The share ledger’s history is filled with events, and sometimes mistakes happen.
If an event has already been completed, you must correct the mistake by making a correction.
What Does a Correction Involve?
Making a correction means removing an event by simply deleting it.
Note: Deleting an event will cause all subsequent events that occurred after the corrected event to disappear and they will need to be re-registered.
This is necessary because the share ledger requires that all events are handled in chronological order for the system to:
Automate changes,
Ensure traceability, and
Preserve the integrity of the share ledger.
How to Make a Correction
Go to Share Ledger Events in the menu on the left.
To the right of the event, click on the three dots.
Select Delete.
In the field that appears, type "Permanently delete".
Click Correct.
(Then steps 1 to 5 are shown as illustrations.)
1.
2.
3.
4 & 5.
Correction Registration
In some cases, a correction can become quite extensive if there are many subsequent events that would need to be re-registered.
If, for example, a share transfer between two parties was missed or not brought to the board’s attention, you can instead register a “correction transaction” and include a note stating that the transfer actually took place on an earlier date.
How to make a correction registration:
Register the transfer on the first available date.
Add a note in the share ledger explaining that the transaction in fact occurred earlier, but that the company only became aware of it at a later time.
This way, both the actual time of the transaction and the date of registration are clear. The company must assess on a case-by-case basis whether it is necessary to roll back and redo the registrations or not.