TechFlow News, May 23: According to E-Company, Longbridge Securities has issued a further statement regarding recent regulatory developments concerning cross-border securities business in China. Longbridge Securities stated that the Securities and Futures Commission (SFC) of Hong Kong and the China Securities Regulatory Commission (CSRC), along with other mainland regulators, have recently released updated regulatory requirements for cross-border securities business, establishing industry-wide uniform standards for services offered to mainland investors. These new regulatory rules apply to all overseas financial institutions. Longbridge Securities actively responds to the regulatory guidance from both jurisdictions and will steadily advance its compliance efforts strictly in accordance with the relevant requirements.
Longbridge Securities noted that the scope of accounts subject to this regulatory cleanup is limited and clearly defined, targeting two specific categories: first, investment accounts opened using suspicious or forged documents; and second, dormant investment accounts with zero balances. Customer accounts that were legitimately and compliantly opened and hold genuine assets and positions are not included in this cleanup. Longbridge Securities firmly supports the regulators’ zero-tolerance stance toward fraudulent account openings and will handle such cases strictly in accordance with regulatory requirements.
