The main depositary and clearing system for dematerialised securities in the UK

This Practice Note provides an introduction to and overview of CREST, covering: • what CREST is and the concept of uncertificated securities • the legal framework • the benefits of CREST and what companies need to do to enable their securities to be held in CREST • how uncertificated securities are held and transferred within CREST, and • a brief introduction to the concept of depository interests It does not cover how various shareholder and corporate actions are undertaken in CREST, nor practical guidance as to the CREST processes around shareholder voting on resolutions, alterations of share capital, dividends, open offers, rights issues and takeovers. For information on these matters, see the following Practice Notes: • CREST—shareholder and general corporate actions • CREST—open offers • CREST—rights issues • CREST—takeover offers FORTHCOMING CHANGE: On 14 July 2026, the government accepted the implementation plan published by the Dematerialisation Market Action Taskforce (DEMAT) for the first step (Step 1) in a phased programme to digitise share ownership in the UK. The

This Practice Note provides an overview of how to make an open offer in CREST. It does not cover an introduction to CREST or uncertificated securities nor practical guidance as to transferring shares in CREST. For information on these matters, including an overview of the relevant terminology, see Practice Note: CREST and uncertificated shares—an introduction. For an overview of how certain other shareholder and corporate actions are undertaken in CREST, see Practice Note: CREST—shareholder and general corporate actions. For details of the process of making a rights issue in CREST, see Practice Note: CREST—rights issues. For details of how a takeover offer can be accepted in CREST, see Practice Note: CREST—takeover offers. Details of the process for making an open offer generally are outside the scope of this Practice Note. This Practice Note covers only the elements which are different, or otherwise of note, when an open offer is made in CREST. For information on open offers in general and the issues listed or AIM companies need to consider when making an open offer,

This Practice Note provides an overview of the process of making a rights issue in CREST. It does not cover an introduction to CREST or uncertificated securities, nor practical guidance as to transferring shares in CREST. For information on these matters, including an overview of the relevant terminology, see Practice Note: CREST and uncertificated shares—an introduction. For an overview of how certain other shareholder and corporate actions are undertaken in CREST, see Practice Note: CREST—shareholder and general corporate actions. For an overview of how to make an open offer in CREST, see Practice Note: CREST—open offers. For details on how a takeover offer can be accepted in CREST, see Practice Note: CREST—takeover offers. Details of the process for making a rights issue generally are outside the scope of this Practice Note. This Practice Note covers only the elements which are different, or otherwise of note, when a rights issue is made in CREST. For information on rights issues in general and the issues listed or AIM companies need to consider when making a rights

This Practice Note provides an overview of how various shareholder and corporate actions are undertaken in CREST, covering: • voting on resolutions • alterations of share capital • various corporate actions in CREST, and • payment of dividends and making other distributions in CREST It does not cover an introduction to CREST or uncertificated securities, nor practical guidance as to transferring shares in CREST. For information on these matters, including an overview of the relevant terminology, see Practice Note: CREST and uncertificated shares—an introduction. Where an action in CREST involves the transfer of monies (whether dividends or other payments), it is the responsibility of the recipient of the payment in CREST to ensure that their cash memorandum account for the relevant currency is enabled via the appointment of an appropriate CREST settlement bank. If payment does not settle because the account is not enabled, the registrar or receiving agent making the payment may choose to cancel the instruction and either hold the payment pending an alternative payment instruction or

This Practice Note provides an overview of how a takeover offer can be accepted for shares held in CREST. It does not cover an introduction to CREST or uncertificated securities, nor practical guidance as to transferring shares in CREST. For information on these matters, including an overview of the relevant terminology, see Practice Note: CREST and uncertificated shares—an introduction. For details of how various shareholder and general corporate actions are undertaken in CREST, see Practice Note: CREST—shareholder and general corporate actions. For details of the process of making a rights issue in CREST, see Practice Note: CREST—rights issues. For details of the process of making an open offer in CREST, see Practice Note: CREST—open offers. Takeover offers in CREST Takeover offers are generally outside the scope of this Practice Note, but this Practice Note identifies how a takeover offer can be accepted for shares held in CREST. This Practice Note does not specifically address takeovers effected by a scheme of arrangement, but the shareholder vote on the scheme would be treated in the same way

The Cairo Regional Centre for International Commercial Arbitration (CRCICA) has announced that it will host a conference on 15 October 2025, in collaboration with the Chartered Institute of Arbitrators (CIARB) Egypt Branch to mark 30 decades of Egypt’s Arbitration Law No. 27 of 1994. The conference, supported by the International Federation of Commercial Arbitration Institutions and Francarbi, will examine how Egyptian Arbitration Law has shaped dispute resolution both locally and regionally and will feature panels on the law's development, institutional arbitration, and comparative reforms. The conference will also explore potential modernisation pathways aligned with international standards.

Chalk River Laboratories: CRL is a site of major research and development to support and advance nuclear technology, in particular CANDU reactor technology.

Chief Restructuring Officer—an individual often appointed at the request of creditors to oversee a restructuring.

The Health and Safety Executive (HSE), in its role as the Building Safety Regulator (BSR), has appointed Collaborative Reporting for Safer Structures (CROSS-UK) as the official Voluntary Occurrence Reporting System (VORS) for structural and fire safety until 2028. The appointment, following a competitive tender process, fulfills requirements under the Building Safety Act 2022 (BSA 2022). CROSS-UK, which has operated the system on an interim basis since April 2023, provides a confidential platform for construction professionals and building managers to report safety concerns, near-misses and insights from across the built environment. All reports are anonymised and reviewed by experts before being shared with the wider industry. The system operates independently of both the BSR and the government. CROSS-UK was established in 2005 by the Institution of Structural Engineers and the Institution of Civil Engineers.

The European Banking Authority (EBA) has published final draft implementing technical standards (ITS) on public disclosures by institutions that implement the changes in the Pillar 3 disclosure framework introduced by the amending the EU Capital Requirements Regulation (EU) 2024/1623 (CRR 3). The ITS aim to ensure that market participants have sufficient comparable information to assess the risk profiles of institutions and understand compliance with CRR 3 requirements, further promoting market discipline.

The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on supervisory reporting requirements implementing the changes necessary to keep the supervisory reporting framework relevant and aligned with the amending Capital Requirements Regulation (CRR 3), which implements the latest Basel III reforms. The EBA says the ITS will allow supervisors to have sufficient comparable information to monitor compliance by institutions with CRR 3 requirements, ‘thus further promoting enhanced and consistent supervision’.