There is a select group of noble Lords present today. We have no reason to oppose these regulations. I am happy to say that the Minister answered a question that I was going to ask, which was whether we have seen an increase in the number of companies. She pointed out that there had been an increase of 10% per year. I do not know what the distribution is in terms of SMEs and large companies. If the noble Baroness has that information, it would be interesting to know the breakdown.
The Minister referred to the internal share markets. I presume that we are not talking about things such as the Royal Mail share sale but that the regulations include companies like the John Lewis Partnership. I can see the need to buy back those shares to prevent a dilution of current employees owning shares in the company. Other than that one question, we are happy to give our assent to this statutory instrument.