Speaker(s)

• Ms Thrity Mukadam, Senior Director, Supervision of Markets, SFC
• Ms Hoi Yan Leung, Senior Manager, Supervision of Markets, SFC
• Mr Paul Malam, Head of Policy and Secretariat Services, Listing Division, Hong Kong Exchanges and Clearing Limited (HKEX)
• Mr Alan Chuen, Senior Vice President, Post Trade, Operations Division, Hong Kong Exchanges and Clearing Limited (HKEX)
• Mr Richard Houng, Chairman, Federation of Share Registrars; and Chief Executive Officer, Issuer Services, Computershare Asia

Description

The Institute brings you this must-know seminar with speakers from the Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Limited (HKEX) and Federation of Share Registrars (FSR) on implementing the USM regime in early 2026.

The SFC has consulted, jointly with HKEX and FSR, and concluded that Hong Kong would push forward with the uncertificated securities markets (USM) regime, meaning shares and other prescribed securities will be scripless (that is, become electronic). There is also a fee consultation on capping the fees charged to shareholders.

All moving parts will be in place in early 2026 for the USM to commence. Also, most of the listed issuers become part of a phased programme over the next 5 years to dematerialise their shares and other prescribed securities. Directors, senior management, governance professionals and all relevant stakeholders must learn of the USM regime, and listed issuers appoint their approved securities registrars (ASRs) to comply with the USM regime.

This seminar will cover:
- An overview of the regime
- Issuer implementation of USM
- Implementation of USM to CCASS participants
- Share registration under the USM regime

Important: At the request of speakers, the presentation materials, which will be displayed in the recording, will NOT be released for downloading.

(Recorded in April and June 2025)

Level: Intermediate

Speakers' bios:
Ms Thrity Mukadam
Ms Hoi Yan Leung
Mr Paul Malam
Mr Alan Chuen
Mr Richard Houng