Regulatory Alerts2025-01-01
Circular No. 7 of 2025 - Upcoming Policy Changes to the Limited Partnerships Act, 2003
The Financial Services Authority (FSA) issued Circular No. 7 of 2025 to implement new compliance obligations for nominee partners and limited partnerships under the Limited Partnerships Act, 2003. Nominee partners must provide written declarations within twenty-one days of appointment, cessation, or data changes to confirm their status and nominator identity, while limited partnerships must update their registers, retain documents for seven years post-cessation, and apply appropriate penalties to non-compliant nominees. All existing partnerships and nominees must achieve compliance by 30 June 2025 following the formal enactment of these legislative amendments.
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