To ask the Chancellor of the Exchequer when he expects the open-ended collective investment scheme, OCIS, will be available. [38492]

The Treasury is currently consulting on draft regulations, under the European Communities Act 1972, to allow the introduction of open-ended investment companies in the United Kingdom. The timetable depends on the outcome of consultations on these regulations, and on draft product regulations to be produced by the Securities and Investments Board. We hope, however, that the regulations will be made during the first half of 1996.