China regulator asks Futu and UP Fintech to take corrective measures
China's securities regulator said on Friday that online brokerages $Futu Holdings Ltd (FUTU.US)$ $FUTU-W (03588.HK)$ and $UP Fintech (TIGR.US)$ have conducted unlawful securities businesses, and will be asked to take corrective measures.
They will be banned from soliciting new business from mainland investors, the China Securities Regulatory Commission (CSRC) said.
Although existing Chinese clients will still be allowed to trade via existing platforms, new money must not flow into these accounts unlawfully, the CSRC added.
Bad news short term as business affect, Good news long term as the overhang finally have resolution and we can move on?
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RIPPER : Can US residents open up a FUTU account additional to their moomoo? If so are they prone to follow finra US PDT rules?
doctorpot1 OP RIPPER : hmm for this you should ask the customer service officer... I'm not sure about that
cutedog RIPPER : Yes. I ddon't know what's it like for now but it works for twoyears before.
LuckyPiggie : waaaaaso serious
RIPPER cutedog : And still for you?
RIPPER doctorpot1 OP : Thank you… I’m pretty sure would be able to however, I think I would need an offshore mailing address for it to be legal for everyone….. these loopholes are not accidental, which is what makes it so ridiculous. I cannot stand the finra rules written in 2001 making it so difficult for many people to simply Shelly stock at a profit without having to jump through hoops and ropes
doctorpot1 OP LuckyPiggie : last time the tech crackdown the CCP also got say before... so close to IPO in HK sia...
LuckyPiggie doctorpot1 OP : the news refer to mainland ... dont know what did both of them did soliciting that is considered illegal
doctorpot1 OP LuckyPiggie : is cause China got super strict capital control... they cannot anyhow change RMB to USD... so now they want control lor.. new updates from CNA hehehe
https://www.channelnewsasia.com/business/toshiba-bidder-jip-still-hasnt-secured-firm-commitments-lenders-sources-say-3175301
LuckyPiggie doctorpot1 OP : you mean this link China regulator asks Futu and UP Fintech to stop soliciting mainland clients
reported as they dont have the licneses to do stock trading .
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