18 Second Special Report of Session 2021–22 As of 1 January 2020, we brought in a temporary ban on the mass marketing of Speculative Illiquid Securities (SIS), including speculative mini-bonds, to retail investors. In January 2021 we made the temporary ban permanent. Following the ban, the Non-Transferable Debt Securities market has declined significantly, as described in the research paper by London Economics for HM Treasury. We believe that in order for further interventions in this market to be effective, it is important to consider the interaction with wider changes being considered to how securities can be offered and distributed to retail investors, in particular, changes to the Prospectus Regulation that HM Treasury is now consulting on15 following the UK Listing Review by Lord Hill.