The China Securities Regulatory Commission (CSRC) has announced a crackdown on illegal cross-border securities, futures, and fund activities, with a focus on foreign institutions providing unauthorized services in China. This initiative, part of a two-year rectification plan, aims to eliminate existing illegal activities. The CSRC has also issued a pre-penalty notice to Futu Holdings, proposing a fine of approximately RMB 1.85 billion for illegal operations. In related developments, the CSRC plans to confiscate illegal gains from Tiger, Futu, and Changqiao's entities due to their cross-border operations. Despite these actions, the CSRC assures that the property safety of existing investors will not be affected. This move is part of broader efforts to regulate and secure China's financial markets.