Eight departments, including the China Securities Regulatory Commission, have announced a complete crackdown on illegal cross-border operations by overseas securities, futures, and fund management institutions.

CoinFeed reported on May 22 that eight departments, including the China Securities Regulatory Commission (CSRC), jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Management Activities." The overall requirement of the plan is to completely eliminate illegal cross-border operations by overseas securities, futures, and fund management institutions after two years of concentrated rectification, achieving the rectification goal of "resolutely eliminating illegal activities and steadily clearing existing ones." The targets of the rectification include overseas institutions illegally operating securities, futures, and fund businesses across borders; domestic affiliates or partners assisting overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. Illegal cross-border operations by overseas institutions will be banned according to law, and violations of laws and regulations concerning foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection by relevant entities will also be included in the rectification scope.