THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Article 2 of the Control of Borrowing (Jersey) Law 1947[1], and on the recommendation of the Jersey Financial Services Commission, orders as follows –

“10    Partnerships with limited partners

(1)     A person shall not, without the consent of the Commission –

(a)     raise money in Jersey for the purposes of a limited partnership by the creation of any partnership interest;

(b)     for any purpose create any interests under a limited partnership if either that limited partnership is governed by the law of Jersey or the interests are or are to be registered in Jersey; or

(c)     circulate in Jersey any offer for subscription, sale or exchange of any partnership interest created under any limited partnership other than one to which paragraph (2) refers.

(2)     The limited partnerships to which this paragraph refers are –

(a)     a limited partnership formed under the Limited Partnerships (Jersey) Law 1994[3];

(b)     a separate limited partnership formed under the Separate Limited Partnerships (Jersey) Law 2011[4]; and

(c)     an incorporated limited partnership formed under the Incorporated Limited Partnerships (Jersey) Law 2011[5].

(3)     For the purposes of this Article, a person raises money in Jersey only if the money is made available in Jersey.

(4)     In this Article, ‘partnership interest’ means a partner’s share of the profits and losses of a limited partnership and the right to receive distribution of partnership assets and other benefits conferred by the partnership agreement.”.