The Limited Partnerships Amendment Act 2014 Commencement Order 2014 brings most of the Limited Partnerships Amendment Act 2014 (Amendment Act) into force on 1 September 2014. The remaining provisions relate to changes required to be made to the Act when the Financial Markets Conduct Act 2013 is fully in force.
A full outline of the changes to the Limited Partnerships Act introduced by the Amendment Act is available in our earlier article here. These include:
- new ‘resident general partner’ requirements;
- new qualification requirements for individuals who are general partners (in line with the qualifications for directors under the Companies Act 1993);
- a requirement for place of birth information to be provided for all individuals who are general and limited partners;
- amendments to a number of forms, including:
- the application for registration of a limited partnership;
- annual returns;
- the general partner consent form; and
- the on-going maintaining of limited partner and general partner details.
Existing limited partnerships (registered prior to 1 September 2014) have until 27 February 2015 to comply with the ‘resident general partner’ requirements.
The Limited Partnerships Amendment Regulations 2014 also come into force on 1 September 2014. These regulations amend the Limited Partnerships Regulations 2008 to give effect to a number of provisions in the Amendment Act and include regulations which:
- specify that Australia is an “enforcement country” for the purpose of the new resident general partner requirement and a “prescribed country” for the purpose of new section 19A of the Act (which disqualifies certain persons who have been disqualified in a prescribed country, state, or territory from being involved in the management of an overseas limited partnership);
- prescribe certain directorship information in relation to every individual who is a proposed general partner of a limited partnership and resides in Australia and is the director of an Australian company; and
- prescribe similar information in relation to every individual who is the director, partner, or general partner of a proposed general partner that is not an individual (i.e., a company, partnership, or unincorporated body).