Jersey amends limited partnership law
Jersey has amended its limited partnership law, with the aim of providing fund managers with greater flexibility in international fund structuring.
The amendments, which are expected to come into effect in Q3 2022, aim to modernise the jurisdiction’s regulatory framework, while taking into account trends and developments in international funds, globally.
The amendments include:
- Greater flexibility by allowing third parties to have enforceable rights under the partnership agreement, while not being a partner of the limited partnership
- New reporting obligations to ensure the register is kept up-to-date, including a new annual confirmation requirement
- A cleaner termination process
- Wider amendment powers via a secondary legislation to create quicker and more efficient legislative change in future
Jersey last amended its limited partnership law in 2020.
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