Key Investment Insights for Mid-Market Enterprises

As an outcome of the intro of the UKLR sourcebook in July 2024, both the London Stock Market (LSE) and FTSE Russell made consequential changes to their guidelines. In July 2024, the LSE validated modifications to its Admission and Disclosure Standards to show the collapse of the previous premium and standard listing sectors into the brand-new commercial business classification.

, chaired by Charlie Geffen. The objective of the taskforce was to think about the prospective advantages of the UK moving to a T +1 securities settlement cycle and lay out how this change could be carried out.

, chaired by Sir Douglas Flint.

Top Investment Insights for Mid-Market Enterprises

In July 2023, the taskforce published an Interim Report (read our summary here) that made a number of suggestions, including: legislation should be brought forward, and business short articles of association altered, as quickly as practicable to stop the issuance of brand-new paper share certificates; the federal government should advance legislation to require dematerialisation of all share certificates at a future date; the government must consult with company and investor representatives on the preferred personality of "residual" paper share interests and whether a time frame must be enforced for the recognition of untraced Ultimate Beneficial Owners (UBOs); andintermediaries need to have a responsibility, as a condition of involvement in the clearing and settlement system, to put in location common technology that enables them to react to UBO demands from companies within an extremely brief time frame.

ANSR July UK PRs

Digitisation would target noted business with a view to reducing costs and waste, and streamlining shareholder communication. The report proposes additional measures to ensure that UBOs within the intermediated securities chain would be able to exercise shareholder rights that are presently just guaranteed for signed up investors, in addition to procedures to enhance interaction between business and UBOs.