Legal analysis of the partnership 'en Commandite' and its use as vehicle for collective investment

Abstract

This thesis analyses the use of the partnership en commandite or limited partnership as a vehicle for collective investment schemes. This is being done with a view to determining whether the partnership en commandite or limited partnership is an effective investment vehicle and evaluating whether any amendments may be required so as to improve Malta's position as a fund domicile of choice. The first chapter deals with the history and development of the partnership en commandite whilst chapter 2 provides an analysis of the principal features of the partnership en commandite with particular focus on Section 66A as well as the Tenth Schedule of the Companies Act (Chapter 386 of the Laws of Malta). Chapter 3 focuses on the recent amendments to the Tenth Schedule of the Companies Act which regulates limited partnerships used specifically for collective investment schemes which have been implemented in order to place limited partnerships on a level playing field with the SICAV. This chapter also provides a brief outline of the tax treatment of limited partnerships. Chapter 4 provides an analysis of the different types of vehicles that may be used for collective investment. Finally in chapter 5, an analysis of the use of limited partnerships in selected jurisdictions, namely Luxembourg, United States, Guernsey, France, Ireland and Italy is carried out.