Hong Kong’s Securities and Futures Commission (SFC) has proposed limits on three types of fees charged by approved securities registrars (ASRs) under the upcoming uncertificated securities market (USM) regime. The caps would apply to facility set-up, dematerialisation, and securities transfer fees, aiming to protect investors and simplify processes. The SFC seeks to balance costs among stakeholders while keeping fees reasonable to encourage early participation in USM and maintain ASRs’ viability. The consultation runs until April 23, 2025, with the USM regime set for early 2026, pending legislative approval. The move aligns with efforts to modernise Hong Kong’s financial infrastructure and streamline securities transactions.