Tuesday March 31 2026

News Source: Global Exchanges

Focus: General - Global Exchanges

Type: General

Country: Hong Kong

Link: https://tinyurl.com/4nk8prm5




The Securities and Futures Commission (SFC) announced that the uncertificated securities market (USM) regime is targeted to be launched on 16 November 2026.

With broad market support and close collaboration with Hong Kong Exchanges and Clearing Limited (HKEX) and the Federation of Share Registrars Limited (FSR), major work streams for implementing USM are now at advanced stages following steady progress over the past year. Key developments to date include:

  • HKEX and relevant share registrars are at an advanced stage of developing and testing their USM-related systems and processes. Market participants will be invited to participate in testing in the coming months.
  • The SFC has reviewed and approved amendments to various HKEX rules and operational procedures that are necessary for implementing USM, which will be published by HKEX shortly.
  • HKEX and the FSR have also updated their respective Information Papers on USM to include key fee changes under the new regime (Note 1). These will also be published shortly.
  • The SFC is reviewing applications from six FSR members who seek to become Approved Securities Registrars (ASRs). Information on the status of their applications will be published on the SFC’s website in the coming weeks.
  • A number of publications and briefings have already been issued and conducted to facilitate the market’s understanding of the new regime and its implications. These efforts will continue in the run-up to the implementation of the USM regime and thereafter.

Upon implementation, newly listed securities will be required to be issued in paperless form from the time of listing. For securities already listed prior to the launch date, issuers will be gradually integrated into the USM regime over a five-year period. Issuers and the market will receive advance notice regarding these arrangements. Investors who possess share certificates will have the flexibility to decide when they wish to convert their shares into paperless form.

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