§ Mr. Ian Taylor
To ask the Chancellor of the Exchequer what account has been taken of the requirements of private shareholders in the Taurus development programme; and if he will make a statement.
§ Mr. Nelson
The needs of the private shareholder are being very much taken into account in the development of Taurus. The London stock exchange, as Taurus operator, has built high levels of system security and investor protection into the system. The Uncertificated Securities Regulations 1992, which set out the legal and regulatory framework for Taurus, contain a number of safeguards for private shareholders. These include the requirement for each company to appoint a company controller who will hold a person's entitlements to shares at no cost to himself, together with the 'locking up' arrangement, the complaints commissioner and the compensation scheme.