During the COVID Lockdowns temporary electronic signing regulations were introduced and after several extensions were due to lapse on 31 March 2022.
The pandemic has changed the way we do things and has provided uncertainty going forward, so, electronic signing and virtual meetings have now been recognised by legislation as a permanent way of conducting business. This is particularly applicable to companies and trusts in meeting their regulatory requirements.
The new permanent electronic reforms will:
- ensure that meetings can be held physically, as a combination of physically and virtually, or (if expressly permitted by the entity’s constitution) virtually, provided that eligible people are given reasonable notice and opportunity to participate in the meeting;
- ensure that companies (including registered schemes) and trusts can meet their obligations to send documents in hardcopy or softcopy, and give members the flexibility to receive documents in their preferred format,; and
- allow documents, including deeds, to be validly executed in a means other than by pen on paper. this includes various means or recognised electronic signature technology.
We have seen a significant increase in the use of electronic signing technology and online systems over the pandemic. This has made dealing with people at distance more straightforward and will continue now that people have become accustomed. Please remember as a result you will need a secure but accessible electronic place to store these documents, the physical safe is no longer the only place you can find them.