Core Insights - Recent regulatory changes have led to Futu Holdings and Tiger Brokers closing account openings for residents in mainland China, indicating a tightening of cross-border financial services [1][2] - The new requirements for account opening at Futu now necessitate overseas permanent residency identification for mainland clients, while Tiger Brokers has restricted account openings to clients holding non-mainland identification [1][2] - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) emphasizing compliance and the need for proper documentation for overseas trading [2][3] Summary by Sections Regulatory Changes - Futu Holdings and Tiger Brokers have modified their account opening processes for mainland Chinese residents due to new regulatory requirements [1] - Futu now requires clients to hold overseas permanent residency identification, while Tiger Brokers mandates proof of residence or work abroad for account applications [1][2] Compliance and Documentation - For account applications through Interactive Brokers, mainland residents must submit up to 11 documents, including property proof and utility bills, to verify their identity and address [2] - The CSRC has been actively working to regulate illegal cross-border brokerage activities since December 2022, with a focus on compliance and oversight [2] Industry Implications - Analysts suggest that these policy adjustments reflect a deeper and more structured regulatory approach to cross-border financial services, promoting a compliant and stable ecosystem [3] - Industry professionals recommend that mainland investors consider compliant channels, such as the Hong Kong Stock Connect, for overseas investments [3]