Key concerns about Digitisation Taskforce

UKSA writes to Treasury and Department for Business and Trade on key concerns about Digitisation Taskforce

The Digitisation Taskforce has still not produced a final report and recommendations to the Government (See Digitisation Taskforce - GOV.UK (www.gov.uk))

In anticipation of the final report coming out, UKSA sent this letter to the Treasury and the Department for Business and Trade outlining key concerns about the direction of the Digitisation Taskforce:

1. In the process of dematerialisation, certificated shareholders must neither lose their rights nor face new costs
2. Ultimate Beneficial Owners’ rights need to be restored so they are no worse off than dematerialised certificated shareholders
3. After dematerialisation, issuers must be able to communicate directly with UBOs
4. UBOs need to be able to contact other UBOs when needed
5. Dematerialisation is the occasion for the Government to mandate uniform, high standards of segregation.