Futu and Tiger International responded to the rectification work of the China Securities Regulatory Commission: Cooperate with the rectification and serve existing customers

On the evening of December 30, Futu issued an article through the official community saying: Regarding the news about the promotion of Futu’s cross-border exhibition business rectification issued by the China Securities Regulatory Commission on December 30, 2022, our company will strictly follow the regulatory requirements and cooperate with the corresponding rectification. At the same time, in accordance with the requirements of the China Securities Regulatory Commission, we will do our best to serve all existing domestic investors and continue to provide you with high-quality trading services. On the same day, in response to the China Securities Regulatory Commission’s promotion of illegal cross-border exhibition business rectification, Tiger International also responded that Tiger International will continue to serve existing customers in compliance with the law and regulations in accordance with the relevant requirements of the China Securities Regulatory Commission, actively cooperate with inspections, curb the increase of domestic investors, and comprehensively Do a good job of rectification. | Related reading (Interface News)

Zhang Jingting

Yesterday was the last trading day for U.S. stocks in 2022. Futu Holdings and Tiger Securities were suddenly hit by this thunderstorm, and their stock prices fell in response. Futu fell by 31.0%, and Tiger Securities fell by 28.5%. Among the vast number of domestic investors, Tiger and Futu are currently the main platforms that can speculate in US stocks. According to the China Securities Regulatory Commission, these two platforms are “carrying out cross-border securities business for domestic investors without the approval of the China Securities Regulatory Commission.” , That is to say, the cross-border securities business it conducted to domestic investors before is illegal? So here comes the question for everyone. It has not been a year or two for us to speculate in US stocks through Tiger and Futu. Why did it not be illegal a few years ago, but now it is suddenly illegal again? If the cross-border securities business provided by these two platforms is illegal, does it imply that domestic investors are not allowed to invest in overseas stocks? The SFC still needs to answer these questions.

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