Amendment of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 20135

1

Regulation 16 of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (modification of the Limited Partnerships Act 1907 for partnership schemes)17 is amended as follows.

2

In paragraph (3)—

a

omit sub-paragraph (a)(ii);

b

after sub-paragraph (a) insert—

aa

in subsection (2A) there were omitted the words “and shall not be liable for the debts or obligations of the firm beyond the amount so contributed”;

c

in sub-paragraph (b)—

i

for “subsection (2)” substitute “subsection (2A)”;

ii

the inserted subsections (2A) to (2C) become inserted subsections (2AA) to (2AC); and

iii

in the inserted subsection (2AC) for “Subsection (2B)” substitute “Subsection (2AB)”.

3

In paragraph (6)—

a

for “subsection (1)” substitute “subsection (1A)”; and

b

in sub-paragraph (a) for “paragraphs (d) and (f)” substitute “paragraphs (a)(iii) and (b)(iii)”.