Funds Update | June 2017

Written on 8 Jun 2017

Welcome to the latest edition of Osborne Clarke’s Funds Update.

We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in a future edition, please let one of us know. Our contact details are set out below.

Limited partnerships: who is likely to use the new regime?

On 6 April 2017, the Legislative Reform (Private Fund Limited Partnerships) Order 2017 came into force. The LRO introduces a new UK investment vehicle – the private fund limited partnership – which is designed for both new and existing UK limited partnerships that meet the PFLP conditions. The PFLP will retain the flexibility of a limited partnership as well as the benefit of limited liability status and transparency for investors, but many of the financial and administrative burdens associated with the existing structure have been eliminated.

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The BEIS call for evidence on limited partnerships: what is the government’s focus?

On 17 March 2017 the call for evidence from the Department for Business, Energy & Industrial Strategy in support of its review of UK limited partnerships came to a close. Through this call, BEIS sought to explore the reasons behind the increase in limited partnership registrations in Scotland and to better understand the value that limited partnerships bring to the UK economy as a whole.

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Brexit update: what questions can be answered now?

With substantive negotiations yet to commence, we are still a long way from getting any clarity on what the future UK/EU relationship is going to look like. Nevertheless, with less than two years until the UK is set to leave the EU, firms will need to be considering their options now. Indeed, it has been reported that the FCA has written to 20 asset managers and other firms, requesting detailed information about their Brexit contingency planning.

So what more do we now know about how the regulatory landscape might look post-Brexit?

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EuVECA Regulation and EuSEF Regulation: the proposed extension in scope to increase demand

On 22 March 2017, the European Parliament published a press release confirming that its Economic and Monetary Affairs Committee MEPs supported the European Commission’s 2016 proposal to:

  • extend the scope of managers eligible to set up and manage European venture capital funds (EuVECA funds) and European social entrepreneurship funds (EuSEF funds);
  • extend the scope of companies that can be invested in by EuVECA funds; and
  • make cross border marketing of funds easier and cheaper.

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Upcoming Seminars

26 September 2017 – Funds and alternative asset management: an update on legislative, tax and regulatory developments.  To register click here.