The Gibraltar Government has announced the publishing of the Limited Partnerships Bill and Protected Cell Limited Partnerships Bill to modernise Gibraltar funds legislation.
The said Bills have also been designed to provide a framework for:
The new limited partnerships legislation will repeal the existing Limited Partnerships Act 1927 and includes the following:
The Protected Cell Limited Partnership Bill allows for fund limited partnerships to create one or more cells for the purpose protecting and segregating cellular assets from non-cellular assets and keep each cell separate and distinguishable from other cells. The Bill also enables Protected Cells to be used to create multi-cell funds or “umbrella funds”. Protected Cell Company legislation was introduced in 2001 with Gibraltar being the first EU jurisdiction to offer this.
Gibraltar Finance’s Tim Haynes worked with leading experts Diala Minott from Paul Hastings LLP in London and Jonathan Garcia from Isolas as Head of the Technical Committee at GFIA together with Julian Sacarello at the GFSC over many months to make this legislation a reality.
“In Gibraltar, we have always prided ourselves in our ability to work in partnership with the private sector to create modern, robust legislation that best serves the financial services industry, putting Gibraltar atthe forefront of legal innovation,” said the Minister for Digital and Financial Services, Albert Isola.
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