Information papers
Draft amendments to the rules and procedures of HKSCC and SEHK – for implementing USM
Amendments to the Main Board Listing Rules
Guide on the Uncertificated Securities Market
USM Introductory Briefings
- USM Operational Briefings (Apr 2026) (PDF / Video)
- USM Introductory Briefings (Nov 2024) (PDF / Video)
Registrar Participant (RP)
Under the Uncertificated Securities Market (USM) regime, an electronic interface will be established between CCASS and each Approved Securities Registrar’s (ASR) that is approved to operate an Uncertificated Securities Registration and Transfer (UNSRT) system. This interface facilitates the transfer of participating securities to and from HKSCC Nominees Limited (HKSCC-NOMS), as well as corporate action communications between HKSCC-NOMS and issuers via ASRs.
To support this framework, HKSCC will introduce a new participant category—Registrar Participant (RP)— defined under the HKSCC Rules. Accordingly, all listing applicants and listed issuers of participating securities (i.e USM-enabled prescribed securities) will be required to appoint an admitted RP as their securities registrar to participate in USM.
Admission Criteria for RP
Only ASRs, or securities registrars that have applied to become ASRs, and that intend to serve issuers transitioning to or operating under USM, are eligible for admission into HKSCC as RP, subject to completion of prerequisite requirements, including interface testing for connectivity capability. For details of the ASR applicants, and the scope of services they have applied to provide, please refer to the SFC website.
RP Applications Under Process
The following companies have applied to HKSCC for RP:
- Computershare Hong Kong Investor Services Limited
- Tricor Investor Services Limited
All applications are currently under review.