Regulatory Alerts2010-01-01
Limited Partnerships (Collective Investment Schemes) Regulations 2010
The Treasury of the Isle of Man issued these Regulations under the Partnership Act 1909 to amend the legal framework for limited partnerships operating as collective investment schemes. The Regulations exempt such partnerships from the statutory prohibition on forming limited partnerships with more than 20 members, thereby facilitating their structure and operation. Additionally, the 2010 Regulations revoke the previous Limited Partnerships (Collective Investment Schemes) Regulations 2004 and commenced on 1 May 2010.
Limited Partnerships (Collective Investment Schemes) Regulations 2010 Regulation 1 c SD No.2010/0171 Page 1 Statutory Document No. 2010/0171 Partnership Ac c t 1909 LIMITED PARTNERSHIPS (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS 20101 Laid before Tynwald: 20 April 2010 Coming into Operation: 1 May 2010 The Treasury makes the following Regulations under section 47(2B) of the Partnership Act 19091 . 1 Title These Regulations are the Limited Partnerships (Collective Investment Schemes) Regulations 2010. 2 Commencement These Regulations come into operation on 1 May 2010. 3 Interpretation In these Regulations — “the Act” means the Partnership Act 1909; “collective investment scheme” has the meaning given in section 1 of the Collective Investment Schemes Act 20082 and includes authorised schemes under Schedule 1, international schemes under Schedule 2 and exempt schemes under Schedule 3 to that Act; “limited partnership” has the meaning given in section 47 of the Act. 4 Unrestricted number of members of collective investment schemes which are limited partnerships A limited partnership that is a collective investment scheme is exempt from the prohibition on the formation of a limited partnership consisting of more than 20 persons under section 47(2) of the Act.
1 VIII p.327 2 2008 c.7
Regulation 5 Limited Partnerships (Collective Investment Schemes) Regulations 2010 Page 2 SD No.2010/0171 c 5 Revocations (1) The Limited Partnerships (Collective Investment Schemes) Regulations 20043 are revoked. MADE 10 MARCH 2010
3 SD1/04
Limited Partnerships (Collective Investment Schemes) Regulations 2010 Endnotes c SD No.2010/0171 Page 3 ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.