The Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Limited (HKEX) and the Federation of Share Registrars Limited (FSR) today (8th April), jointly released the Joint Consultation Conclusion on a proposed operational model for implementing an uncertificated securities market (USM) in Hong Kong. The Consultation was issued in January 2019 to propose a revised model to address market concerns that the earlier model proposed in 2010 (“2010 Model”) would compromise some of the settlement efficiencies enjoyed by the market and have a significant impact on participants’ funding needs.