和国外汇管理条例》等法律法规规定，现制定本方案。
Persist in resolutely investigating and punishing illegal cross-border securities, futures and fund business activities in accordance with laws and regulations, and use case-by-case crackdowns to strengthen warning and deterrent effects. Persist in inter-ministerial and central-local coordination, improving a working mechanism under which each agency performs its own duties, jointly manages, and operates collaboratively and efficiently, and strengthen cross-border regulatory cooperation. Persist in prudent advance and precise policy measures, strengthen policy outreach and interpretation as well as risk warnings, and protect the property security of investors. Persist in drawing inferences from one case to others, establish a long-term mechanism for preventing and combating such activities, strengthen governance at the source, and build a sturdy breakwater against the risks of illegal cross-border operations.
坚持依法依规严厉查处非法跨境证券期货基金经营活动，通过个案打击强化警示震慑。坚持部际央地协作，健全各司其职、齐抓共管、协同高效的工作机制，强化跨境监管协作。坚持稳妥推进，精准施策，加强政策宣传解读和风险提示，保护投资者财产安全。坚持举一反三，建立长效防范打击机制，强化源头治理，筑牢非法跨境经营风险防波堤防浪堤。
Through a two-year concentrated rectification campaign, illegal cross-border business activities by overseas institutions (hereinafter referring to overseas securities, futures and fund operating institutions) will be fully shut down; institutions in serious violation will be resolutely investigated and punished, forming a high-pressure crackdown posture. Rectification will be conducted along the full chain of illegal business activity, and the scale of illegal existing domestic investor accounts and assets will be gradually reduced in phases, in order to achieve the rectification goal of 'resolutely shutting down illegal activities and prudently winding down existing positions.'
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，坚决查处严重违法机构，形成严打高压态势。围绕非法展业全链条开展整治，分阶段逐步压降非法存量境内投资者账户及资产规模，实现“坚决取缔非法、稳妥清理存量”的整治目标。
(1) Targets of rectification
（一）整治对象