Eight Authorities Including the CSRC Issue Plan to Rectify Illegal Cross-Border Securities, Futures, and Fund Business Activities

On May 9, 2026, eight authorities including the China Securities Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People’s Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the Cyberspace Administration of China, and the State Administration of Foreign Exchange released the Notice on Issuing the Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Business Activities (the “Plan”), which took effect upon issuance.

The Plan clarifies that, following a two-year intensive rectification campaign, the illegal cross-border business activities of offshore institutions will be comprehensively banned, thereby achieving the objective of “resolutely banning illegal activities and prudently clearing existing business”. The targets of rectification include offshore institutions illegally conducting cross-border business, their onshore affiliated or cooperative entities, illegal intermediaries, and internet platforms and online self-media accounts that unlawfully disseminate information. Measures include prohibiting offshore institutions from providing within China such services as marketing and solicitation, account opening, processing trade instructions, and fund transfers, and prohibiting onshore entities from providing marketing, trading, technical, and customer service support; during the rectification period, existing business will only be permitted to conduct one-way selling and transfer out funds, and upon expiration of the period, onshore websites, trading software, and related supporting services will be fully shut down.