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As a result of the intro of the UKLR sourcebook in July 2024, both the London Stock Exchange (LSE) and FTSE Russell made substantial modifications to their guidelines. In July 2024, the LSE confirmed modifications to its Admission and Disclosure Standards to reflect the collapse of the previous premium and basic listing sections into the brand-new commercial company classification.
, chaired by Charlie Geffen. The objective of the taskforce was to think about the potential benefits of the UK moving to a T +1 securities settlement cycle and outline how this change might be executed.
, chaired by Sir Douglas Flint.
In July 2023, the taskforce released an Interim Report (read our summary here) which made a number of recommendations, including: legislation needs to be advanced, and company articles of association changed, as soon as practicable to stop the issuance of new paper share certificates; the federal government must bring forward legislation to require dematerialisation of all share certificates at a future date; the government should seek advice from provider and financier representatives on the preferred personality of "recurring" paper share interests and whether a time frame need to be enforced for the recognition of untraced Ultimate Beneficial Owners (UBOs); andintermediaries must have a responsibility, as a condition of participation in the clearing and settlement system, to put in location typical technology that allows them to react to UBO requests from issuers within an extremely brief time frame.
Comparing Automated and Legacy Workforce StrategiesDigitisation would target listed companies with a view to decreasing expenses and waste, and simplifying shareholder communication. The report proposes extra steps to make sure that UBOs within the intermediated securities chain would have the ability to exercise investor rights that are currently only ensured for registered shareholders, in addition to measures to boost communication between companies and UBOs.
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