§ Mr. ButlerTo ask the Secretary of State for Trade and Industry what progress he has made with dematerialisation.
§ Mr. RedwoodMy officials are continuing to work closely with the International Stock Exchange and other regulatory bodies to determine the appropriate legal and regulatory structure of TAURUS. This work is in parallel with the ISE's work on compensation and software preparation. It is of key importance that the right investor protection environment and legal framework are created for the electronic recording and transfer of shares. All these tasks are proving to be more complex than originally envisaged. Draft regulations under section 207 of the Companies Act 1989 should be published for comment in the next few weeks. I expect to put revised draft regulations before the House later this year, in good time for the implementation of TAURUS by the ISE.