2 1 Shi Ji Jing Ji Bao Dao·2025-09-24 14:39Core Viewpoint - The tightening of account opening policies for mainland residents by cross-border internet brokerages such as Futu and Tiger Brokers reflects increased regulatory scrutiny and a shift towards requiring overseas residency documentation for account applications [2][9][12]. Group 1: Policy Changes - Cross-border internet brokerages have changed their account opening requirements for mainland clients from "proof of overseas living or working" to "overseas residency identification" [2][5]. - Futu Holdings and Tiger Brokers now require mainland clients to provide valid mainland identification (such as ID card or passport) along with identification from Hong Kong or Macau for account opening [5][6]. - Other overseas residency documents are currently not supported, but there are plans for system upgrades to include them in the future [5][6]. Group 2: Industry Trends - The tightening of account opening channels for mainland clients has been ongoing throughout 2023, with several brokerages like Interactive Brokers and Changqiao Securities implementing similar restrictions [9][10]. - The regulatory environment has been increasingly stringent since 2021, with the China Securities Regulatory Commission (CSRC) taking steps to curb illegal cross-border brokerage activities [11][12]. - The CSRC's measures include prohibiting unlicensed foreign institutions from soliciting mainland investors and restricting new account openings while allowing existing investors to continue trading under strict regulations [12][13]. Group 3: Implications for Investors - Investors seeking to open accounts with these brokerages must now provide substantial proof of their overseas residency, which may limit access for many potential clients [8][10]. - The changes are seen as a response to the increasing enforcement of tax regulations and compliance with international standards, particularly under the Common Reporting Standard (CRS) [14].