Treasury has published a summary of the responses received to its consultation on using legislative reform order to change partnership legislation for private equity investments (see FReD 31 July 2015) as well as the government’s decision on the final policy design. The proposed amendments to the Limited Partnerships Act 1907 related to:
- registration issues and on-going filing and notification requirements;
- the role, function and rights of limited partners; and
- obligations of, and restrictions on, limited partners in respect of capital.
The government received 22 responses. Based on the responses, the government has changed the process for setting up a private fund limited partnership (PFLP) to remove the requirement for a solicitor’s certificate for registration purposes. Instead the general partner will be required to confirm that the partnership fulfils the requirements to qualify at the point of registration. The one year transition period will also be removed, so that a limited partnership will always have the option of applying for PFLP. Changes have also been made in relation to the provisions for striking off partnerships from the limited partnership register. The government intends to submit draft legislative amendments in due course and for the changes to be fully operational within a year. (Source: Treasury summarises LP consultation responses)