Secondary capital raising regime

Digitisation Taskforce: Final Report

On 15 July 2025 the Digitisation Taskforce published its final report setting out a range of recommendations for driving forward full digitisation of the UK shareholding framework and improving the intermediated system of share ownership. The government has also indicated its support for the recommendations, including the proposed staged approach.

As a first step the report recommends the replacement of physical share registers and certificates by digitised registers and that a single implementation date (before the end of 2027) should be set for this move.

Updated PEG Principles

In November 2022, the Pre-emption Group published an updated Statement of Principles and template resolutions reflecting recommendations made by the UK Secondary Capital Raising Review in its report. For further information on the impact of the updated Statement of Principles see our briefing New PEG pre-emption guidance: Consequences for listed issuers.

Recommendations of the UK Secondary Capital Raising Review

In July 2022 the UK Secondary Capital Raising Review published its report (Report) setting out a series of bold and wide-ranging recommendations for improving the secondary capital raising regime in the UK designed to make it quicker, more flexible, more inclusive of retail investors and more cost-effective, as well as moving towards digitisation and making better use of technology. The recommendations are closely inter-linked with a raft of other reforms triggered by the Hill Review intended to modernise, enhance and maintain the attractiveness and competitiveness of UK capital markets on the global stage.

See further our briefing Bold recommendations outlined in UK Secondary Capital Raising Review

Links to key consultations/responses etc.

2025

Digitisation Taskforce: Final Report (July 2025)

2024

Pre-emption Group - Annual Monitoring Report 2023 - 2024 (November 2024) 

Pre-emption Group - Annual Monitoring Report 2022 - 2023 (March 2024) 

2023

Digitisation Taskforce: Interim Report (July 2023)

Investment Association: Updated Share Capital Management Guidelines (February 2023)

2022

PEG Statement of Principles, template resolutions and associated press release (November 2022) 

UK Secondary Capital Raising Review: Report (July 2022)

Digitisation Taskforce: Terms of Reference (July 2022)

2021

UK Secondary Capital Raising Review: Call for Evidence (October 2021)

UK Listing Review (Hill Review) (March 2021)