The Hong Kong Securities and Futures Commission has published a Guidance Note to help securities issuers prepare for the uncertificated securities market regime, which is targeted to launch on 16 November. The note sets out issuers’ obligations under the regime and the steps they need to take, with a particular focus on aligning issuer documentation and operational arrangements with the new framework. A key requirement is for issuers to review and amend their terms of issue, including articles of association where relevant, to ensure consistency with the regime. The guidance highlights the main areas to address and includes sample provisions. Issuers must complete those amendments by 16 November 2027 or by the date of their first annual general meeting after launch, whichever is later. Once the regime is implemented, issuers will also need to have an approved securities registrar at all times. The Commission said six companies have applied to become approved securities registrars. In parallel, The Stock Exchange of Hong Kong Limited has issued a separate guide covering issuers’ obligations under the Listing Rules in connection with implementation, and a commencement notice to bring the related legislation into effect was tabled before the Legislative Council on 6 May 2026 for negative vetting.

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