CHANGES have been announced by Treasury to a piece of lebgislation which is designed to “assist the financial services sector to continue to grow and develop.”

The Limited Partnership (Legal Personality) Act 2011 was granted Royal Assent and came into force on October 18.

The effect of this legislation is to afford any new limited partnership, registered under the Partnership Act 1909, the option of adopting a legal personality that is separate from that of its partners.

A statement issued by Treasury yesterday said, “Transitional provisions included in the act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.”

Treasury Minister Eddie Teare added, “The new Limited Partnership (Legal Personality) Act 2011 demonstrates the Treasury and Department of Economic Development’s commitment to assist the financial services sector to continue to grow and develop.

“This is the first of a number of Treasury led initiatives that will be introduced over the next couple of years.”