Corporate weekly highlights—9 February 2017

Corporate weekly highlights—9 February 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 9 February 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features analysis of the proposed impact of the Legislative Reform (Private Fund Limited Partnerships) Order 2017, news on the publication of the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 and information on the publication of ESMA’s guide to national rules across the EEA, the FRC’s revised best practice guidance on audit tenders, the IA’s guidelines on audit tenders and the government’s Brexit negotiating principles. 

Headlines (News updates & analysis)

Limited partnerships

Proposed changes to the UK limited partnership framework: Legislative Reform (Private Fund Limited Partnerships) Order 2017

The Legislative Reform (Private Fund Limited Partnerships) Order 2017 (LRO) comes into force on 6 April 2017. Under the LRO, a limited partnership that is a collective investment schemes and are constituted by a written agreement may now be registered as a private fund limited partnership (PFLP). The LRO also amends the existing legislation relating to limited partnerships in five key ways: (1) it introduces a non-exhaustive 'white list' of activities that limited partners can undertake without automatically being considered as taking part in the ‘management’ of the limited partnership’s business and risking losing their limited liability status; (2) it abolishes the requirement for capital contributions to be made by limited partners in a PFLP set up after 6 April 2017; (3) it provides that if there is no general partner, then a PFLP may be wound up by a third party appointed by the limited partners (subject to any express or implied agreement between the limited partners as to the winding up); (4) it disapplies a number of the requirements of the Partnerships Act 1890 in relation to limited partners in a PFLP; and (5) it states that certain filings need

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