§ Mr. FrenchTo ask the Secretary of State for Trade and Industry when he will publish the draft regulations to permit the introduction of uncertificated shares.
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§ Mr. RedwoodIn July 1990 I published a consultative paper entitled "Electronic Recording and Transfer of Shares". Many comments were received, and in the light of them and of extensive discussion with the stock exchange to establish how it wishes the system to work in legal terms, my Department has now prepared draft regulations. These regulations, to be made under section 207 of the Companies Act 1989, will provide the essential legal and regulatory framework for TAURUS.
I have today published the draft regulations in the form of a consultative document entitled "The Uncertificated Securities Regulations". Comments are invited by 16 August. A copy of the document has been placed in the Library of the House.