Submission: BEIS Scotland Call for Evidence: Review of Limited Partnership Law
We welcome the opportunity to comment on your review of Limited Partnership Law. Limited partnerships are the vehicle of choice for private equity and venture capital funds, and both English and Scottish limited partnerships are commonly used to bring significant economic benefit in emerging markets across the globe.
In summary, it is our view that, if limited partnerships are being used as an enabler of criminal activity, this should be tackled primarily using existing investigative and enforcement powers. Given the significant use of Scottish limited partnerships for legitimate enterprises, we would strongly advocate against increasing regulatory and compliance burdens on limited partnerships. In addition, we have reviewed the response prepared by the British Private Equity & Venture Capital Association (“BVCA”). We support and second that response.