Investment Limited Partnerships (Amendment) Act 2020

Amendment of section 28 of Act of 1994

28. Section 28 of the Act of 1994 is amended—

(a) by the substitution, in subsections (1) and (2), of “section 8(4A)(a) to (f)” for “section 8(4)(a) to (f)”, and

(b) by the insertion of the following subsections after subsection (2):

“(3) Subsection (5) applies where particulars of an individual, as being a beneficial owner of an investment limited partnership, are entered in the investment limited partnership’s beneficial ownership register.

(4) For the purpose of subsections (5) to (10), a relevant change occurs if—

(a) the individual referred to in subsection (3) ceases to be a beneficial owner of the investment limited partnership, or

(b) any other change occurs as a result of which the particulars (stated in the foregoing register) in relation to the individual are incorrect or incomplete.

(5) Where this subsection applies, the general partner shall, in accordance with subsection (6), give the notice specified in subsection (7) to the individual if it knows or has reasonable cause to believe that a relevant change has occurred, but this is subject to subsection (10).

(6) The foregoing notice shall be given by the general partner as soon as reasonably practicable after the general partner learns of the change concerned or first has reasonable cause to believe that the change concerned has occurred.

(7) The notice referred to in subsection (5) is a notice, addressed to the individual concerned, that requires the addressee—

(a) to confirm whether or not the change concerned has occurred, and

(b) if so—

(i) to state the date of the change, and

(ii) to confirm or correct the particulars included in the notice, and supply any that are missing from the notice,

and such a notice is referred to subsequently in this section as a notice under this section.

(8) A notice under this section shall—

(a) state that it is given under ‘ section 28 of the Investment Limited Partnerships Act 1994 ’, and

(b) as respects such of the particulars referred to in section 27A(1)(a) and (b) as are known by the general partner (or with reasonable cause believed by it) to have been the subject of the change concerned—

(i) set out that which—

(I) to the knowledge of the general partner are, or

(II) with reasonable cause are believed by it to be,

the relevant particulars as they now stand in consequence of that change, or

(ii) in the absence of such knowledge or belief (on its part as respects a relevant particular) indicate - by leaving a space in the appropriate place - that that particular is not given in the notice.

(9) A notice under this section shall also state that the addressee is to comply with the notice by no later than the end of the period of one month beginning with the date of the notice.

(10) A general partner is not required to give a notice under this section if—

(a) the general partner has already been informed of the change concerned, and

(b) that information (including, as the case may be, the relevant particulars referred to in subsection (4)(b)) were provided either by the individual concerned or with his or her knowledge.

(11) A general partner that fails to comply with subsection (5) or any other provision of this section shall be guilty of an offence.”.