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The Limited Partnerships Act 1907 provides that a limited partnership shall not consist of more than 20 persons. These Regulations exempt from that prohibition partnerships which are collective investment schemes (within the meaning of section 235 of the Financial Services and Markets Act 2000 (c. 8)) the operator of which, or manager of the investments of which, is authorised under that Act to operate the scheme or manage the investments (as the case may be).
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