keep The Partnerships (Unrestricted Size) No. 11 Regulations 1996
A minor statutory instrument that exempts actuarial partnerships from the Companies Act 1985 s.716(1) prohibition on unrestricted-size partnerships, provided at least three-quarters of partners are Fellows of the Institute of Actuaries or Faculty of Actuaries. Revokes the 1970 predecessor regulations.
While this represents a professional guild exemption that would normally be objectionable, deletion would reimpose unnecessary restrictions on actuaries seeking to practice in partnership form, limiting their ability to structure their businesses efficiently. The harm of reimposition (subjecting a profession to arbitrary partnership size limits) outweighs the objection to the credential-based nature of the exemption.