SFC Guidance Note on Preparing for the Uncertificated Securities Market Regime

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29 May 2026 The Securities and Futures Commission (SFC) today published a Guidance Note to assist securities issuers with preparing to participate in the uncertificated securities market (USM) regime, which is targeted for launch on 16 November this year (Note 1).

Aiming to enhance issuers’ understanding of the USM regime and facilitate their preparation, the SFC’s new guidance highlights their obligations under the regime and the next steps they need to take.

Notably, issuers are reminded that a key step for them is to review and amend their terms of issue (such as their articles of association) to ensure consistency with the USM regime. To facilitate this process, the SFC’s Guidance Note identifies key areas of focus and provides sample provisions for issuers’ reference. Issuers will need to complete their amendment exercise by the first anniversary of USM launch (ie, by 16 November 2027) or by the date of their first annual general meeting after USM launch, whichever is later. Issuers are therefore encouraged to start this process as soon as possible.

Additionally, upon implementation of USM, issuers will be required to have an approved securities registrar at all times. To date, six companies have applied to become approved securities registrars (Note 2).

In parallel, the Stock Exchange of Hong Kong Limited also released a Guide on the Uncertificated Securities Market today, focusing on issuers’ obligations under the Listing Rules in relation to USM implementation (Note 3).

End

Notes:

A commencement notice to bring the USM-related legislation into effect was tabled before the Legislative Council on 6 May 2026 for negative vetting.

For details of the applicants, and the scope of services they have applied to provide, please refer to the SFC’s website .

For more details, please refer to Hong Kong Exchanges and Clearing Limited’s website .

Page last updated 29 May 2026