Securities where proof of ownership is possession of a certificate rather than inclusion in a register of holders. UK companies are legally required to keep a register of members (section 113, Companies Act 2006) and from 26 May 2015, section 84 of the Small Business Enterprise and Employment Act 2015 prohibits a UK company from creating bearer shares, regardless of whether its articles permit it to do so. Bearer shares are therefore only likely to exist outside the UK.

For further detail see Practice note, Share capital: overview: Share warrants (bearer shares).