Svmuu reported recently that the China Securities Regulatory Commission (CSRC) has conducted investigations into and issued administrative penalty notices against entities both domestically and abroad related to Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited for illegally conducting securities business within mainland China.
These related entities of Tiger, Futu, and Longbridge, without approval from the CSRC and without obtaining licenses for securities brokerage business or securities margin financing business, engaged in securities trading marketing promotion, processing trading orders, and other related securities business services domestically, and derived profits from these activities. This violates Article 120 of the Securities Law, constituting illegal securities business operations.
In accordance with Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC plans to confiscate all illegal gains from the domestic and foreign related entities of Tiger, Futu, and Longbridge, and impose severe penalties according to law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the proposed administrative penalties. The CSRC will fully consider the parties' opinions before rendering a final administrative penalty decision. (Jin Shi)