China's CSRC to Penalize Tiger Brokers, Futu, and Longbridge for Illegal Securities Operations

GateNews
According to the China Securities Regulatory Commission (CSRC), the regulatory body initiated investigations recently into Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited for illegally operating securities businesses. The three firms operated without CSRC approval and engaged in securities trading marketing, order processing, public fund sales, and futures brokerage services in mainland China without proper licenses, generating illegal revenues. The CSRC determined their conduct violated the Securities Law, Securities Investment Fund Law, and Futures and Derivatives Law. As a result, the regulator plans to confiscate all illegal proceeds and impose severe penalties. The entities have the right to present statements and request hearings before the final administrative penalty decision is issued.
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