§ The Minister for Corporate Affairs (Mr. John Redwood)I beg to move,
That the draft Uncertificated Securities regulations 1992, which were laid before this House on 19 December, be approved.Hon. Members who are interested in the subject will no doubt have seen the draft regulations, which have been available in the Vote Office and will know that at the back of the document is to be found a full summary and explanatory note setting out the basis of the TAURUS system and what the Government propose to do to ensure that that system is properly regulated in the interests of shareholders.The Government have paid particular attention to the lot of the smaller shareholder. We were extremely concerned that the small shareholder should be able to participate in a debate within his company and that he should be able to vote on whether the company should join the AURUS system or not. We were especially concerned that the small shareholder would not have to maintain his shareholding, if he did not wish to do so, through a commercial controller who might charge him fees for the privilege of maintaining his holding.
We therefore introduced the idea of the—
It being Seven o'clock, and there being private business set down by THE CHAIRMAN OF WAYS AND MEANS, under Standing Order No. 16 (Time for taking private business), further proceeding stood postponed.