Regulatory Alerts2024-03-25
Limited Liability Partnerships Regulations (Amendment No. 1) 2024
The Board of Directors of the Abu Dhabi Global Market enacted regulations to amend the Limited Liability Partnerships Regulations 2015. The amendment mandates that every limited liability partnership must have at least one designated member who is a natural person. These regulations apply within the Abu Dhabi Global Market and generally come into force upon publication, with a six-month grace period for existing partnerships.
1 Consultation Paper No. 3 of 2024 Annex B LIMITED LIABILITY PARTNERSHIPS REGULATIONS (AMENDMENT NO. 1) 2024 Date of Enactment: [ ] The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by his Highness the Ruler of the Emirate of Abu Dhabi enacts the following Regulations:
- Amendments to Limited Liability Partnerships Regulations 2015 (1) The Limited Liability Partnerships Regulations are amended as follows. (2) After subsection 8(5), insert a new subsection 8(6) as follows: “A limited liability partnership must have at least one designated member who is a natural person.”
- Short title, extent and commencement (1) These Regulations may be cited as Limited Liability Partnerships Regulations (Amendment No.1) 2024. (2) These Regulations shall apply in the Abu Dhabi Global Market. (3) These Regulations come into force on the date of their publication, except for limited liability partnerships already in existence at the time of publication of the Limited Liability Partnerships Regulations (Amendment No.1) 2024 for which the effective date shall be six months after publication.