The Financial Regulator has confirmed that there are proposals to extend the major shareholding notification obligations in the Transparency Regulations to shares held through instruments such as contracts for difference. Provisions to enable the Minister for Finance to make regulations to deal with this issue will be introduced via the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009. Section 12 of this Bill empowers the Minister to make regulations requiring persons who have entered into "transactions in specified financial instruments or classes of financial instruments" to make disclosures in relation to them. The Financial Regulator has confirmed that the regulations to be introduced pursuant to this section are currently being drafted and that the effect of the regulations will in essence be the extension of the major shareholding notification obligations in the Transparency Regulations to shares held through derivatives such as contracts for difference.