This Regulation is compact, but there are several practical points that can surprise practitioners if overlooked. Each "gotcha" below is grounded in the Regulation’s text.
Notes are not law
- The Regulation explicitly states that notes included do not form part of the Regulation (s 3(2)). Do not rely on explanatory notes or marginal notes as operative law; they are guidance only.
Narrow corresponding‑law list
- The declared corresponding laws for the purposes of Part 3 of the Act are strictly the jurisdictions named in Schedule 1 (s 5). Part 1 of Schedule 1 lists a broad set of United States states and District of Columbia, but Part 2 lists only Quebec for Canada. If a practitioner expects recognition to extend to other Canadian provinces, the Regulation does not support that expectation; only the jurisdictions in Schedule 1 are declared corresponding laws.
Differences between limited and incorporated limited partnerships on fees
- Schedule 2 distinguishes between limited partnerships and incorporated limited partnerships in Columns 3 and 4. Several items relating to venture capital management partnership status and notices under s 73E are "Not applicable" to limited partnerships but attract $20 fees for incorporated limited partnerships (Schedule 2 items 6-9). That means filing strategies and fee expectations differ by legal form.
Inspection fee is per partnership inspected
- The fee for inspection of the Register under s 57(3) is $21 per partnership inspected (Schedule 2 item 3). If a search targets multiple partnerships, the fee scales with the number of partnerships inspected.
Registrar discretion is fact‑specific
- The Registrar may waive or refund fees for Part 3 matters where there are "special circumstances" that justify waiver or refund (s 7(3)). "Special circumstances" is not defined; reliance on waiver should be planned as uncertain and case specific, not guaranteed.
Registered office hours are prescriptive and narrow
- The Regulation fixes the public access hours at 9 am to 5 pm on days that are not Saturdays, Sundays or public holidays (s 6). That is a specific requirement for limited partnerships’ registered offices; it may not align with an entity’s regular operating hours or arrangements for physical access by third parties. Practical steps are required to ensure availability during those hours.
Transitional continuity may preserve legacy positions
- Section 8(2) preserves acts, matters or things that had effect under the 2012 Regulation. Do not assume that the repeal creates an instantaneous change for every ongoing administrative arrangement; previous effects may remain in place by force of the savings clause.
Fees are fixed numbers, not scales or percentages
- The fee schedule uses fixed dollar amounts (for example $396 for an application under s 54(1), Schedule 2 item 1) rather than percentages of capital or scaled bands. Budgeting is therefore straightforward numerically, but changes to the schedule require instrument amendment.
Limited scope of the Regulation
- The Regulation is narrowly framed and does not address many substantive partnership matters, enforcement penalties, or procedural detail that might be expected; users must consult the Act for substantive rules and for sanctions or enforcement pathways (s 3 note).
Empty cells and list completeness
- Schedule 1’s Part 1 table ends with a blank cell in the last row, and Part 2 lists only Quebec with empty cells following. Treat the lists as literal: any jurisdiction not named is not declared to be a corresponding law under the Regulation.
Practitioners should therefore verify forms and lodgements against Schedule 2 wording and the Act’s referenced sections, and should plan for the Registrar’s discretionary waiver as a contingency, not as a predictable outcome.