§ Mr. LoughtonTo ask the Secretary of State for Trade and Industry (1) what responses he has received to the consultation document, Investment Companies Share Repurchases Using Capital Profits; and when he expects to announce his conclusions; [R] [88610]
(2) If he will make a statement on investment company share purchases using capital profits; [R] [88612]
(3) What plans he has to table regulations on the issue of investment company share repurchases using capital profits. [R] [88611]
§ Mr. Ian McCartney[holding answer 28 June 1999]: My Department received 42 responses to its consultative document Investment Companies—Share Repurchases Using Capital Profits. Two respondents opposed a change to the law. A summary of responses was issued last week and has been placed in the Library of the House along with the original consultative document. Following the receipt of a number of detailed comments on the draft Statutory Instrument, my Department proposes to undertake a further, limited, consultation on a slightly revised draft SI (but not on the principle of a proposed change to the law) and an announcement will be made as soon as possible thereafter.