This Practice Note provides that where a general partner of a limited partnership does not directly employ any staff in Jersey and enjoys no exclusive right of occupation of any floor space in Jersey, and benefits from the staff and/or premises of its administrator (being a person licensed to provide administration services pursuant to the Financial Services (Jersey) Law 1998, as amended) it will be treated as exempt for the purposes of the Regulation of Undertakings and Development Law (Jersey) 1973 (the "Law") under the exemptions specified in the Regulation of Undertakings and Development (Jersey) Regulation, 1978. For the avoidance of doubt, such treatment shall not be dependent upon where the business of the limited partnership is being conducted by the general partner.

The Practice Note does not revoke any licence issued under the Law prior to the date of the Practice Note but in cases where, pursuant to the Practice Note, a licence under the Law would not be required the general partner holding such licence is permitted to apply for the revocation of any such licence.