Professional Review of Mid-Market Global Markets

As an outcome of the introduction of the UKLR sourcebook in July 2024, both the London Stock Exchange (LSE) and FTSE Russell made consequential changes 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 sectors into the brand-new business company classification.

, chaired by Charlie Geffen. The objective of the taskforce was to think about the possible benefits of the UK moving to a T +1 securities settlement cycle and outline how this modification might be executed.

On 19 February 2025, the UK federal government revealed it accepted the suggestion and the UK market means to move to a T +1 settlement cycle on 11 October 2027. Among the recommendations from the UK Secondary Capital Raising Evaluation caused the establishment in July 2022 of the Digitisation Taskforce, chaired by Sir Douglas Flint.

Why UK Management Scales Global Strategy

In July 2023, the taskforce published an Interim Report (read our summary here) which made a number of suggestions, including: legislation needs to be brought forward, and business short articles of association altered, as quickly as practicable to stop the issuance of new paper share certificates; the government should bring forward legislation to need dematerialisation of all share certificates at a future date; the federal government should speak with provider and financier agents on the preferred personality of "recurring" paper share interests and whether a time limitation should be enforced for the recognition of untraced Ultimate Beneficial Owners (UBOs); andintermediaries must have a responsibility, as a condition of involvement in the clearing and settlement system, to put in location typical innovation that allows them to react to UBO requests from issuers within a very short time frame.

ANSR July UK PRs

Digitisation would target listed companies with a view to reducing costs and waste, and simplifying shareholder interaction. The report proposes additional steps to ensure that UBOs within the intermediated securities chain would be able to exercise shareholder rights that are presently only ensured for registered investors, in addition to measures to enhance communication between companies and UBOs.