Regulation Map


The UK’s Limited Partnership Act 1907 was updated in April. The resulting Private Fund Limited Partnership is designed to bring the UK limited partnership in line with other major fund jurisdictions.
It includes a ‘white list’ of actions an LP can take without jeopardizing their limited liability. Previously there had been uncertainty as to what would constitute ‘management of the partnership’ by an LP.


The Jersey Financial Services Commission launched its simplified private fund product in March, offering a 48-hour authorization process.
The Jersey Private Fund replaces the island’s three existing private fund products. Existing funds can either continue to operate until the end of their life or apply to become a JPF. The JPF allows 50 professional LPs to invest, with a minimum commitment of £250,000 ($322,303; €287,440).


The jurisdiction launched a Manager Led Product regime in May 2016, aimed at AIFMs setting up in Guernsey and marketing across Europe using the National Private Placement Regimes.

In January, Guernsey unveiled the Private Investment Fund regime, aimed at easing managers’ regulatory obligations. Funds are not required to make disclosures to the Guernsey Financial Services Commission, while investment managers of PIFs will no longer be subject to any rules from Guernsey.


The country’s regulator, Autorité des Marchés Financiers, introduced the France Société de Libre Partenariat, a partnership structure, which removes constraints on what the fund can invest in. Its predecessor, Fonds Professionnel de Capital Investissement, had investment quotas.

The Agile program was introduced in September. It enables fund managers which are already registered with the UK’s Financial Conduct Authority to apply for a 14-day pre-authorization process which determines whether the watchdog sees any obstacles for a firm to do business in France.


Luxembourg approved its Reserved Alternative Investment Fund in July 2016. It lowers the regulatory burden requiring only the management firm to be supervised by Luxembourg’s regulator, Commission de Surveillance du Secteur Financier. The RAIF and the manager are both subject to AIFMD oversight.

The RAIF cuts out the supervision of the local regulator, but remains compliant with the AIMFD and still provides a number of guarantees for the investor. It also allows the country to compete with British Virgin Islands and the Cayman Islands.


The country planned to launch a Registered Alternative Investment Fund at the end of last year, which would mean managers of funds registered as AIFs under the AIFM directive would no longer need to be authorized by the Cyprus Securities and Exchanges Commission. The CSEC did not respond to requests for comments on whether the change had been implemented.

Cyprus has also revised its partnership law to include a ‘safe harbor list’ which details the undertakings an investor can make without jeopardizing its status as a limited liability partner. It will also allow general partners to set up a separate legal personality, as is the case in several other jurisdictions.


The country’s Asset Management Association introduced licenses for wholly foreign owned enterprises in January. They allow firms to manage and distribute private funds to Chinese clients including private banks, independent wealth management platforms and local institutions. Firms granted licenses include Neuberger Berman Private Equity and Fidelity International.


Pakistan’s Securities and Exchange Commission authorized its first two private equity fund licenses in October, after passing the Private Fund Regulations 2015. The two licenses were for Lakson Investments and Ijara Capital Partners. The latter held a first close on its debut fund on $100 million in April.