Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has released a consultation summary regarding fee caps for paperless securities, with most participants supporting the proposed fee limits, which are seen as fair and transparent, benefiting small shareholders and facilitating the development of the paperless securities market [1] Group 1: Consultation Summary - The consultation received 11 responses, indicating broad support for the proposed fee limits, which are expected to simplify cost estimation and promote the paperless securities market [1] - The SFC is in the process of incorporating the proposed fee limits into the "Code of Conduct for Approved Securities Registrars" [1] - The SFC has updated its dedicated webpage on paperless securities, including information on the fee limits in the FAQ and consultation document sections [1] Group 2: Specific Fee Limit Proposals - Most respondents supported a fee cap of HKD 50 per USI facility, considering it reasonable and affordable for general investors, which may encourage early participation in the paperless securities market [2] - The proposed fee cap of HKD 5 per ownership document (with a minimum charge of HKD 20) was also deemed reasonable and transparent by the majority, although one respondent noted that it could be burdensome for investors with many ownership documents [2] - There was general support for a fee cap of 0.02% of transaction value with a minimum charge of HKD 20, aligning with the "user pays" principle, while some respondents expressed concerns that the proposed limits could significantly increase costs for large transactions [2]