To implement the uncertificated securities market (USM) regime, the Government published in the Gazette today (April 30) the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (Commencement) Notice to appoint November 16, 2026, as the date on which Part 2 (except section 9(2)) and Part 5 of the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 come into operation.

     The relevant provisions of the Amendment Ordinance set out the principal framework of the USM regime, which seeks to eliminate the need for paper documents in evidencing and transferring legal ownership of prescribed securities, enhancing the infrastructure, efficiency, competitiveness and investor protection of the securities market in Hong Kong by reducing reliance on paper and manual processes. 

     The six pieces of subsidiary legislation made in 2025, which set out detailed arrangements of the regime, will also come into operation on the same date under their commencement provisions. They are:

(i) Securities and Futures (Uncertificated Securities Market) Rules (L.N. 15 of 2025); 
(ii) Securities and Futures (Approved Securities Registrars) Rules (L.N. 16 of 2025) (as amended by the Companies (Amendment) (No. 2) Ordinance 2025); 
(iii) Securities and Futures (Stock Market Listing) (Amendment) Rules 2025 (L.N. 17 of 2025); 
(iv) Securities and Futures (Open-ended Fund Companies) (Amendment) Rules 2025 (L.N. 18 of 2025); 
(v) Securities and Futures Ordinance (Amendment of Schedule 8) Order 2025 (L.N. 14 of 2025); and 
(vi) Securities and Futures Ordinance (Amendment of Schedule 5) Notice 2025 (L.N. 19 of 2025).

     A spokesperson for the Financial Services and the Treasury Bureau said, "The Government has been in close collaboration with the Securities and Futures Commission, the Hong Kong Exchanges and Clearing Limited, the Federation of Share Registrars Limited and the industry to steadily take forward the preparation for the USM regime in a prudent manner, which is now in its final stage. The implementation of the USM regime will enhance the efficiency and infrastructure of the Hong Kong securities market, as well as provide better investor protection and transparency. The regime will help consolidate and enhance Hong Kong's competitiveness and status as an international financial centre."

     The Commencement Notice will be tabled before the Legislative Council on May 6.

Ends/Thursday, April 30, 2026
Issued at HKT 12:00

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