Shifting to the USM Regime, CGj
2026年06月23日Partner Billy Wong authored an article for CGj examining the Hong Kong Stock Exchange’s recent Listing Rule amendments implementing the uncertificated securities market (USM) regime and the practical implications for listed issuers ahead of the regime’s launch on November 16, 2026.
The article outlines the regulatory framework supporting Hong Kong’s transition to a fully digital securities market and the key actions issuers should take to prepare, including appointing an approved securities registrar, updating constitutional documents, planning for phased implementation, and understanding the new fee structure.
Billy also discusses how the reforms will modernise Hong Kong’s securities infrastructure and align it with other major dematerialised markets, while highlighting the importance of early preparation for both existing issuers and new listing applicants.