On 1 March 2022, HM Treasury issued its response to its earlier consultation on the regulation of non-transferable debt securities (NTDS). The government confirms that it intends to include NTDS (and non-transferable securities more generally) within the scope of the new public offerings regime that it being developed as part of the Prospectus Regime Review. It also states that there is still further work to do to develop this proposal to ensure that it allows businesses to raise finance through the issuing of securities while ensuring appropriate consumer protection. Were issues to emerge the government would return to the option of making the issuance on NTDS a regulated activity.