On June 13, 2025, the Securities and Futures Commission ("SFC") published consultation conclusions on fee limits for approved securities registrars under the uncertificated securities market regime. Respondents were generally supportive of the proposed limits and the regime itself.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On June 13, 2025, the Securities and Futures Commission ("SFC") published its consultation conclusions regarding the fees an approved securities registrar ("ASR") may charge for various services under the uncertificated securities market ("USM") regime. The fees in question are the facility set-up fee for holding and managing uncertificated securities, the dematerialisation fee, and the fee for processing and registering securities transfers.
Respondents to the consultation, including industry associations, an intermediary, and individual investors, were largely supportive of the proposed fee limits as well as the overall USM initiative. The SFC intends to incorporate these limits into the ASR Code and has received 11 submissions from stakeholders during the consultation.
The conclusion on ASR fee limits signifies a significant step forward in the USM implementation, enabling stakeholders to assess their own fee structures and engage in relevant discussions. Mr. Rico Leung, the SFC’s Executive Director of Supervision of Markets, acknowledged the milestone, reiterating the SFC's progress in launching the USM regime by early 2026.
The SFC has updated its USM webpage with details about the new fee limits, accessible under the 'frequently asked questions' and 'list of consultation papers' sections. Moving forward, the SFC will collaborate with Hong Kong Exchanges and Clearing Limited and the Federation of Share Registrars Limited to increase stakeholders’ awareness and understanding of the USM regime.
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