The nine million Britons holding paper share certificates are being asked to ditch the status quo in favour of an all-electronic system being proposed through consultations led by the Institute of Chartered Secretaries and Administrators (ICSA)
Launched this week and open to comment for the next three months, the consultation will focus on issues such as how to implement a transition, ensuring investors are able to access the full benefits of the CREST electronic settlement system while still retaining the shareholder rights that currently come with certificates. The solution, according to the proposals, is to introduce a Shareholder Reference Number that would be unique to each certificated holding. The SRN would have to be inputted into a broker’s system at the point of trade before the stock is transferred to the broker’s c...
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