Why UK Management Scales Global Expansion

As a result of the introduction 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 amendments to its Admission and Disclosure Standards to reflect the collapse of the previous premium and standard listing segments into the brand-new business company category.

It then released a summary and Frequently asked questions verifying its view when the final UKLR sourcebook was released in July 2024. Among the steps proposed as part of the Edinburgh Reforms in December 2022 was the establishment of the Accelerated Settlement Taskforce, chaired by Charlie Geffen. The goal of the taskforce was to think about the potential benefits of the UK moving to a T +1 securities settlement cycle and detail how this modification might be implemented.

, chaired by Sir Douglas Flint.

ESG Compliance and Sustainable Banking Models

In July 2023, the taskforce released an Interim Report (read our summary here) that made a number of recommendations, consisting of: legislation should be brought forward, and business articles of association altered, as quickly as practicable to stop the issuance of new paper share certificates; the federal government must bring forward legislation to need dematerialisation of all share certificates at a future date; the government ought to speak with issuer and investor agents on the preferred disposition of "residual" paper share interests and whether a time limitation need to be imposed for the identification of untraced Ultimate Beneficial Owners (UBOs); andintermediaries ought to have an obligation, as a condition of involvement in the cleaning and settlement system, to put in place common innovation that allows them to respond to UBO requests from providers within a really short time frame.

ANSR July UK PRs

Digitisation would target noted companies with a view to reducing costs and waste, and simplifying shareholder interaction. The report proposes additional measures to ensure that UBOs within the intermediated securities chain would be able to work out investor rights that are currently only guaranteed for registered investors, in addition to measures to improve communication between companies and UBOs.