1

These Regulations may be cited as the Limited Partnerships (Unrestricted Size) No 4 Regulations 2002, and shall come into force on 22nd March 2002.

NOTES
Initial Commencement
Specified date

Specified date: 22 March 2002: see above.

2

2

(1)    So much of the Limited Partnerships Act 1907 as provides that a limited partnership shall not consist of more than 20 persons does not apply to a partnership which is a collective investment scheme the operator of which, or the manager of the investments of which, is—

(a)    an authorised person within the meaning of section 31(2) of the Financial Services and Markets Act 2000 with permission under Part IV of that Act to operate the scheme or manage the investments,

(b)    an EEA firm which—

(i)    is of a kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, which has a permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to manage such investments, or

(ii)    is an authorised person as a result of paragraph 1 of Schedule 5 to that Act with permission (as a result of paragraph 2 of that Schedule) to operate the scheme, or

(c)    a Treaty firm qualifying for authorisation under Schedule 4 to the Financial Services and Markets Act 2000.

(2)    In paragraph (1) above, the expression “collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000, “EEA firm” has the meaning given by Schedule 3 to that Act, and “Treaty firm” has the meaning given by Schedule 4 to that Act.

NOTES
Initial Commencement
Specified date

Specified date: 22 March 2002: see reg 1.

Partnership & Limited Partnership91 Financial Services & Activities94 Regulation & Offences98 Company Law & Business Entities91 Insurance Law94 Banking & Finance Law94 Authorisation98 Limited Partnerships91

Signature

Melanie Johnson

Parliamentary Under-Secretary of State for Consumers and Corporate Affairs,

Department of Trade and Industry

13th February 2002

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

The Limited Partnerships Act 1907 provides that a limited partnership shall not consist of more than 20 persons. These Regulations exempt from that prohibition partnerships which are collective investment schemes (within the meaning of section 235 of the Financial Services and Markets Act 2000 (c 8)) the operator of which, or manager of the investments of which, is authorised under that Act to operate the scheme or manage the investments (as the case may be).

Partnership & Limited Partnership93 Limited Partnerships93 Company Law & Business Entities93