BlockBeats News, May 22, eight Chinese regulatory agencies jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities and Futures Fund Management Activities."

It is reported that the overall requirement of the "rectification plan" is to conduct a 2-year concentrated rectification, completely ban the illegal cross-border operation of overseas securities and futures fund management institutions, and achieve the rectification goal of "resolutely banning illegal activities and prudently cleaning up existing stock."

The targets of rectification include overseas institutions engaging in illegal cross-border securities and futures fund business, domestic affiliates or cooperative entities assisting overseas institutions in illegal cross-border operations, illegal intermediaries soliciting domestic investors, internet platforms and online self-media that illegally disseminate information, etc. Illegal cross-border operations by overseas institutions will be duly banned, and actions of related entities that violate laws and regulations on foreign exchange management, anti-money laundering, cybersecurity and information management, personal information protection, etc., will also be included in the rectification scope.