Hong Kong’s Uncertificated Securities Market initiative (USM) is scheduled to take effect in early 2026, subject to market readiness. Hong Kong’s Securities and Futures Commission (the SFC) has confirmed that the Legislative Council has completed the negative vetting process for all USM-related subsidiary legislation,1 and has launched an Uncertificated Securities Market Webpage (USM Webpage), including frequently asked questions (SFC FAQs), to explain how the new Hong Kong USM regime will work.