The Securities and Futures Commission (SFC) has launched a consultation on the proposed subsidiary legislation to implement an uncertificated securities market (USM) in Hong Kong. The proposed subsidiary legislation includes two new sets of rules: the Securities and Futures (Uncertificated Securities Market) Rules, which outline the operational and technical matters and processes under a USM environment, and the Securities and Futures (Approved Securities Registrar) Rules, which provide for the regulation of share registrars. The consultation period will last three months.
resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR25