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3. Uncertificated Securities Market
   • Frequently asked questions about USM
   • USM legislation, code and guidelines
   • USM consultations, information papers and other materials
4. USM consultations, information papers and other materials

Consultation paper	Responses	Consultation conclusions
Feb 2025 Consultation paper on proposed limits for certain fees following implementation of an uncertificated securities market in Hong Kong	Jun 2025 View responses	Jun 2025 Consultation conclusions on proposed limits for certain fees following implementation of an uncertificated securities market in Hong Kong
Oct 2023 Consultation paper on proposed code and guidelines for implementing an uncertificated securities market in Hong Kong	Jul 2024 View responses	July 2024 Consultation conclusions on proposed subsidiary legislation, code and guidelines for implementing an uncertificated securities market in Hong Kong
Mar 2023 Consultation paper on proposed subsidiary legislation for implementing an uncertificated securities market in Hong Kong	Jul 2024 View responses	July 2024 Consultation conclusions on proposed subsidiary legislation, code and guidelines for implementing an uncertificated securities market in Hong Kong
Jan 2019 Joint consultation paper on a revised operational model for implementing an uncertificated securities market in Hong Kong	Apr 2020 View responses	Apr 2020 Joint consultation conclusions on a revised operational model for implementing an uncertificated securities market in Hong Kong

Previous consultations

Select year Before 2019

Consultation paper	Responses	Consultation conclusions
Dec 2009 Joint consultation paper on a proposed operational model for implementing a scripless securities market in Hong Kong	Jan 2010 View responses	Sep 2010 Joint consultation conclusions on a proposed operational model for implementing a scripless securities market in Hong Kong
Oct 2003 Consultation paper on operational model for scripless securities	May 2004 View responses	May 2004 Consultation conclusions on operational model for scripless securities
Feb 2002 Consultation paper on proposals for a scripless securities market	Apr 2002 View responses	Sep 2003 Consultation conclusions on proposals for a scripless securities market

The Hong Kong Chartered Governance Institute
The 26^th Annual Corporate and Regulatory Update (ACRU 2025)

6 June 2025

Click here to download presentation slides

Information papers by HKEX
Information paper for intermediaries – Implementation of an uncertificated securities market (USM) in Hong Kong	Oct 2024
Information papers by the Federation of Share Registrars
Information paper for issuers and shareholders – Implementation of an uncertificated securities market (USM) in Hong Kong	Nov 2024

Last update: 11 Jul 2025