Can AI Innovation Accelerate UK Growth?

As a result of the introduction of the UKLR sourcebook in July 2024, both the London Stock Exchange (LSE) and FTSE Russell made consequential modifications to their rules. In July 2024, the LSE confirmed changes to its Admission and Disclosure Standards to reflect the collapse of the previous premium and basic listing sectors into the brand-new industrial business classification.

, 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 describe how this change might be implemented.

, chaired by Sir Douglas Flint.

Scaling IT Systems for British Success

In July 2023, the taskforce released an Interim Report (read our summary here) which made a number of suggestions, consisting of: legislation ought to be brought forward, and company posts of association altered, as quickly as practicable to stop the issuance of brand-new paper share certificates; the government needs to bring forward legislation to require dematerialisation of all share certificates at a future date; the government ought to seek advice from company and financier agents on the preferred disposition of "residual" paper share interests and whether a time limit must be imposed for the recognition of untraced Ultimate Beneficial Owners (UBOs); andintermediaries need to have an obligation, as a condition of participation in the cleaning and settlement system, to put in location common technology that allows them to react to UBO requests from companies within a very brief time frame.

ANSR July UK PRs

Digitisation would target noted companies with a view to minimizing costs and waste, and improving investor communication. The report proposes additional measures to make sure that UBOs within the intermediated securities chain would have the ability to exercise investor rights that are presently just guaranteed for signed up shareholders, in addition to steps to boost communication between business and UBOs.