Dematerialisation Process and Documents

1. Broker/Custodian to supply CTF to shareholder for completion and signing. The completed form and share certificate need to be returned to the Broker/Custodian.
   NOTE: where shareholder is not an individual then 2 signatures will be required, along with evidence of authority to sign. This has to be provided to the broker for submission along with the completed CTF and original share certificate.
   
   
2. The Broker/Custodian will complete the CTF including their CREST delivery details (CREST Participant ID, Member Account ID, CREST Name and address).
   
   
3. The Broker/Custodian then inputs a “Stock Deposit” message into CREST which starts the process of transferring the shares.
   
   
4. The Broker/Custodian will then lodge the CTF to the CREST Courier Sorting Service (“CCSS”) counter along with the original share certificate and signatory list where applicable. CREST queries can be directed to the CREST Counter at Euroclear by emailing: ccss@euroclear.com
   
   
5. The CREST Counter (CCSS) on receipt of the CTF and supporting documents, will perform the CCSS Accept function subject to the limitation set out in the CCSS timetable, and provide a reference code (SDRN)
   
   
6. EQ will receive the instruction and supporting documents from CCSS. EQ will then review the CTF and if deemed valid*, they will match the Stock Deposit message. This results in the shares now being dematerialised into the brokers CREST account.
   *NOTE: To be deemed valid, all details of name, address, amount of shares available have to match the register 100%, also the signature(s) have to be supported with correct documents that prove authority to sign.
   
   
7. In the event that the CTF is not valid a rejection message will be sent to the broker via the CCSS stating the reason for the rejection and requesting any further documentation for re-submission.
   
   
8. Any re-submissions are to be made by the broker via the CCSS as instructed and the process picks up from step 4.

For individual persons, they can sign the CTF, and state their name underneath, no further action required. (Wet Signature only)

For Corporates/ Limited Partnerships/ Other Entities – there are strict rules as to the requirements and supporting documentation needed to be able to process the transfer, and this is regardless of the method in which the CTF is signed (DocuSign or Wet Signature).

• Name and title of signatories has to be stated clearly.
• There has to be TWO signatures, unless the shareholder can provide such documentation that confirms that ONE person has sole power and authority.
• Proof of authority has to be provided along with the CTF to CCSS – this can be a signatory list which confirms they can sign legal documents/open bank accounts.
• Many Non-UK Corporates, such as US Limited Partnerships, won’t have a signatory list. So proof of authority over the entity has to be supplied. Noting that Limited Partnerships are controlled by a Partner(s) or by another entity with a different name – the relationship needs to be clearly shown and appropriate evidence provided.
• If there is a Power of Attorney (sometimes referred to as a Certificate of Incumbency) in place over the entity, then this will need to state the signatory shown on the CTF is allowed to sign on the entity’s behalf.

In order to dematerialise shares into CREST a CREST transfer form (CTF) will need to be completed. You as the broker/custodian then input a “Stock Deposit” message into CREST which starts the process and then submit the completed CTF along with signatory lists (for corporate entities) and the share certificate to the CREST counter (CCSS). A systematic process guide for dematerialisation can be found here:

Download Guide

A CREST Transfer form template for Deliveroo can be found here: 

Download CREST Transfer Form Template

Once the relevant paperwork has been logged and accepted by the CREST counter the instruction and documents will be sent to EQ for acceptance the following business day. Assuming all is in order the dematerialisation will be processed and shares will be available in CREST 1 business day from lodging the form with the CREST counter. If there are any problems with your documentation these will be highlighted to you by the CREST counter.

No. A detailed guide can be found here. This document highlights all the signatory requirements and the supporting evidence that needs to be submitted along with the completed CTF in order for it to be accepted. If having read the guide you still have questions then please contact us using the form below.

For individual persons, they can sign the CTF (DocuSign or Wet signature), and state their name underneath, no further action required.

For Corporates/ Limited Partnerships/ Other Entities, there are strict rules as to the requirements and supporting documentation needed to be able to process the transfer, and this is regardless of the method in which the CTF is signed (DocuSign or Wet Signature).

• Name and title of signatories has to be stated clearly.
• There has to be TWO signatures, unless the shareholder can provide such documentation that confirms that ONE person has sole power and authority.
• Proof of authority has to be provided along with the CTF to the CREST counter, this can be a signatory list which confirms they can sign legal documents/open bank accounts.
• Many Non-UK Corporates, such as US Limited Partnerships, won’t have a signatory list, so proof of authority over the entity has to be supplied. Noting that Limited Partnerships are controlled by a Partner(s) or by another entity with a different name, the relationship needs to be clearly shown and appropriate evidence provided.
• If there is a Power of Attorney (sometimes referred to as a Certificate of Incumbency) in place over the entity, then this will need to state the signatory shown on the CTF is allowed to sign on the entity’s behalf.

There are three possible ways for the shareholder to sign the CTF prior to inputting the stock deposit message and submission to the CREST counter along with all noted supporting documents:

There are three possible ways for the shareholder to sign the CTF:

1. Two DocuSign signatures:
   1. Will be a PDF copy
   2. Proof of authority to sign has to be provided to CCSS along with the CTF and original share certificate
2. Two wet signatures:
   1. Original CTF would need to be submitted to the CCSS
   2. Proof of authority to sign has to be provided to CCSS along with the CTF and original share certificate
3. One Wet signature and Company seal:
   1. Original CTF would need to be submitted to the CCSS
   2. Proof of authority to sign has to be provided to CCSS along with the CTF and original share certificate
   3. NOTE: USA corporates/Limited Partnerships don’t do seals

Yes. You can use the fast track service, should you wish to use this, then instead of sending all documents to the CREST counter you email scanned copies of the completed CTF, share certificate, and supporting documents to: CCSS@euroclear.com and the originals should be sent to Stock Deposits Team, Equiniti Group plc, Highdown House, Yeoman Way, Worthing, BN99 3HH. The rest of the process remains the same and can be found in the step by step guide.

Euroclear UK & Ireland, Watling House, 33 Cannon Street, London, EC4M 5SB

As soon as the shareholder is in receipt of there share certificate, the dematerialisation process can begin. However; please note that these shares are subject to a lock-up agreement which ends on the 3rd October 2021, meaning trading cannot commence until the 4th October 2021

If your question is not answered here then you can contact EQ using the form below.

If you have questions for the CREST counter (CCSS) / Euroclear then they can be emailed at: ccss@euroclear.com