The Hong Kong Securities and Futures Commission (SFC) published consultation conclusions on limits for three types of fees that an approved securities registrar (ASR) may charge investors under the uncertificated securities market (USM) regime, and will incorporate the limits into the ASR Code as part of preparations for USM implementation. The capped fees cover (i) a facility set-up fee for investors to hold and manage uncertificated securities, (ii) a dematerialisation fee, and (iii) a fee for processing and registering securities transfers. The SFC received 11 submissions during the consultation (24 February 2025 to 23 April 2025); respondents were generally supportive, citing a fair and transparent fee structure, protection for small shareholders, and improved ability for investors to estimate expenses. The SFC has updated its USM webpage with information on the fee limits and will continue working with Hong Kong Exchanges and Clearing Limited and the Federation of Share Registrars Limited to raise stakeholder awareness and understanding ahead of the planned launch of the USM regime in early 2026.
Hong Kong Securities & Futures Commission 2025-06-13
Hong Kong Securities and Futures Commission adopts fee limits for approved securities registrars under uncertificated securities market regime
The Hong Kong Securities and Futures Commission (SFC) concluded its consultation on fee limits for approved securities registrars under the uncertificated securities market (USM) regime, incorporating these limits into the ASR Code. The capped fees include a facility set-up fee, a dematerialisation fee, and a fee for processing and registering securities transfers. The SFC will work with Hong Kong Exchanges and Clearing Limited and the Federation of Share Registrars Limited to enhance stakeholder awareness before the USM regime's launch in 2026.