News

Jersey Changes to Limited Partnerships (Jersey) Law 1994

04/01/2022

Notice has been provided to all limited partnerships registered under the Limited Partnerships (Jersey) Law 1994 (the “LP Law”) setting out the changes proposed to be made to the LP Law (the “Draft Amendments”).

About the consultation

The consultation is a legislative consultation relating to changes to the Limited Partnerships (Jersey) Law 1994. It is issued by way of:

  1. A notice explaining the proposed legislative changes to the Limited Partnerships (Jersey) Law 1994 and their impact on existing limited partnerships registered under this law
  2. The draft limited partnerships (Amendments No.2) (Jersey) Law 202-

Notice explaining changes to the Limited Partnerships (Jersey) Law 1994 = https://www.gov.je/SiteCollectionDocuments/Government and administration/Notice to all limited partnerships registered under the Limited Partnership.pdf

Draft Limited Partnerships (Amendments No.2) (Jersey) Law 202- =https://www.gov.je/SiteCollectionDocuments/Government and administration/ID Limited Partnerships Changes.pdf

The Draft Amendments have the following key objectives:

  • To modernise, resolve any ambiguity and build greater flexibility into the LP Law to bring it into line with Jersey’s competitor jurisdictions as an international finance center
  • To clarify the process for terminating a limited partnership
  • To provide new reporting obligations and powers to the Registry to ensure the Register is kept up-to-date and accurate
  • To provide wider amendment powers permitted to be made by way of secondary legislation to the primary Law to facilitate quicker and more efficient legislative change in the future.

Read more: - https://www.gov.je/government/consultations/pages/limitedpartnershipschanges.aspx

JERSEY