BlockBeats reported on May 25th that Futu Securities (Hong Kong) issued a statement regarding recent regulatory matters: The recent cross-border securities business rectification plan issued by eight Chinese ministries is an industry-wide regulation targeting institutions providing overseas securities and fund trading services to mainland investors, including all relevant securities firms, banks, and other financial institutions. Any statement claiming to be exempt from the new regulations of the eight ministries is likely a scam. Users are advised to retain written communication evidence to protect their assets.
This regulatory guidance from mainland China only applies to investors across the industry who "hold only a mainland Chinese ID card or passport and have no overseas identity." Users holding any of the following overseas identity documents will not be affected, and their accounts and all trading services will operate normally:
Hong Kong Permanent Identity Card;
Hong Kong Non-Permanent Identity Card (Temporary Identity Card);
Work visa/student visa;
Other legal identity documents from overseas.
Futu Securities (Hong Kong) stated that there are currently no regulatory details regarding the industry's two-year concentrated rectification period, and user accounts and all trading/funding services are operating normally.
