Svmuu reported that the Securities Regulatory Commission and seven other departments have jointly issued the Comprehensive Action Plan for Cracking Down on Illegal Cross-Border Securities, Futures, and Fund Operations. A key task in the plan is to strengthen oversight of internet platforms and information clearance.
The Cyberspace Administration of China (CAC) will urge domestic internet platforms to improve their review and monitoring systems for content related to illegal cross-border operations. In line with requests from financial regulators, the CAC will promptly remove or handle relevant illegal information and accounts. Serious administrative talks and penalties will be imposed on problematic platforms and online self-media. The telecommunications authorities, based on lists provided by financial regulators, will order the removal or shutdown of domestic websites and apps involved in illegal cross-border operations by foreign institutions. Market regulators will take action against illegal advertisements identified and shared by financial regulators.