Regulators say the brokers had conducted securities-related business in China "without obtaining the necessary approvals or licences".

Regulators say the brokers had conducted securities-related business in China "without obtaining the necessary approvals or licences".

BEIJING: China's market regulator announced a sweeping investigation on Friday (May 22) against three major brokers running cross-border trading, as it launched a two-year crackdown on investment leaving the country.China does not allow private individuals to directly invest in overseas markets, requiring the

Regulators say the brokers had conducted securities-related business in China "without obtaining the necessary approvals or licences".

China's CSRC penalizes Tiger, Futu, and Changqiao for illegal cross-border trading while protecting existing investor assets and legal channels.