China Securities Regulatory Commission and Seven Other Departments: Completely Ban Illegal Cross-Border Operations of Overseas Securities and Futures Fund Management Institutions

On May 22, the China Securities Regulatory Commission (CSRC) and eight other Chinese government agencies jointly issued the *Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities and Futures Fund Management Activities*. The plan outlines a two-year concentrated rectification campaign, with core objectives: completely banning illegal cross-border operations by overseas securities, futures and fund management institutions, and achieving the rectification goals of "resolutely cracking down on illegal activities and prudently cleaning up existing related businesses". Rectification targets cover multiple parties and activities: 1. Overseas institutions conducting illegal cross-border securities, futures and fund operations; 2. Domestic entities or partners assisting overseas institutions in such illegal cross-border activities; 3. Illegal intermediaries soliciting domestic investors; 4. Internet platforms and online self-media channels illegally distributing related information; 5. Any entity violating laws and regulations on foreign exchange management, anti-money laundering, cybersecurity, information management, personal information protection and other relevant fields—these violations are also included in the rectification scope. Illegal cross-border operations by overseas institutions will be banned in accordance with the law.