According to Foresight News, the Hong Kong Securities and Futures Commission (SFC) today published a consultation summary on the proposed subsidiary legislation, codes and guidelines for the implementation of an unpapered securities market in Hong Kong. In response to market opinions, a five-year time limit is now proposed: after completing the relevant legislative procedures, the unpapered securities market system will be implemented by the end of 2025. Companies whose laws are originally compatible with the unpapered securities market system must transition to the new system in batches before the end of 2030. The SFC will set a cap on certain fees related to the unpapered securities market and consult the public separately.