Implementation plan published to digitise UK shareholding framework

HM Treasury has published the Dematerialisation Market Action Taskforce's (DEMAT) implementation plan and updated terms of reference to modernise the UK shareholding framework by removing paper share certificates and replacing them with digital share registers. The plan sets out a roadmap of legislative, operational and market changes for the government to take and what industry should do alongside this to make this work in practice. It confirms that shareholders do not need to do anything in preparation for the new system and that their rights will be unaffected.

Alongside the plan, the government published its response, accepting DEMAT's recommendations and confirming it will legislate to move towards this new model before the end of 2027. The specific date will be confirmed in due course, giving stakeholders sufficient time to prepare. DEMAT is expected to publish a further report next year addressing the next phases of the programme.

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