Hong Kong Uncertificated Securities Market Explained

In January 2019, a joint consultation paper was published to examine the practicalities of implementing an uncertificated securities market (USM) in Hong Kong.

In April 2020, having received 43 responses from law firms, brokers, consultants and banks, the conclusions of the consultation were published showing broad support for the proposals.

This paper examines those conclusions, how they differ from previous proposals, and what next steps are necessary to implement the USM in Hong Kong.