Citation and commencement
1.—(1) These Regulations may be cited as the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016.
(2) The following provisions come into force on 30th June 2016—
(a)Section 790M(9)(c) as set out in paragraph 31E of Part 8A of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 as inserted by Schedule 1 to these Regulations;
(b)Sections 790W to 790ZD as set out in paragraph 31K of Part 8A of those Regulations as inserted by Schedule 1 to these Regulations; and
(c)Paragraphs 1 and 3 of Schedule 3 to these Regulations.
(3) The remainder of these Regulations come into force on 6th April 2016.
Interpretation
2. In these Regulations—
“LLP” means a limited liability partnership incorporated under the Limited Liability Partnerships Act 2000;
“principal Regulations” means the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009(); and
“PSC Regulations” means the Register of People with Significant Control Regulations 2016().
New Part 8A of the principal Regulations
3. In the principal Regulations, after Part 8 insert the Part 8A set out in Schedule 1().
Application of the PSC Regulations
4. The PSC Regulations apply to LLPs in accordance with the principal Regulations and Schedule 2 to these Regulations.
Consequential and supplementary amendments
5. Schedule 3 to these Regulations contains consequential and supplementary amendments.
Review
6.—(1) The Secretary of State must from time to time—
(a)carry out a review of these Regulations;
(b)set out the conclusions of the review in a report; and
(c)publish the report.
(2) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by these Regulations;
(b)assess the extent to which those objectives have been achieved; and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved in another way that imposed less regulation.
(3) The first report under this regulation must be published within the period in which the Secretary of State is required to publish a report under section 82 of the Small Business, Enterprise and Employment Act 2015().
(4) Reports under this regulation are afterwards to be published at intervals not exceeding five years.
Neville-Rolfe
Parliamentary Under Secretary of State for Business, Innovation and Skills
Department for Business, Innovation and Skills
15th March 2016