Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when he plans to implement the recommendations from regulation of non-transferable debt securities consultation, published in April 2021.

In March 2022, the government stated in the summary of responses to its consultation on the regulation of non-transferable debt securities (NTDS) that its preferred approach was to include non-transferable securities within the scope of the reformed Prospectus Regime.

On 19 July, the government confirmed that it will use the Future Regulatory Framework powers being taken forward in the Financial Services and Markets Bill to deliver its reforms to the Prospectus Regime. The government will lay secondary legislation to make these reforms to the Prospectus Regime as soon as possible after the Bill receives Royal Assent.

These reforms will ensure appropriate disclosure and due diligence on offers of NTDS, in order to protect investors.