The Hong Kong Securities and Futures Commission announced that the uncertificated securities market (USM) regime is targeted for launch on 16 November 2026, establishing a paperless issuance and holding framework for Hong Kong listed securities. Under the regime, newly listed securities will have to be issued in paperless form from listing, while issuers of securities listed before launch will be brought into USM gradually over a five-year period with advance notice; investors holding share certificates will be able to choose when to convert their holdings. Implementation work is described as being at an advanced stage, with Hong Kong Exchanges and Clearing Limited (HKEX) and relevant share registrars developing and testing USM systems and processes and planning to invite market participants to join testing in the coming months. The SFC has approved necessary amendments to HKEX rules and operational procedures, which HKEX will publish shortly, and HKEX and the Federation of Share Registrars Limited (FSR) have updated USM information papers to reflect fee changes, including HKEX depository and nominee fees and fees that Approved Securities Registrars (ASRs) may charge within SFC-set limits for certain fee types. The SFC is also reviewing six applications from FSR members seeking ASR status, with application status updates to be posted on the SFC website in the coming weeks. To bring the USM legislation into effect, a commencement notice will be tabled before the Legislative Council in the second quarter of 2026. The nominee structure in the Central Clearing and Settlement System (CCASS) will be retained, with limited CCASS process changes focused on depositing into and withdrawing securities out of CCASS, and intermediaries are expected to prepare for related operational, documentation and business model adjustments ahead of the November 2026 launch.
Hong Kong Securities & Futures Commission 2026-03-30
Hong Kong Securities and Futures Commission sets 16 November 2026 target launch date for uncertificated securities market regime
The Hong Kong Securities and Futures Commission plans to launch the uncertificated securities market regime on 16 November 2026, introducing a paperless issuance and holding framework for Hong Kong listed securities, with newly listed securities required to be paperless from listing and pre-existing listings migrating over five years. Implementation is advanced, with Hong Kong Exchanges and Clearing Limited and share registrars developing and testing systems, rule amendments approved, fee structures updated, and applications for Approved Securities Registrar status under review. The Central Clearing and Settlement System nominee structure will be retained with limited process changes, and intermediaries should prepare for operational, documentation and business model adjustments.