Consultation: proposal to use a Legislative Reform Order to change partnership legislation on collective investment schemes

As part of the Investment Management Strategy, at Budget 2013 the government announced that it would consult on changes to UK limited partnership legislation to more effectively accommodate the use of limited partnerships for private equity and venture capital investments.

The proposed amendments will apply to a UK limited partnership that is both (a) a “collective investment scheme” (as defined in section 235 of the Financial Services and Markets Act 2000, ignoring any exemptions) and (b) a relation which subsists under a written partnership agreement.

The amendments cover:

• registration issues and on-going filing and notification requirements;
• the role, function and rights of limited partners;
• obligations of, and restrictions on, limited partners in respect of capital.

We would welcome your responses to the questions listed in the consultation, and any further information you believe to be relevant.

Please send any responses, questions or requests for further information to LP Consultation