Companies Act 2014 section 1087K

Abolition of certificates in respect of applicable securities

Section 1087K abolishes the requirement to issue share certificates for applicable securities and removes the legal effect of any existing certificates.

• Relevant issuers are no longer required to issue certificates for applicable securities, overriding existing obligations under the Companies Act 2014 or any other legislation.
• Any certificates already in circulation for applicable securities no longer have any legal effect, whether as evidence of ownership or for any other purpose.
• These provisions override the general rules in section 67 of the Companies Act 2014 regarding the numbering and certification of shares.
• The changes were introduced by the European Union (Dematerialised Securities) Regulations 2023, reflecting the move to a fully electronic system for holding and transferring securities.