As a “critical friend” of the Department for Business, Energy and Industrial Strategy (BEIS) in the ongoing consultation into the reform of Scottish Limited Partnerships (“SLPs”) the NCM team have welcomed the latest consultation paper published earlier this week.
Kathleen McLeay, Chief Executive at NCM, commented that “SLPs have long been used as fundamental building blocks in fund structures due to their separate legal personality which makes them distinct from English registered LPs. However they have also recently been the subject of negative press comment around their potential for abuse in relation to money laundering and fraud. We believe that a number of simple measures could reduce the scope to abuse these structures whilst still allowing them to be used as a flexible entity in fund structuring. They are a valuable asset to the UK funds industry and at a time when Brexit and other threats loom large for UK financial services it is important we retain all the jurisdictional benefits we can. We are currently reviewing the consultation paper and will submit a formal response in due course.
Further information can be found by visiting the following link: https://www.gov.uk/government/consultations/limited-partnerships-reform-of-limited-partnership-law