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Regulation of Undertakings and Development (Jersey) Law, 1973, as amended, Practice Note: Treatment of General Partners of Limited Partnerships.

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A decision made (11/03/2009) regarding: Regulation of Undertakings and Development (Jersey) Law, 1973, as amended, Practice Note: Treatment of General Partners of Limited Partnerships.

Decision Reference:  MD-E-2009-0040

Decision Summary Title :

Regulation of Undertakings and Development (Jersey) Law, 1973, as amended, Practice Note:  Treatment of General Partners of Limited Partnerships

Date of Decision Summary:

05/03/09

Decision Summary Author:

Senior Manager, Business Assessment and Licensing

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Practice Note:  Treatment of General Partners of Limited Partnerships

Date of Written Report:

05/03/09

Written Report Author:

Director,

Population Office

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject: Proposal for a Practice Note in relation to the treatment of General Partners.

Decision(s): The below proposed practice note was approved by the Assistant Minister:  

Practice Note:  Treatment of General Partners of Limited Partnerships 

Where a general partner of a limited partnership does not directly employ any staff in Jersey and does not exclusively occupy any floor space in Jersey, and benefits from the staff and/or premises of its administrator, being a person licensed to provide administration services pursuant to the Financial Services (Jersey) Law 1998, it will be treated as exempt for the purposes of the Regulation of Undertakings and Development Law (Jersey) 1973 (the “Law”) under exemptions specified in the Regulation of Undertakings and Development (Jersey) Regulations, 1978.  For the avoidance of doubt, such treatment shall not be dependent upon where the business of the limited partnership is being conducted by the general partner. 

Nothing in this Practice Note shall be taken to revoke any licence issued under the Law prior to the date of this Practice Note.

Reason(s) for Decision:  To improve the efficiency of the administration of the Regulation of Undertakings and Development (Jersey) Law, 1973, as amended, without any decrease in managing demand on the Island’s resources and protecting the financial and commercially integrity of the Island, and to improve clarity over the applications of exemptions under the Law.

Resource Implications: None.

Action required: RUD officers to publish practice note.

Signature: 

Position: 

Date Signed:

Date of Decision (If different from Date Signed): 

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