The International Central Securities Depositories (ICSDs) support the issuance of debt securities entirely in dematerialised form under the Dematerialised Notes Structure.
From November 2026, issuers incorporated in a jurisdiction outside the UK will, subject to applicable local law requirements, have the option to issue dematerialised debt securities under English law.
To benefit from this extension, issuers must ensure their issuance programmes are updated prior to any intended issuance from November onwards:
- Programme updates - issuers wishing to amend their programmes should submit the relevant updated documentation to the issuance teams
- Programme approval - following review and validation, the ICSDs will confirm acceptance and completion of the programme amendments. Only programmes approved by the ICSDs will be eligible for dematerialised issuance under English law.
For standalone securities, Issuers must ensure their documentation is drafted in alignment with the published guidelines and submitted to the ICSDs via the established channels.
For more details, read the joint ISCD communication.
