Hong Kong: Securities

Hong Kong's uncertificated securities market regime, launching November 2026, eliminates paper share certificates for listed securities, requiring electronic title holding through approved registrar systems. Cayman Islands and Bermuda issuers must transition within five years, necessitating constitutional document amendments and new operational procedures. Companies need to appoint approved securities registrars, plan shareholder approvals, and ensure compliance before their assigned transition dates.

On September 30, 2024, the Securities and Futures Commission ("SFC") published updated codes and guidelines in connection with the implementation of the new Type 13 regulated activity ("Type 13 RA") regime governing public fund depositaries, which came into effect on October 2, 2024.

The expanded paperless listing regime promotes electronic dissemination of corporate communications by listed issuers by, firstly, mandating that listed issuers disseminate corporate...