§ Mr. Meacherasked the Secretary of State for Trade and Industry if he will introduce legislation to prohibit the use of nominee accounts; and if he will make a statement.
§ Mr. Howard[pursuant to his reply, 18 December 1986, c. 21]: If the hon. Member is asking whether we will introduce legislation to prohibit the use of nominee shareholdings, we have no plans to do so. Nominee shareholdings often play a useful role in meeting legitimate business needs, for example, in facilitating the discretionary management of shareholdings by stockbrokers and other professionals. The law already provides for the beneficial ownership of shares to be disclosed to those who have a need to know.