SFC Approves Six Firms as Securities Registrars for Paperless Market
Hong Kong's securities regulator has approved six companies as recognised securities registrars ahead of the paperless securities market regime taking effect next month. Two of them will provide services related to the new system, including converting paper securities to paperless form.
The Securities and Futures Commission (SFC) has approved six companies as recognised securities registrars, effective from the implementation of the paperless securities market regime on 16 November.
The six approved registrars are Boardroom Securities Registration Limited, Hong Kong Central Securities Registration Limited, Securities Registration Limited, Hong Kong Managers and Secretaries Limited, Tricor Securities Registration Limited and Union Securities Registration Limited.
The SFC said all six companies have been approved to continue providing their existing securities registrar services. Among them, Hong Kong Central Securities Registration and Tricor have been authorised to provide services related to the paperless securities market, namely operating systems for evidencing and transferring legal ownership of securities, as well as related services such as converting securities from paper to paperless form. These two are the first batch of recognised registrars authorised to provide such services.
The SFC will review and consider other applications in due course.
Under the paperless regime, for shares, depositary receipts, stapled securities, warrants and rights to the above three types of securities, and units of authorised collective investment schemes listed on the Stock Exchange of Hong Kong, listed issuers must at all times appoint a recognised securities registrar to maintain registers of shareholders or holders.