證監會批准六家證券登記機構出任認可證券登記機構：迎合香港無紙化證券市場制度落地 SFC Approves Six Securities Registrars for Upcoming Uncertificated Securities Market Regime

香港證券及期貨事務監察委員會（證監會）於2026年10月12日宣布，正式批准六家公司為認可證券登記機構（ASR），自2026年11月16日香港無紙化證券市場（USM）制度正式生效起實施。此舉標誌着香港證券市場向全面無紙化、現代化運作邁出關鍵一步，有助於進一步提升市場運作效率與透明度。 The Securities and Futures Commission (SFC) announced on October 12, 2026, the official approval of six companies as approved securities registrars (ASRs), taking effect from November 16, 2026, when the uncertificated securities market (USM) regime becomes operational. This milestone marks a critical step forward in modernizing Hong Kong’s securities market towards a fully paperless environment, enhancing operational efficiency and market transparency. 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 1. 六家證券登記機構獲批，迎接無紙化新時代 (Six Securities Registrars Approved to Welcome the New Paperless Era) 證監會正式批准六家機構擔任認可證券登記機構（ASR），包括卓佳證券登記有限公司、香港中央證券登記有限公司、香港證券登記有限公司、香港經理秘書有限公司、聯合證券登記有限公司以及寶德證券登記有限公司（英文名稱分別為Boardroom、Computershare香港及普通版、Hongkong Managers and Secretaries、Tricor、Union Registrars），全數獲准繼續提供現有的登記服務。 The SFC has formally approved six entities as ASRs—namely Boardroom Share Registrars (HK) Limited, Computershare Hong Kong Investor Services Limited, Computershare Investor Services Limited, Hongkong Managers and Secretaries Limited, Tricor Investor Services Limited, and Union Registrars Limited—all authorized to continue providing their existing registrar services. 2. 首批機構獲準提供專屬無紙化相關服務 (First Batch Authorized for Dedicated USM-Related Services) 在獲批的六家機構中，香港中央證券登記有限公司與卓佳證券登記有限公司（Computershare Hong Kong Investor Services Limited 與 Tricor Investor Services Limited）率先獲得批准提供無紙化證券市場（USM）相關服務，成為首批可提供系統支援、權益轉讓及實物轉無紙化等核心功能的登記機構。 Among the six approved ASRs, Computershare Hong Kong Investor Services Limited and Tricor Investor Services Limited have been specifically authorized to provide USM-related services, becoming the first cohort equipped to deliver system support, legal title transfers, and paper-to-paperless conversion functions. 3. 確立轉型時間表與發行人合規責任 (Establishing Transition Timelines and Issuer Compliance Obligations) 隨着USM制度於2026年11月16日生效，訂明證券的上市發行人必須時刻委任一名ASR以維持持有人名冊。新上市申請人如在該日後上市且以無紙化形式發行，必須委任具備USM服務資格的ASR；現有發行人則須在五年內逐步完成向新制度的過渡。 Upon the implementation of the USM regime on November 16, 2026, listed issuers of prescribed securities are required to maintain an ASR at all times. Listing applicants post-November 16 must appoint an ASR approved for USM services, while existing issuers are granted a five-year window to integrate into the new regime. 二、 觀察與解析 (Insights) 1. 推動香港市場基建現代化，提升國際競爭力 (Advancing Market Infrastructure Modernization and Enhancing Global Competitiveness) 長期以來，傳統紙張式證券登記與轉讓程序為香港資本市場帶來行政繁瑣與營運摩擦。落實無紙化證券市場（USM）制度並落實首批登記機構資格，徹底消除了實物股票交收的掣肘，顯著縮短結算週期，使香港金融基建全面與國際主要成熟市場接軌。 Historically, paper-based securities registration and transfer procedures introduced administrative friction into Hong Kong's capital market. The rollout of the USM regime and the authorization of foundational ASRs eliminate physical share settlement bottlenecks, shorten settlement cycles, and fully align Hong Kong's financial infrastructure with leading international markets. 2. 強化發行人合規治理，重塑股東名冊管理生態 (Strengthening Issuer Governance and Reshaping Register Management Ecosystem) 強制規定上市公司必須隨時委任認可證券登記機構（ASR），不僅規範了發行人的合規底線，也對登記服務商的技術實架構、數據安全及系統承載力提出了更高要求。這有助於從源頭防範權屬爭議，保障投資者合法權益。 Mandating that listed entities continuously retain an ASR reinforces corporate compliance baselines while imposing rigorous standards on service providers regarding IT architecture, data security, and system capacity. This structurally mitigates ownership disputes and safeguards investor rights at the grassroots level. 3. 平衡改革順暢與市場適應期，體現務實監管智慧 (Balancing Reform Momentum with Market Adaptation through Pragmatic Regulation) 證監會採取分批審理申請並給予現有發行人五年過渡期的安排，充分照顧了不同規模企業的系統升級與適應需求。這種兼顧「宏觀制度前瞻性」與「微觀市場承受力」的監管路徑，有確保市場平穩過渡、避免政策震盪的實務智慧。 By approving applications in phases and granting existing issuers a five-year transition period, the SFC demonstrates pragmatic regulatory wisdom. This balanced approach—blending macroeconomic regulatory foresight with microeconomic operational flexibility—ensures a smooth market transition and avoids systemic disruption. 原文链接 (Source)：[https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR166](https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR166) 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. 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