Consultation outcome

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

• From: HM Treasury
• Published: 23 July 2015
• Last updated: 24 March 2016 — See all updates

This was published under the 2015 to 2016 Cameron Conservative government

This consultation has concluded

Read the full outcome

Proposal on using Legislative Reform Order to change partnership legislation for private equity investments: summary of consultation responses

Ref: ISBN 978-1-910835-84-5, PU1924

PDF, 416 KB, 24 pages

Detail of outcome

This document provides a summary of the responses to the consultation and the government’s decisions on the final policy design. The government intends to put forward draft legislative amendments in a Legislative Reform Order to be laid before Parliament in due course.

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Original consultation

Summary

This consultation outlines proposed changes to UK partnership legislation, effectively accommodating limited partnerships for private equity investments.

This consultation ran from
midday on 23 July 2015 to 11:45pm on 5 October 2015

Consultation description

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

Documents

Proposal on using Legislative Reform Order to change partnership legislation for private equity investments

PDF, 235 KB, 21 pages

The Legislative Reform (Limited Partnerships) Order 2015 draft statutory instrument

PDF, 202 KB, 9 pages

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Published 23 July 2015
Last updated 24 March 2016 + show all updates

1. 24 March 2016

   Response published

2. 23 July 2015

   First published.