according toPeople’s Daily OnlineAccording to the news, the China Financial Forty Forum website published on October 27, a special member of the China Financial Forty Forum (CF40), and the Chinese PeopleBankThe content of the keynote speech delivered by the Director of the Financial Stability Bureau, Sun Tianqi, at the Plenary Session of the 3rd Bund Finance Summit on “The Realization of the Regional Boundary and Customer Boundary of Financial Licenses in the Digital Environment”.
Sun Tianqi said that some overseas securities institutions, without obtaining relevant domestic licenses but only holding overseas licenses, use Internet platforms to provide overseasStock investmentservice. For example, trading services for US stocks and Hong Kong stocks fall into the category of “cross-border delivery”.Cross-border internetBrokerageCustomers are growing rapidly, mostly from within our country. According to professional media reports, 80% of the deposit accounts of company A registered in the Cayman Islands are from China, and 55% of company B registered in Hong Kong. From the perspective of business nature, cross-border Internet brokerages are driving without a license in our territory, and are illegal financial activities. This characterization has nothing to do with whether the capital account is fully convertible.
Sun Tianqi believes that finance, as a franchise industry, must be licensed to operate. Financial licenses have national boundaries. For financial businesses that are prohibited by domestic and foreign investors, as well as financial businesses that have not been opened to the outside world, foreign institutions are not allowed to operate within the country. For financial services that have been opened to the outside world, overseas institutions must hold relevant domestic licenses to operate in compliance with laws and regulations. It is an illegal financial activity for foreign institutions to engage in prohibited financial services in China that are not open to the outside world, or to conduct business in China with only overseas licenses. The same is true in China. If a financial institution only holds a license that can conduct business in a certain area, it cannot conduct business across the country. National financial licenses can only be issued by the central financial management department.
(Source: Securities Daily)
Article source: Securities Daily
Editor in charge: DF537
Original title: Sun Tianqi, Director of the Financial Stability Bureau of the Central Bank: Cross-border Internet brokers drive without a license in our country and are illegal financial activities
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