Hong Kong SFC Proposes Fee Limits for Uncertified Securities Market (USM) to Protect Investors, Simply Processes & Avoid Confusion, 3 Fee Types are 1) Setup-Fee, 2) Dematerialisation Fee & 3) Securities Transfers Fee, Uncertified Securities Market (USM) Regime Target Implementation in Early 2026
25th February 2025 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has issued a consultation, proposing fee limits for Uncertified Securities Market (USM) to protect investors, simply processes & avoid confusion. The 3 fee types are 1) Setup-fee, 2) Dematerialisation fee & 3) Securities transfers fee. The target implementation for the Uncertified Securities Market (USM) is in early 2026. Hong Kong SFC (24/2/25): “The Securities and Futures Commission (SFC) today launched a consultation on proposed limits for three types of fees that an approved securities registrar (ASR) may charge under the upcoming uncertificated securities market (USM) regime in Hong Kong. The fees are: the facility set-up fee for investors to hold and manage uncertificated securities; dematerialisation fee; and fee for processing and registering securities transfers. The main reason for proposing limits on these fees is to provide a degree of protection to investors since they are not in a position to negotiate the fees. Also, aligning the charging basis will help simplify processes and avoid confusion for the market. In developing the limits, the SFC has sought to strike a balance among the costs shared by different stakeholders and maintain reasonable fees for investors. This will encourage investors’ early participation in USM and also ensure ASRs’ businesses remain commercially viable. The SFC encourages interested parties to provide feedback to the proposals during the consultation period, which will end on 23 April 2025. Subject to the legislative process of USM-related subsidiary legislation and the market readiness, the SFC targets to implement the USM regime in early 2026.”
“ Hong Kong SFC Proposes Fee Limits for Uncertified Securities Market (USM) to Protect Investors, Simply Processes & Avoid Confusion, 3 Fee Types are 1) Setup-Fee, 2) Dematerialisation Fee & 3) Securities Transfers Fee, Uncertified Securities Market (USM) Regime Target Implementation in Early 2026 “
Hong Kong SFC Proposes Fee Limits for Uncertified Securities Market (USM) to Protect Investors, Simply Processes & Avoid Confusion, 3 Fee Types are 1) Setup-Fee, 2) Dematerialisation Fee & 3) Securities Transfers Fee, Uncertified Securities Market (USM) Regime Target Implementation in Early 2026
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