Summary: Launched at the same time as HM Treasury published the final legislative package for ‘private fund limited partnerships’ (PFLPs), BEIS published a call for evidence to review UK limited partnership (UKLP) law more generally.
The BEIS paper is investigating issues on UKLPs’ transparency, reporting, registration and accounting requirements, as well as possibly their legal characteristics. There is a chance that the reduction in the compliance and administrative burden under the new PFLP regime, which is expected to take effect on 6 April 2017, may be short-lived and in due course replaced by other initiatives to increase accountability for UKLPs more generally.
We have comments and in some cases reservations about a handful of the proposals in the BEIS call for evidence, and will be submitting a response based on our experience of advising on limited partnerships as private fund vehicles (we will not therefore be providing feedback on all of the issues raised).
We would be happy to collaborate with our clients and contacts in discussing your thoughts and comments on the proposals. The deadline for replies is 17 March, and if you do want to participate in the process feel free to call any of the BLP Investment Management team or your usual BLP contact before then.
For ease of reference, you can view the BEIS paper here.
Also see our January briefing, which sets out some key themes and main changes of the new PFLP model, expected to be introduced to UK limited partnership law on 6 April 2017.