SFC consults on proposed subsidiary legislation for implementing an uncertificated securities market in Hong Kong
The Securities and Futures Commission (SFC) today launched a consultation on the proposed subsidiary legislation for implementing an uncertificated securities market (USM) in Hong Kong (Note 1).
The proposed subsidiary legislation includes two new sets of rules:
- the Securities and Futures (Uncertificated Securities Market) Rules, which aim to set out the operational and technical matters and processes under a USM environment, and
- the Securities and Futures (Approved Securities Registrar) Rules, which aim to provide for the regulation of share registrars.
The consultation also covers amendments to other subsidiary legislation (Note 2).
The consultation period will last three months. Interested parties are invited to submit their comments to the SFC on or before 30 June 2023 via the SFC website (www.sfc.hk), by email to usmconsult@sfc.hk, by post or by fax to 2521 7917.
Notes:
- 1.In January 2019, the SFC, Hong Kong Exchanges and Clearing Limited and the Federation of Share Registrars Limited jointly consulted the market on an operational model for implementing USM in Hong Kong, which was subsequently endorsed. In June 2021, the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 was enacted to put in place the broad framework for implementing USM.
- 2.These include proposed amendments to the Securities and Futures (Stock Market Listing) Rules, the Securities and Futures (Open-ended Fund Companies) Rules, Schedules 5 and 8 to the Securities and Futures Ordinance and the Companies (Winding-up) Rules.
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