Implementation of an uncertificated securities market (USM) in Hong Kong is expected to commence in early 2026 with a 5-year phase-in for all listed issuers. The final moving part for the SFC before commencement is to fix the following fees for investors, namely:
1. The facility set-up fee for investors to hold and manage uncertificated securities
2. The dematerialisation fee
3. The fee for processing and registering securities transfers
This consultation is intended to give investors a voice. Listed issuers must negotiate fees with their Authorised Share Registrars (ASRs) as a commercial matter. Given the importance of the USM regime, the topic will be covered in a seminar on 8 April 2025 with the SFC, HKEX and ASR (from the Federation of Share Registrars). Seminar details will be published on the Institute’s website shortly.
Please read the Consultation Paper and email any comments you may have on or before 4 April 2025, along with your membership number and contact details to research@hkcgi.org.hk. Depending on views received by the Institute, if any, the Institute may consider submitting.