Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Dematerialised definition

What does Dematerialised mean? In practice, dematerialised refers to shares or other securities held and transferred by electronic book‑entry in a central securities depository (CSD), rather than evidenced by a paper certificate. Examples include securities settled through crest (Euroclear UK & International) in the UK, and through Euroclear Bank for Irish equities. The term is descriptive. UK legislation primarily uses uncertificated (notably the Uncertificated Securities Regulations 2001) and related concepts such as participating securities. Irish usage is broadly consistent, with uncertificated holdings operated through the relevant CSD under the Companies Act 2014 and the EU Central Securities Depositories Regulation. Key features and significance: -...

UK regulation of sending dematerialised instructions in CREST: background, scope, authorisation, exclusions and exemptions under FSMA 2000, RAO 2001 and USRs 2001; CSDR/UK CSDR context

Published by a LexisNexis Financial Services expert

Practice notes

Background to the regulation of sending Dematerialised instructions

Under the Uncertificated Securities Regulations 2001, SI 2001/3755 (the USRs 2001), a 'dematerialised instruction' refers to an order transmitted or received via a 'relevant system'—that is, a computer-based system, and its procedures, which allow title to units of a security to be evidenced and transferred without a written instrument, and which support supplementary and incidental matters. The sending of dematerialised instructions first became a regulated Activity in 1996 under the Financial Services Act 1986 (FSA 1986), following the launch of CREST on 15 July 1996, with the first settlement of transactions in uncertificated form occurring on 19 August 1996.

CREST’s launch arrived only three years after the Bank of England (BoE) created the Task Force on Securities Settlement to determine which securities settlement system should be adopted after the failure of the London Stock Exchange’s TAURUS project; the Task Force recommended CREST. TAURUS had aimed to develop an automated transaction settlement system for the London Stock Exchange and to achieve the dematerialisation of all securities transactions. The abandonment of TAURUS was a significant shock to the City and a blow to its confidence...

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Web page updated on 22/05/2026

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