The Partnerships (Unrestricted Size) No. 15 Regulations 2000
Section 716 of the Companies Act 1985 prohibits the formation of partnerships consisting of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on practice as actuaries, and consisting of persons the majority of whom are either Fellows of the Institute of Actuaries or of the Faculty of Actuaries, or full actuary members of one or more of the associations listed in the Schedule to the Regulations. They replace, and revoke, earlier Regulations (S.I. 1996/262) which provided for an exemption in relation to partnerships consisting of persons three-quarters or more of whom were Fellows of either the Institute of Actuaries or Faculty of Actuaries.