China to Crack Down on 'Illegal' Cross Border Securities Activities China has announced plans to crack down on cross border securities activities, citing concerns over capital outflows and investor protection.
The decision, made by the China Securities Regulatory Commission (CSRC) on May 22, targets online brokerages Tiger, Futu, and Longbridge for soliciting business in China without an onshore license.
These firms have been given a two year grace period to wind down their activities, during which time customers will only be allowed to sell existing holdings and withdraw funds.