HKEX: Paperless securities market participants can apply to the Hong Kong Inland Revenue Department to become an approved person (AP).

On July 7th, HKEX issued a notice stating that as part of the paperless securities market system, settlement participants and custodian participants (collectively referred to as "participants") can apply to the Inland Revenue Department (IRD) of Hong Kong to become Approved Persons (AP). After the implementation of the paperless securities market system, participants who wish to deposit or withdraw securities in paperless form, or use the optional stamp duty payment service provided by the Central Clearing System, must obtain the relevant approval in advance. HKEX stated that the Inland Revenue Department of Hong Kong has now started the AP application process and has sent invitations to the designated contact persons of existing participants via email. Participants should reply to the Inland Revenue Department within one month of receiving the invitation and indicate whether they intend to submit an AP application.