I'm digging up an old thread, I know, but this one comes up highly on google searches, and since I've had a recent discussion on this, I thought I should post here...
There is some really comprehensive info on the use of ball valves as the stopvalve for a premesis, and various other water-regs related info (check valves, strainers) in a document by Arrow Valves which I found (google for waterrregstutorial9-isolatingvalves.doc ).
... it's well worth a read, but a quick summary:
There is no longer any requirement to use the BS 1010 style stop-cock. The new regs only refer to "stopvalves", and this can be any suitable valve, including ball valves which conform to an appropriate British Standard (e.g. BSIKitemarked), or appropriate European standard, or the Regulator’sspecification (e.g. WRAS / KIWA UK).
Some ball valves incorporate a serviceable spindle gland nut, and PTFE packing, just like the traditional BS 1010 stop cocks do. IMO, these are the type to use as stopvalves. Some have serviceable o-rings instead. Many don't have any sort of serviceable spindle seal, and so are the aforementioned chuck-away-and-replace type...
I've nothing to do with arrow valves and have never (AFAIK) bought any of their stuff, BTW. They have some quite nifty looking ball valves with built-in easily-serviceable strainers, and check valves tho', which I might try and get hold of to give them a spin.
Ball valves shouldn't be used where there is a risk of freezing, as they're more prone to damage than stop-cocks are.