The Securities and Futures Commission (SFC) of Hong Kong announced on the 17th that all necessary legislation for implementing paperless securities market measures has been passed, and the measures will be implemented in early 2026 depending on market readiness. The Hong Kong Securities and Futures Commission stated that in recent consultations and communications, market participants have widely supported the paperless securities market measures. This measure will further improve the efficiency of the securities market, more effectively safeguard investors, and facilitate transactions. To help the market understand new measures and prepare for them, the Hong Kong Securities and Futures Commission launched a dedicated paperless securities market webpage on the 17th, providing all practical information in one stop. In the paperless securities market, newly listed securities must adopt paperless form from the time of listing, which means investors will no longer be able to hold these securities in paper form. As for existing securities, investors can continue to hold existing physical stocks. At the same time, the issuer will be given a specific deadline to take measures that allow investors to hold and transfer their securities without the need for paper documents. After the deadline, new physical stocks cannot be issued. It is reported that the Hong Kong Securities and Futures Commission is working with the Hong Kong Stock Exchange and the Hong Kong Securities Depository Association to develop a detailed five-year implementation schedule, which will cover issuers from Hong Kong, mainland China, Bermuda, and the Cayman Islands. (New Society)