The following Corporate Q&A Produced in partnership with Edyta Brozyniak of MJ Hudson provides comprehensive and up to date legal information covering:
Avoiding conflicts of interest is a component of a fiduciary duty that a limited partnership’s general partner owes to other partners in the partnership (or the investment adviser owes to its client, the partnership). Although the fiduciary duty is not codified, the Partnership Act 1890 (PA 1890) introduces certain statutory obligations on all the partners, including in PA 1890, s 30 a requirement not to carry on any business of the same nature or competing with the partnership and accounting to the partnership for any profits made in connection with such similar/competing business. For further information, see Practice Note: The nature of a limited partnership and its legal framework—Relationship between partners.
Note that this requirement has been disapplied in relation to the limited partners in limited partnerships designated as private fund limited partnerships (PFLPs) following the latest amendment (effective as of 6 April 2017) to the Limited Partnerships Act 1907 (LPA 1907) made by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO). For further information on the differences between PFLPs and other limited partnerships, see: Forming a limited partnership—differences between limited partnerships which are and are not designated as private fund limited partnerships (PFLPs)—checklist.
The obligation on the partners is in the first place to prevent any conflicts. Conflicts of interest can arise between the general partner and the limited partners (investors)
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Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
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There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
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