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