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