The Hong Kong Securities and Futures Commission has launched a consultation on proposed limits for certain fees that an approved securities registrar may charge investors under Hong Kong’s forthcoming uncertificated securities market regime. The proposals cover caps for three fee types: a facility set-up fee for investors to hold and manage uncertificated securities, a dematerialisation fee, and a fee for processing and registering securities transfers. The limits are intended to protect investors who are not in a position to negotiate these fees and to align charging bases to simplify processes and reduce market confusion, while balancing cost sharing across stakeholders and maintaining commercial viability for registrars. Feedback is due by 23 April 2025. Subject to the legislative process for uncertificated securities market-related subsidiary legislation and market readiness, implementation of the regime is targeted for early 2026.
Hong Kong Securities & Futures Commission 2025-02-24
Hong Kong Securities and Futures Commission launches consultation on approved securities registrar fee limits for uncertificated securities market regime
The Hong Kong Securities and Futures Commission is consulting on proposed fee limits for securities registrars under the upcoming uncertificated securities market regime. The proposals include caps on facility set-up, dematerialisation, and securities transfer fees to protect investors and simplify processes. Implementation is targeted for early 2026, pending legislative and market readiness.