{"value":{"id":993439,"memberId":1091,"member":null,"memberRole":"Lords Spokesperson","uin":"HLWS995","dateMade":"2018-10-23T00:00:00","answeringBodyId":14,"answeringBodyName":"Treasury","title":"Mutual Deferred Shares ","text":"<p>My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.</p><p>The government has decided not to lay the secondary legislation required to give effect to the provisions in the Mutuals’ Deferred Shares Act 2015 which enable mutual insurers to raise equity by issuing Mutual Deferred Shares (MDS). The government has consulted widely with industry representatives in reaching its decision. During that consultation, industry representatives informed the government that mutual insurers would only issue MDS if they qualified as Tier 1 regulatory capital and would not alter the tax status of any mutual that issued MDS. It has not been possible to design MDS which meet both these criteria. The government has, therefore, decided not to lay the regulations. The government would reconsider its position if any material factors changed in the future.</p><p> </p>","house":"Lords","noticeNumber":0,"hasAttachments":false,"hasLinkedStatements":true,"linkedStatements":[{"linkedStatementId":993437,"linkType":"JointStatement","linkDate":"2018-10-23T00:00:00"}],"attachments":[]},"links":[{"rel":"self","href":"/Statements/993439","method":"GET"}]}