According to Foresight News, the Hong Kong Securities and Futures Commission (SFC) has released a consultation summary on the proposed subsidiary legislation, codes, and guidelines for implementing a paperless securities market in Hong Kong. In response to market feedback, a five-year transition period has been suggested. Following the completion of the relevant legislative procedures, the paperless securities market system is set to be implemented by the end of 2025. Companies that are compatible with the existing legal framework will be required to transition to the new system in phases by the end of 2030. The SFC will also set caps on certain fees related to the paperless securities market and will conduct a separate public consultation on these fee caps.