# The Partnerships (Unrestricted Size) No. 16 Regulations 2001

S.I. 2001/1389 · made 4 April 2001

Section 716 of the Companies Act 1985 prohibits the formation of partnerships consisting of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on investment business which are—authorised to carry on that business under the Financial Services Act 1986, or“European investment firms” carrying on “home-regulated business” in the United Kingdom (for definitions see regulation 2(2)).

Made under: Companies Act 1985 (Section 716, Section 744)

PDFs: Printed copy https://openlegislation.uk/partnerships-unrestricted-size-no-16-regulations-2001/pdf/uksi_20011389_en.pdf

## Introductory text

PARTNERSHIP
Made 4th April 2001
Coming into force 10th May 2001
The Secretary of State, in exercise of the power conferred on him by sections 716(2)(d) and 744 of the Companies Act 1985, hereby makes the following Regulations:—

## 1 

These Regulations may be cited as the Partnerships (Unrestricted Size) No. 16 Regulations 2001, and shall come into force on 10th May 2001.

## 2 

(1) Section 716(1) of the Companies Act 1985 does not prohibit the formation, for the purpose of carrying on investment business, of a partnership consisting of more than 20 persons which is—
(a) authorised to carry on that business under the Financial Services Act 1986, or
(b) a European investment firm carrying on home-regulated business in the United Kingdom.
(2) In paragraph (1) above, the expressions “European investment firm” and “home-regulated investment business” have the meanings given by regulation 2 of the Investment Services Regulations 1995.

## Signature

Kim Howells,
Parliamentary Under-Secretary of State for Consumers and Corporate Affairs,
Department of Trade and Industry
4th April 2001

## Explanatory note

(This note is not part of the Regulations)
Section 716 of the Companies Act 1985 prohibits the formation of partnerships consisting of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on investment business which are—
(a) authorised to carry on that business under the Financial Services Act 1986, or
(b) “European investment firms” carrying on “home-regulated business” in the United Kingdom (for definitions see regulation 2(2)).

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Source: https://www.legislation.gov.uk/uksi/2001/1389 (the official version)
Page: https://openlegislation.uk/partnerships-unrestricted-size-no-16-regulations-2001
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.