UK Law and Practice Contributed by: Sam Kay, Philippa List, Mark Stapleton and Nicolas Kokkinos, Dechert LLP
EU law that the UK essentially inherited when it left the EU, to be replaced by domestic rules. The provisions will come into force over several years on dates appointed by HM Treasury in statutory instruments. Other Reforms In July 2022, HM Treasury published the out - come of the UK Secondary Capital Raising Review, which followed on from the 2021 Lord Hill review recommendations and subsequent call for evidence, and looked at ways in which to improve the secondary fundraising process for UK listed companies so that it is cheaper, quicker and more efficient. Following this, the FCA’s new listing rules came into effect on 29 July 2024. In December 2022, the UK Chancellor of the Exchequer announced a series of wide-ranging reforms to the financial services sector in the UK, to take effect over the next few years (referred to as the Edinburgh Reforms), which include the legislation and regulation relevant to alternative funds, retail funds and their managers. Over - all, progress has been slow but key measures announced include the repeal of the UK PRIIPs Regime, with the new legislation in force from November 2024.
Finally, on 26 October 2023, certain proposed amendments to the LP Act 1907 were published, by way of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). ECCTA 2023 implements a number of changes to the legislation on limited partnerships and creates new offences and penalties, including crimi - nal sanctions, against the partners of limited partnerships in certain circumstances. Timing for implementation is still unclear but the key changes will include: • requiring more information about the partners to be filed, including on individual limited partners (although it will not all be publicly available), and controls on who can file the information by requiring certain filings to be made by an authorised corporate service pro - vider (which is subject to anti-money launder - ing regulations); • requiring limited partnerships, both new and existing, to have a firmer connection to the part of the UK in which they are registered (by having to maintain their registered office there, as distinct from their principal place of business); • requiring all UK limited partnerships (not just Scottish limited partnerships) to file confirma - tion statements confirming that the informa - tion held about them on the register is cor - rect; and • enabling the deregistration of a limited part - nership in certain circumstances.
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