Amendment of the European Long-term Investment Funds Regulations 20156
1
Regulation 9 of the European Long-term Investment Funds Regulations 2015 (modifications to the Limited Partnerships Act 1907)18 is amended as follows.
2
In paragraph (2)—
a
for sub-paragraph (a) substitute—
a
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”;
b
in sub-paragraph (b)—
i
for “subsection (2)” substitute “subsection (2A)”;
ii
the inserted subsections (2A) to (2C) become inserted subsections (2AA) to (2AC);
iii
in the inserted subsection (2AA) after “limited partners” insert “in a limited partnership that is not a private fund limited partnership”;
iv
in the inserted subsection (2AB) after “limited partner” insert “in a limited partnership that is not a private fund limited partnership”; and
v
in the inserted subsection (2AC) for “Subsection (2B)” substitute “Subsection (2AB)”; and
c
in sub-paragraph (c) for “subsection (3)” substitute “subsections (2B)(b), (3) and (3A)”.
3
In paragraph (3)—
a
in sub-paragraph (b) for “subsection (3)” substitute “subsections (3) and (3A)”; and
b
after sub-paragraph (b) omit “and”, and insert—
ba
in subsection (3B) the reference to “general partner” is to be read as a reference to “general partner or depositary of the European long-term investment fund”;
c
in sub-paragraph (c)(ii) for “paragraph (b)” substitute “paragraphs (b) and (f)”; and
d
after sub-paragraph (c) insert—
; and
d
in subsection (6) after “does not apply where a” insert “limited”.
4
In paragraph (5)—
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)”.